Industry News

EHL Hospitality Business School, in partnership with the Singapore Tourism Board (STB), has unveiled the Tourism Leadership Excellence & Advancement Programme (T-LEAP).

This initiative is designed to empower senior executives in the tourism sector with essential skills to navigate and shape the future of tourism in Singapore and the Asia-Pacific region. The programme, which runs over five days at EHL Campus (Singapore), includes modules on leadership, sustainability, and technology.

The T-LEAP programme is EHL’s first to be funded by SkillsFuture, highlighting its alignment with Singapore’s workforce needs.

Participants will join the Singapore Leaders Network, fostering cross-sector collaboration. The programme’s inaugural pilot was successfully delivered earlier this year, with additional sessions scheduled for May, October, and November 2025.

The curriculum, developed in collaboration with STB, addresses the evolving needs of tourism executives. It includes three core modules: Leadership Excellence & Strategic Growth, Sustainability & Innovation, and Technology & Digital Transformation.

Participants will gain insights into strategic planning, sustainability practices, and digital trends, enhancing their ability to drive innovation in the tourism sector.

Dr. Guy Llewellyn from EHL emphasised the programme’s role in preparing professionals for the rapidly changing tourism landscape. Melissa Ow, Chief Executive of STB, noted the importance of developing tourism leadership to navigate the industry’s evolution.

Following the successful pilot, STB has confirmed further programme runs, reflecting confidence in its impact. T-LEAP offers professionals from Singapore and the APAC region the opportunity to engage with industry experts and explore emerging trends, positioning themselves at the forefront of tourism’s evolution.
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The JTC Quarterly Market Report for Q1 2025 has revealed a contraction in single-user factory stock in Singapore for the first time since 2018.

According to Dr Chua Yang Liang, Head of Research & Consultancy for Southeast Asia at JLL Singapore, this decline is part of a broader structural shift in the industrial landscape towards higher productivity and value-added sectors.

The rental index for all industrial properties maintained a growth of 0.5% quarter-on-quarter, but the annual growth slowed to 2.3% from 3.5% in Q4 2024.

The single-user factory segment experienced a significant decline of 4.3% quarter-on-quarter, erasing most of the rental gains from the previous quarter. This contraction reflects a broader trend of decreasing manufacturing output, which has been falling since December 2024.

The Economic Development Board’s (EDB) Monthly Manufacturing Performance report noted a 7.5% month-on-month decrease in manufacturing output in February 2025.

Despite these challenges, business sentiment among manufacturers remains cautiously optimistic. A net weighted balance of 16% of manufacturing firms expect a more positive business outlook for the first half of 2025, compared to 10% previously.

Dr Chua suggests that industrial rents may stabilise in the latter half of the year, provided global trade conditions do not deteriorate further due to tariff impositions.

Globally, the JP Morgan Global PMI report indicates a continuation of economic expansion, albeit at a subdued pace compared to 2024. Whilst services have shown improvement, manufacturing remains sluggish, with business confidence affected by potential tariff impacts.
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Singapore’s manufacturing sector experienced a slowdown in growth during the first quarter of 2025, according to recent data from JTC Corporation.

This decline was observed both year-on-year and sequentially, suggesting underlying weaknesses in external demand for Singapore’s manufactured goods.

Despite this, demand for industrial space in the same period showed an increase compared to the fourth quarter of 2024, driven by industrialists’ optimism about regional growth and the absence of tariffs on Singapore.

Prices and rents for industrial spaces continued to grow, albeit at a more stable rate, with a 1.5% increase in prices and a 0.5% rise in rents during Q1 2025.

However, the occupancy rate for industrial spaces has remained stagnant at 89% since Q2 2024, indicating a potential inflection point in the market.

The sales of industrial spaces saw a decline, with multiple-user factories, single-user factories, and warehouses all experiencing reduced transactions compared to previous quarters. The median price for multiple-user factories slightly decreased to $494 per square foot, whilst single-user factories and warehouses saw varied price changes.

Looking ahead, the manufacturing sector may face further challenges if global trade continues to slow, according to Huttons.

The imposition of tariffs could increase the cost of finished goods, potentially reducing consumer demand and impacting the entire supply chain.

However, there is a possibility for Singapore to produce higher value-added goods for export to the US, given its lower baseline tariffs compared to other ASEAN countries.

The outlook for the industrial market remains cautious, with prices and rents expected to remain flat throughout 2025.
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Industrial investment sales in Southeast Asia have surpassed office and retail sales for the first time in a decade, according to Cushman & Wakefield’s latest report.

The surge, driven by data centre investments, saw volumes increase more than four-fold to $3.2b, accounting for 40% of total industrial sales through 2024. This shift reflects the impacts of supply chain diversification, the growing digital economy, and hybrid work trends.

