Industry News

HDB resale prices in Singapore remained unchanged in March 2025 compared to the previous month, despite a notable decline in transaction volume, according to the latest 99-SRX Media Flash Report. The report highlights a 9.2% decrease in the number of resale flats sold, with 1,911 units transacted in March. This marks a 7.4% drop compared to the same period last year.

The report reveals that whilst prices in Mature Estates fell by 0.4%, Non-Mature Estates saw a 0.8% increase. In terms of room types, 3-room, 5-room, and Executive flats experienced price declines of 0.9%, 1.1%, and 2.4%, respectively, whereas 4-room flats saw a 1.1% price increase. Year-on-year, overall prices rose by 9.5%, with all room types recording increases from March 2024.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the dip in transaction volume might indicate a shift in market sentiment. “Buyers may be finding private resale and new launches more appealing, particularly with SORA-linked loans now offering more competitive rates,” he said.

The report also highlighted that 108 HDB resale flats were sold for at least S$1m in March, a decrease from 121 such transactions in February. The highest transacted price was S$1.5m for a 5-room flat at Pinnacle@Duxton.

As buyers continue to explore options in both public and private housing segments, the resale market may remain subdued unless significant changes occur in borrowing costs or government policy.
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The Singapore Heart Foundation (SHF) celebrated its 55th anniversary on 6 April 2025 at the National Gallery Singapore, reaffirming its commitment to combating cardiovascular disease and stroke. The event, themed “Resilient HeARTs: Celebrating 55 Years of Empowering Heart Health,” was attended by Minister for Health Ong Ye Kung and highlighted SHF’s pioneering programmes and initiatives.

Since its establishment in 1970 by dedicated cardiologists and professionals, SHF has been at the forefront of heart health advocacy in Singapore. The Foundation’s efforts are centred around three core pillars: Prevention, Rehabilitation, and Resuscitation. Over the years, SHF has introduced numerous innovative programmes to educate the public, support heart patients, and equip individuals with lifesaving skills.

Professor Tan Huay Cheem, Chairman of SHF, remarked, “From the launch of Singapore’s first National Heart Week in 1972 to the introduction of Asia’s first female manikin vest for CPR training, SHF has always been evolving to address the challenges of an everchanging heart health landscape in Singapore.”

A key highlight of SHF’s preventive efforts is the newly launched CardioChase Game Kiosk, an interactive motion-sensing game designed to educate school students about heart-healthy lifestyles. This initiative follows the success of the online game “Captain Hugo,” launched in September 2022.

SHF’s dedication extends to rehabilitation, providing comprehensive programmes that have empowered thousands of individuals to regain health and vitality post-cardiovascular disease. As SHF looks to the future, it continues to inspire resilience and heart-healthy habits among Singaporeans.
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CapitaLand Investment (CLI) is set to revolutionise its CapitaStar rewards programme by enabling members to earn STAR$® instantly without scanning receipts, starting July 2025. This enhancement is part of a new three-year collaboration with Mastercard, which will serve as the preferred payment scheme partner, offering members additional benefits and rewards.

The initiative coincides with CapitaLand’s 25th anniversary, marking a significant milestone in its ongoing commitment to digital transformation and customer satisfaction. Ervin Yeo, Group Chief Strategy Officer and CEO of Commercial Management at CLI, stated, “Our goal is to make CapitaStar the premier rewards programme by improving our members’ ability to earn and spend STAR$®.”

From July 2025, CapitaStar members can link up to two Mastercard credit or debit cards on the CapitaStar app to earn rewards instantly at participating stores. Additionally, members can use eCapitaVoucher or STAR$® to offset payments and earn rewards. Existing payment methods such as DBS/POSB and ShopBack Pay will continue to offer instant STAR$® earnings.

The collaboration with Mastercard will also introduce exclusive promotional campaigns from Q2 2025, enhancing the rewards experience for CapitaStar members. Deborah Heng, Country Manager for Singapore at Mastercard, highlighted the importance of customer loyalty, stating, “Mastercard is pleased to bring years of innovative technology and deep rewards expertise to this collaboration with CLI.”

CapitaStar, Singapore’s leading multi-property rewards programme, currently serves over 1.8 million members across more than 3,000 stores. The programme has powered over $1.3b in retailer sales in 2024, reflecting its success in driving sales and traffic to retailers.
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DBS has launched a series of ’60-themed’ benefits aimed at supporting heartland merchants in Singapore, coinciding with the nation’s 60th birthday. The initiative, announced on 6 April 2025 at the DBS/POSB “Support Our Heartlands” carnival in Punggol, offers merchants savings of up to S$1,880 through waivers and cashback benefits.

