Industry News

A growing trend sees Indian startups, initially based abroad, utilising Singapore’s Scheme of Arrangement to re-domicile back to India.

This legal mechanism is proving instrumental for companies like Zepto and Pine Labs, facilitating their “reverse flip” to India, according to a Dentons report.

The move is largely driven by the allure of India’s burgeoning capital markets and favourable regulatory environment, which offer promising growth prospects and potential for initial public offerings (IPOs).

Singapore’s Scheme of Arrangement provides a structured yet flexible framework for these cross-border reorganisations, ensuring judicial oversight throughout the process. This mechanism is particularly appealing to companies seeking to streamline their operations and align more closely with India’s economic landscape.

The strategic re-domiciling of these startups underscores a significant shift in the business landscape, as companies increasingly recognise the advantages of being based in India. The move not only positions them to tap into local investment opportunities but also aligns with India’s growing reputation as a hub for innovation and entrepreneurship.

As more companies consider similar moves, the utilisation of Singapore’s legal frameworks could see further adoption, potentially influencing the dynamics of cross-border business operations in the region. This trend highlights the evolving strategies of startups aiming to maximise their growth potential by leveraging both international and local market advantages.
“`

Singapore Airlines (SIA) and OpenAI have announced a pioneering partnership to integrate advanced Generative Artificial Intelligence (GenAI) solutions into the airline’s operations. This collaboration marks the first of its kind between OpenAI and a major airline, aiming to enhance customer experience and streamline operational processes.

The partnership will initially focus on upgrading SIA’s AI-powered virtual assistant on its website. By building on existing features like the flight recommender, the enhanced assistant will offer a more seamless and intuitive experience for customers planning, booking, and managing their journeys. The virtual assistant will provide smarter, personalised support, helping customers discover destinations and make informed decisions with timely information.

SIA staff will also benefit from an AI-powered assistant designed to automate routine tasks and provide operational guidance. This tool, leveraging OpenAI’s multimodal AI capabilities, will enable staff to access and process information quickly, improving decision-making and problem-solving.

Additionally, SIA plans to integrate OpenAI’s advanced AI models into its existing tools to optimise complex tasks such as flight crew scheduling. This integration will assist in decision-making by considering regulatory requirements and operational limitations, ultimately streamlining operations and enhancing the travel experience for customers.

George Wang, Senior Vice President Information Technology at Singapore Airlines, stated, “This collaboration with OpenAI exemplifies Singapore Airlines’ commitment to digital innovation and leadership in the airline industry.” Oliver Jay, Managing Director, International at OpenAI, added, “We are excited to work with SIA and explore how advanced AI can enhance the travel experience.”

The collaboration underscores SIA’s dedication to maintaining its industry-leading position through digital innovation.
“`

Private home prices in Singapore continued their upward trajectory in the first quarter of 2025, albeit at a slower pace, according to the latest statistics from the Urban Redevelopment Authority (URA). The property price index (PPI) recorded a 0.8% increase, down from the 2.3% growth observed in the previous quarter.

Christine Sun, Chief Researcher and Strategist at OrangeTee, noted that Singapore’s reliance on trade could impact its GDP growth, influencing homebuyer sentiment. Despite these challenges, domestic buyers, particularly HDB upgraders, continue to drive the market. The government’s efforts to increase housing supply through land sales and upcoming completions are expected to moderate home price increases in the coming years.

Sales volumes, however, experienced a decline. Private home sales, excluding executive condominiums, fell by 2.3% from 7,433 units in Q4 2024 to 7,261 units in Q1 2025. The resale market also saw a decrease, with volumes dropping by 3.7% to 3,565 units. New home transactions slipped slightly by 1.3% to 3,375 units, marking the second-highest quarterly new sales performance in the past three years.

The rental market showed marginal growth, with private rents rising by 0.4% in Q1 2025. This marks the fourth consecutive quarter of stable rent prices, fluctuating within a narrow range of -1% to 1%. However, the private rental market faces challenges due to macroeconomic uncertainties, including potential global trade wars and tariff headwinds.

“`

The Urban Redevelopment Authority’s (URA) latest statistics for Q1 2025 indicate a moderate increase in Singapore’s residential property prices, with the All Residential Price Index rising by 0.8% quarter-on-quarter (q-o-q) and 3.3% year-on-year (y-o-y). Leonard Tay, Head of Research at Knight Frank Singapore, attributes this growth to sustained homebuyer activity from late 2024, despite a more subdued increase compared to the previous quarter.

The Rest of Central Region (RCR) experienced the highest price growth, with a 1.7% q-o-q and 7.3% y-o-y increase, largely driven by the launch of The Orie in Toa Payoh. Meanwhile, the Core Central Region (CCR) saw a 0.8% q-o-q and 1.9% y-o-y rise, despite the 60% Additional Buyer’s Stamp Duty affecting foreign buyers. The Outside Central Region (OCR) showed a slight 0.3% q-o-q increase, with strong demand for new launches like Lentor Central Residences and Parktown Residence.

