Industry News

Little Stars Academy, a prominent student care centre in Singapore, has announced the completion of significant renovations aimed at creating a more welcoming and comfortable environment for children. These upgrades, completed on 8 April 2025, are part of the academy’s commitment to providing a holistic, homelike atmosphere that enhances the educational experience.

The centre’s recent improvements include new flooring throughout, covering classrooms, the reception area, pantry, and toilets. Additionally, the toilet facilities have been retrofitted to ensure they are more child-friendly and hygienic. To further enhance comfort, new air-conditioning units have been installed in several classrooms, and the entire centre has been repainted, giving it a fresh and inviting look.

These renovations align with Little Stars Academy’s mission to make children feel at ease, akin to being at home. By modernising the space, the academy aims to improve student comfort, enhance learning experiences, and attract more families to its nurturing community. The upgrades are expected to delight both children and parents, making the centre an even more welcoming place for learning and growth.

Looking ahead, Little Stars Academy is preparing for an exciting line-up of activities during the upcoming June holidays. The holiday programme will feature field trips, workshops, and outdoor play sessions, offering children enriching experiences beyond the classroom. Parents interested in joining the vibrant learning community can enrol for the year 2026 starting in July 2025.
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United Overseas Bank (UOB) has announced a significant capital injection into its Vietnam subsidiary, increasing its charter capital to VND10t (S$520m ). The fresh injection of VND2 trillion is currently awaiting approval from the State Bank of Vietnam. This move will make UOB Vietnam the second largest foreign-owned bank in the country by charter capital.

The bank’s commitment to Vietnam extends beyond financial investment. UOB plans to establish a new headquarters in Ho Chi Minh City’s business district. The UOB Vietnam Plaza will be a modern, sustainable workspace designed to accommodate the bank’s 1,500 employees and support future business growth in the region. This development marks UOB’s presence with local headquarters in all five of its key ASEAN markets: Singapore, Malaysia, Indonesia, Thailand, and Vietnam.

Wee Ee Cheong, Deputy Chairman and CEO of UOB, stated, “Vietnam is a key market in our ASEAN strategy, and we are dedicated to deepening our presence here for the long term. The upcoming UOB Plaza in Vietnam is more than just a building. It epitomises our long-term commitment to the country.”

UOB Vietnam, which began operations in 1993, has been expanding its services to meet the evolving needs of its customers. The bank is investing in digital technology and artificial intelligence to launch a new digital banking platform this year. Additionally, UOB Vietnam is focused on supporting corporate clients in advancing their sustainability goals.

The bank’s strategic moves in Vietnam are part of its broader ASEAN growth strategy, which includes the acquisition of Citigroup’s consumer banking businesses in the region. The integration of Vietnamese customers is expected to be completed by the end of the year.
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The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative, marking a significant step towards enhanced financial integration in Southeast Asia. This announcement was made during the launch of the second phase of the Malaysia-Cambodia cross-border QR payment linkage on 8 April 2025, coinciding with the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur, Malaysia.

The inclusion of the NBC brings the total number of RPC signatories to nine ASEAN central banks. Initially established in 2022 by the central banks of Singapore, Indonesia, Malaysia, the Philippines, and Thailand, the initiative has expanded to include Vietnam, Brunei Darussalam, and Lao PDR. The growing participation highlights the RPC’s potential to enhance collaboration on regional payment connectivity and foster greater financial integration within ASEAN.

The RPC initiative aims to facilitate faster, cheaper, more transparent, and inclusive cross-border payments. It has accelerated the development of cross-border payment connectivity through QR code-based payments and fast payment modalities. This initiative supports broader economic activities in ASEAN, including increased market access for small and medium-sized enterprises (SMEs), enhanced trade facilitation, and improved remittance flows.

Chea Serey, Governor of the NBC, stated, “Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN.”

The NBC’s participation underscores the commitment to regional economic collaboration and sets the stage for further expansion of the RPC initiative, potentially benefiting the broader ASEAN community.
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Singapore ranked fourth place in the latest World’s Wealthiest Cities Report 2025 by Henley & Partners and New World Wealth.

US continues to dominate the list of top cities for millionaires, with New York securing the first position. New York is home to 384,500 high-net-worth individuals, including 818 centimillionaires and 66 billionaires.

The Bay Area, encompassing San Francisco and Silicon Valley, ranks second with 342,400 millionaires and boasts more billionaires, 82, than New York.

The report highlights Dubai as the fastest-growing city in terms of millionaire population, with a 102% increase over the past decade, moving from 21st to 18th place with 81,200 millionaires.

Shenzhen, Hangzhou, and Dubai outpaced the Bay Area’s 98% growth between 2014 and 2024. Seoul experienced the most significant decline, dropping from 19th to 24th place.

