Industry News

Changi Airport has reported a significant rise in passenger traffic for the first quarter of 2025, with 17.2 million passenger movements from January to March. This marks a 4.8% increase compared to the same period in 2019, before the onset of the COVID-19 pandemic. Over a rolling 12-month period, the airport achieved an all-time high of 68.4 million passenger movements, reflecting a 9.5% increase from the previous year.

North America led the growth among regions, with a 15.8% year-on-year increase in Q1. The top five markets for Changi Airport during this period were China, Indonesia, Malaysia, Australia, and Thailand. Notably, traffic between Singapore and China rose by 10% year-on-year, whilst Japan saw a 16% increase.

In terms of airfreight, Changi Airport handled 480,000 tonnes from January to March, a 1.0% rise compared to the previous year. Despite global economic uncertainties, there was growth in imports, although exports saw a slight decline. The leading air cargo markets were China, Australia, the United States, Hong Kong, and India.

Changi Airport Group’s Executive Vice President for Air Hub and Cargo Development, Lim Ching Kiat, highlighted the positive trends in air travel and the airport’s continued appeal as a key hub. “We are seeing encouraging growth across all regions and key markets,” he stated.

The airport also expanded its connectivity, adding new city links to Harbin, Lanzhou, and Yichang in China, and strengthening ties with Indonesia through new services to Padang and Labuan Bajo. Additionally, Firefly and Qantas introduced new routes to enhance travel options.

As of 1 April, Changi Airport hosts around 100 airlines, operating over 7,200 weekly flights to approximately 170 cities worldwide.
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Singapore’s private residential market continued its upward trajectory in the first quarter of 2025, with property prices firming by 0.8%, according to Huttons’ analysis of Urban Redevelopment Authority (URA) data. The Rest of Central Region (RCR) saw the most significant gains, with non-landed home prices rising by 1.7%, whilst the Core Central Region (CCR) experienced a 0.8% increase.

Prices in the Outside Central Region (OCR) remained stable after a notable rise in the previous quarter.

Transaction volumes, however, dipped slightly by 2.3%, with 7,261 units sold compared to 7,433 in the last quarter of 2024. Despite this, the market’s performance remains robust, marking the first time volumes have exceeded 7,000 units since the end of 2021. This reflects growing buyer confidence, supported by factors such as lower interest rates and a positive economic outlook.

Developers launched six major non-landed projects in the quarter, including PARKTOWN Residence and The Orie, contributing to a total of 3,139 units launched. PARKTOWN Residence emerged as the best-selling project, with 1,054 units sold at a median price of $2,364 per square foot. The Orie followed closely, selling 690 units at a median price of $2,729 per square foot.

The rental market also saw a slight uptick, with rents increasing by 0.4% in the quarter. However, recent tariff announcements have introduced uncertainty, potentially impacting future investment and rental demand. Despite these challenges, Singapore’s status as a safe haven remains attractive to ultra-high-net-worth individuals, who may consider relocating and investing in luxury properties in the CCR. Looking ahead, Huttons anticipates the launch of 17 new projects, including one executive condominium, by the end of 2025.
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ecoWise Holdings Limited, a company specialising in sustainable environmental solutions, will resume trading on the SGX Catalist Board on 25 April 2025 at 9:00 a.m. This comes after a four-year trading suspension, during which the company addressed regulatory requirements and strengthened its operations.

The resumption follows ecoWise’s successful compliance with the Singapore Exchange Securities Trading Limited’s Notice of Compliance issued in June 2021. Over the past years, ecoWise has focused on enhancing its governance, financial performance, and operational frameworks. The company has also streamlined its operations and optimised resource allocation in its core business areas, including resource recovery and renewable energy.

Executive Chairman and CEO of ecoWise, Lee Thiam Seng, expressed gratitude for the support received, stating, “The resumption of trading is a testament to the unwavering commitment and hard work of our team, the strong support and guidance from the Board, and the continued trust placed in us by our stakeholders and the SGX-ST.”

The company anticipates positive momentum in its business performance, bolstered by a recent capital injection through a private placement. ecoWise aims to build on its progress and deliver value to shareholders, continuing its mission as a leading integrated sustainable environmental solutions partner. The company operates in Singapore and Malaysia, focusing on resource recovery, renewable energy, and integrated environmental management solutions. Future updates on ecoWise’s progress are expected as it embarks on this new chapter.
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The Housing Development Board (HDB) resale market in Singapore experienced a stable first quarter in 2025, according to Huttons’ latest report.

The resale volume reached 6,590 units, which, although higher than the previous quarter, fell short of the four-year average of 7,141 units for the same period. This indicates a shift in buyer interest towards the Sale of Balance Flats (SBF) exercise in February, which attracted over 20,000 applications for 5,590 flats.

