Industry News

Singapore’s labour market maintained stability in the fourth quarter of 2024, according to the latest Labour Market Pressure Index (LMPI) from UOB Global Economics and Markets Research. The index, which utilises methodologies such as equally-weighted Z-score and Principal Component Analysis, indicates a significant easing of labour market tightness since its peak in the second quarter of 2022.

The LMPI, incorporating ten distinct labour market indicators, suggests that the job market remains robust. Notably, the job vacancies to unemployed persons ratio increased to 1.64 in Q4 2024 from 1.32 in Q3 2024, whilst the overall unemployment rate stayed low at 2.0% as of January 2025. Despite a rise in redundancies to 3,680 in Q4 2024, these figures align with historical norms, reflecting a stable employment environment.

The LMPI also highlights a positive correlation with the Monetary Authority of Singapore’s year-on-year core and services Consumer Price Index readings. This relationship underscores the potential for a tight labour market to exert upward pressure on consumer prices due to strong wage pressures.

Looking ahead, UOB anticipates the labour market will remain resilient in the first half of 2025. However, firms may exercise caution in hiring, particularly in trade-related sectors, due to escalating trade tensions and tariffs. The government’s focus on upskilling and reskilling initiatives in recent budgets is expected to enhance labour productivity, helping businesses manage cost pressures.
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CBRE has announced the sale of a conserved 4-storey commercial shophouse at 257 Outram Road, Singapore, through an Expression of Interest exercise closing on 16 April 2025. The property, with a site area of approximately 1,531 sq ft and a Gross Floor Area (GFA) of 4,600 sq ft, is priced at $8.8m (S$12m), translating to about $1,900 (S$2,600) per square foot.

Located in the Tiong Bahru conservation area, the shophouse is currently tenanted by a pet care service on the ground floor and a co-living operator on the upper levels. The area is renowned for its blend of historical charm and modern amenities, making it a sought-after location for young professionals and expatriates. Joshua Giam, Associate Director of Capital Markets at CBRE, highlighted the strong and stable occupancy and rental rates in the area, noting the attractive gross yield of approximately 3.5% for potential buyers.

The property’s strategic location offers excellent connectivity, being just a 9-minute drive from the Central Business District and near major expressways. Additionally, the upcoming developments under the Urban Redevelopment Authority’s Draft Master Plan 2025, including 6,000 new homes at Pearl’s Hill, promise to enhance the area’s appeal further.

Giam emphasised the investment potential, stating, “This asset is ideal for investors looking to capitalise on strong rental upside and capital appreciation.” The shophouse presents opportunities for conversion to alternative uses, subject to approval, making it a versatile investment option.
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Singapore banks are poised to reduce their capital buffers, which currently stand at double the regulatory requirement, according to a report by S&P Global Ratings. The adjustments will be influenced by loan growth and emerging opportunities, as detailed in the report titled “Banking Brief: High Capital Levels A Double-Edged Sword For Singapore Banks.”

The report notes that the increase in banks’ capital ratios, following Basel reforms in July 2024, offers protection against unexpected losses and boosts public confidence. However, excessively high capital levels may suggest underutilisation of capital for growth and expansion. S&P Global Ratings suggests that banks are already planning short to mid-term strategies to manage these levels effectively.

The report, which does not constitute a rating action, is accessible to RatingsDirect subscribers and can be purchased by non-subscribers. It provides insights into how Singapore banks might navigate their capital strategies in the coming months.

As Singapore banks consider these adjustments, the financial sector will be closely watching how these changes impact overall growth and stability. The potential recalibration of capital buffers could influence lending practices and investment strategies, shaping the future landscape of Singapore’s banking industry.
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AIA Singapore has announced its role as the Official Title Partner for the AIA HYROX Open Asian Championships 2025, set to take place on 28 and 29 June at the Singapore National Stadium. This partnership aims to promote holistic wellness and active living, aligning with AIA’s One Billion movement to inspire healthier lifestyles by 2030.

The event, expected to draw over 10,000 participants, will feature new racing categories, including the Mixed Relay Open Asian Championship and corporate relays. These additions aim to foster teamwork and well-being among participants. Gary Wan, Managing Director of HYROX APAC, stated, “The upcoming Singapore race is set to be bigger and more exciting than ever before.”

