Industry News

Singapore’s retail sales are expected to face challenges in the latter half of 2025, according to a report by RHB Bank’s Group Chief Economist and Head of Market Research, Barnabas Gan. The report anticipates a slowdown in retail activity due to an economic downturn, a weaker domestic labour market, and slow recovery in tourist arrivals.

In May, retail sales in Singapore rose by 1.4% year-on-year, a slight improvement from April’s revised growth of 0.2%. However, when excluding motor vehicles, sales remained flat compared to the previous year, down from a 0.8% increase in April. This data underscores the fragile state of the retail sector amidst broader economic uncertainties.

Gan’s analysis points to several factors contributing to the cautious outlook. The anticipated economic slowdown in Singapore is expected to dampen consumer spending, whilst the labour market’s weakened condition could further strain household budgets. Additionally, the recovery in tourist arrivals, a significant driver of retail sales, remains challenging.

The report serves as a critical indicator for businesses and policymakers, highlighting the need for strategic planning to navigate the anticipated downturn. As the second half of 2025 unfolds, stakeholders in the retail sector will need to adapt to these evolving economic conditions to sustain growth and stability.
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A recent clinical trial conducted in Singapore has revealed that a novel drug combination significantly enhances treatment outcomes for patients with recurrent or advanced nasopharyngeal cancer. The trial, led by the National University Cancer Institute, Singapore (NCIS), demonstrated that a combination of pembrolizumab and bevacizumab increased tumour response rates by more than four times compared to pembrolizumab alone.

The study, published in The Lancet Oncology on 15 January 2025, involved 48 patients from the National University Hospital, NCIS, and Tan Tock Seng Hospital. Results showed that 58.3% of patients receiving the drug cocktail experienced tumour shrinkage or disappearance, compared to just 12.5% in the single-drug group. The median progression-free survival was notably longer at 13.8 months for the combination therapy, as opposed to 1.6 months for the single drug.

Pembrolizumab, an immunotherapy drug, works by blocking the PD-1 protein on immune cells, enhancing their ability to attack cancer cells. Bevacizumab targets the vascular endothelial growth factor (VEGF), which is abundant in nasopharyngeal cancer cells, helping to normalise blood vessels and facilitate immune cell movement into the tumour.

Professor Goh Boon Cher, Deputy Director of NCIS, highlighted the significance of the findings, stating that the combination therapy could potentially change treatment practices. Dr Chong Wan Qin, a lead investigator, noted the therapy’s potential to extend progression-free survival and improve quality of life for patients who have exhausted standard treatments.

This breakthrough offers new hope for nasopharyngeal cancer patients, particularly in Singapore, where it is the third most common cancer among men aged 30 to 49. The study was supported by various Singaporean health and research bodies, underscoring the collaborative effort to advance cancer treatment.
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Frasers Property Singapore has announced a community campaign titled ‘Our Love Letter to Singapore’ in celebration of the nation’s 60th birthday. Running from 7 July to 3 August, the initiative seeks to raise $73,000 (S$100,000) for SGSHARE, a Community Chest initiative, with Frasers Property matching every dollar raised. The funds will benefit Caregivers Alliance and SG Enable, providing essential support to seniors, caregivers, and persons with disabilities.

The campaign features several engaging activities across ten participating shopping centres. Shoppers can participate in the ‘Snap, Donate, and Collect’ initiative by donating $7.30 (S$10) at roving vending machines to receive a special SG60 LINE FRIENDS tote bag. These machines will be stationed at various shopping centres, including Tampines 1 and Northpoint City, from 7 to 20 July, before moving to other locations like Causeway Point and Eastpoint Mall from 21 July to 3 August.

Tiong Bahru Plaza will host the ‘Local Meets Global’ event from 28 July to 31 August, showcasing local and international culinary delights, live music, and interactive workshops.

Additionally, ‘Project Red Dot’ will feature 180 oversized red balls across selected shopping centres, symbolising Singapore’s growth.

The ‘Mad About Singapore’ exhibition at Waterway Point from 21 to 27 July will highlight local architecture, whilst Causeway Point will offer nostalgic experiences in collaboration with OSIM from 4 to 17 August. On National Day, 9 August, participating shopping centres will broadcast the National Anthem and Pledge, fostering a sense of unity.

