Industry News

The Housing Development Board (HDB) resale market experienced a 7.8% increase in transactions in the second quarter (Q2) of 2025, according to Huttons Data Analytics. Despite the uptick, the transaction volume of 7,102 was 3.4% lower than the same period last year, reflecting ongoing supply constraints in the market.

The demand for larger flats, such as 5-room and executive/multi-gen units, surged, driven by ex-private property owners and existing HDB owners seeking upgrades. Jurong West, Sengkang, Tampines, Woodlands, and Yishun emerged as the top five towns, accounting for 36.1% of total transactions.

Resale prices continued to rise, albeit at a slower pace, with a 0.9% increase in Q2 2025. This marks the smallest quarterly price rise since the circuit breaker in Q2 2020. The moderation in price growth is attributed to a reduced supply of flats meeting the Minimum Occupation Period (MOP), which typically command a premium.

Notably, the number of million-dollar flats reached a record 415 units, a 19.3% increase from the previous quarter. Toa Payoh, Bukit Merah, and Queenstown were among the estates with the highest number of such transactions.

Looking ahead, HDB’s July 2025 Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises, offering over 10,000 units, may alleviate some market pressure. However, the resale market is expected to remain tight, with prices projected to grow by 4% to 6% for the year. Huttons anticipates a total resale volume of 26,000 to 28,000 flats in 2025, with 1,500 potentially selling for over a million dollars.
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HSBC Life Singapore has announced the appointment of Ruhil Bairagi as its new Chief Operating Officer, effective 11 August 2025. Reporting directly to CEO Harpreet Bindra, Bairagi will oversee operations and transformation across the company’s life, health, and general insurance portfolios, aiming to enhance customer experience and build a future-ready operating model.

Bairagi brings over 20 years of international experience in the insurance sector. Before this role, he served as Global Head of Insurance Operations and Business Management for HSBC in Hong Kong. His career also includes senior positions in leading life and health insurance companies in the Middle East. Bindra expressed confidence in Bairagi’s expertise, stating, “His global outlook, deep subject matter expertise in operational transformation, and passion for innovation will be instrumental as we scale company operations to support the next phase of our growth.”

This appointment aligns with HSBC Life’s ambition to become Singapore’s preferred insurer and supports HSBC’s broader goal of being a leading wealth manager in the region. HSBC Life Singapore, a subsidiary of HSBC Insurance (Asia Pacific) Holdings Limited, offers a wide range of solutions catering to various client needs, including life, health, and wealth accumulation.

Bairagi’s leadership is expected to drive significant advancements in HSBC Life Singapore’s operational capabilities, reinforcing its position in the competitive insurance market.
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Green Link Digital Bank (GLDB) and 129Knots have announced a groundbreaking initiative to tackle liquidity challenges in the marine fuel industry. Launched on 25 July 2025, the partnership introduces a global embedded finance programme, allowing marine fuel sector participants to access working capital financing through 129Knots’ Origination-to-Distribution (OTD) platform.

The marine fuel industry, a significant operational cost in maritime operations, has historically been overlooked by traditional financing models, resulting in a multi-billion dollar liquidity gap. This initiative aims to bridge that gap by providing institutional-grade liquidity and structured receivables financing tailored to the industry’s needs.

The collaboration marks a pioneering effort to integrate a liquidity framework within the marine sector, offering solutions that extend beyond marine fuels to include alternative fuels procurement and energy transition financing. The platform is designed to evolve, supporting future financial products such as stablecoin-based settlements and programmable payment instruments.

Vikash Dhanuka, Founder and CEO of 129Knots, highlighted the transformative potential of the partnership: “Together with GLDB, we are enabling capital to move seamlessly across this value chain. This partnership solves the perennial problem of credit accessibility in the marine fuel industry.”

Melvin Teo, CEO of GLDB, emphasised the bank’s commitment to innovation: “Through Embedded Financing partnership with 129Knots, we are breaking down traditional barriers and embedding financial solutions right where businesses operate.”

This initiative not only addresses immediate liquidity needs but also sets the stage for future advancements in financial technology within the marine industry.
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Microsoft has announced the launch of its first research lab in Southeast Asia, Microsoft Research Asia – Singapore, to spearhead artificial intelligence (AI) innovation and talent development. Supported by the Singapore Economic Development Board, the lab will collaborate with local institutions to enhance Singapore’s innovation ecosystem and expand Microsoft’s global research network.

The Singapore lab will serve as a strategic hub within Microsoft’s global research network, focusing on deploying industry-transforming AI, pursuing frontier breakthroughs, and advancing responsible AI applications. By partnering with local entities, the lab aims to transform sectors such as healthcare, finance, and logistics. Notably, it will work with SingHealth to advance precision health and collaborate with the National University of Singapore (NUS) and Nanyang Technological University (NTU) to pioneer embodied AI and develop culturally aligned AI systems for Southeast Asia.

