Industry News

The Housing Development Board (HDB) resale market in Singapore has demonstrated resilience, with prices rising for the 20th consecutive quarter. However, the pace of growth has slowed, with a 1.6% increase in the first quarter of 2025, down from 2.6% in the previous quarter, according to the latest public housing data. This marks the slowest growth since Q4 2023, when prices rose by 1.1%.

The number of towns experiencing quarterly price growth decreased slightly from 20 in Q4 2024 to 19 in Q1 2025. Meanwhile, towns with price declines increased from six to seven.

Clementi, Marine Parade, Bukit Merah, and Queenstown saw the most significant price increases, although smaller than the previous quarter’s gains in the Central Area and Toa Payoh. Conversely, the Central Area and Geylang experienced the largest price declines in Q1 2025.

Resale volume increased by 2.6% from 6,424 units in Q4 2024 to 6,590 units in Q1 2025. However, this represents a 6.8% decline compared to Q1 2024, marking the lowest Q1 volume since the onset of the pandemic in 2020. The market faced competition from the primary market, with over 10,000 new flats introduced during the Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises in February 2025.

Rental demand also surged, with approved applications to rent out HDB flats rising by 12.3% from Q4 2024 to Q1 2025. Year-on-year, rental applications increased by 2.8%. The rise in foreign students and expats returning to Singapore, coupled with a stable employment outlook, contributed to this demand.

Looking ahead, the market’s stability will depend on factors such as job security, household income growth, and mortgage rate fluctuations. The ongoing trade war and rising inflation could lead to sustained elevated interest rates, potentially impacting buyer behaviour. Sellers of premium flats may need to adjust their price expectations to remain competitive in a cautious market.
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The Emirates Group, renowned for its global airline Emirates and air services leader dnata, is set to host its inaugural IT recruitment session in Singapore on 26 April. This exclusive event aims to fill over 200 tech positions in Dubai, offering Singapore’s IT professionals a chance to engage with Emirates Group IT leaders and explore innovative projects in aviation technology.

The recruitment session, which is invite-only, will provide attendees with insights into the Emirates Group’s operations and life in Dubai. Positions available span software engineering, DevOps, cybersecurity, and more, all contributing to the Group’s cutting-edge projects like AI-powered chatbots and biometric check-ins. Rashed Alfajeer, Emirates’ Country Manager for Singapore and Brunei, highlighted Singapore’s status as a global innovation hub, stating, “This recruitment drive is an opportunity for Singapore’s brightest IT minds to be part of our journey.”

Ali Serdar Yakut, Executive Vice President IT at Emirates Group, emphasised Dubai’s appeal as a top destination for tech experts. He noted, “We are investing in the technologies of tomorrow and upskilling our employees to stay ahead of the curve.”

The session will also cover competitive compensation packages, career development opportunities, and the Group’s commitment to innovation. Attendees will have the chance to interact with IT managers and recruitment leads, gaining a comprehensive understanding of the roles and the application process.

With a focus on advanced technologies and a robust training programme, the Emirates Group offers a unique opportunity for tech professionals to advance their careers in one of the world’s most cosmopolitan cities.
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Standard Chartered has announced the appointment of Andrea Casati as the new Head of Client Development for Global Banking, effective 6 May.

With a robust background spanning three decades in investment banking, Casati brings experience from major financial institutions including UniCredit, JP Morgan, UBS, and Goldman Sachs. He will be based in Hong Kong, where he will collaborate with product and coverage partners to bolster key client relationships and drive cross-selling initiatives.

Casati will join the Global Banking Management Team and report directly to Henrik Raber, Global Head of Global Banking. Raber emphasised that Casati’s extensive experience aligns with the bank’s strategic commitment to enhancing its banking capabilities. “Andrea’s international experience will be invaluable as we continue to strengthen our client offerings,” Raber stated.

Expressing his enthusiasm for the new role, Casati said he looks forward to contributing to Standard Chartered’s success by leveraging his international expertise. His appointment is part of the bank’s ongoing efforts to reinforce its investment banking business and expand its global reach.

This strategic move underscores Standard Chartered’s dedication to building a strong leadership team capable of navigating the complexities of global banking and fostering long-term client relationships. As the bank continues to expand its footprint, Casati’s leadership is expected to play a crucial role in achieving its ambitious growth objectives.
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EHL Hospitality Business School, in partnership with the Singapore Tourism Board (STB), has unveiled the Tourism Leadership Excellence & Advancement Programme (T-LEAP).

This initiative is designed to empower senior executives in the tourism sector with essential skills to navigate and shape the future of tourism in Singapore and the Asia-Pacific region. The programme, which runs over five days at EHL Campus (Singapore), includes modules on leadership, sustainability, and technology.

