Industry News

Singapore’s Minister for Defence, Dr Ng Eng Hen, is currently in Germany attending the 61st Munich Security Conference (MSC), which runs from 14 to 16 February 2025. The MSC is a prestigious annual event that gathers global leaders, including heads of government, defence and foreign ministers, parliamentarians, military leaders, and security experts, to discuss pressing security issues. This year, the conference focuses on geopolitical and security developments across Europe, Asia, Africa, and the Middle East.

During the conference, Dr Ng participated in the Main Panel Discussion titled “Making Waves: Maritime Tensions in the Indo-Pacific.” He was joined by notable figures such as the Philippines Secretary of Foreign Affairs, Enrique Manalo, Fu Ying, Founding Chair of the Centre for International Security and Strategy at Tsinghua University, and US Senator Christopher Coons, a member of the Senate Committee on Foreign Relations. Dr Ng highlighted the importance of all countries adhering to a common set of rules to maintain collective peace and stability.

In addition to his panel participation, Dr Ng engaged in bilateral discussions with key international figures, including European Union Vice-President and High Representative for Foreign Affairs and Security Policy, Kaja Kallas, Ukrainian Minister of Defence, Rustem Umerov, and Dr Anwar Gargash, Diplomatic Advisor to the UAE President. These meetings underscore Singapore’s commitment to fostering international dialogue and cooperation on security matters.

As the conference continues, Dr Ng’s contributions are expected to further Singapore’s role in promoting stability and peace in the Indo-Pacific region and beyond.

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Singapore’s non-oil domestic exports (NODX) experienced a 2.1% decline in January 2025 compared to the same month last year, according to the latest data released by the Department of Statistics Singapore. This downturn comes after a significant 9% increase in December 2024, highlighting the volatility in the trade sector.

The drop in NODX is a crucial indicator of Singapore’s economic health, as it reflects the demand for goods produced in the city-state, excluding oil-related products. The decline could signal potential challenges for Singapore’s export-driven economy, which relies heavily on global trade dynamics.

The January figures underscore the fluctuating nature of Singapore’s trade performance, which can be influenced by various factors, including global economic conditions and changes in demand from key trading partners. The data release serves as a reminder of the importance of monitoring trade trends to understand the broader economic landscape.

For further details, the full press release is available on the Enterprise Singapore website, providing comprehensive insights into the monthly trade report for January 2025. As Singapore continues to navigate the complexities of international trade, these figures will be closely watched by policymakers and businesses alike to inform future strategies and decisions.

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Morgan Stanley Research has released a report indicating that Singapore’s Grade A office market rents are expected to remain stable through 2025, despite a healthy take-up of new office spaces. The report highlights that the IOI Central Boulevard is nearing full occupancy, and the newly completed Keppel South Central has secured Manulife as an anchor tenant. However, these developments are not anticipated to drive up rental forecasts.

The report outlines several reasons for the stable rent outlook. Firstly, market rents, as tracked by property consultant CBRE, have remained steady over the past year, even as IOI Central Boulevard has been leased up. Secondly, anchor tenant rents are typically lower than other leases within the same building on a per-square-metre basis, meaning the new lease at Keppel South Central is unlikely to exert upward pressure on market rents. Lastly, much of the anchor tenant take-up appears to be a flight to quality from older central business district (CBD) office buildings, which could lead to secondary market vacancies and potentially erode rental growth as landlords fill these spaces at lower rents.

Despite the stable rent forecast, Morgan Stanley expects rent reversions—comparing signing rents to expired rents—for listed office landlords to remain in the positive single-digit range this year. This suggests that while overall market rents may not increase significantly, individual landlords could still see some rental growth.

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Singapore Airlines has launched a series of advertising campaigns between November 2024 and January 2025, focusing on its KrisWorld entertainment platform to enhance the in-flight experience. According to GlobalData, these campaigns position the airline as a leader in luxury travel by highlighting its premium service offerings and exclusive partnerships.

The campaigns underscore Singapore Airlines’ commitment to delivering a seamless digital entertainment experience. KrisWorld Digital offers a “theatre in the sky” with new releases, documentaries, TV shows, and live sports, accessible via mobile apps and QR codes. This integration allows passengers to plan their entertainment pre-flight, blending digital innovation with personalised service.