In addition to driving innovation, the lab is committed to nurturing AI talent and strengthening academic collaboration. It will work closely with institutions like NUS, NTU, and Singapore Management University (SMU) to advance research and provide future researchers with practical experience.

This initiative underscores Microsoft’s dedication to fostering a robust AI ecosystem in Singapore, positioning the city-state as a pivotal player in the global AI landscape. The lab’s efforts are expected to yield significant advancements in AI technology and talent development, benefiting various industries and contributing to Singapore’s economic growth.
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Indeed’s latest report, “The Work Ahead,” reveals a significant gap between AI adoption and employee preparedness in Singapore, emphasising the urgent need for enhanced training and support. The report, unveiled at the Talent Trends 2025 event, shows that whilst 36% of workers are using generative AI tools, 33% have not received formal training. This disparity poses challenges as employees struggle to keep pace with technological advancements, potentially affecting their professional growth and competitiveness in a digital-first job market.

The report highlights that 39% of employees cite insufficient training as a major barrier to becoming AI-ready. Additionally, 39% feel overwhelmed by the rapid pace of change, and 28% attribute their lack of readiness to insufficient early exposure. Callam Pickering, Indeed’s APAC Senior Economist, noted, “There’s clearly strong interest among job seekers to build AI skills, but too many are being left behind due to a lack of formal training.”

To address these challenges, the report suggests that workers are more likely to adopt new technologies when they are user-friendly and supported by clear documentation. Structured training, such as workshops, and opportunities to experiment in low-pressure environments are also crucial. Pickering emphasised the importance of employers updating training programmes to reflect the realities of an AI-driven workplace, advocating for continuous learning pathways and hands-on experiences.

The findings are based on a survey conducted by Indeed and Censuswide with 1,500 respondents, including both blue-collar and white-collar workers, as well as business leaders across Singapore.
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Singapore’s industrial sector continues to show resilience, with the JTC All Industrial rental index marking its 19th consecutive quarter of growth in Q2 2025. According to Colliers, the index has surged by 24.6% since its last low in Q3 2020, reaching its highest point since Q2 1996. The rental index increased by 0.7% quarter-on-quarter, up from 0.5% in the previous quarter.

The growth was primarily driven by the multiple-user factory and business park segments. However, overall industrial occupancy slightly declined to 88.8%, down from 89.0% in the previous quarter, largely due to a 1.7% drop in the warehouse segment.

The price index also saw a rise, growing by 1.4% quarter-on-quarter, reaching its highest level since Q4 2015. Despite this, both rental and price growth are expected to moderate due to slower economic growth, global policy uncertainties, and an increase in industrial supply.

In the warehouse sector, rents increased by 0.4% quarter-on-quarter, but occupancy fell to 88.8%, the lowest in five years. Demand remains strong from third-party logistics and e-commerce players, although older facilities are offering incentives to attract tenants. With over 8.7 million square feet of warehouse space expected by 2028, short-term pressure on rents is anticipated.

Business parks maintained a growth rate of 1.2% quarter-on-quarter, with occupancy improving to 76.7%. New completions like Punggol Digital District contributed to this growth. Some business parks are exploring rezoning, as seen with the residential project LyndenWoods.

Looking ahead, the industrial space supply is set to increase significantly until 2027. Despite global trade uncertainties, Singapore’s industrial sector remains robust, supported by trade-related sectors. However, the boost from front-loading activities is expected to diminish in the latter half of the year, with rental growth likely to moderate. Nonetheless, Singapore’s role as a logistics hub continues to attract demand for high-spec and bonded facilities.
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Federal Bank has unveiled India’s first biometric authentication solution for e-commerce card transactions, in partnership with fintech firms M2P and MinkasuPay. This innovative service allows customers to authenticate online purchases using their fingerprint or Face ID, replacing traditional one-time passwords (OTPs). The solution promises a swift 3-second checkout experience, aligning with the Reserve Bank of India’s (RBI) compliance standards.

The introduction of biometric authentication marks a significant shift in the Indian banking landscape, offering enhanced security and improved user experience. Customers can now enjoy a seamless transaction process, with the added benefit of top-tier security. “This launch is more than a tech upgrade—it’s a transformation in how our customers experience banking,” said Virat Sunil Diwanji, National Head of Consumer Banking at Federal Bank.

The collaboration with M2P and MinkasuPay underscores a commitment to building secure, scalable infrastructure that elevates user experience. Madhusudanan R, Co-founder of M2P Fintech, highlighted the milestone, stating, “We are not just innovating—we’re reimagining how trust and convenience can coexist in digital payments.”