The report highlights that Singapore, Malaysia, and Indonesia are at the forefront of this growth, benefiting from robust infrastructure, rising cloud adoption, and supportive regulations for digital expansion. Wong Xian Yang, Head of Research for Singapore and Southeast Asia, noted, “Industrial and data centres will remain top priorities for institutional investors, with increasing capital allocated to logistics, life sciences, and AI-driven digital infrastructure.”

Southeast Asia’s economic resilience is further underscored by a projected GDP growth of 4.8% in 2024, up from 3.9% in 2023. The region’s competitive costs and expanding intra-regional trade are expected to bolster its 8% share of global exports, with Thailand being the only market where industrial sales did not dominate.

Cross-border investments are also set to rise, fuelled by initiatives like the Johor-Singapore Special Economic Zone and expanding intra-ASEAN trade agreements. Wong emphasised the importance of agility amidst macroeconomic shifts, stating, “Southeast Asia’s resilience and strategic positioning make it a prime destination for global capital.” As the region navigates global uncertainties, strategic investment in high-growth sectors is anticipated to drive long-term real estate growth.
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Retail investors have played a pivotal role in Singapore’s stock market during a volatile April, as the Straits Times Index (STI) experienced significant fluctuations. The STI saw a sharp 14.6% decline to 3,393.69 on 9 April, followed by a 12.9% recovery to 3,832.32 by 23 April, resulting in a total return decline of 3.2% for the month. Whilst these changes occurred, retail investors emerged as strong net buyers, purchasing S$1.165b in Singapore stocks by 9 April.

The buying spree was largely concentrated on major financial institutions, including DBS Group Holdings, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB), all of which are set to release their Q1 2025 results in early May. Non-STI stocks such as iFAST, Keppel DC REIT, and Aztech Global also saw significant retail interest.

However, since 14 April, retail investors have reversed nearly one-fifth of their net buying, selling S$253m in stocks as the STI gained 8% from 3,548.91 to 3,832.32. Stocks most net sold included Singtel, DBS, and Singapore Exchange, which averaged a 7.6% gain over the period.

The market’s volatility is attributed to global macroeconomic factors, including recent trade policy announcements and the potential expiry of US tariffs in July. The International Monetary Fund has downgraded its 2025 global growth outlook to 2.8%, citing trade tensions as a key factor. Despite the recovery in regional stocks, the economic outlook remains uncertain, with growth risks tilted to the downside.
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Eneco Energy Limited has announced the acquisition of five new logistics contracts through its subsidiary, Richland Logistics Services, with a total annual value of approximately $2.97m (S$4.05m). These contracts, set to commence in 2025, have service durations ranging from two to three years, with two offering extension options. One notable contract includes a 100% green distribution model, deploying five electric vehicle lorries across Singapore.

Richland Logistics, with over 30 years of experience in airport cargo services and integrated logistics, continues to strengthen its position in the industry. The company serves a diverse group of blue-chip clients, leveraging its expertise to deliver tailored logistics solutions. Executive Director Ang Jun Long highlighted the significance of these contracts, stating, “Our new logistics contracts wins reflect our established track record in delivering reliable, efficient, and tailored logistics solutions that meet the evolving needs of our customers.”

The focus on sustainable logistics is a key aspect of Eneco’s strategy, with the company aiming to enhance operational efficiency and expand its value propositions. Ang further emphasised the role of clean energy solutions and advanced logistics systems in fostering client confidence and long-term partnerships.

These contracts not only bolster Eneco’s reputation as a trusted logistics partner but also underscore its commitment to operational excellence and green innovation. As the company accelerates the organic growth of its logistics division, these developments are set to contribute significantly to its future success.
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Inflation rates in Singapore and Malaysia have shown a notable decline. In March, Singapore’s headline inflation remained stable at 0.9% year on year, slightly below the anticipated 1%. Core inflation in Singapore dropped to 0.5%, marking its lowest level since February 2021. Meanwhile, Malaysia’s consumer price index increased by only 1.4% year on year, the lowest in over four years.

The easing of inflation in Singapore is attributed to reduced price pressures in accommodation and transportation, although a slight rise in food inflation prevented a further drop in headline inflation, according to a recent analysis by Moody’s Analytics.

Falling global commodity prices, particularly Brent crude oil, which recently fell below $65 per barrel, are expected to keep inflation subdued throughout 2025. Moody’s Analytics projects Singapore’s full-year inflation for 2025 to be 0.9%, with core inflation comfortably within the Monetary Authority of Singapore’s target of below 2%.

