Regional News

Singapore’s private residential market witnessed a significant boost in Q3 2025, with sales volumes rising by 44.4% quarter-on-quarter (qoq) to 7,404 units, according to Cushman & Wakefield’s analysis of URA statistics. This surge was primarily driven by robust demand for new launches and a thriving resale market, which accounted for 52.4% of the total sales.

The resale market’s appeal continues to grow among both owner-occupiers and investors, bolstered by rising rents, lower interest rates, and a notable price gap compared to new launches. New sale volumes soared by 171.3% qoq, reaching 3,288 units, whilst subsale volumes dropped by 12.6% qoq to 235 units, marking the lowest level since Q4 2022.

In the first three quarters of 2025, overall private residential sales reached 19,793 units, a 36.3% increase compared to the same period in 2024. The resale market contributed 11,093 units, representing 56% of the total sales. New sales are projected to hit between 10,000 to 11,000 units by year-end, a four-year high.

Private residential prices continued their upward trajectory, increasing by 0.9% qoq in Q3 2025. Landed residential prices rose by 1.4% qoq, whilst non-landed prices saw a 0.8% qoq increase, driven by the Core Central Region (CCR) and Outside Central Region (OCR).

Looking ahead, private residential prices are expected to grow by 3-4% year-on-year in 2025, supported by declining interest rates and strong upgrader demand. The market remains buoyant, with developers showing a keen interest in land acquisition amid low unsold inventory and stabilising construction costs.

Singapore’s industrial production (IP) experienced a remarkable surge of 26.3% month-on-month in September, marking the most significant sequential increase since January 2011, according to UOB Global Economics and Markets Research. This surge translated into a 16.1% year-on-year increase, surpassing all analyst estimates, which ranged from -6.5% to 9.0%.

The impressive performance in September was primarily driven by two sectors. Pharmaceuticals saw an extraordinary expansion of over 500% month-on-month, attributed to a sudden front-loading of orders from the US. This followed announcements by former US President Donald Trump to impose 100% tariffs on branded or patented pharmaceutical products unless manufactured in the US. Although the tariffs were initially set to take effect on 1 October, they have been delayed to allow negotiations for exemptions.

Additionally, the electronics sector recorded a 15.8% month-on-month rebound, led by semiconductors, which grew by 17.0%. This growth is believed to be fuelled by global demand for AI-driven investments, including data centre expansions and the integration of AI technologies into consumer devices.

The robust industrial production figures suggest a potential upward revision of Singapore’s Q3 2025 manufacturing growth to 5.0% year-on-year, compared to the initial estimate of 0.0%. Consequently, UOB has raised its full-year 2025 GDP forecast to 3.5% from the previous 3.2%, whilst maintaining the 2026 projection at 1.8%. The final Q3 GDP figures are expected to be released in late November.

Sunway Malls has announced a new sustainability campaign, “From This to That,” coinciding with United Nations Day. The initiative, running from 22 October to 9 November 2025, will feature eco-friendly workshops at Sunway Velocity Mall, Sunway Pyramid, Sunway Big Box, and Sunway Kluang Mall. The campaign aims to promote recycling, reusing, and reimagining to raise awareness of the United Nations’ Sustainable Development Goals (SDGs).

The mall group is also investing in Food Digester machines, which convert food waste into environmentally friendly greywater, and has received international SIRIM certifications, including ISO 14001 for Environmental Management. Sunway Pyramid has become the first mall in Malaysia to achieve the prestigious SIRIM 55 certification, setting a new standard for sustainability in the retail industry.

HC Chan, CEO of Sunway Malls, stated, “ESG is a crucial part of our business today. Our commitment to ESG is a bond of trust with our employees, customers, and community. This is how we ensure inclusive, ethical, and sustainable growth for all stakeholders.”

Sunway Malls is further enhancing its sustainability efforts with initiatives such as Smart Toilet Systems, Smart Parking Systems, and collaborations with partners like Kloth Cares for textile recycling. These efforts aim to reduce carbon emissions and promote a culture of reuse and recycling among tenants and visitors.

The “From This to That” campaign also includes partnerships with eco-friendly retailers like Uniqlo, The Body Shop, and Timberland, demonstrating the potential of collaboration in achieving a sustainable lifestyle.