The enhanced Heartland Merchant Banking Package includes a first-year waiver on account fees, no minimum balance, and processing fee waivers for the first 50 GIRO and FAST payments monthly. Additionally, merchants can enjoy six months of free NETS terminal fees, 60% off processing fees for working capital loans, and 6% cashback on Business Advance+ Debit Card spends. A S$60 cashback is also available for maintaining a minimum daily balance of S$20,000 over three months. Merchants signing up before 31 August 2025 stand a chance to win S$6,000.

DBS is also collaborating with partners to offer online courses that equip merchants with digital marketing skills, helping them reach new customers online. Lim Him Chuan, Singapore Country Head at DBS, emphasised the importance of heartland merchants, stating, “They are more than just businesses – they are the heart of our neighbourhoods.”

The carnival, attended by Senior Minister Teo Chee Hean and other officials, featured interactive stations for families to learn about digital and financial habits. The initiative is part of DBS’s ongoing efforts to support financial wellness and business growth in a digital economy.
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JLL has announced the sale of Ching Shine Industrial Building to Soon Hock Group for S$113.m. The 52-unit development, located at 20 Shaw Road, was sold through a tender process. The site, which spans 49,308 square feet, boasts a 100-metre frontage along Shaw Road and is zoned ‘Business 1’ under the 2019 Master Plan.

The sale, subject to conditions including an order of sale by the Strata Titles Board, reflects a unit land rate of approximately S$824 per square foot per plot ratio. The site has an existing gross plot ratio of close to 2.79, pending verification by the Urban Redevelopment Authority.

Walter Tan, CEO of Soon Hock Group, expressed satisfaction with the acquisition, stating, “We are pleased to be the successful bidder of Ching Shine Industrial Building, a strategically located freehold industrial property acquired en bloc, as part of our continued efforts to strengthen our industrial portfolio in Singapore.”

Nicholas Ng, Senior Director of Capital Markets at JLL Singapore, noted the site’s investment potential, highlighting the absence of Additional Buyer’s Stamp Duty as a key attraction for developers. The site offers excellent connectivity to major expressways and is a short walk from Tai Seng MRT Station, enhancing its appeal.

The Ching Shine Industrial Building sale underscores the growing interest in industrial properties in Singapore, with its strategic location and potential for asset enhancement making it a valuable acquisition for Soon Hock Group.
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LSEG’s Deals Intelligence team has released its Singapore Investment Banking Activity Report for the first quarter of 2025, revealing an 18% year-on-year increase in investment banking fees, totalling $191m. Despite this rise, equity capital markets underwriting fees fell by 43% to $7.3m, marking the lowest first-quarter total since 2016. Conversely, debt capital markets fees surged by 139% to $56.9m, whilst advisory fees from completed mergers and acquisitions (M&A) transactions rose by 145% to $104.4m. Syndicated lending fees, however, saw a 73% decline to $22.4m.

M&A activities involving Singapore reached $15.5b, a 6.4% decrease from the previous year, with a notable 32.5% drop in the number of announced deals. The High Technology sector led the M&A activity, capturing 16.2% of the market with deals worth $2.5b, an 81.6% increase from the previous year. Citi emerged as the top financial adviser for M&A, handling transactions worth $2.6b.

In the equity capital markets, Singapore saw a 52.4% decline in activity, totalling $265.7m, the lowest since 2016. Three initial public offerings (IPOs) were launched on Nasdaq, raising $31.2m. The Real Estate sector dominated the equity capital market proceeds, accounting for 61.8% of the total.

Debt capital markets experienced a significant boost, with primary bond offerings reaching $11.9b, a 73.7% increase from the previous year. The Financials sector dominated, capturing 77.9% of the market share. United Overseas Bank led the bonds underwriting league table with $1.3b in related proceeds.

These developments highlight the dynamic shifts within Singapore’s investment banking landscape, with significant growth in debt capital markets and advisory fees, despite challenges in equity markets.
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ST Engineering is poised for significant growth as it capitalises on increased international procurement and the rising urgency for Smart City solutions, according to DBS Group Research.

The company, which has been laying the groundwork through marketing, research and development, and strategic partnerships, is now seeing these efforts bear fruit. The anticipated growth has led to a reassessment of its valuation, with a target price increase to SGD7.50.