For the first time in HYROX championships, AIA Singapore will provide complimentary personal accident coverage for participants and spectators upon ticket purchase, valid throughout June. AIA Vitality members will also receive a $25 discount on race tickets. Wong Sze Keed, CEO of AIA Singapore, expressed excitement about the partnership, emphasising its commitment to promoting active living.

Additionally, Grab, a Premium Partner, is offering up to 10% discounts on HYROX tickets for those using GrabPay or PayLater by Grab. This collaboration highlights the shared dedication of AIA and HYROX to making active lifestyles accessible to all. The event promises to be a thrilling test of strength and endurance, continuing the success of HYROX Singapore’s debut in 2023.
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Funding Societies, Southeast Asia’s largest SME digital finance platform, has secured a strategic equity investment from Gobi Partners, an Asia-focused venture capital firm. This investment highlights confidence in Funding Societies’ business model and its commitment to bridging the SME credit gap amidst challenging fintech market conditions.

The investment arrives at a time when caution towards fintech firms is prevalent, reinforcing Funding Societies’ financial stability and growth in SME financing and payments since 2022. Kelvin Teo, Co-founder and Group CEO of Funding Societies, expressed gratitude for the investment, stating, “This partnership is a testament to our strong fundamentals and commitment to financial inclusion.”

Gobi Partners’ support will enable Funding Societies to enhance its technology-driven approach, leveraging AI and automation to streamline lending processes. Thomas G. Tsao, Co-founder and Chairperson of Gobi Partners, remarked, “Funding Societies has consistently demonstrated strong execution and resilience in SME financing.”

Despite economic uncertainties, Funding Societies remains dedicated to empowering SMEs with tailored digital financial products. The company has disbursed over $4 billion (£3.3 billion) in business financing to approximately 100,000 SMEs and processed an annualised payments gross transactions value of over $1.4 billion (£1.15 billion). The partnership with Gobi Partners will further expand its reach, supporting SMEs that drive local economies.

With backing from investors like Cool Japan Fund and Maybank, and a credit facility from HSBC’s ASEAN Growth Fund, Funding Societies is poised to maintain its growth trajectory whilst ensuring responsible lending practices.
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Brilliance Capital Pte. Ltd. has announced the sale of The Bugis Collection, a portfolio of three office floors located in the heart of Bugis and Rochor, Singapore. Available through an Expression of Interest exercise closing on 8 May 2025, the properties offer strategic advantages in accessibility and investment potential.

The portfolio includes a freehold strata office floor at Sim Lim Tower, priced at S$17.8m, offering panoramic views and proximity to multiple MRT stations. The Bencoolen features a full office floor at S$7.8m, currently tenanted and providing immediate rental income. Lastly, Lee Kai House offers a strata office floor at S$4.8m, leased to a commercial school until 2026.

Sammi Lim, Founder and Executive Director of Brilliance Capital, stated, “The demand for centrally located commercial and office spaces remains strong, as companies continue to prioritise strategic locations for operational efficiency, brand presence, and workforce collaboration.”

The properties are exempt from Additional Buyer’s Stamp Duty and Seller’s Stamp Duty, making them attractive to both local and foreign investors. The Bugis-Rochor area is noted for its high office occupancy rates and is undergoing significant transformation, enhancing the investment appeal of these assets. With limited availability of similar office spaces, The Bugis Collection offers a unique opportunity for investors and businesses seeking a central location in Singapore.
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ST Engineering has announced ambitious targets for the period 2024 to 2029, projecting an 8.6% compound annual growth rate (CAGR) in revenue and up to 13.6% in profit. This follows the successful delivery of its previous five-year targets, suggesting confidence in achieving these new goals. The company is particularly optimistic about its Commercial Aerospace and Defence & Public Security segments, which are expected to drive double-digit profit growth from 2024 to 2027.

The revised dividend policy indicates a minimum dividend per share of 18 cents, with an annual increase of at least 1 cent. Analyst Shekhar Jaiswal from RHB maintains a “BUY” recommendation for ST Engineering, with a target price of SGD7.80, up from SGD5.90, reflecting a 19% upside potential.

The company’s robust order book provides nearly three years of revenue visibility, bolstered by strong aviation maintenance, repair, and overhaul (MRO) work. Additionally, contributions from TransCore and the restructuring of the Urban Solutions & Satellite Communications segment are expected to further enhance growth.