Frasers Property Singapore’s initiative not only celebrates the nation’s milestone but also strengthens community bonds by supporting those in need.
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CBRE and Savills Singapore have announced the sale of Weave Suites – Midtown, a meticulously restored heritage hospitality asset located at 17–49 Jalan Sultan in Singapore’s vibrant Bugis/Ophir-Rochor corridor. The property is being offered through an Expression of Interest exercise, closing on 13 August 2025.

The asset comprises 17 adjoining two-storey conservation shophouses with mezzanine levels, featuring 65 hotel suites and ground-floor retail units. It boasts a dual road frontage of approximately 90 metres along Jalan Sultan Road and Pahang Street, offering valuable branding opportunities. The property underwent a comprehensive refurbishment in 2023, enhancing it with modern hospitality features such as meeting rooms, shared lounges, a gym, and a fully equipped kitchen.

Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the property’s uniqueness, stating, “Weave Suites – Midtown is one of the last few remaining heritage hotels in Singapore housed within a full row of conserved shophouses – a truly scarce asset in today’s market.”

The property presents strong upside potential, with permanent approvals for hotel and F&B use, and rooms averaging 23.5 sqm. Investors can expect a yield of approximately 3%, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable. Clemence Lee, Executive Director of Capital Markets at CBRE, noted the growing interest in boutique hotels within conservation shophouses, driven by strong market fundamentals and Singapore’s position as a leading hospitality market in Asia Pacific.
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Singapore’s government has announced changes to the Seller’s Stamp Duty (SSD) for residential properties, effective from 4 July 2025. The holding period will be extended from three to four years, and SSD rates will increase by four percentage points for each tier of the holding period. These measures are intended to address the recent surge in private residential property transactions with short holding periods.

The number of subsale transactions has risen sharply, with subsale volumes averaging 338 units per quarter between Q1 2023 and Q1 2025, compared to 131 units per quarter from Q1 2013 to Q4 2022. Tricia Song, CBRE Head of Research for Southeast Asia, noted that whilst some owners have sold properties for significant capital gains due to a 40% price increase since 2020, the percentage of subsales in total private residential transactions has declined from 9.5% in Q4 2023 to 4.4% in Q1 2025.

Song commented, “We believe the increase in SSD of 4ppts and holding period to 4 years could have some but insignificant impact on transaction volumes and pricing.” She added that the measure is prudent to deter investors from short-term flips, as buyers without holding power may reconsider their decisions.

The revised SSD schedule will impose rates of 16%, 12%, 8%, and 4% for properties held up to one, two, three, and four years, respectively. Properties held for more than four years will not incur SSD. This move aims to stabilise the market and discourage speculative buying, ensuring that genuine owner-occupiers and long-term investors are not adversely affected.
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Retail sales in Singapore experienced a 1.4% increase in May 2025 compared to the same month last year, according to the latest data from the Singapore Department of Statistics.

However, when motor vehicles are excluded, retail sales showed no growth. The food and beverage services sector mirrored this trend, also recording a 1.4% rise over the same period.

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The Singapore government has revised the Seller’s Stamp Duty (SSD) by extending the holding period from three to four years and increasing the rates by four percentage points. This change, effective from 4 July 2025, seeks to moderate the rising number of sub-sales in the private residential market, according to PropNex Realty’s CEO, Ismail Gafoor.

The SSD, first introduced in 1996 and reintroduced in 2010 after a brief suspension, has undergone several revisions over the years. The latest adjustment is not seen as a new cooling measure but rather a return to previous SSD rules to curb sub-sales, which involve selling units before completion. Sub-sales have increased from 198 units in 2020 to 1,428 units in 2024, although still below the levels seen between 2007 and 2012.

Gafoor noted that the SSD revisions in 2010 and 2011 effectively reduced sub-sales, leading to a relaxation in 2017. However, sub-sales have risen post-COVID-19, driven by a strong market rebound and a 38% cumulative increase in the Urban Redevelopment Authority’s Property Price Index from Q1 2020 to Q4 2024.