The biometric solution is fully compliant with RBI’s Two-Factor Authentication guidelines and offers a fallback to OTP if biometrics are not captured. It is available on both Android and iOS devices, requiring a simple one-time enrolment. Anbu Gounder, CEO of MinkasuPay, emphasised the goal of providing the best and most secure payment experience.

Currently live for Federal Bank debit and credit cardholders across select partner merchants, the service will expand in phases, promising a future of frictionless digital transactions.
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Chocolate Finance has announced the successful closure of a $15m Series A+ funding round, led by Nikko Asset Management, as it celebrates its first anniversary. The company has also received regulatory approval to operate in Hong Kong, marking a significant step in its regional growth strategy. This funding will enable Chocolate Finance to enhance its product offerings and expand its presence in Asia’s dynamic financial markets.

The funding round saw participation from existing investors, including Peak XV, Prosus, Saison Capital, and founder Walter de Oude. “Securing this latest round of funding is a strong vote of confidence in Chocolate’s vision, our business fundamentals, and the incredible team driving it,” said de Oude. The capital will be used to accelerate product innovation and regional expansion, with a focus on providing a simple and effective platform for cash savings.

In its first year, Chocolate Finance has achieved nearly $660m (S$900m) in assets under management and delivered $16.6m (S$22.7m) in returns to almost 100,000 users. The company aims to offer an alternative for consumers to grow their idle cash, often left in low-interest accounts, into what they term ‘happy money’.

To celebrate its anniversary, Chocolate Finance is launching a limited-time Double Referral Programme, offering enhanced rewards and exclusive merchandise from 22 July to 31 August 2025. This initiative aims to deepen engagement with its community of users, known as ‘Chocolatiers’.

As Chocolate Finance continues to grow, it remains committed to delivering a transparent financial experience that prioritises simplicity and real value.

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The latest data from JTC’s Q2 2025 statistics highlights a continued upward trend in Singapore’s industrial rental market, with the All Industrial Rental Index rising by 0.7% quarter-on-quarter. This marks the 19th consecutive quarter of rental increases, driven by strong demand across various industrial segments.

Rents in the business park segment saw the most significant growth, increasing by 1.2% quarter-on-quarter, consistent with the previous quarter’s performance. This growth is attributed to newer developments in centralised locations such as one-north and Science Park I, which have seen rental increases. However, older assets continue to face challenges with higher vacancy rates and weaker demand.

The multi-user factory segment experienced a 0.9% rise in rents, accelerating from a 0.3% increase in the previous quarter. This growth is driven by occupiers seeking high-quality facilities and landlord initiatives such as fitted units. Despite this, the occupancy rate decreased slightly to 91.0% due to demand lagging behind supply.

Single-user factory rents rose by 0.4%, with the occupancy rate increasing to 89.0%. Major completions, including Kok Tong Transport and Engineering Works’ factory, contributed to a negative net supply as demolitions removed stock from the market.

Warehouse rents increased by 0.4%, although the occupancy rate fell to 88.8% due to significant completions, including Maersk’s World Gateway 2 facility. The JTC All-Industrial Price Index also rose by 1.4%, with prices increasing faster than rents for the fifth consecutive quarter.

Looking ahead, CBRE Research anticipates cautious business sentiment in H2 2025, with Singapore’s business-friendly environment continuing to attract occupiers. The logistics market may shift towards a landlord-favourable environment by year-end as prime logistics supply moderates.
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Singapore’s industrial sector experienced a dynamic second quarter in 2025, with demand for industrial space growing by 285,000 square metres. However, the completion of new industrial spaces outpaced demand, resulting in a slight dip in occupancy rates to 88.8%, according to a Huttons report.

The manufacturing sector, a key driver of the economy, expanded by 5.5% year-on-year, contributing to the overall economic growth of 4.2% in the first half of 2025.

The robust performance of the manufacturing sector was attributed to the frontloading of production and exports ahead of a 90-day tariff pause. This led to a 5.2% increase in non-oil domestic exports and double-digit growth in non-oil re-exports during the same period. Notably, the business park segment saw a positive shift, with occupancy rates rising by 0.9 percentage points to 76.7%, driven by increased tenant activity in the Punggol Digital District.

Despite the positive demand, the industrial market faced challenges. The number of transactions for multi-user factory and warehouse spaces fell by 14.3% compared to the first half of 2024, reflecting cautious buying sentiments amid tariff concerns. The largest strata sale was the 21 New Industrial Road property, sold for $62 million.

Price growth in industrial spaces stabilised, with a modest increase of 1.4% in Q2 2025. Rental rates also saw a slight uptick, with industrial space rents rising by 0.7% and business park rents by 1.2%. Looking ahead, the outlook remains cautious, with potential global trade slowdowns and tariff implications posing risks to Singapore’s trade-dependent economy.
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