Industry News

Lady M Singapore has announced the launch of its latest creation, the Dubai Chocolate Mille Crêpes, available from 5 May to 30 June 2025. This limited-time offering draws inspiration from the viral Dubai chocolate bar, featuring layers of handmade crêpes with rich chocolate pastry cream and fragrant pistachio cream. The cake is topped with crispy kataifi, roasted pistachios, tahini, and piped chocolate cream, evoking the beloved flavours of knafeh.

The Dubai Chocolate Mille Crêpes is available for pre-order online, with limited quantities exclusively for whole cakes. Priced at $16 per slice at all Lady M boutiques and $198 for a whole cake online, this luxurious dessert is expected to attract significant interest. Customers are encouraged to secure their orders early to ensure they don’t miss out on this exquisite creation.

Lady M’s latest offering highlights the brand’s commitment to innovative and high-quality desserts, combining unique flavours and textures. The cake will be available for purchase in all Singapore Lady M boutiques and online, providing ample opportunity for dessert enthusiasts to indulge in this new culinary delight.
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Singapore’s real estate market in the first quarter of 2025 presented a complex picture, with private residential sales volumes reaching a four-year high for a first-quarter performance, despite a 2.3% quarter-on-quarter (qoq) decline to 7,261 units. According to Cushman & Wakefield, this decline follows three consecutive quarters of growth. New sales volumes fell by 1.3% qoq to 3,375 units, whilst resale transactions dropped by 3.7% qoq to 3,565 units. However, subsale volumes rose by 3.2% qoq to 321 units.

The market’s robust performance was highlighted by five out of six major projects launched in Q1 2025 selling over 50% of their units within the launch month. This contrasts with the same period in 2024, where only 40% of major new launches achieved similar sales. Private residential property prices saw a modest increase of 0.8% qoq, a slowdown from the 2.3% growth in Q4 2024, attributed to high-base effects from the previous quarter’s price spike.

In the office sector, Central Region rents grew by 0.3% qoq, reversing two quarters of decline. Despite global economic uncertainties, demand for premium office spaces remains, although cost concerns have tempered tenants’ willingness to pay premium rates. Category 1 office vacancy rates rose to 11.7%, driven by new completions like Keppel South Central.

Retail rents in the Central Region fell by 0.5% qoq, reflecting a two-tier market where prime malls continue to thrive, whilst weaker malls struggle. Orchard Road remains a key retail destination, with new flagship stores and international brands expanding amidst a recovering tourism sector.

Looking ahead, private residential sales volumes are expected to range between 20,000 and 24,000 units in 2025, with prices forecasted to grow by around 3% year-on-year. The office market anticipates stable demand for high-quality spaces, whilst retail faces ongoing challenges in weaker locations.
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Singapore is poised to face a technical recession in the first half of 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report. The report, authored by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, anticipates a 2.4% quarter-on-quarter contraction in GDP for the second quarter of 2025.

The report highlights that Singapore’s industrial production (IP) figures for March, which rose by 5.8% year-on-year, fell short of Bloomberg’s growth estimates of 8.1%. This underperformance, coupled with a revised 0.9% year-on-year rise in February, suggests a slowdown in the first quarter of 2025, with GDP growth expected to slow to 3.6% year-on-year and a 0.9% quarter-on-quarter contraction.

RHB has also revised its full-year manufacturing growth forecast for Singapore to 0.5% for 2025, whilst maintaining its full-year GDP growth projection at 2.0%, albeit with downside risks. The anticipated technical recession underscores the economic challenges Singapore may face in the coming months.

Gan’s analysis provides a crucial insight into the potential economic trajectory of Singapore, highlighting the need for strategic planning and policy adjustments to mitigate the impact of the anticipated downturn. As the situation unfolds, businesses and policymakers will need to remain vigilant and responsive to the evolving economic landscape.
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Seoul Garden, a pioneer in Korean dining in Singapore, is marking SG60 and its 42nd anniversary by offering special buffet privileges to national service personnel and seniors. From 6 May to 30 June 2025, current and retired national service members can enjoy weekday lunch buffets at discounted rates of $13.20 (S$17.90)++ for the Regular tier and $19.85 (S$26.90)++ for the Premium tier. Seniors aged 55 and above can indulge in a Tuesday lunch buffet for just $4.40 (S$6)++.