Chivas Brothers, part of Pernod Ricard, has successfully launched The Vault on Tour in Singapore, marking its first appearance outside Scotland. Held on 5 October at 67 Pall Mall Singapore, the event was an exclusive, invitation-only experience for Southeast Asia’s most discerning collectors. Attendees were treated to an immersive journey into The Vault by Chivas Brothers, which showcases the company’s most coveted high-aged whiskies.

The event, hosted by Le Cercle by Pernod Ricard, brought together 24 members from Singapore, Malaysia, Thailand, the Philippines, and Indonesia. Guests were welcomed by Jean-Etienne Gourgues, Chairman and CEO of Chivas Brothers, and guided through the archives by Master Blender Sandy Hyslop and Archivist Robert Athol. The highlight of the event was an intimate tasting of five hand-picked single casks, including Strathisla 2002 and Longmorn 1998.

The Vault by Chivas Brothers is renowned for offering a rarefied journey into the heart of Scotch whisky at its home in Strathisla, Scotland’s oldest working distillery. This Singapore event recreated that experience, complete with a sensory immersion through sight, sound, and taste. Attendees also received a personalised box with a polished key and an invitation to the Strathisla experience.

Organised by Le Cercle, Pernod Ricard’s private client society, The Vault on Tour exemplifies the kind of rare experiences reserved for its members. The society curates immersive encounters, bringing its philosophy of shared luxury to life.

HSBC has launched its Entrepreneurial Wealth Proposition in Singapore, responding to the city’s growing appeal as a hub for business founders and wealth creators. The new service aims to meet the increasing demand for integrated banking and wealth solutions among entrepreneur clients. It offers a comprehensive range of services, including business needs, wealth structuring, and succession planning.

Singapore has been named the top global destination for entrepreneurs relocating their wealth, according to HSBC’s Global Entrepreneurial Wealth Report 2025. This highlights the city’s reputation as a stable, well-connected centre for innovation and capital. HSBC noted the “heightened activity among founder-led businesses,” reflecting the rising demand for such integrated solutions.

The new proposition is designed to connect entrepreneurs with HSBC’s full spectrum of expertise, ensuring they have access to the necessary tools for growth and legacy planning.

As Singapore continues to attract global entrepreneurs, HSBC’s initiative is poised to play a crucial role in supporting the city’s dynamic business landscape. The bank’s enhanced offering is expected to facilitate the growth and sustainability of founder-led enterprises, reinforcing Singapore’s position as a leading destination for entrepreneurial wealth.

Singapore and Peru have jointly announced the opening of applications for carbon credit projects under their Implementation Agreement. This initiative is part of a collaborative effort to enhance sustainable development and environmental conservation through the generation of carbon credits. The agreement, which facilitates the exchange of carbon credits between the two nations, aims to support projects that contribute to reducing greenhouse gas emissions.

The call for applications is a significant step in the partnership between Singapore and Peru, reflecting their commitment to addressing climate change. The projects selected will be instrumental in promoting sustainable practices and reducing carbon footprints in both countries. This initiative aligns with global efforts to combat climate change by encouraging innovative solutions and fostering international cooperation.

The Implementation Agreement between Singapore and Peru provides a framework for the development and exchange of carbon credits, which are crucial for meeting international climate targets. By inviting applications, both countries are encouraging businesses and organisations to participate in projects that have a positive environmental impact.

The collaboration is expected to attract a diverse range of projects, from renewable energy initiatives to reforestation efforts, all aimed at reducing carbon emissions. This move not only strengthens bilateral relations but also sets a precedent for other countries to follow in the pursuit of sustainable development.

In conclusion, the joint effort by Singapore and Peru to invite applications for carbon credit projects marks a pivotal moment in their environmental collaboration. The initiative promises to drive innovation and contribute significantly to global climate goals.

Zyon Grand, a mixed-use development integrated with Havelock MRT station, saw impressive sales during its launch weekend in October 2025, with 588 units—83% of its total—sold, according to Huttons Asia. The development’s central location, excellent connectivity, and proximity to amenities were key factors attracting both investors and owner-occupiers.

The launch of Zyon Grand contributed to a strong month for developer sales, with a total of 2,037 units sold across four major projects, including Faber Residence, Penrith, and Skye at Holland. Huttons Data Analytics estimates that more than 80% of the 3-bedroom+study and bigger units sold at Zyon Grand were priced at $3m and above, highlighting the market’s liquidity.