In the office sector, rental growth was modest at 0.3% q-o-q, with occupancy levels decreasing to 88.3% due to new completions like Keppel South Central. The retail sector remains challenging, with rents falling by 0.5% q-o-q amidst high operational costs and an oversaturated food and beverage market.

Despite global economic uncertainties, Tay notes that domestic demand remains robust, supported by strong household balance sheets and low unemployment. However, the ongoing US-led tariff war could impact transaction volumes, as buyers and sellers adopt a cautious approach. Knight Frank anticipates moderate price growth of 3% to 5% for 2025, similar to 2024.
“`

HSBC Singapore has launched its second Integrated Wealth Centre at The Star Vista, aiming to cater to the affluent clientele in western Singapore. This new centre is part of HSBC’s strategy to establish three dedicated wealth centres by 2025, enhancing its presence and service offerings in the region. The centre is designed to provide a premium banking experience with private meeting spaces, enclosed teller rooms, and a Premier lounge for confidential discussions.

The wealth centre’s location in a bustling retail mall ensures high visibility and accessibility, aligning with HSBC’s goal to be the leading wealth manager for Singapore’s affluent population. The centre also features a heritage display wall and artworks from social enterprises, reflecting HSBC’s commitment to community engagement.

In a unique initiative, the centre houses a lifestyle café operated by Foreword Coffee, a social enterprise supporting differently-abled youths through training and employment. This initiative underscores HSBC’s dedication to inclusive growth and community partnership. Premier customers can enjoy complimentary refreshments, including a signature HSBC tea blend, whilst all visitors can purchase exclusive drinks, supporting Foreword Coffee’s mission.

Ashmita Acharya, Head of International Wealth and Premier Banking, Singapore, stated, “These investments are part of HSBC’s broader ambition to be the leading wealth manager in Asia, supporting Singapore’s position as a key international wealth hub by improving the accessibility and quality of wealth advisory services for its growing affluent population.”

The new wealth centre not only enhances HSBC’s service offerings but also reinforces its commitment to community and sustainability, with features like wheelchair accessibility and Green Mark Gold Plus certification.
“`

Condo resale prices in Singapore experienced a decline in March 2025, yet sales volumes increased significantly by 19.7% compared to the previous month. The report highlights a 0.5% month-on-month decrease in overall prices, although year-on-year figures show a 5.1% increase from March 2024.

99.co and SRX attributed the rise in sales volumes to more affordable financing options due to a dip in SORA rates, making resale condos a more attractive option for buyers. Chief Data & Analytics Officer at 99.co, Luqman Hakim, noted that whilst borrowing costs have eased, they remain higher than pre-pandemic levels, leading to cautious and price-sensitive buyers.

In March, the Core Central Region (CCR) saw a 1.9% decrease in resale prices, whilst the Rest of Central Region (RCR) and Outside Central Region (OCR) experienced slight increases of 0.2% and 0.3%, respectively. The highest transacted price for a resale unit was S$16,030,000 at St Thomas Suite.

The report also revealed that the overall median capital gain for resale condos was S$358,000, a decrease of S$12,000 from February. District 20 posted the highest median capital gain at S$742,000, whilst District 1 recorded the lowest at S$37,000. The overall median unlevered return stood at 31.1%, with District 22 achieving the highest return at 44.4%.

As the market adjusts, sellers are beginning to lower their expectations, contributing to the downward trend in closing prices. The ongoing economic uncertainty and potential global trade tensions continue to influence buyer behaviour, with many adopting a wait-and-see approach.
“`

Changi Airport has reported a significant rise in passenger traffic for the first quarter of 2025, with 17.2 million passenger movements from January to March. This marks a 4.8% increase compared to the same period in 2019, before the onset of the COVID-19 pandemic. Over a rolling 12-month period, the airport achieved an all-time high of 68.4 million passenger movements, reflecting a 9.5% increase from the previous year.

North America led the growth among regions, with a 15.8% year-on-year increase in Q1. The top five markets for Changi Airport during this period were China, Indonesia, Malaysia, Australia, and Thailand. Notably, traffic between Singapore and China rose by 10% year-on-year, whilst Japan saw a 16% increase.

In terms of airfreight, Changi Airport handled 480,000 tonnes from January to March, a 1.0% rise compared to the previous year. Despite global economic uncertainties, there was growth in imports, although exports saw a slight decline. The leading air cargo markets were China, Australia, the United States, Hong Kong, and India.

Changi Airport Group’s Executive Vice President for Air Hub and Cargo Development, Lim Ching Kiat, highlighted the positive trends in air travel and the airport’s continued appeal as a key hub. “We are seeing encouraging growth across all regions and key markets,” he stated.