The defence sector is expected to experience an upside surprise due to surging international procurement, which aligns with years of groundwork laid by ST Engineering. Additionally, the urgency to adopt Smart City technologies is expected to accelerate, potentially exceeding medium-term targets.

The company is also exploring potential mergers and acquisitions, supported by a strong execution track record and robust balance sheet capacity. This strategic move is expected to provide additional momentum to its growth.

ST Engineering’s historical valuation benchmarks are now considered inadequate to reflect its higher growth trajectory. The company is trading at a notable price-to-earnings growth (PEG) discount, and its earnings visibility justifies the target price raise.

In summary, ST Engineering is entering a new era of growth, driven by international demand and strategic initiatives. This growth is prompting a valuation rethink, positioning the company for a promising future.
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Singapore’s retail sales experienced a second consecutive month of growth in February, with a 3% month-on-month increase, according to UOB Global Economics and Markets Research. However, year-on-year figures revealed a 3.6% decline, attributed to shifting holiday effects. The January to February period saw a modest 0.8% year-on-year rise, bolstered by a recovery in tourist arrivals, which reached 96% of 2019 levels.

Motor vehicles remained a significant contributor to retail sales, with a 10.4% year-on-year increase in January to February. Excluding motor vehicles, retail sales would have declined by 0.5% year-on-year. The report also noted that upcoming Lady Gaga concerts in May are unlikely to significantly boost retail sales, although hotel revenue per available room may benefit as Singapore will be her only Asian stop.

Looking ahead, the opening of new attractions, including a local theme park and Singapore’s fifth zoological park, Rainforest Wild Asia, could enhance domestic tourism and support retail sales. However, escalating tariffs and trade tensions pose risks, potentially impacting both domestic and tourism spending if regional labour market conditions deteriorate.
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Singapore’s private residential market saw a continued rise in prices in the first quarter of 2025, driven by new launches in fringe and suburban areas. According to Knight Frank’s latest report, non-landed private home prices increased by 0.6% quarter-on-quarter and 4.3% year-on-year. Nicholas Keong, Head of Residential and Private Office at Knight Frank Singapore, noted that these areas are offering “good value opportunities for savvy buyers.”

The report highlighted that the total transaction volume for non-landed homes, excluding Executive Condominiums, fell by 11.2% quarter-on-quarter to 6,085 units. However, this marked a significant 54% increase compared to the same period last year. The strong sales momentum from the end of 2024 carried into 2025, with new projects recording robust sales during launch weekends.

In the Core Central Region (CCR), new sales rose by 41.2% quarter-on-quarter, although overall transactions fell by 4.6%. The Rest of Central Region (RCR) saw a 1% quarterly price increase, driven by the successful launch of The Orie. Meanwhile, the Outside Central Region (OCR) experienced a marginal 0.3% price rise, with new sales up by 57.4%.

Rental contracts for non-landed private homes increased by 4.7% in early 2025 compared to late 2024. Despite moderate rent hikes across most segments, the ultra-luxury segment saw a 3% decline.

Knight Frank projects that new home sales in 2025 could reach between 7,000 and 9,000 units, with overall transactions potentially hitting 19,000 to 23,000 units, assuming no new cooling measures are introduced. Prices are expected to rise by 3% to 5% throughout the year.
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Singapore has emerged as the leading city for startup innovation, overtaking San Francisco, according to HubSpot’s 2025 Hypergrowth Startup Index. The report, created in partnership with PitchBook, indicates a significant shift in the global startup landscape, with a new emphasis on sustainable business models over rapid expansion.

The report reveals that whilst the number of monthly deals has halved since 2021, the average deal size has increased by nearly 43%, from $35m in 2023 to $50m in 2024. This shift reflects investors’ growing preference for sustainable growth. Laurence Butler, Head of HubSpot for Startups, noted, “Companies that focus on building strong customer relationships from day one are outperforming those that prioritise rapid scaling above all else.”

Traditional sectors are also showing robust growth, with the energy sector leading at a 37% growth rate, slightly ahead of IT at 36%. Meanwhile, mergers and acquisitions have become the dominant exit strategy, accounting for 43% of exits, compared to just 6% for initial public offerings.

Singapore’s rise as a startup hub is part of a broader trend, with Asia becoming a new epicentre for innovation. The report underscores the importance of strategic partnerships, with joint ventures averaging $9.9b in deal size, significantly larger than traditional buyouts.

As the startup ecosystem evolves, the focus on sustainable growth and strategic partnerships is expected to continue shaping the future landscape, positioning Singapore as a key player in global innovation.
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