Industry News

Surbana Jurong Group (SJ) has announced the appointment of Lim Cheng Cheng as its new Group Chief Financial Officer, effective 16 April 2025. Cheng Cheng, who will report directly to Group CEO Sean Chiao, brings more than three decades of experience in corporate finance, strategy, transformation, and investments from leading organisations such as Singtel, SMRT Corporation, and Singapore Power.

Cheng Cheng’s extensive background includes senior leadership roles at Singtel, where she served as Group CFO and later as Group Chief Corporate Officer. Her responsibilities included overseeing a broad portfolio encompassing Legal, Risk, M&A, Procurement, Property, Corporate Shared Services, and the Group’s Corporate Venture fund. Prior to her tenure at Singtel, she held significant finance roles at SMRT Corporation and Singapore Power, focusing on financial planning, investor relations, and procurement.

The appointment is part of SJ’s strategy to enhance its Finance function to support its strategic goals, improve financial reporting, and strengthen business partnerships globally. Group CEO Sean Chiao stated, “Cheng Cheng’s appointment reflects our commitment to building a more agile, resilient, and performance-driven organisation.”

Cheng Cheng expressed her enthusiasm for the role, highlighting SJ’s commitment to creating lasting value for clients and stakeholders. “Its global ambitions and ongoing transformation present an opportunity for me to contribute in shaping a future-ready finance function that supports growth, drives accountability, and enables better decision-making across the Group,” she said.

With Cheng Cheng’s addition, SJ aims to bolster its leadership capacity to navigate change and prepare for future growth.
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Retail investors in Singapore have demonstrated resilience by net buying S$1.24b worth of stocks during the first eight trading sessions of April, despite a turbulent market environment. This period saw the Straits Times Index (STI) experience a significant 9.6% decline in total return, reverting to levels last seen in the third quarter of 2024, and closing at 3,577.83 on 10 April. The iEdge S-REIT Index also faced a 7.4% drop in total return.

The STI Banks sector led the net retail inflow, despite an average decline of 12.3% in total return. Outside the STI, companies such as iFAST Corporation, Keppel DC REIT, UMS Integration, Singapore Post, and Suntec REIT attracted the most net retail inflow. Sector-wise, Banks, Industrials, Technology, Consumer Cyclicals, and REITs were the primary drivers of this inflow.

Conversely, the Telecommunications sector, led by Singtel, saw the highest net retail outflow. Interestingly, Singtel bucked the trend by gaining 2% over the same period and leading the net institutional inflow with S$297m, contrasting with the broader market’s S$333m net institutional outflow.

The market’s volatility has been partly attributed to the US administration’s efforts to address the trade deficit, affecting growth projections and stock outlooks. This has led to a downward revision of the Bloomberg Consensus Estimate Target Price for the STI from approximately 4,360 at the end of March to around 4,250 by 10 April.
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Aurelle of Tampines Executive Condominium (EC) has achieved a significant milestone by selling out all its units during the second-timer booking held on 12 April. The 760-unit project, which initially launched in March, saw its remaining units snapped up by eager homebuyers before noon. This marks the first time since Copen Grand in November 2022 that an EC project has sold out during its second-timer booking.

The initial launch of Aurelle of Tampines saw 682 units sold, accounting for 90% of its inventory. The robust demand during the second-timer booking was anticipated, given that the 30% second-timer buyer quota was quickly met during the initial launch weekend. The project’s overall average selling price stood at approximately S$1,767 per square foot, according to caveated data from URA Realis up to 6 April 2025.

Ismail Gafoor, CEO of PropNex Realty, attributed the project’s success to the dwindling inventory of unsold ECs and its favourable location. “Despite setting a new benchmark launch price for ECs at over S$1,700 psf on average, Aurelle of Tampines EC performed well,” he said.

The success of Aurelle of Tampines is expected to positively impact the upcoming EC project, Otto Place at Plantation Close, slated for launch in the second half of 2025. With fewer than 70 unsold EC units remaining on the market, demand for ECs is expected to remain resilient amidst economic uncertainties. ECs continue to appeal to homebuyers as an accessible entry into the private housing sector, helping many households achieve their aspirations of owning private residential property.
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Aurelle of Tampines, an executive condominium (EC) project, has achieved full sales just one month after its launch, according to Huttons Asia. This rapid sell-out marks it as the best-selling EC launch of 2025, following the success of Copen Grand, which also sold out during its second balloting.