The report highlights that the prices of HDB resale flats increased by 1.6% in Q1 2025, the slowest pace since Q1 2024. This deceleration is attributed to the largest SBF exercise, which provided buyers with more options and eased demand pressure. Since the circuit breaker in April 2020, HDB resale prices have appreciated by 52.4%.

In terms of popularity, Jurong West, Sengkang, Tampines, Woodlands, and Yishun emerged as the top five HDB towns, accounting for 36.2% of total transactions. Notably, Clementi saw the highest price gains at 15%, followed by Marine Parade and Queenstown.

The market also witnessed a surge in million-dollar flat transactions, with 348 units sold for $1m or more, a 22.1% increase from the previous quarter. Most of these high-value transactions occurred in mature estates like Toa Payoh, Bukit Merah, and Queenstown.

Looking ahead, the HDB resale market is expected to remain tight throughout 2025. With limited supply and no BTO or SBF launches in Q2, prices may rise. HDB plans to increase the allocation quota for second-timer families and expand the Deferred Income Assessment to cover more young couples, potentially influencing future demand. Resale transactions for 2025 are estimated to range between 26,000 and 28,000, with prices projected to grow by 5% to 8%.
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CapitaLand Integrated Commercial Trust (CICT) has announced a slight decrease in its gross revenue and net property income for the first quarter of 2025, primarily attributed to the divestment of 21 Collyer Quay in November 2024.

Despite this, on a like-for-like basis, CICT’s revenue and net property income saw a modest increase of 1.1% and 1.4%, respectively.

CICT’s portfolio continues to demonstrate resilience, with a committed occupancy rate of 96.4% as of 31 March 2025. The retail segment performed strongly, achieving a 10.4% rent reversion and a 17.5% year-on-year increase in average monthly tenant sales per square foot, driven by contributions from ION Orchard.

Shopper traffic also rose by 23% year-on-year. However, excluding ION Orchard, tenant sales slightly decreased by 0.5%.

The office portfolio experienced a 5.4% rent reversion, with new and renewed leases totalling 203,500 square feet and a tenant retention rate of 75.7%. CICT is also advancing its asset enhancement initiatives, with plans for Tampines Mall in the fourth quarter of 2025 and the completion of Phase 3 at IMM Building by the third quarter of 2025.

Financially, CICT maintains a robust position with an aggregate leverage of 38.7% and a reduced average cost of debt at 3.4%. The trust has secured 78% of its borrowings at fixed interest rates, ensuring stability amidst fluctuating market conditions.

Looking ahead, CICT’s strategic enhancements and stable financial management are expected to support continued growth and resilience in its portfolio.
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AnyMind Group, a Singapore-founded and Tokyo-headquartered company, has announced its agreement to acquire Vibula, a social and live commerce agency based in Vietnam.

The acquisition, expected to be completed by June 2025, will see AnyMind acquiring 80% of Vibula’s shares, with an option to purchase the remaining 20% after two years.

Vibula, established in Ho Chi Minh City in 2021, offers services across various sectors, including health and beauty, consumer goods, and fashion.

Its offerings include social commerce marketing, e-commerce store management, campaign management, and a multi-channel network. This acquisition marks AnyMind’s first in Vietnam and its 11th globally.

The move is set to bolster Vibula’s capabilities by integrating AnyMind’s GenAI-powered live commerce platform, AnyLive. This platform will enable Vibula’s clients to transform live shopping into a continuous sales channel, utilising both human and AI hosts. “We built Vibula with the vision of creating a breakthrough social commerce model,” said Vibula founder Quang Vinh. “Our strategic partnership with AnyMind accelerates that vision.”

Kosuke Sogo, CEO of AnyMind Group, highlighted the potential of Vietnam’s live commerce ecosystem, stating, “The synergies are unmatched, and by combining Vibula’s deep expertise in social and live commerce with our technology, we are creating new possibilities for brands, merchants, and creators in the region.”

This acquisition is part of AnyMind’s broader strategy to expand its presence in Southeast Asia, following previous acquisitions in Thailand, Indonesia, and Malaysia. As the e-commerce market in Vietnam is projected to grow significantly, this partnership aims to leverage the increasing influence of video commerce in the region.
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Episode Six, a global provider of modern ledger and card infrastructure, has partnered with Singapore-based fintech Aspire to introduce a new corporate card offering tailored for small- and medium-sized businesses (SMBs) in Hong Kong and Singapore. This collaboration aims to empower Aspire’s 50,000 SMB customers with seamless multi-currency payments and international transaction capabilities, facilitating global expansion and reducing operational costs.

Aspire, known for its all-in-one finance platform, will leverage Episode Six’s cloud-native card management system to deliver secure and flexible corporate cards. These cards will allow SMBs to manage international payments effortlessly, with features such as instant issuance and tokenisation for virtual and physical cards. Businesses can set custom spending limits and approval rules, providing finance teams with greater control over expenses.