ST Engineering’s strategic focus on these areas underscores its commitment to long-term growth and shareholder value. The company’s ability to meet its targets will be closely watched by investors, given the promising outlook for its key business segments.
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Star Alliance has announced a new partnership with Austria’s ÖBB, enabling seamless air-rail connectivity for its 25 member airlines. This collaboration allows passengers to travel conveniently between Graz, Linz, Salzburg, and Innsbruck using ÖBB’s eco-friendly Railjet trains, connecting to flights at Vienna Airport.

Theo Panagiotoulias, CEO of Star Alliance, expressed enthusiasm for the partnership, noting, “With a single ticket, customers can now reach from Singapore to Salzburg, switching from a flight to Railjet at the Vienna airport.” Andreas Matthä, CEO of ÖBB, added, “This initiative allows us to offer our passengers an environmentally friendly way to travel to and from Vienna Airport – completely car-free.”

Peter Hanke, Austria’s Federal Minister for Innovation, Mobility and Infrastructure, highlighted the importance of cooperation between transport providers, stating, “The partnership between ÖBB, Austrian Airlines, and Star Alliance perfectly symbolises my understanding of a minister’s role as a bridge-builder between the various mobility options.”

The partnership builds on the existing AIRail service, launched in 2014 by ÖBB and Austrian Airlines, which integrates rail and air travel with combined ticketing and check-in services. This new collaboration expands the Star Alliance Intermodal Partnership model, first introduced with Germany’s Deutsche Bahn in 2022, to include ÖBB.

Benefits for customers include a single booking process for combined tickets, online check-in, and the ability to earn frequent flyer points for train journeys. This initiative marks a significant step in enhancing global connectivity and offering more travel options for passengers.
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A recent survey by Randstad Singapore has highlighted the critical role of workplace belonging in employee retention, with 62% of Singaporean workers indicating they would leave their jobs if they did not feel a sense of belonging. The 2025 Workmonitor research, which surveyed 750 local employees, found that younger generations, particularly Gen Z, are the most likely to resign under such circumstances.

The study underscores the importance of a positive workplace community, which not only enhances employee engagement but also boosts productivity and job satisfaction. David Blasco, Country Director at Randstad Singapore, noted, “Job satisfaction has evolved far more than checking off to-do lists and taking home a salary. For younger generations, the total employee experience is a rich tapestry of meaningful relationships, work-life harmony, lifelong skilling, and opportunities for progression.”

Key findings from the survey include that 21% of respondents have left a job due to a lack of friendships at work, with Gen Z and Millennials being the most affected. Additionally, 43% of workers expressed willingness to earn less if they had good friends at work, and 45% would accept a lower salary if their work contributed to their social lives.

Despite the value placed on workplace community, only 49% of respondents trust their employers to foster a thriving culture, with a notable generational divide—only 37% of Gen Z workers share this trust. Blasco emphasised the importance of trust, stating, “A culture of trust is a powerful magnet for attracting and retaining top talent, as it signals that the organisation believes in their people.”

The survey also revealed that 26% of respondents have quit their jobs because they did not feel comfortable sharing personal views at work, highlighting the need for inclusive and supportive workplace environments. As companies strive to retain talent, fostering a sense of belonging and trust remains paramount.
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JTC has announced the awarding of the industrial site at Kaki Bukit to Primetop Engineering Pte Ltd, following a tender process that concluded on 21 January 2025. The site was secured with a tendered sum of $11.84m, marking the sole bid received for this parcel.

The Kaki Bukit site, zoned as Business 2, spans an area of 80,363 square metres. It comes with a 30-year tenure and a gross plot ratio of 2.5. Primetop Engineering is expected to complete the project within a 60-month timeframe, aligning with the terms set out in the tender launched on 26 November 2024.

This development is significant as it underscores the continued interest and investment in Singapore’s industrial sector, particularly in strategic locations like Kaki Bukit. The successful bid by Primetop Engineering highlights the company’s commitment to expanding its footprint and capabilities within the region.

The awarding of this tender is part of JTC’s ongoing efforts to facilitate industrial growth and development in Singapore, ensuring that key areas are optimised for business and industrial use. The project is anticipated to contribute to the economic landscape by enhancing infrastructure and providing new opportunities for businesses operating in the area.
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