The airport also expanded its connectivity, adding new city links to Harbin, Lanzhou, and Yichang in China, and strengthening ties with Indonesia through new services to Padang and Labuan Bajo. Additionally, Firefly and Qantas introduced new routes to enhance travel options.

As of 1 April, Changi Airport hosts around 100 airlines, operating over 7,200 weekly flights to approximately 170 cities worldwide.
“`

Singapore’s private residential market continued its upward trajectory in the first quarter of 2025, with property prices firming by 0.8%, according to Huttons’ analysis of Urban Redevelopment Authority (URA) data. The Rest of Central Region (RCR) saw the most significant gains, with non-landed home prices rising by 1.7%, whilst the Core Central Region (CCR) experienced a 0.8% increase.

Prices in the Outside Central Region (OCR) remained stable after a notable rise in the previous quarter.

Transaction volumes, however, dipped slightly by 2.3%, with 7,261 units sold compared to 7,433 in the last quarter of 2024. Despite this, the market’s performance remains robust, marking the first time volumes have exceeded 7,000 units since the end of 2021. This reflects growing buyer confidence, supported by factors such as lower interest rates and a positive economic outlook.

Developers launched six major non-landed projects in the quarter, including PARKTOWN Residence and The Orie, contributing to a total of 3,139 units launched. PARKTOWN Residence emerged as the best-selling project, with 1,054 units sold at a median price of $2,364 per square foot. The Orie followed closely, selling 690 units at a median price of $2,729 per square foot.

The rental market also saw a slight uptick, with rents increasing by 0.4% in the quarter. However, recent tariff announcements have introduced uncertainty, potentially impacting future investment and rental demand. Despite these challenges, Singapore’s status as a safe haven remains attractive to ultra-high-net-worth individuals, who may consider relocating and investing in luxury properties in the CCR. Looking ahead, Huttons anticipates the launch of 17 new projects, including one executive condominium, by the end of 2025.
“`

ecoWise Holdings Limited, a company specialising in sustainable environmental solutions, will resume trading on the SGX Catalist Board on 25 April 2025 at 9:00 a.m. This comes after a four-year trading suspension, during which the company addressed regulatory requirements and strengthened its operations.

The resumption follows ecoWise’s successful compliance with the Singapore Exchange Securities Trading Limited’s Notice of Compliance issued in June 2021. Over the past years, ecoWise has focused on enhancing its governance, financial performance, and operational frameworks. The company has also streamlined its operations and optimised resource allocation in its core business areas, including resource recovery and renewable energy.

Executive Chairman and CEO of ecoWise, Lee Thiam Seng, expressed gratitude for the support received, stating, “The resumption of trading is a testament to the unwavering commitment and hard work of our team, the strong support and guidance from the Board, and the continued trust placed in us by our stakeholders and the SGX-ST.”

The company anticipates positive momentum in its business performance, bolstered by a recent capital injection through a private placement. ecoWise aims to build on its progress and deliver value to shareholders, continuing its mission as a leading integrated sustainable environmental solutions partner. The company operates in Singapore and Malaysia, focusing on resource recovery, renewable energy, and integrated environmental management solutions. Future updates on ecoWise’s progress are expected as it embarks on this new chapter.
“`

The Housing Development Board (HDB) resale market in Singapore experienced a stable first quarter in 2025, according to Huttons’ latest report.

The resale volume reached 6,590 units, which, although higher than the previous quarter, fell short of the four-year average of 7,141 units for the same period. This indicates a shift in buyer interest towards the Sale of Balance Flats (SBF) exercise in February, which attracted over 20,000 applications for 5,590 flats.

The report highlights that the prices of HDB resale flats increased by 1.6% in Q1 2025, the slowest pace since Q1 2024. This deceleration is attributed to the largest SBF exercise, which provided buyers with more options and eased demand pressure. Since the circuit breaker in April 2020, HDB resale prices have appreciated by 52.4%.

In terms of popularity, Jurong West, Sengkang, Tampines, Woodlands, and Yishun emerged as the top five HDB towns, accounting for 36.2% of total transactions. Notably, Clementi saw the highest price gains at 15%, followed by Marine Parade and Queenstown.

The market also witnessed a surge in million-dollar flat transactions, with 348 units sold for $1m or more, a 22.1% increase from the previous quarter. Most of these high-value transactions occurred in mature estates like Toa Payoh, Bukit Merah, and Queenstown.

Looking ahead, the HDB resale market is expected to remain tight throughout 2025. With limited supply and no BTO or SBF launches in Q2, prices may rise. HDB plans to increase the allocation quota for second-timer families and expand the Deferred Income Assessment to cover more young couples, potentially influencing future demand. Resale transactions for 2025 are estimated to range between 26,000 and 28,000, with prices projected to grow by 5% to 8%.
“`