Additionally, the airline’s collaboration with luxury brands, such as Charles Heidsieck champagne, reinforces its premium positioning. These partnerships extend to entertainment, offering passengers exclusive Apple TV+ trials. The campaigns also emphasise the warmth and attentiveness of the cabin crew, particularly in family travel experiences, showcasing the airline’s dedication to catering to diverse passenger needs.

Satya Prasad Nayak, Ads Analyst at GlobalData, commented, “Singapore Airlines has masterfully balanced the promotion of its entertainment offerings with its premium service excellence. By showcasing the extensive capabilities of KrisWorld alongside luxury partnerships, Singapore Airlines demonstrates its commitment to elevating the entire travel experience.”

These strategic campaigns not only reinforce Singapore Airlines’ status as a premium carrier but also highlight its innovative approach to enhancing passenger journeys. As the airline continues to focus on service excellence and unique in-flight experiences, it sets a benchmark for luxury travel in the aviation industry.

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Singapore’s industrial sector experienced a downturn in leasing activity in 2024, with the total leasing volume dropping by 3.7% year-on-year (YoY) to a three-year low of 12,039 deals, according to Savills Singapore’s latest Industrial Briefing for the fourth quarter of 2024. This decline comes amidst uncertainties in global trade negotiations influenced by the new US administration’s transactional approach.

The report highlights a mixed performance across different segments of the industrial property market. Monthly rents for prime multiple-user factories increased by 2.8% YoY to S$2.28 per square foot in Q4 2024, a slower pace compared to the previous year. Meanwhile, prime warehouse and logistics property rents rose by 4.9% YoY to S$1.73 per square foot, down from a 7.4% increase in Q4 2023.

In the sales market, there was a notable rise in demand for strata-titled assets, with total strata sales volume climbing by 8.5% YoY to 1,730 transactions in 2024. Prices for freehold and 60-year leasehold properties grew by 3.5% and 5.4% YoY respectively, whilst 30-year leasehold properties saw a faster increase of 4.1% YoY.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “With the new US administration adopting a transactional approach to trade negotiations, uncertainties mount for the industrial sector which may take some time to reach a new equilibrium.”

Looking ahead, rents for multiple-user factories are expected to continue rising by up to 3.0% this year, whilst logistics space rents are likely to remain stable due to substantial pre-commitments on new builds. However, older business parks may face elevated vacancy levels and weaker rents in 2025.

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RHB Bank has maintained its forecast for Singapore’s gross domestic product (GDP) growth at 3.0% for 2025, according to its latest Global Economics and Market Strategy Report.

This projection is at the upper limit of the official range of 1.0% to 3.0%, as stated by Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank. The report highlights potential external risks, particularly uncertainties surrounding US trade policies, which could impact this growth outlook.

The report also notes that Singapore’s economic resilience and controlled inflation pressures are likely to lead the Monetary Authority of Singapore (MAS) to maintain its current policy parameters in the upcoming quarters. This stability in policy is seen as crucial in navigating the external uncertainties that may arise.

In terms of recent performance, Singapore’s GDP expanded by 5.0% year-on-year (YoY) in the latest quarter, aligning with RHB’s revised forecast and Bloomberg’s consensus. This growth rate is a continuation of the positive trend seen in 2024, where the economy grew by 4.4% YoY, a significant increase from the 1.8% YoY expansion recorded in 2023.

The report underscores the importance of monitoring external factors whilst acknowledging the robust domestic economic conditions. As Singapore navigates these challenges, the forecasted growth rate reflects confidence in the country’s economic strategies and resilience. Looking ahead, the focus will remain on balancing growth with potential external pressures, ensuring sustainable economic progress.

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Singapore’s economy, which saw a robust 5.0% year-on-year growth in the fourth quarter of 2024, may face significant challenges in 2025 due to escalating trade tensions, according to a report by UOB Global Economics and Markets Research. The report highlights the potential impact of new US tariffs and China’s retaliatory measures on Singapore’s growth prospects.

The fourth quarter of 2024 witnessed stronger-than-expected GDP growth, driven by a 7.4% increase in manufacturing and a 4.6% rise in services. However, the construction sector lagged behind with a 4.4% growth. The finance and insurance sectors showed remarkable resilience, with a 5.3% quarter-on-quarter increase, attributed to heightened trading activity and increased credit intermediation.

Despite these gains, UOB warns that the looming trade war could dampen growth. The report notes that the US’s “Fair and Reciprocal” plan, which targets economies with significant trade surpluses, could indirectly affect Singapore’s trade-reliant economy. “Whilst Singapore may be less susceptible to direct US tariff risks, we will not be shielded from a negative shock to the global trade environment,” the report states.