Despite the changes, PropNex does not anticipate a significant impact on the housing market, as most buyers currently adopt a mid- to long-term view. With private home prices moderating and a 1.3% increase in the first half of 2025, the motivation for short-term sales may decrease. Gafoor also suggested that some investors might shift focus to commercial properties, which are not subject to SSD or additional buyer’s stamp duty.
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The government has announced an increase in the Seller’s Stamp Duty (SSD) for residential properties, extending the holding period from three to four years. This policy change is intended to address the prolonged rise in sub-sale transactions and curb speculative growth, according to Christine Sun, Chief Researcher and Strategist at Realion Group.

The number of sub-sale transactions for non-landed homes has been on the rise since the pandemic, with a quarterly average of 220 transactions from Q3 2020 to Q2 2025, compared to 88 in the preceding five years. Although this figure is lower than the 502 average transactions from Q1 2010 to Q4 2014, the government aims to prevent a resurgence of speculative activity.

Sun noted that the increase in SSD and the extended holding period are likely preventive measures as more flats are set to receive their Temporary Occupation Permit (TOP) in the coming years. The number of private residential units securing TOP is projected to rise from 5,920 in 2025 to 10,306 in 2027. Additionally, new projects and land sales are expected to boost buying activity, aided by lower interest rates.

Despite these changes, Sun believes the impact on the market may be limited. “Most flats are purchased for owner-occupation,” she explained, suggesting that those buying for personal use will not be significantly affected by the increased SSD. The reduced number of units in the resale market could help maintain price stability as more flats obtain TOP.

In summary, the government’s measures aim to stabilise the property market by reducing speculative transactions and ensuring a balanced supply of housing units.
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Xiaomi is set to enhance its presence in Singapore with the opening of its ninth store at City Square Mall on 5 and 6 July. The new outlet will feature Xiaomi’s latest products, including smartphones, tablets, and smart home devices. To celebrate the launch, customers can enjoy discounts of up to 50% on selected items. Additionally, participants of the Xiaomi POP Run 2025 can collect their race kits at the store from 5 July, 6pm onwards.

The new store aims to provide a more convenient shopping experience for Xiaomi fans, with a clean layout and themed sections dedicated to various product categories. Alongside the physical store, Xiaomi is also launching its official online store on Shopee, offering special deals on 7 and 8 July to coincide with the 7.7 Mega Sales.

Promotions at the City Square Mall store include a 50% discount for the first 10 customers purchasing the Xiaomi MIX Flip, a 24% discount for the first 20 buyers of the Redmi Pad SE, and a 10% discount for the first 20 customers purchasing the Xiaomi Robot Vacuum E10. Online shoppers can also benefit from similar deals on the Shopee platform.

Xiaomi’s expansion in Singapore reflects its commitment to providing high-quality products at competitive prices, enhancing the smart living experience for its customers. The company’s strategic growth includes a focus on integrating personal devices, smart home products, and vehicles into a cohesive ecosystem.
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HDB resale prices in Singapore experienced a modest increase of 0.1% in June 2025 compared to the previous month, according to the latest 99-SRX Media Flash Report. Despite a slight dip in transaction volumes, which fell by 0.4% to 2,276 units, the market remains resilient with a 7.3% year-on-year price growth.

The June school holidays likely contributed to the reduced activity, as families prioritised holidays and family time, delaying property viewings and decisions. Additionally, prospective buyers may be waiting for the upcoming Build-To-Order (BTO) and Sale of Balance Flats (SBF) launches in July, which will offer 5,500 BTO flats and around 3,000 SBF units across various towns.

The report highlighted that prices in Mature Estates remained stable, whilst Non-Mature Estates saw a 0.1% increase. Among room types, 3-room and 5-room flats experienced price increases of 0.4% and 0.8%, respectively, whereas Executive flats saw a 2.7% decrease.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that despite the slight dip in transactions, “resale volume in June 2025 is actually 4.2% higher compared to June 2024.”

In June, 132 HDB resale flats were sold for at least S$1.0m, a decrease from 143 such units in May. The highest transacted price was S$1.7m for a 5-room flat at SkyTerrace @ Dawson. As the market anticipates new BTO and SBF launches, the dynamics of HDB resale transactions may continue to evolve.
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