Industry News

Business sentiment among small businesses in Singapore has reached its highest level since 2019, according to a recent survey by CPA Australia. The Asia-Pacific Small Business Survey 2024–25 indicates that 62% of small businesses in Singapore expect growth this year, with 63% expressing confidence in the country’s economic prospects. This marks a significant increase from 60% in 2024, reflecting a robust business environment.

The survey highlights a strong adoption of technology, with 63% of small businesses generating over 10% of their revenue from online sales, up from 36% in 2019. Additionally, 76% reported significant sales through digital payment technologies like PayPal and Apple Pay, a notable rise from 51% in 2019. Cybersecurity has also improved, with incidents dropping from 54% in 2023 to 39% in 2024, and only 33% of businesses anticipate cyberattacks this year.

Despite these positive trends, innovation appears to be waning, with only 23% of businesses planning to introduce new products or services, down from 37% in 2024. The survey also notes an ageing demographic among business owners, which could impact future growth and innovation.

Joshua Ong, CPA Australia’s Singapore Divisional Deputy President, emphasised the importance of Environmental, Social, and Governance (ESG) initiatives, stating that embracing these practices can provide a competitive edge. However, expectations for export revenue growth have decreased, with only 18% of businesses anticipating strong growth, down from 27% in 2024, due to geopolitical tensions and potential trade tariffs.

Overall, the outlook for small businesses in Singapore remains positive, driven by technological adoption and improved cybersecurity resilience.
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Chocolate Finance, a brand of Chocfin Pte. Ltd., has announced the successful processing of all redemption requests received between 10 and 18 March. The company confirmed that all customers received 100% of their invested capital along with earned returns by the end of 21 March. This update comes after a surge in withdrawal requests, which the company managed within its standard three to six business day timeline.

The financial services provider reassured its clients that it will continue to process withdrawals within the usual timeframe starting 24 March. This commitment aims to maintain customer confidence and ensure a seamless financial experience. Chocolate Finance’s CEO, Walter de Oude, and the team regularly update clients via their Instagram channel, providing transparency and ongoing communication.

For those seeking further information, Chocolate Finance encourages customers to consult their FAQs and Terms & Conditions available on their website. The company remains dedicated to delivering secure and rewarding financial solutions, partnering with globally recognised institutions to optimise clients’ spare cash investments.
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ISOTeam, a Singapore-based company, is set to benefit from a surge in government projects ahead of the parliamentary elections due by the end of 2025. The company has maintained its “BUY” recommendation, with a revised target price of S$0.08, up from S$0.07. This revision follows an 11% increase in projected earnings for the fiscal years 2025 to 2027, as the company anticipates an acceleration in project activity.

The revised earnings outlook is attributed to the expected increase in government projects, which are likely to be rolled out in the lead-up to the elections. ISOTeam’s valuation base has been updated to reflect the FY26 forecasted price-to-earnings ratio, moving away from the previous blended FY25-26 earnings model.

Alfie Yeo, an analyst, noted, “We turn more positive on ISOTeam’s earnings outlook, as we see it benefiting from and riding on more government projects ahead of the parliamentary election due by the end of 2025.”

This development is significant as it highlights the potential for increased infrastructure and development projects in Singapore, which could have broader economic implications. The anticipated acceleration in projects not only boosts ISOTeam’s prospects but also signals a period of heightened activity in the construction and infrastructure sectors.

Looking ahead, ISOTeam’s strategic positioning to capitalise on these opportunities could enhance its market standing and financial performance. The company’s ability to leverage government projects effectively will be crucial in sustaining its growth trajectory.
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The Housing Development Board (HDB) has launched a government land sales (GLS) site for an executive condominium (EC) at Senja Close, Bukit Panjang. This marks the first EC site under the GLS slate for the first half of 2025, with two more EC plots expected in Woodlands Drive 17 and Sembawang Road in the coming months.

Located near the Jelapang LRT station, the Senja Close site is poised to accommodate approximately 295 residential units. The area is well-served by amenities, including three primary schools within a 1-km radius—West Spring, Greenridge, and West View Primary Schools. Additionally, the site is in proximity to Senja Hawker Centre, Bukit Panjang Polyclinic, and several shopping centres such as Junction 10 mall and Hillion Mall.

Wong Siew Ying, Head of Research and Content at PropNex, noted the potential pent-up demand for new EC units in Bukit Panjang, as the last EC project, Blossom Residences, was launched in 2011. The manageable project size and the interest from HDB upgraders in the area are expected to attract developers.