John Mitchell, CEO and Co-Founder of Episode Six, stated, “Scaling internationally shouldn’t come with financial roadblocks. By partnering with Aspire, we’re equipping SMBs with the tools to transact globally without friction—allowing them to focus on growth and new opportunities.”

Andrea Baronchelli, CEO and Co-Founder of Aspire, added, “With Episode Six, we’re delivering a multi-currency corporate card that gives SMBs full control over their international transactions—simplifying operations and fuelling global expansion.”

The partnership also includes multi-currency support, enabling businesses to reduce foreign exchange fees and optimise international transactions. Aspire and Episode Six plan to extend this offering to new markets, ensuring more SMBs gain access to payment solutions built for evolving business needs.
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Revolut Group has announced a record profit of $1.4 billion for 2024, marking its fourth consecutive year of profitability. The fintech company saw its customer base grow by 38% to 52.5 million globally, with total customer balances increasing by 66% to $38 billion. This growth was driven by heightened customer engagement and a diversified product offering.

Revolut’s revenue rose by 72% to $4 billion, up from $2.2 billion in 2023, as the company expanded its range of services across both retail and business sectors. CEO Nik Storonsky highlighted the year’s achievements, stating, “2024 was a landmark year for Revolut. We not only accelerated our customer growth but also saw customers engaging more deeply by adopting a wider range of our services.”

In Singapore, Revolut achieved its first year of net profitability with a 15% profit margin. The company plans to leverage this success to expand further into Southeast Asia, a key region in its goal to reach 100 million global users. Revolut Singapore’s annual revenue increased by nearly 70%, with subscription revenue rising over 50% due to a 45% increase in paid subscriptions.

Revolut’s 2025 outlook includes plans to launch banks in the UK and Mexico, secure over 10 global licences, and continue product innovation. The company aims to enhance its core banking, wealth, credit, and lifestyle offerings whilst maintaining robust security measures. As Revolut continues its global expansion, it remains focused on revolutionising financial access through innovative products and seamless user experiences.
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TransNusa, South East Asia’s first premium service airline, has announced an increase in its scheduled flights between Jakarta and Singapore to twice daily.

This move, effective from today, is part of the airline’s strategy to strengthen its network connectivity. The additional flight, 8B 153, departs Soekarno-Hatta International Airport at 12:10 pm and arrives at Singapore Changi Airport at 2:40 pm, whilst the return flight, 8B 154, leaves Changi at 3:30 pm and lands in Jakarta at 4:20 pm.

The airline continues to operate its existing flight, 8B 151, which departs Jakarta at 7:55 am, arriving in Singapore at 10:45 am, with the return flight, 8B 152, leaving Singapore at 11:45 am and arriving in Jakarta at 12:30 pm.

TransNusa’s CEO, Bernard Francis, highlighted the airline’s commitment to providing premium services at competitive prices, with ticket prices for the Jakarta-Singapore route starting at SGD52 (USD40).

TransNusa’s rapid expansion follows its relaunch in October 2022, after a hiatus due to the COVID-19 pandemic. The airline has since introduced several international routes, including Jakarta-Kuala Lumpur and Bali-Perth. Bernard attributes the airline’s success to its customised business model and experienced management team. TransNusa offers various product bundles, such as SEAT, SEATPLUS, and FLEXIPRO, which include benefits like increased baggage allowance and flexible ticket options.

With its A320 aircraft configured for comfort, TransNusa aims to ensure passengers travel with ease, offering approximately 30 inches of legroom. The airline’s strategic growth is set to continue, with plans to further enhance its international presence.
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The JTC All Industrial Rental Index saw a 0.5% quarter-on-quarter rise in Q1 2025, maintaining the momentum from Q4 2024, according to CBRE Research. This marks the 18th consecutive quarter of rental growth, with the index up 23.7% since Q3 2020.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, highlighted the business park segment’s notable 1.2% increase, driven by new developments like CapitaLand Group’s Geneo at 1 Science Park Drive.

The business park segment, however, remains divided. Prime locations thrive, whilst older properties face high vacancies, with rates rising from 22.1% in Q4 2024 to 24.1% in Q1 2025. Flexible lease terms and incentives are being offered to attract tenants.

Single-user factory rents rose by 0.8%, with occupancy climbing to 88.6% due to major completions like CIBA Vision’s facility at Tuas South Avenue 3. Despite new completions, the segment experienced a negative net supply of one million square feet, the highest since Q1 2018.

Warehouse rents grew by 0.6%, with major completions including Boustead Trustees’ 36 Tuas Road and DB Schenker’s Red Lion 2. However, occupancy fell to 90.5% as demand lagged supply.

Overall, prices increased by 1.5%, outpacing rent growth for the fourth consecutive quarter. With Singapore’s interest rates declining faster than anticipated, investor sentiment remains positive despite economic uncertainties. Looking ahead, 7.7 million square feet of industrial space is set for completion in 2025, with the warehouse segment accounting for 32% of this supply.
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