Tokyo maintained its third place this year, whilst Los Angeles has overtaken London for the fifth spot. London, now sixth, and Moscow, 40th, are the only cities in the top 50 to record negative growth over the past decade, with declines of 12% and 25%, respectively.

The report also forecasts significant growth in centimillionaire populations in cities like Dubai, Abu Dhabi, Delhi, and Bengaluru over the next decade. Monaco tops the list of the world’s most expensive cities, with prime flat prices exceeding $38,800 per square metre.
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The Monetary Authority of Singapore (MAS) is anticipated to release its Monetary Policy Statement (MPS) on 14 April 2025, amidst rising global trade tensions.

According to UOB Global Economics and Markets Research, Singapore’s economy is particularly vulnerable to these tensions, given its significant domestic value added in foreign demand, which exceeds 60% of its nominal GDP.

Recent trade developments, including US tariffs and retaliatory measures from China and the European Union, have heightened the risk of a global economic slowdown. UOB has revised Singapore’s full-year growth forecast for 2025 down to 1.5% from a previous 2.5%, with further adjustments expected following the release of the first quarter GDP estimates.

Prime Minister Lawrence Wong has indicated that the Ministry of Trade and Industry (MTI) may lower its growth forecast for 2025, currently set at 1.0-3.0%. Wong emphasised Singapore’s readiness to implement fiscal measures, such as cash handouts or job support schemes, should global and domestic growth sharply decline.

UOB’s analysis suggests a 60% probability that MAS will slightly reduce the Singapore dollar nominal effective exchange rate (S$NEER) slope by 50 basis points to 0.5% per annum in the upcoming MPS. This could be followed by a further adjustment to a zero percent appreciation stance later in the year. The report also highlights potential deflationary risks due to weakened global demand.

As Singapore navigates these challenges, the focus remains on maintaining fiscal prudence, with an accumulated fiscal surplus of approximately S$14 billion recorded from FY21 to FY25. The upcoming MAS policy decision will be closely watched for its implications on Singapore’s economic resilience in the face of global uncertainties.
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Alibaba Cloud, the digital technology arm of Alibaba Group, has announced a suite of new AI models, tools, and infrastructure upgrades aimed at international customers during its Spring Launch 2025 online event. These innovations are designed to meet the growing global demand for digital transformation and AI-driven solutions.

The new offerings include the latest models from Alibaba Cloud’s proprietary large language model series, Qwen, such as the Mixture of Experts model Qwen-Max and the reasoning model QwQ-Plus.

These models are available through Alibaba Cloud’s availability zones in Singapore, providing enhanced capabilities for complex analytical tasks and visual reasoning.

Selina Yuan, President of International Business at Alibaba Cloud Intelligence, stated, “We are launching a series of Platform-as-a-Service and AI capability updates to meet the growing demand for digital transformation from across the globe.”

In addition to the AI models, Alibaba Cloud’s Platform for AI (PAI) has introduced significant enhancements, including the PAI-Elastic Algorithm Service and PAI-Model Gallery. These upgrades aim to support scalable and cost-effective solutions for generative AI and large language models, improving performance and reducing costs.

Furthermore, Alibaba Cloud has integrated its AI inference capabilities into its flagship cloud-native relational database, PolarDB, and its data warehouse, AnalyticDB, to enhance data management efficiency. This integration is expected to streamline the development of context-aware applications by connecting proprietary knowledge bases directly to AI models.

The event also saw the launch of new Software-as-a-Service AI products, such as AI Doc and Smart Studio, which are designed to accelerate digital transformation across various industries by enhancing data analytics, automation, and content creation capabilities.

These developments underscore Alibaba Cloud’s commitment to advancing its cloud computing and AI infrastructure, backed by a historic $53 billion investment over the next three years.
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Standard Chartered has appointed David Hardoon as the Global Head of Artificial Intelligence (AI) Enablement, effective from 7 April 2025. Based in Singapore, Hardoon will report directly to Mohammed Rahim, Group Chief Data Officer, and will focus on developing AI capabilities and governance within the Chief Data Office. His role will involve promoting data analytics and identifying opportunities for AI to streamline processes and enhance client experiences across the bank.

With over 22 years of experience in data and AI across banking, advisory, government, and education sectors, Hardoon is well-equipped for this strategic role. He previously contributed to the Monetary Authority of Singapore’s AI strategy, advocating for open data flows and the adoption of AI in line with the Fairness, Ethics, Accountability, and Transparency (FEAT) principles.

Mohammed Rahim expressed enthusiasm about Hardoon’s appointment, stating, “I am thrilled to welcome David to Standard Chartered. As a senior and strategic hire for the Chief Data Office, David will play a critical role in shaping and driving our AI strategy and ambitions, ensuring that we harness the full potential of AI technologies to enhance our client-focused, data-driven services and operations.”

