Industry News

HDB resale prices in Singapore have continued to rise for the 20th consecutive quarter, albeit at a slower rate, according to the latest report from OrangeTee.

In Q1 2025, prices increased by 1.6%, down from 2.6% in the previous quarter. This deceleration is attributed to growing price resistance among buyers, particularly in the lower and mid-range market segments.

The report highlights that whilst some flat types, such as 4-room and 5-room flats, experienced slower price growth, demand for premium flats remained robust.

Transactions for flats priced at least S$800,000 reached a record high, with 1,183 units sold in Q1 2025, up from 1,115 in Q4 2024. Million-dollar transactions also hit a new peak, with 348 units sold, compared to 285 in the previous quarter.

Christine Sun, Chief Researcher and Strategist at OrangeTee, noted that affluent buyers appear unfazed by the slowing price growth and continue to invest in premium flats. “The trend indicates that potential buyers in the lower and mid-range market segments may be more price resistant,” she said.

Despite the slower growth, the resale market showed resilience, with a slight rebound in transaction volume. A total of 6,590 units were sold in Q1 2025, a 2.6% increase from the previous quarter. However, this figure represents a 6.8% decline compared to the same period last year.

Looking ahead, the cautious outlook suggests that potential buyers may exercise greater restraint to avoid overstretching their budgets. This conservative approach is expected to continue influencing the pace of price growth in the coming months.
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Tan Choon Seng has been appointed as the new Group Chief Executive Officer of M-DAQ Global, effective 13 May 2025. He takes over from Richard Koh, the company’s founder and current Group CEO, who will transition to the role of Non-Executive Chairman. This change comes as Richard embarks on a four-year PhD programme in Business, marking a new chapter in his career.

M-DAQ Global, a fintech company known for its innovative foreign exchange and cross-border payment solutions, has been a significant player in the financial technology sector since its inception in 2009. Under Richard’s leadership, the company launched a groundbreaking solution for global e-commerce platforms in 2015, earning recognition at the Singapore MAS FinTech Awards in 2016. Richard’s tenure also saw the company secure four institutional funding rounds, amassing a fully paid-up capital of S$213 million, and expanding through acquisitions such as Wallex and EasyPay.

Reflecting on his journey, Richard stated, “From our initial vision in 2009 with Joo Seng and Noboru to transform cross-border transactions, building M-DAQ has been an incredible journey. Choon Seng embodies the same dedication and drive that has brought us this far.”

Choon Seng, who joined M-DAQ Global in January 2022, has held key roles within the company, including General Manager of Operations and Chief of Staff. He expressed his commitment to continuing the company’s legacy, saying, “I am honoured to take on the role of Group CEO and look forward to building upon this foundation to drive future growth.”

With a staff strength exceeding 300 across Asia Pacific, M-DAQ Global continues to solidify its position in the fintech landscape, providing comprehensive FX and payment solutions to businesses worldwide.
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Kennedys has announced the appointment of Anita Quy as Joint Managing Partner of Kennedys Legal Solutions in Singapore, alongside Kevin Kwek. Quy, a seasoned legal professional with over 20 years of experience in the aviation insurance market across Asia Pacific and the UK, will continue to serve as Head of Aviation Asia Pacific at Kennedys. Her appointment follows Julian Wallace’s retirement and underscores the firm’s commitment to delivering top-tier legal solutions globally.

Quy’s extensive expertise includes advising insurers, airlines, regulators, and other aviation industry stakeholders. She has acted as Lead Counsel for aviation catastrophic losses in Asia and is known for her proficiency in handling multijurisdictional disputes. Her role will be pivotal in navigating aviation-related legal challenges for Kennedys’ clients.

Matt Andrews, Asia Pacific Managing Partner at Kennedys, praised Quy’s appointment, highlighting her “exceptional expertise in aviation insurance law” and her alignment with the firm’s values of diversity and inclusion. Quy herself expressed enthusiasm for her new role, stating, “This is an exciting time for our firm as we continue to expand our presence and deepen our sector specialisms in Singapore and across Asia Pacific.”

Kennedys, which has been operating in Singapore since 2008, established a joint law venture with Legal Solutions in 2015, creating Kennedys Legal Solutions. This venture allows the firm to offer a comprehensive suite of services across both English and Singapore law. Quy’s appointment further solidifies Kennedys’ position as a leading global law firm, committed to providing expert legal advice across key industry sectors.
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HomesToLife Ltd, a prominent home furniture retailer in Singapore, has announced its acquisition of HTL Marketing Pte Ltd, a leading supplier of premium upholstered sofas and leather materials. The acquisition, formalised through a sale and purchase agreement with New Century International Homes Pte Ltd, is expected to significantly enhance HomesToLife’s market reach and financial performance.