Mark Yip, CEO of Huttons Asia, noted the appeal of Zyon Grand’s location and amenities, stating that the project attracted a diverse range of buyers. The development’s proximity to major employment hubs such as the CBD, Orchard, and SGH, as well as schools like Alexandra Primary School, River Valley Primary School, and Zhangde Primary School, added to its allure.

The demand for larger units was particularly strong, with more than 85% of 3-bedroom and larger units sold. Additionally, 79 out of 98 4-bedroom units were purchased. Falling interest rates and a potential rental yield of 4% further enticed investors, resulting in around 80% of 1- and 2-bedroom units being sold.

With high sell-out rates across major projects, developer sales in October 2025 may reach a record 2,200 units, potentially making it the best month of the year. Overall, 2025 could see developer sales reaching as high as 11,000 units, the highest since 2021.

The Monetary Authority of Singapore (MAS) has released a consultation paper seeking public feedback on new measures designed to improve investors’ ability to seek civil compensation for losses due to market misconduct. The proposals, announced on 24 October 2025, aim to address challenges faced by retail investors, such as difficulties in self-organisation and funding legal actions.

The Equities Market Review Group has highlighted the need to bolster investor protection as part of efforts to attract quality listings and enhance investor confidence. MAS’s proposals include three key measures: facilitating self-organisation, providing access to funding, and reducing legal barriers to civil action.

To aid self-organisation, MAS suggests appointing an independent designated representative to coordinate legal actions on behalf of affected investors. This representative must meet specific criteria to avoid conflicts of interest and ensure impartiality.

Recognising the financial burden of legal proceedings, MAS proposes a grant scheme to co-fund legitimate investor actions. This scheme aims to cover costs for the designated representative and ensure genuine claims are supported, whilst preventing opportunistic litigation through strict governance.

The proposals also seek to refine existing legal provisions, such as simplifying procedural steps for “piggyback claims” and extending their scope. Additionally, MAS suggests legislative changes to ease proof of reliance in cases of misstatements and removing statutory caps on compensation amounts.

MAS invites feedback on these proposals by 31 December 2025, as part of its ongoing efforts to strengthen investor recourse and complement public enforcement actions against market misconduct.

Singapore’s manufacturing output experienced a substantial increase of 26.3% in September 2025, compared to the previous month on a seasonally adjusted basis. This impressive growth highlights a strong recovery in the sector, according to the latest data released by the Department of Statistics.

The surge in manufacturing output is a positive indicator for Singapore’s economy, suggesting a rebound in industrial activity. The increase is attributed to various factors, including heightened demand and improved production efficiencies across multiple industries. This growth is crucial as it reflects the resilience of the manufacturing sector amidst global economic challenges.

This significant rise in manufacturing output is expected to have positive implications for Singapore’s economic outlook, potentially boosting investor confidence and supporting further industrial expansion. As the sector continues to recover, it will be essential to monitor ongoing trends and their impact on the broader economy.

Singapore’s office rental landscape presented a mixed picture in Q3 2025, with the Urban Redevelopment Authority (URA) reporting a 0.1% quarter-on-quarter decline in the Central Region’s office rents, marking a second consecutive quarterly drop. However, Prime Central Business District (CBD) office spaces bucked the trend, recording a 2.5% increase in median rents, attributed to a flight to quality and tightening supply.

The URA data revealed that the vacancy rate for Category 1 office buildings, which includes modern and high-rental spaces, decreased to 9.9% from 11.0% in Q2 2025. Meanwhile, Category 2 office buildings saw unchanged rents with a slight vacancy increase to 11.7%. CBRE Research noted a 0.8% rise in Core CBD (Grade A) rents, with vacancy rates dropping to 5.1% in Q3 2025.

Tricia Song, CBRE Head of Research for Southeast Asia, highlighted that occupier demand remains broad-based, driven by sectors such as banking, finance, and flexible workspace operators. Notably, Paya Lebar Green achieved full occupancy following Visa’s relocation, contributing to a rental index increase in the Fringe Area.

Looking ahead, CBRE Research anticipates a continued positive momentum into Q4, forecasting a full-year rental growth of around 3% for 2025. The tight supply environment is expected to prompt occupiers to accelerate leasing decisions, with limited new supply and low vacancy supporting market resilience into 2026.