The development’s appeal is attributed to its unique position as the second EC adjacent to a fully integrated mixed-use development, offering residents significant convenience at competitive prices. Mark Yip, CEO of Huttons Asia, highlighted the strong demand for upgrading in the Tampines area, which has contributed to the project’s success.

A notable 77% of buyers opted for the deferred payment scheme, a slight increase from the 70% recorded during the initial launch in March 2025. This scheme provides buyers with the flexibility to save and manage their finances more effectively.

The swift sell-out of Aurelle of Tampines underscores the robust demand for ECs in Singapore, particularly in strategic locations like Tampines. The trend of choosing deferred payment schemes suggests a growing preference for financial flexibility among buyers. As the market continues to evolve, developments offering integrated amenities and strategic payment options are likely to remain highly sought after.
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One Marina Gardens, the latest residential project in Singapore’s Marina South, sold 346 units during its launch weekend. The development, strategically located opposite Gardens By The Bay, attracted thousands of visitors eager to invest in this new housing area planned by the Urban Redevelopment Authority (URA).

The project is designed as a “10-minute neighbourhood,” offering residents easy access to retail services, community facilities, transport options, offices, and hotels within a short walk. The development will also feature a Marina Coastal Park and retail options on the first level of all five land parcels along Marina Gardens Drive, with an underground link connecting Marina South and Gardens By The Bay MRT stations.

The launch saw significant interest from both investors and owner-occupiers, with the most popular units being the 1-bedroom flats, according to Huttons Asia CEO Mark Yip. Other sought-after options included 2+S bedroom, 3-bedroom, and 4-bedroom units with views of Gardens By The Bay. The starting price of S$1.16m for a 1-bedroom unit was particularly attractive to investors, who can expect up to a 4% gross yield based on current rents in the Central Area.

Despite recent uncertainties caused by on-and-off tariffs, Yip noted that buying sentiments are expected to return as buyers assess the impact. He also highlighted the potential for increased foreign interest in Singapore properties, given the city’s reputation as a stable investment environment. Looking ahead, construction costs in Singapore are forecasted to rise in 2025 and 2026 due to major infrastructure projects, which could drive future selling prices upwards. Huttons Asia maintains its estimated sales volume of 7,500 to 8,500 units and a price growth of 4% to 7% in 2025.
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Singapore’s economy experienced a contraction of 0.8% on a quarter-on-quarter seasonally-adjusted basis in the first quarter of 2025, according to advance estimates released by the Department of Statistics.

This marks a reversal from the 0.5% expansion recorded in the fourth quarter of 2024.

The unexpected downturn has prompted a revision of the GDP growth forecast for 2025. Initially projected to be between 1.0% and 3.0%, the forecast has now been downgraded to a range of 0.0% to 2.0%.
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Bloomsbury Residences, a new development in Media Circle, has sold approximately 25% of its 358 units during its launch weekend, despite a backdrop of global economic uncertainty. The project, which is the first private condominium in the Media Circle area, attracted buyers with its strategic location and competitive pricing.

The launch comes after a turbulent week marked by the “2025 Stock Market Crash” and ongoing global trade tensions. Despite these challenges, the development managed to sell around 90 units, primarily two-bedroom flats, at an average price of S$2,474 per square foot. The pricing strategy, with units starting at S$1.37m for two-bedroom flats, appears to have resonated with buyers.

Ismail Gafoor, CEO of PropNex Realty, noted that the take-up rate is encouraging given the current market sentiment. “The units at this project are priced sensitively and largely within the pricing sweet spot of below S$2.5m, a manageable quantum for most homebuyers,” he said.

The location of Bloomsbury Residences is a significant draw, offering easy access to Rochester Mall, The Star Vista, and key MRT stations. The proximity to schools also makes it appealing to families, whilst investors are attracted by potential leasing opportunities to expatriates in nearby research and development precincts.

The last project in the vicinity, The Hill @ One-North, saw a 44% take-up rate, indicating a steady demand in the area. As the Media Circle neighbourhood develops further, interest in Bloomsbury Residences is expected to grow, particularly as market conditions stabilise.
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The top 25 global banks experienced a 20.1% year-on-year (YoY) increase in market capitalisation (MCap), reaching $4.7t by the end of the first quarter of 2025, according to GlobalData. This growth was largely driven by central banks’ interest rate cuts, which boosted net interest income across the sector.