The acquisition involves HomesToLife issuing 75 million ordinary shares to New Century, with a two-year lock-up period. HTL Marketing, which achieved sales of $330m in 2024, exports its products to 50 countries, including major markets in Europe, Asia-Pacific, and North America. The acquisition is anticipated to leverage HTL Marketing’s extensive international network, providing HomesToLife with substantial growth opportunities.

HomesToLife CEO, Phua Mei Ming, stated that the acquisition is a “significant milestone” for the company, projecting a revenue increase from $4m in 2024 to between $250m and $280m in 2025. The acquisition is also expected to bolster the company’s bottom line significantly. By 2026, HTL Marketing is projected to contribute $350m to $400m in revenue and $15m to $20m in profit after tax.

The acquisition, subject to customary closing conditions, is expected to be finalised in Q2 2025. HomesToLife’s board, following a recommendation from a special committee of independent directors, unanimously approved the deal, which was deemed financially fair by Kroll, LLC. This strategic move positions HomesToLife to capitalise on global market opportunities and mitigate risks from trade disruptions.
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Cuprina Holdings, a Singapore-based biomedical and biotechnology company, has announced the completion of its in-vitro fertilisation (IVF) media production facility in Singapore. The facility, built in collaboration with Ferti-Craft Pte Ltd, has received ISO 13485 certification and a dealer licence from the Singapore Health Sciences Authority. This marks a significant milestone for the company as it aims to produce 14 different IVF media products by the fourth quarter of 2026.

The ISO 13485 certification, issued by the United Kingdom Accreditation Service, confirms that the facility meets international standards for medical device manufacturing. The dealer licence allows Cuprina to legally operate in manufacturing, importing, or wholesaling medical devices. The facility will produce IVF media containing essential nutrients and materials to stimulate fertilisation in vitro.

Cuprina will work with Ferti-Craft to prepare regulatory dossiers for the Singapore Health Sciences Authority, aiming for commercial sale approval by late 2026. Ferti-Craft will handle documentation, testing certificates, and logistics for raw materials, leveraging its expertise in human assisted reproductive technology.

David Quek, Cuprina’s CEO, expressed enthusiasm for the collaboration, stating, “We are very excited to be collaborating with Ferti-Craft on this IVF media production facility, the first of its kind in Singapore to be established by a Singapore company.” Jai Thampi, co-founder of Ferti-Craft, added that Cuprina’s experience and flexibility were key factors in forming the strategic partnership.

The global market for assisted reproductive technology, valued at $34.7b in 2023, is projected to grow significantly, driven by rising infertility rates and increased acceptance of ART technology. Cuprina’s new facility positions the company to tap into this expanding market, with initial sales expected in Singapore and plans to expand into ASEAN countries, the Middle East, and beyond.
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UOB Kay Hian, one of Asia’s largest securities brokerage firms, has partnered with FNZ, a global leader in wealth management technology, to launch a next-generation digital platform designed to transform Unit Trust investing in Singapore. This innovative platform offers a direct-to-consumer (D2C) channel that simplifies the investment process, providing clients with an intuitive and seamless digital experience.

The platform includes a comprehensive suite of Unit Trust investment solutions such as customer servicing, an intuitive client portal, order management, cash management, Central Provident Fund (CPF) administration, and advanced reporting tools. By streamlining operations and enhancing client centricity, the platform empowers investors to grow their wealth more effectively.

Oh Whee Mian, Senior Executive Director at UOB Kay Hian, stated, “Partnering with FNZ has allowed us to develop a Unit Trust Platform that redefines the investment experience by combining innovative digital tools and intuitive investment solutions.”

FNZ’s commitment to the Asia-Pacific region is underscored by its recent appointment of Anthony Habis as Group Head of APAC. Habis commented, “This partnership is a testament to FNZ’s dedication to delivering world-class digital wealth management solutions.”

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Singapore’s retail sector is expected to face a slowdown in sales growth in the second half of 2025, according to RHB’s latest economic research.

The report, released on 5 May, highlights that whilst retail sales are projected to remain robust through the first half of the year, economic challenges could dampen momentum in the latter half.

Retail sales in Singapore saw a 1.1% year-on-year increase in March, recovering from a 3.5% decline in February. However, on a month-on-month basis, sales fell by 2.8% in March, following a 3.0% growth in February. Barnabas Gan, RHB’s Group Chief Economist and Head of Market Research, noted that the retail climate is currently buoyed by government support measures outlined in Budget FY2025, upcoming retail events, and strong online sales.