The T-LEAP programme is EHL’s first to be funded by SkillsFuture, highlighting its alignment with Singapore’s workforce needs.

Participants will join the Singapore Leaders Network, fostering cross-sector collaboration. The programme’s inaugural pilot was successfully delivered earlier this year, with additional sessions scheduled for May, October, and November 2025.

The curriculum, developed in collaboration with STB, addresses the evolving needs of tourism executives. It includes three core modules: Leadership Excellence & Strategic Growth, Sustainability & Innovation, and Technology & Digital Transformation.

Participants will gain insights into strategic planning, sustainability practices, and digital trends, enhancing their ability to drive innovation in the tourism sector.

Dr. Guy Llewellyn from EHL emphasised the programme’s role in preparing professionals for the rapidly changing tourism landscape. Melissa Ow, Chief Executive of STB, noted the importance of developing tourism leadership to navigate the industry’s evolution.

Following the successful pilot, STB has confirmed further programme runs, reflecting confidence in its impact. T-LEAP offers professionals from Singapore and the APAC region the opportunity to engage with industry experts and explore emerging trends, positioning themselves at the forefront of tourism’s evolution.
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The JTC Quarterly Market Report for Q1 2025 has revealed a contraction in single-user factory stock in Singapore for the first time since 2018.

According to Dr Chua Yang Liang, Head of Research & Consultancy for Southeast Asia at JLL Singapore, this decline is part of a broader structural shift in the industrial landscape towards higher productivity and value-added sectors.

The rental index for all industrial properties maintained a growth of 0.5% quarter-on-quarter, but the annual growth slowed to 2.3% from 3.5% in Q4 2024.

The single-user factory segment experienced a significant decline of 4.3% quarter-on-quarter, erasing most of the rental gains from the previous quarter. This contraction reflects a broader trend of decreasing manufacturing output, which has been falling since December 2024.

The Economic Development Board’s (EDB) Monthly Manufacturing Performance report noted a 7.5% month-on-month decrease in manufacturing output in February 2025.

Despite these challenges, business sentiment among manufacturers remains cautiously optimistic. A net weighted balance of 16% of manufacturing firms expect a more positive business outlook for the first half of 2025, compared to 10% previously.

Dr Chua suggests that industrial rents may stabilise in the latter half of the year, provided global trade conditions do not deteriorate further due to tariff impositions.

Globally, the JP Morgan Global PMI report indicates a continuation of economic expansion, albeit at a subdued pace compared to 2024. Whilst services have shown improvement, manufacturing remains sluggish, with business confidence affected by potential tariff impacts.
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Singapore’s manufacturing sector experienced a slowdown in growth during the first quarter of 2025, according to recent data from JTC Corporation.

This decline was observed both year-on-year and sequentially, suggesting underlying weaknesses in external demand for Singapore’s manufactured goods.

Despite this, demand for industrial space in the same period showed an increase compared to the fourth quarter of 2024, driven by industrialists’ optimism about regional growth and the absence of tariffs on Singapore.

Prices and rents for industrial spaces continued to grow, albeit at a more stable rate, with a 1.5% increase in prices and a 0.5% rise in rents during Q1 2025.

However, the occupancy rate for industrial spaces has remained stagnant at 89% since Q2 2024, indicating a potential inflection point in the market.

The sales of industrial spaces saw a decline, with multiple-user factories, single-user factories, and warehouses all experiencing reduced transactions compared to previous quarters. The median price for multiple-user factories slightly decreased to $494 per square foot, whilst single-user factories and warehouses saw varied price changes.

Looking ahead, the manufacturing sector may face further challenges if global trade continues to slow, according to Huttons.

The imposition of tariffs could increase the cost of finished goods, potentially reducing consumer demand and impacting the entire supply chain.

However, there is a possibility for Singapore to produce higher value-added goods for export to the US, given its lower baseline tariffs compared to other ASEAN countries.

The outlook for the industrial market remains cautious, with prices and rents expected to remain flat throughout 2025.
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Industrial investment sales in Southeast Asia have surpassed office and retail sales for the first time in a decade, according to Cushman & Wakefield’s latest report.

The surge, driven by data centre investments, saw volumes increase more than four-fold to $3.2b, accounting for 40% of total industrial sales through 2024. This shift reflects the impacts of supply chain diversification, the growing digital economy, and hybrid work trends.

The report highlights that Singapore, Malaysia, and Indonesia are at the forefront of this growth, benefiting from robust infrastructure, rising cloud adoption, and supportive regulations for digital expansion. Wong Xian Yang, Head of Research for Singapore and Southeast Asia, noted, “Industrial and data centres will remain top priorities for institutional investors, with increasing capital allocated to logistics, life sciences, and AI-driven digital infrastructure.”