This appointment underscores Standard Chartered’s commitment to leveraging advanced analytics and AI to maintain its competitive edge and drive innovation in the banking industry. By integrating AI into its operations, the bank aims to deepen client relationships and meet cross-border needs more effectively.
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After a year of stagnant growth, Singapore’s Core Central Business District (CBD) office rents have seen a resurgence in Q1 2025, with a 0.8% increase in gross effective rents, according to CBRE. The average rent now stands at S$12.05 per square foot per month, driven by strong demand for premium office spaces in prime locations.

Tricia Song, CBRE’s Head of Research for Singapore and Southeast Asia, noted the continued preference among top corporations and private wealth asset management firms for prime office spaces. “We can see this in the low vacancies in buildings that meet both criteria, and also the fact that spaces within such buildings offering unblocked views persistently establish new record rents,” she said.

Despite a slight increase in vacancies from 4.9% to 5.3%, largely due to non-renewals by major occupiers like Meta and Morgan Stanley, the demand for prime buildings remains robust. David McKellar, CBRE’s Head of Office Services, highlighted the rapid absorption of space in the newly completed IOI Central Boulevard Towers, where occupancy has exceeded 80%.

In the investment market, office transactions fell by 80.8% to $159.33 million in Q1, with the largest deal being the $91.8 million sale of the top three floors of 20 Collyer Quay. Michael Tay, CBRE Singapore Advisory Deputy Managing Director, attributed potential future interest to falling interest rates and the extension of the Central Business District Incentive and Strategic Development Incentive.

Looking ahead, CBRE Research anticipates a 2-3% growth in Core CBD (Grade A) rents this year, outperforming 2024’s 0.4% growth. However, global trade conflicts and tariffs pose risks to business sentiment. Despite these challenges, Song remains cautiously optimistic, citing Singapore’s reputation as a stable investment market.
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The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) have launched tenders for three significant sites in Singapore, potentially adding nearly 1,400 residential units. The sites are located at Lakeside Drive, Dunearn Road, and Woodlands Drive 17, with the latter designated for an Executive Condominium (EC).

The Lakeside Drive site, adjacent to Lakeside MRT Station, is expected to be highly sought after due to its proximity to Jurong Lake Gardens and several schools. It offers approximately 1,000 square metres of commercial space and is anticipated to attract 5 to 8 bidders, with bids ranging from $770 to $843 (S$1,050 to S$1,150) per square foot per plot ratio (psf ppr). Justin Quek, CEO of OrangeTee & Tie, noted the site’s appeal due to its rare combination of greenery, water views, and MRT accessibility.

Dunearn Road marks the beginning of Bukit Timah Turf City’s long-term rejuvenation. The site benefits from its proximity to Sixth Avenue MRT station and several prestigious schools. It is expected to attract 3 to 6 bidders, with bids between $953 and $1,026 (S$1,300 and S$1,400) psf ppr. The first-mover advantage in this redevelopment area is a key attraction, according to Quek.

The Woodlands Drive 17 EC site is strategically located near Woodlands South MRT Station and several schools, making it appealing to families. The site is expected to see 5 to 8 bidders, with bids ranging from $513 to $550 (S$700 to S$750) psf ppr. The future development of the Woodlands Regional Centre and the Johor Bahru-Singapore Rapid Transit System is likely to boost demand.

These developments are part of the 1H 2025 Government Land Sales programme, aiming to meet the growing housing demand in Singapore.
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The Urban Redevelopment Authority (URA) and Housing Development Board (HDB) have launched tenders for three government land sales sites, attracting attention from developers despite current market uncertainties. The sites, located at Dunearn Road, Lakeside Drive, and Woodlands Drive 17, are strategically positioned near MRT stations, making them appealing for future residential developments.

The Dunearn Road site, part of the new Bukit Timah Turf City housing precinct, is expected to yield 380 new units. Wong Siew Ying, Head of Research and Content at PropNex, noted that developers might be keen to establish a presence in this emerging neighbourhood. The site is conveniently located near the Sixth Avenue MRT station and several prestigious schools. The tender is projected to attract 5 to 6 bids, with top offers ranging from $1,400 to $1,500 per square foot per plot ratio (psf ppr).

Lakeside Drive’s site, adjacent to the Lakeside MRT station, could yield 575 units and 1,000 square metres of commercial space. Its proximity to the Jurong Lake District and a lack of recent project launches in the area are expected to draw 3 to 4 bids, with top bids estimated at $1,100 to $1,200 psf ppr.

The executive condominium (EC) site at Woodlands Drive 17 is set to offer 420 units. Located near the Woodlands South MRT station and future developments like the Johor Bahru-Singapore Rapid Transit System, it is anticipated to attract interest from HDB upgraders. The tender could see 4 to 5 bids, with top bids between $700 and $715 psf ppr.

These site tenders present significant opportunities for developers to expand their portfolios amidst a competitive market landscape.
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