The initiative aims to express gratitude to those who have served the nation and to give back to the community during Singapore’s diamond jubilee. Andrew Lee, CEO of Seoul Garden Group, stated, “Seoul Garden is privileged to be so welcomed and supported by Singaporeans over 42 years. This year, we would like to give back to society, doing it in the best way we know how.”

Seoul Garden, known for its 2-in-1 smokeless grill and hotpot dining experience, offers a wide range of Korean favourites, including Spicy Kimchi Jjigae and Bulgogi. The restaurant chain, which paused buffet services during the COVID-19 pandemic, has resumed its offerings, much to the delight of its patrons.

As a Singapore-owned entity and a Brands For Good honouree in 2020, Seoul Garden has been recognised for its efforts in inclusivity and digitalisation. The special buffet offers are available at all six Seoul Garden outlets across Singapore, with reservations encouraged to secure a spot.
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StarHub is celebrating its 25th anniversary, marking a significant milestone in its journey as a key player in Singapore’s digital landscape. Since its inception in 2000, StarHub has been instrumental in connecting millions, supporting businesses, and enhancing everyday life with cutting-edge technology. The celebrations kicked off with a balloon hunt at StarHub Green and surprise pop-ups across Singapore, offering customers a chance to win one of 75 prizes, including gadgets and unique experiences.

The anniversary festivities underscore StarHub’s commitment to delivering premium entertainment. The 2025 NBA Postseason is now available on StarHub TV via the Sports+ pass, allowing basketball fans to enjoy live or on-demand games. Additionally, the “Football for All” Carnival in May promises to be another highlight for sports enthusiasts.

Nikhil Eapen, CEO of StarHub, emphasised the importance of the company’s relationship with its customers, employees, and partners. “This milestone is about the people who have been part of our story,” he stated. “Over the last 25 years, we’ve grown by staying close to the people we serve and adapting to what matters most.”

StarHub’s journey has been marked by several firsts, including the introduction of mobile and broadband services and the rollout of 5G technology. The company has also established itself as a trusted digital partner for enterprises, helping organisations navigate the digital-first world.

As StarHub looks to the future, it aims to continue delivering impactful and delightful experiences tailored to the everyday needs of its customers. The anniversary celebrations, running from 1 April to 30 June, invite both new and existing customers to join in the festivities, reinforcing StarHub’s gratitude and commitment to its community.
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Singapore-based Agoda, the digital travel platform, is celebrating its 20th anniversary with a major sales campaign from 7 to 20 May, culminating in exclusive discounts of up to 70% on 21 May. This initiative invites hoteliers and accommodation providers to engage with millions of travellers through attractive deals on accommodations, flights, and activities. The campaign aims to enhance property visibility and occupancy rates by leveraging Agoda’s extensive market insights and technology.

The campaign comes at a time when 87% of Agoda’s customers plan to maintain or increase their travel frequency compared to 2024, with 52% of these trips expected to cross international borders. Andrew Smith, Vice President of Supply at Agoda, emphasised the campaign’s dual purpose: “This campaign is not just a celebration, it’s another way for our hotelier partners to connect with international travellers through our world-class technology and deep understanding of local markets.”

Agoda’s growth over the past two decades has been marked by strong partnerships, with the platform now hosting over 5 million accommodation listings worldwide. The company has developed tools such as the PartnerHub platform, which helps partners secure 30% more bookings on average. Daren Lee, Director of Revenue at Sunway Putra Hotel, highlighted Agoda’s impact, stating, “Agoda’s consistent performance, data-driven campaigns and dedicated local team support have helped us scale significantly.”

Agoda’s digital infrastructure supports its partners with 1 trillion daily price checks and analyses over 2 billion user interactions daily. This milestone campaign not only celebrates Agoda’s legacy but also aims to convert the excitement into tangible results for its partners. Hoteliers interested in participating can enrol through Agoda’s platform.
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The Ascott Limited, a lodging business unit of CapitaLand Investment, is accelerating its global expansion with a new multi-typology strategy, adding three new properties in 2025. This brings the Ascott brand’s portfolio to over 80 properties and more than 17,400 units across 43 cities. The latest additions include Ascott Ortigas Manila in the Philippines, Ascott Shenton Way Singapore, and the first Ascott property in Wenzhou, China.