The recent success of the Aurelle of Tampines EC project, which saw a 90% take-up rate, highlights the continued popularity of ECs among Singaporean homebuyers. PropNex anticipates that the Senja Close tender could attract five to six bids, with the top bid ranging from $230m to $235m, translating to a land rate of $700 to $715 per square foot per plot ratio.
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Blue Bottle Coffee is set to open its first café in Southeast Asia at LUMINE Singapore, Raffles City, on 3 April 2025. Known for its meticulous approach to speciality coffee, the brand’s expansion into Singapore marks a significant milestone in its Asian journey, complementing its presence in Japan, Korea, Hong Kong SAR, and China.

Occupying a 135-square-metre space with a seating capacity of 42, the café will operate daily from 8:00 AM to 10:00 PM. Guests can enjoy Blue Bottle Coffee’s renowned single-origin and espresso-based beverages, alongside a rotating selection of seasonal coffees sourced from sustainable farms worldwide. The café aims to provide more than just coffee, reflecting the brand’s dedication to craftsmanship, hospitality, and community.

Kester Whitaker, Chief Growth Officer & Head of Asia at Blue Bottle Coffee, expressed excitement about the opening, stating, “This café opening marks an exciting chapter for Blue Bottle Coffee in Southeast Asia. Beyond serving coffee, we look forward to sharing this journey with a new community, creating a space where guests can experience not just great coffee, but the warmth and hospitality that define who we are.”

The partnership with LUMINE Co., Ltd. aligns with both brands’ commitment to creating meaningful experiences. Teruyuki Omote, President and CEO of LUMINE Co., Ltd., noted, “With this café, we hope to offer a space where guests can enjoy not only exceptionally brewed coffee, but also the thoughtful design and warm hospitality that defines both our brands.”

Blue Bottle Coffee’s arrival in Singapore underscores its continued expansion in Asia and commitment to high-quality coffee experiences.
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The Singapore Computer Society (SCS) has announced the appointment of Lim Bee Kwan as its new president for the 2025/2026 term, following its 58th Annual General Meeting on 20 March 2025. Lim, who succeeds Sam Liew, brings extensive experience from both public and private sectors to the role. Under Liew’s leadership since 2022, SCS has seen significant growth in membership and professional excellence within Singapore’s tech community.

In 2024, SCS launched several key initiatives, including the inaugural Sustainable Tech Forum, the Women in Tech Board Readiness Programme, and the revamped Splash Forum. The society also introduced the Skills Pathway for Cybersecurity and enhanced its digital credentialing initiative, STAR@SCS, with new digital badges. Additionally, SCS released Version 2.0 of the AI Ethics & Governance Body of Knowledge and elevated its Technopreneurship Special Interest Group to a chapter.

Lim expressed her commitment to continuing the society’s focus on upskilling tech professionals and fostering a strong community of tech leaders. “It is an honour to serve as President of the Singapore Computer Society and build on the incredible legacy of Sam Liew,” she said. “Together, we will ensure that SCS remains at the forefront to enable our tech professionals and to shape Singapore’s technology landscape.”

The new Executive Council includes accomplished professionals from various sectors, such as Han Chung Heng from Oracle and Edward Chen from the Cyber Security Agency of Singapore. With this leadership team, SCS aims to drive innovation and growth, reaffirming its commitment to empowering tech professionals and advancing the nation’s digital transformation.
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Grand Copthorne Waterfront Hotel Singapore is set to launch the Sakura Serenity Buffet at Food Capital, a Japanese culinary experience crafted by Chef Elson Lee, a protégé of Michelin-starred Chef Santaro Lee. Running from 16 April to 15 June 2025, the buffet offers a modern izakaya-style dining experience, blending traditional techniques with seasonal Japanese ingredients.

The launch event on 16 April will feature traditional Taiko drum performances and a tuna-cutting ceremony by Chef Elson Lee. Attendees can also participate in a lucky draw with prizes worth up to $800, including stays in the newly refurbished Grand Deluxe Room.

The buffet menu includes expertly grilled robatayaki skewers, premium sashimi, and inventive small plates. Highlights include the Flavours of Japan Sashimi Platter, caramelised Grilled Unagi, and Japanese Beef Curry. The Oden Station offers shrimp gyoza and mushrooms in dashi stock, whilst sushi lovers can enjoy selections from a two-metre-long sushi belt.

The Live Station will feature daily Chef’s Choice selections, complemented by signature roasts like herb-crusted roasted beef and slow-roasted lamb leg. Desserts include Wagashi and Black Sesame Ice Cream. Food Capital will also offer a variety of Seafood-On-Ice, Western, Asian, and International dishes.