Despite these positive indicators, Gan cautioned that “economic headwinds expected for the year ahead” could lead to a slowdown in retail sales growth in the second half of 2025. The report suggests that whilst the first half of the year will benefit from supportive factors, the latter half may not sustain the same level of growth.

The anticipated slowdown in retail sales is significant as it reflects broader economic trends and challenges that Singapore may face in the coming months. As the year progresses, stakeholders in the retail sector will need to navigate these potential headwinds to maintain stability and growth.
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Symbio Holdings Limited, part of the Aussie Broadband Group, has unveiled a new API stack in Singapore, enhancing its digital experience offerings for communication service providers across the Asia-Pacific (APAC) region. This development builds on the January launch of Symbio’s Connect Portal, a self-service platform that facilitates seamless number management.

The new API stack, integrated with Symbio’s Tier 1 voice network, allows service providers to efficiently manage number provisioning through automated tools. It supports real-time bulk number ordering and reservation, offering greater control and transparency. This innovation enables providers to lease and assign numbers to SIP trunks in a single workflow, significantly reducing errors and delays.

Symbio’s latest offerings mark a significant milestone in its mission to provide scalable digital solutions. The company’s infrastructure supports high-volume number portability and emergency services, addressing the evolving needs of service providers. Dylan Brown, CEO of Symbio’s Connect Division, stated, “By combining Tier 1 infrastructure with flexible tools set to scale with the industry, Symbio delivers the first consistent number management experience across Australia, New Zealand, and Singapore.”

This initiative is part of Symbio’s broader strategy to strengthen its position as a leading provider in the region. With a focus on innovation, Symbio continues to set new benchmarks for automation, transparency, and regulatory-ready number provisioning, ensuring service providers can scale communications with ease.
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CapitaLand Integrated Commercial Trust (CICT) and its joint venture partners have announced the divestment of CapitaSpring’s serviced residence component to unrelated third parties for S$280m. CICT, which holds a 45% interest in the property, expects to complete the transaction by the second quarter of 2025, generating estimated net proceeds of S$37.8m and an exit yield of approximately 3.6%.

The divestment is part of CICT’s strategy to reconstitute its portfolio by shedding non-core assets and reinvesting in more distribution per unit (DPU)-accretive opportunities. Tan Choon Siang, CEO of the manager of CICT, stated, “We have divested the serviced residence, a non-core asset, at a premium to its last valuation. This reflects our disciplined approach to portfolio reconstitution, enabling us to redeploy capital into more DPU-accretive opportunities and strengthen CICT’s leadership position as the proxy for Singapore commercial real estate.”

Located at Raffles Place, Singapore, the serviced residence’s sale underscores CICT’s commitment to enhancing the resilience and quality of its portfolio, aiming to create sustainable value for its unitholders. This move is expected to bolster CICT’s standing in the competitive Singapore commercial real estate market.

As CICT continues to seek opportunities for portfolio enhancement, the divestment of CapitaSpring’s serviced residence marks a significant step in optimising returns and maintaining its leadership in the sector. The completion of this transaction will further solidify CICT’s strategic objectives and financial health.
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Singapore-headquartered digital travel platform Agoda has unveiled its top family travel destinations in Asia for 2025, based on search data from January to March. The list is led by Tokyo, Osaka, and Bangkok, followed by Kuala Lumpur, Seoul, Singapore, Bali, Taipei, Okinawa, and Hong Kong. This comes as Agoda’s 2025 Trend Survey indicates a rise in family travel, with 34% of travellers planning to explore with their loved ones this year.

Families from South Korea, Taiwan, Japan, Malaysia, and Thailand are among the most enthusiastic travellers, seeking diverse experiences across Asia. For those who enjoy city life, Tokyo, Kuala Lumpur, and Singapore offer a mix of culture, entertainment, and child-friendly attractions. Beach enthusiasts can head to Bali or Okinawa, whilst adventure-seekers might prefer the vibrant streets of Bangkok or the lush landscapes around Taipei. Culinary explorers will find Osaka, Seoul, and Hong Kong particularly appealing.

Hiroto Ooka, Associate Vice President North Asia at Agoda, stated, “Family travel is all about creating memories that last a lifetime, and Agoda is here to make that as seamless and affordable as possible.” Agoda offers over 5 million holiday properties, 130,000 flight routes, and 300,000 activities, making family holiday planning straightforward. The Agoda mobile app further simplifies finding the best deals, ensuring families can easily book everything from a villa in Bali to theme park tickets in Tokyo.
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