Ascott’s strategy involves diversifying beyond serviced residences to include hotels with MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities and branded residences. This approach aims to cater to a wider range of guests, particularly C-suite executives, by offering a comprehensive suite of high-quality living solutions.

Kevin Goh, CEO of Ascott, highlighted the brand’s ability to adapt to changing market demands. “Ascott’s flex-hybrid operating model, reinforced with a multi-typology brand strategy, allows us to respond dynamically to demand shifts,” he said. This model supports both short and long stays, enhancing operational efficiency and brand loyalty.

The expansion also includes Ascott’s first branded residence, Ascott Residences Batu Ferringhi Penang in Malaysia, set to launch for sale this year. This development will feature 99 residential flats, showcasing refined architectural design.

Ascott’s commitment to enhancing guest experiences is further demonstrated through initiatives like the Ascott Soiree, which integrates arts programming into the guest experience. This strategic expansion positions Ascott to capture growth opportunities and adapt to the evolving travel landscape.
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ASUS, a global technology leader, and JustCo, Asia’s leading premium flexible workspace provider, have expanded their partnership to introduce ASUS Experience Zones in Singapore. Located at Changi Airport Terminal 3 and International Plaza, these zones offer business travellers and modern workers access to high-performance ASUS products designed to enhance productivity and comfort.

The new experience zones feature a range of ASUS products tailored to diverse professional needs. For those requiring portability, the ASUS ZenScreen MB249C and MB229CF portable monitors are available. Creative professionals can benefit from the ASUS ProArt PA329CRV and PA279CRV monitors, known for their high colour accuracy. Casual gamers are catered for with the ROG Strix XG27UCS and XG27ACSW gaming monitors, alongside ergonomic chairs like the ROG Destrier Core and ROG Chariot X Core.

An exclusive launch event at JustCo’s International Plaza marked the collaboration, featuring a Productivity Masterclass by Pratik Ranadive, Solutions Architect at Intel Singapore. The event provided attendees with strategies to boost efficiency and opportunities to network.

Andre Chong, Vice President and Head of Marketing at JustCo Singapore, stated, “Our partnership with ASUS embodies innovation, integrating cutting-edge technology into our centres.” Michelle Lim, Deputy Marketing Director of ASUS Singapore, added, “This collaboration underscores our commitment to creating environments that foster wellness and efficiency.”

To celebrate the launch, ASUS is offering up to 15% off selected items until 30 June 2025.
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Singapore’s manufacturing output experienced a 3.6% decline in March 2025 on a seasonally adjusted month-on-month basis, according to the latest data released by the Department of Statistics.

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Singapore-headquartered Mooreast Holdings has announced the successful completion of its multi-buoy mooring system upgrade project in the Gulf of Thailand, a significant milestone expected to contribute approximately $88 million to its revenue in the first half of 2025. This achievement highlights Mooreast’s expertise in handling large-scale projects within the oil and gas sector, with current orders matching those at the end of 2024, indicating a promising revenue outlook for the company.

The company, led by newly appointed CEO Eirik Ellingsen, is also making strides in the floating wind energy sector. Ellingsen, who joined Mooreast in January, has been actively engaging with stakeholders in Europe and North Asia, regions poised for substantial growth in floating wind projects. The Environmental Resources Management’s Q3 2024 report highlights over 390 gigawatts of floating wind projects in development, with significant portions expected to reach final investment decisions by 2027.

Mooreast is strategically positioned to capitalise on this growth, given its status as Asia’s sole ultra-high power anchor designer and manufacturer. The company has expanded its presence in Asia with new offices in Taiwan and Malaysia, enhancing its ability to serve the burgeoning market. As the demand for anchors and mooring components increases, Mooreast is assessing its production capabilities and may seek additional capacity to meet future needs.

The company remains committed to updating shareholders on developments in the floating renewable energy sector, as it continues to refine its supply chain and production strategies to support global projects.
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