DBS Group Holdings ranked 24th spot during the period. By MCap, the bank grew 43.3% YoY to $99b.

JPMorgan Chase retained its position as the world’s largest bank by MCap, increasing by 17.7% YoY to $679b, primarily due to higher investment banking fees. Goldman Sachs and Morgan Stanley also saw significant growth, with increases of 24.1% YoY and 20.8% YoY respectively, attributed to improved capital market activity and strong wealth management performance.

Chinese banks, including ICBC and Bank of China, reported MCap growth ranging from 15% YoY to 40% YoY, supported by loan growth and government stimulus for infrastructure. Indian banks also performed well, with HDFC Bank’s MCap rising by 23.8% to $163.3 billion, reflecting the strength of India’s digital banking sector.

However, not all banks fared well. TD Bank’s MCap fell by 1.1%  YoY to $105.9b, due to subdued retail banking growth and concerns over mortgage delinquencies in Canada.

Despite these gains, GlobalData warns of potential challenges ahead. Murthy Grandhi, Company Profiles Analyst at GlobalData, noted: “The latest US tariffs have heightened global recession fears, which could reduce consumer spending and curtail business borrowing.” The outlook for Q2 2025 remains uncertain, with trade negotiations and monetary policy responses being key factors.
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Klook, a prominent platform for travel services in Asia, has entered a new three-year partnership with the Singapore Tourism Board (STB) to invigorate inbound tourism. This collaboration, effective from April 2025, aligns with STB’s Tourism 2040 vision, focusing on driving tourism growth, cultivating future demand, and developing innovative experiences.

The Memorandum of Understanding (MOU) aims to futureproof Singapore’s tourism ecosystem by leveraging digital innovation. According to an Oxford Economics study, Klook has already contributed S$655m to Singapore’s GDP and created 6,000 jobs, highlighting its significant role in the nation’s tourism economy.

Ethan Lin, CEO and Co-Founder of Klook, expressed enthusiasm about the partnership, stating, “We’re excited to deepen our long-standing partnership with STB to drive the next phase of inbound tourism growth. This MoU marks a key milestone in our shared commitment to reimagining the visitor experience.”

The partnership will include joint global marketing campaigns, co-curating new experiences, and bringing marquee events to Singapore. Melissa Ow, Chief Executive of STB, noted, “We are pleased to broaden our partnership with Klook through this MOU, which reflects Singapore’s position as a compelling destination and drives tourism growth in line with STB’s T2040 vision.”

With 91% of Millennial and Gen Z travellers willing to spend significantly on experiences, the partnership will also focus on marketing cruise offerings and integrating AI to enhance destination discoverability. This initiative aims to position Singapore at the forefront of tourism innovation, setting new benchmarks for travel in the region.
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As Singapore prepares for the General Election in 2025, a new poll by Blackbox Research highlights a significant increase in political engagement, with 76% of Singaporeans closely following local politics. However, nearly one-third of voters are still undecided about their choice at the ballot box. The SensingSG poll, conducted between 28 March and 8 April 2025, reveals that political interest is particularly high among seniors and younger voters under 30.

The poll underscores that everyday concerns such as the cost of living, jobs, and housing affordability continue to dominate voter priorities. Despite international developments, domestic issues remain the primary focus for Singaporeans. Prime Minister Lawrence Wong and Workers’ Party leader Pritam Singh both enjoy strong approval ratings, with Wong at 75% and Singh at 71%, the latter having rebounded by 7 percentage points.

Political activity is on the rise, with 71% of voters noticing increased political presence in their neighbourhoods. The People’s Action Party (PAP) candidates are perceived as more visible than their Opposition counterparts, particularly in the North and East regions. Interest in election rallies is also high, with 57% of respondents likely to attend, and nearly half expressing interest in Opposition rallies.

David Black, CEO of Blackbox Research, noted that the election will focus on local issues rather than personalities or geopolitics. “Voters are switched on and watching closely,” he said, emphasising the importance of addressing personal, day-to-day concerns. As the election approaches, parties will need to connect with voters on these issues to secure their support.
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