Looking ahead, large-scale projects like Changi Airport Terminal 5 are expected to bolster construction demand in 2025. Additionally, consumer-facing sectors might see a recovery, supported by an anticipated expansionary Budget 2025 and increased tourism efforts.

UOB maintains its 2025 GDP growth forecast at 2.5%, cautioning that risks remain skewed to the downside. The report suggests that growth momentum could slow in the second half of 2025, potentially leading to a negative output gap for the year.

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Jessica J. Lee has been appointed as Vice President, Strategy at Asia Group Advisors (AGA), a move that underscores the firm’s dedication to strategic growth and innovation. Lee, who has a wealth of experience in corporate communications, issues management, and strategic planning across the Asia-Pacific region and the United States, will play a pivotal role in guiding AGA’s strategic direction.

Lee’s illustrious career includes leadership positions at APCO Worldwide and WE Communications, where she advised clients on market entry strategies and risk management. Her expertise spans the technology, healthcare, and philanthropy sectors, where she has successfully led high-performing teams and built effective public-private partnerships. Her appointment is expected to enhance AGA’s ability to navigate the complexities of the Asian market and deliver innovative solutions to its clients.

Holding a Master of Arts in Regional Studies-East Asia from Harvard University and a Bachelor of Arts from the University of California, Irvine, Lee is well-equipped to tackle the challenges of her new role. Her strategic insight and experience are anticipated to contribute significantly to AGA’s mission of providing exceptional advisory services.

This appointment marks a significant step for AGA as it continues to expand its influence and capabilities in the region. Lee’s leadership is expected to drive the firm towards achieving its strategic objectives and fostering growth in the competitive Asian market.

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The National University of Singapore’s Centre for International Law is set to host its inaugural ASEAN Private Sector Executive Programme on 18 February at the Shangri-La Hotel, Singapore. The event, themed “Diversifying and Maximising ASEAN Opportunities in Trade and Investment Agreements: What Businesses and Law Firms Need to Know for 2025 and Beyond,” will feature Chief Justice Sundaresh Menon of the Supreme Court of Singapore as the keynote speaker.

Chief Justice Menon’s address will focus on the importance of establishing a coherent framework of commercial laws and practices to harness ASEAN’s economic potential. He will discuss ASEAN’s key economic indicators and advocate for regional convergence and coherence in commercial laws. Additionally, he will outline efforts to promote this vision, which is crucial as ASEAN is projected to become the world’s fourth-largest economy by 2030.

The programme will also include a panel discussion on regionalisation and the ASEAN landscape, exploring opportunities in ASEAN trade agreements such as ASEAN+1, the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The panel will be moderated by Dr Tan Hsien Li, Co-Head of the ASEAN Law and Policy Programme at NUS, and will feature experts from government, industry, and academia.

This event is significant as it provides a platform for discussing strategies to maximise trade and investment opportunities within ASEAN, amidst a global climate of intensifying trade tensions. The insights shared could influence the future direction of ASEAN’s economic integration and its role in global supply chains.

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Savills Singapore has announced a notable 6.4% year-on-year increase in monthly rents for its prime business park spaces, marking the highest growth since 2013. Despite this, the overall sentiment in the business park sector remains lukewarm, with island-wide vacancy rates climbing to 22.1% in the fourth quarter of 2024, the highest in 14 years.

The rise in rents for prime business parks contrasts with the stagnant growth in standard business parks, which saw a mere 0.2% increase year-on-year. High-spec industrial spaces also experienced a modest rise of 0.5%. The completion of the first phase of the Punggol Digital District in the second half of 2024 contributed to the increased vacancy rates, particularly in areas like ESR Bizpark @ Chai Chee, which hit a record high vacancy rate of 31.8%.

Savills’ research further highlights a 4.9% year-on-year increase in monthly rents for prime warehouse and logistics properties, despite a general weakening in leasing demand across the industrial sector. The single-user factory segment recorded the largest decline in demand, with a 17.2% drop year-on-year.

Ashley Swan, Executive Director of Commercial & Industrial at Savills Singapore, noted, “While we have seen rental increases for newer, better spec-ed business park space, we expect that segment of the industrial market to continue to face challenges as vacancies rise throughout.”

Looking ahead, Savills anticipates that centrally-located business parks may maintain stable rents in 2025, while older parks could face continued pressure from elevated vacancy levels and weaker rents.

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