Southeast Asia’s economic resilience is further underscored by a projected GDP growth of 4.8% in 2024, up from 3.9% in 2023. The region’s competitive costs and expanding intra-regional trade are expected to bolster its 8% share of global exports, with Thailand being the only market where industrial sales did not dominate.

Cross-border investments are also set to rise, fuelled by initiatives like the Johor-Singapore Special Economic Zone and expanding intra-ASEAN trade agreements. Wong emphasised the importance of agility amidst macroeconomic shifts, stating, “Southeast Asia’s resilience and strategic positioning make it a prime destination for global capital.” As the region navigates global uncertainties, strategic investment in high-growth sectors is anticipated to drive long-term real estate growth.
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Retail investors have played a pivotal role in Singapore’s stock market during a volatile April, as the Straits Times Index (STI) experienced significant fluctuations. The STI saw a sharp 14.6% decline to 3,393.69 on 9 April, followed by a 12.9% recovery to 3,832.32 by 23 April, resulting in a total return decline of 3.2% for the month. Whilst these changes occurred, retail investors emerged as strong net buyers, purchasing S$1.165b in Singapore stocks by 9 April.

The buying spree was largely concentrated on major financial institutions, including DBS Group Holdings, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB), all of which are set to release their Q1 2025 results in early May. Non-STI stocks such as iFAST, Keppel DC REIT, and Aztech Global also saw significant retail interest.

However, since 14 April, retail investors have reversed nearly one-fifth of their net buying, selling S$253m in stocks as the STI gained 8% from 3,548.91 to 3,832.32. Stocks most net sold included Singtel, DBS, and Singapore Exchange, which averaged a 7.6% gain over the period.

The market’s volatility is attributed to global macroeconomic factors, including recent trade policy announcements and the potential expiry of US tariffs in July. The International Monetary Fund has downgraded its 2025 global growth outlook to 2.8%, citing trade tensions as a key factor. Despite the recovery in regional stocks, the economic outlook remains uncertain, with growth risks tilted to the downside.
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Eneco Energy Limited has announced the acquisition of five new logistics contracts through its subsidiary, Richland Logistics Services, with a total annual value of approximately $2.97m (S$4.05m). These contracts, set to commence in 2025, have service durations ranging from two to three years, with two offering extension options. One notable contract includes a 100% green distribution model, deploying five electric vehicle lorries across Singapore.

Richland Logistics, with over 30 years of experience in airport cargo services and integrated logistics, continues to strengthen its position in the industry. The company serves a diverse group of blue-chip clients, leveraging its expertise to deliver tailored logistics solutions. Executive Director Ang Jun Long highlighted the significance of these contracts, stating, “Our new logistics contracts wins reflect our established track record in delivering reliable, efficient, and tailored logistics solutions that meet the evolving needs of our customers.”

The focus on sustainable logistics is a key aspect of Eneco’s strategy, with the company aiming to enhance operational efficiency and expand its value propositions. Ang further emphasised the role of clean energy solutions and advanced logistics systems in fostering client confidence and long-term partnerships.

These contracts not only bolster Eneco’s reputation as a trusted logistics partner but also underscore its commitment to operational excellence and green innovation. As the company accelerates the organic growth of its logistics division, these developments are set to contribute significantly to its future success.
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Inflation rates in Singapore and Malaysia have shown a notable decline. In March, Singapore’s headline inflation remained stable at 0.9% year on year, slightly below the anticipated 1%. Core inflation in Singapore dropped to 0.5%, marking its lowest level since February 2021. Meanwhile, Malaysia’s consumer price index increased by only 1.4% year on year, the lowest in over four years.

The easing of inflation in Singapore is attributed to reduced price pressures in accommodation and transportation, although a slight rise in food inflation prevented a further drop in headline inflation, according to a recent analysis by Moody’s Analytics.

Falling global commodity prices, particularly Brent crude oil, which recently fell below $65 per barrel, are expected to keep inflation subdued throughout 2025. Moody’s Analytics projects Singapore’s full-year inflation for 2025 to be 0.9%, with core inflation comfortably within the Monetary Authority of Singapore’s target of below 2%.

In Malaysia, the moderation in inflation is largely due to a slowdown in housing and utilities inflation, which has been easing for three consecutive months. However, potential risks remain as the government plans to roll back fuel subsidies and increase electricity tariffs. Unpredictable weather could also impact food inflation. Despite these risks, Moody’s Analytics expects headline inflation in Malaysia to rise in the latter half of 2025.

These developments indicate a positive trend in managing inflationary pressures in both countries, with potential implications for future monetary policy adjustments.
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