In Malaysia, the moderation in inflation is largely due to a slowdown in housing and utilities inflation, which has been easing for three consecutive months. However, potential risks remain as the government plans to roll back fuel subsidies and increase electricity tariffs. Unpredictable weather could also impact food inflation. Despite these risks, Moody’s Analytics expects headline inflation in Malaysia to rise in the latter half of 2025.

These developments indicate a positive trend in managing inflationary pressures in both countries, with potential implications for future monetary policy adjustments.
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Singapore-headquartered CDNetworks, a leading network provider in the Asia-Pacific region, is strengthening its support for global enterprises aiming to enter emerging markets such as Latin America, South and Southeast Asia, the Middle East, and Africa. The company announced on 24 April 2025 that it is offering a comprehensive suite of ready-to-market solutions designed to address common challenges like inconsistent network performance and security risks.

With over 2,800 Content Delivery Network (CDN) Points of Presence (PoPs) and more than 40 scrubbing centres across 70 countries, CDNetworks ensures full network coverage in these key regions. This extensive infrastructure allows enterprises to deliver low-latency, reliable, and secure digital experiences to local users, facilitating smoother market entry and growth.

The company’s offerings include a complete range of solutions for cloud security, web and network performance, media delivery, and edge computing. These are tailored to optimise content delivery, enhance security, and improve overall performance for enterprises in emerging markets. Additionally, CDNetworks has established strategic partnerships with leading Internet Service Providers (ISPs) in these regions to better meet local market demands.

Antony Li, APAC Head of Sales at CDNetworks, stated, “Emerging markets are an exciting frontier, but they come with their own set of challenges. We’re confident that our solutions will help global enterprises navigate these challenges, ensuring their operations remain as adaptable and resilient as the markets they are entering.”

CDNetworks continues to provide end-to-end technical assistance, reducing complexity for enterprises during market entry whilst maintaining high-performance operations. This initiative underscores the company’s commitment to supporting business innovation and expansion in rapidly growing regions.
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Singapore-headquartered Nexif Ratch Energy has reached a significant milestone in its 80MW Ben Tre Wind Power Plant project by signing amended Power Purchase Agreements (PPAs) with Vietnam Electricity (EVN) on 18 April 2025. This development positions the project as one of the first transitional wind energy initiatives in Vietnam to secure a PPA, following the expiration of the Feed-in Tariff regime in October 2021. The Vietnamese government has been proactive in establishing a new pricing mechanism to attract long-term private investment in renewable energy.

The successful negotiations with EVN, including its subsidiary Electricity Power Trading Company (EPTC), highlight strong cooperation among key stakeholders. This achievement is pivotal as Vietnam continues to enhance its regulatory framework and accelerate its transition to cleaner energy sources. The government has revised its Power Development Plan 8 (PDP8), setting ambitious targets for renewable energy, including an additional 16.1GW of wind and 27.9GW of solar capacity by 2030.

Surender Singh, Chairman of Nexif Ratch Energy, praised the Vietnamese government’s efforts, stating, “Structural changes in the energy sector require a strong and coordinated approach between government regulators and importantly investors.” Cyril Dissescou, CEO of Nexif Ratch Energy, expressed pride in the team’s persistence, noting the importance of partnerships in achieving this milestone.

With the amended PPAs signed, the project is advancing towards financial close, with construction slated to begin in the second half of 2025. This progress underscores Nexif Ratch Energy’s commitment to supporting Vietnam’s energy transition and contributing to a greener future.
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The latest report from PropNex reveals that Singapore’s shophouse market experienced a slowdown in Q1 2025, with only 19 transactions totalling S$100m—a 43% decrease from the previous quarter.

This decline is attributed to a mismatch in price expectations between buyers and sellers, coupled with market uncertainties stemming from a potential trade war and slower economic growth. The US’s recent tariffs on Canada, Mexico, and China have further complicated the global economic landscape, impacting investment interest.

Despite the downturn, certain districts showed resilience. District 8 (Little India) and District 19 (Serangoon Garden, Hougang, Punggol) led the sales with five deals each, valued at S$24m and S$19m, respectively. The top transaction was a shophouse in the Telok Ayer Conservation Area, sold for S$14.8m in January.

Leasing activity remained robust, with 836 rental contracts worth S$9.1m signed, although this marked a slight decline from the previous quarter. The median rental rate increased marginally by 0.3% to S$6.47 per square foot per month.

Looking ahead, PropNex suggests that shophouse hospitality assets may see renewed interest due to Singapore’s thriving tourism sector. However, the looming threat of a trade war and high overhead costs could pressure retailers and F&B operators, potentially affecting their ability to absorb higher rents. PropNex maintains that Singapore remains an attractive real estate investment destination, citing its stable political environment and strong infrastructure.
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