Lunch is available from Monday to Saturday at $72++ per adult and $36++ per child, whilst dinner is priced at $102++ per adult and $51++ per child from Sundays to Thursdays, with weekend dinners at $112++ per adult and $56++ per child. Children under five dine for free.
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ION Orchard, Singapore’s renowned luxury shopping destination, is elevating the retail experience this Spring/Summer with a curated selection of high-end brands, exclusive beauty immersions, and transformative pop-ups. The mall aims to transform each visit into a celebration of style and sophistication, according to Yeo Mui Hong, CEO of Orchard Turn Developments.

The ION Orchard Beauty Trail takes centre stage, offering a sensorial journey through the finest in skincare, cosmetics, and self-care. Shoppers can explore offerings from brands such as Bobbi Brown, Clarins, and Estée Lauder, transforming shopping into a luxurious journey of elegance and self-expression.

In addition to beauty, ION Orchard is expanding its retail landscape with new store openings. Prada has launched a 1,200-square-metre duplex boutique featuring its first in-boutique café in Southeast Asia. Lacoste introduces its first concept store in Singapore, whilst Wilson and Bǎo Bāo add to the mall’s diverse offerings.

The season also features exclusive pop-up experiences from brands like Coach, Shiseido, and Chanel, providing immersive brand showcases. Tourists can enjoy ‘GST FREE’ shopping and participate in the Food & Heritage Trail to explore Singapore’s rich culinary and cultural heritage.

ION Orchard is also celebrating 60 years of friendship between India and Singapore with a special collaboration with the Singapore Tourism Board, offering tailored shopping experiences for Indian travellers. The Spring/Summer exclusives run until 31 May 2025, promising a season of indulgence and luxury.
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Singapore-based esports agency Redd+E has been appointed as the official media rights partner for the inaugural HERO ESPORTS Asian Champions League (ACL) 2025. The tournament, hosted by Hero Esports, will act as a qualifier for the Esports World Cup in Riyadh, Saudi Arabia, offering direct entries for winning teams. Redd+E will oversee media rights for all game titles in Asia, excluding China and other selected territories.

The ACL will feature competitions across popular gaming titles such as Counter Strike 2, DotA 2, and League of Legends, with live broadcasts in multiple languages during the grand finals from 16 to 18 May 2025. This partnership aims to expand the tournament’s reach, reinforcing Asia’s status as a global esports hub. In 2024, esports viewership in Asia reached over 1.03 billion, up from 793 million in 2022.

Jonny Wang, CEO of ACL, expressed enthusiasm about the collaboration, stating, “We’re excited to partner with Redd+E. This collaboration combines our expertise in digital content innovation with Redd+E’s cutting-edge fan engagement solutions.” Yip Ren Kai, Managing Director & Co-founder of Redd+E, added, “The ACL represents a milestone not only for Asian esports, but for the industry as a whole.”

As esports continues to grow, this partnership is set to deliver immersive competition experiences, further solidifying the region’s influence in the industry. The ACL will provide a platform for top-tier competition, allowing Asian players to showcase their skills on the global stage.
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The Executive Centre (TEC), Asia’s leading premium flexible workspace provider, has unveiled its 11th centre in Singapore, located on level 22 of the Ocean Financial Centre. This new facility, spanning over 21,000 square feet and accommodating more than 300 workstations, marks TEC’s third centre at this iconic Central Business District property. The expansion is part of TEC’s strategic initiative to meet growing demand, with more centres planned for later this year.

The new centre is designed with contemporary elegance, featuring organic curves and warm wood elements in the main lounge area. High-end finishes, height-adjustable standing desks, and ergonomic Herman Miller chairs ensure a premium working environment. A standout feature is the debut of Origo Café and Bar, which offers a unique selection of refreshments, including a dedicated ice cream bar and craft beers on tap. This centre is TEC’s first in Singapore to hold a liquor licence, enhancing the traditional TEC Barista Bar experience.

Yvonne Lim, Managing Director of Southeast Asia at TEC, stated, “We are profoundly excited to unveil our new centre at Ocean Financial Centre. This expansion not only epitomises our commitment to providing exceptional workspace solutions but also enriches our community with innovative offerings such as Origo Café and Bar.”

The centre also incorporates Framery phone booth pods, which are environmentally friendly, providing soundproofing and optimal ventilation whilst minimising energy consumption. These booths are fully recyclable, reflecting TEC’s dedication to sustainable innovation.

The Executive Centre’s latest location is set to redefine the flexible workspace experience in Singapore, fostering collaboration and innovation among its members.
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