Regional News

GuocoLand’s Springleaf Residence, a high-end residential development in Singapore, achieved remarkable success during its launch weekend, selling 92% of its 941 units. The development, which integrates nature and heritage conservation, drew significant interest from homebuyers, with prices starting at $630,000 (S$860,000) for a one-bedroom unit. The launch took place over 15 and 16 August 2025, with an average selling price of $1,590 (S$2,175) per square foot.

The project saw almost all of its two-bedroom units sold, whilst 95% of the three- and four-bedroom units were snapped up. The five-bedroom flats also attracted buyers, with 45% of the units sold. The majority of purchasers were Singaporeans and permanent residents, including singles, young couples, families, and multi-generational households. Buyers were particularly drawn to the condominium’s location, lush setting, and well-designed unit layouts.

Springleaf Residence is situated on a 3.2-hectare site and is the first high-rise condominium in the Springleaf precinct. It offers 909 two- to five-bedroom flats across five 25-storey towers, along with 32 one- to three-bedroom flats in a conserved building. Dora Chng, Residential Director at GuocoLand, noted, “This marks the start of Springleaf’s transformation into one of Singapore’s most sought-after private residential enclaves.”

Following this success, GuocoLand plans to launch Faber Residence, a 399-unit waterfront development, by the end of the year. This project will feature nine low-rise blocks and offer a unique blend of waterfront living and natural surroundings. Faber Residence will be jointly developed with TID Pte. Ltd. and Hong Leong Holdings.
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Springleaf Residence, the first high-rise development in the Springleaf estate, witnessed a remarkable sales performance during its launch weekend, selling 880 units. This makes it the second best-selling project of 2025, following PARKTOWN Residence. The development’s attractive pricing and strategic location have drawn significant interest from both private property owners in the vicinity and HDB upgraders.

The project, which offers a mix of 1- to 5-bedroom units, saw all 1- and 2-bedroom units sold out, with nearly 97% of 3-bedroom units also snapped up. Larger units, such as the 4- and 5-bedroom options, experienced strong demand, with over 90% of 4-bedroom units sold and nearly half of the 5-bedroom units purchased, primarily by multi-generational families.

Mark Yip, CEO of Huttons Asia, attributed the strong sales to several factors, including lower interest rates and revised GDP forecasts for 2025. “The excellent sales results will give confidence to developers to bid for the adjacent GLS site,” he noted, anticipating up to five bidders with top bids ranging from $900 to $1,000 psf ppr.

Springleaf Residence’s starting price of $1,995 psf is considered highly competitive, offering a price premium of less than 15% compared to new Executive Condominium (EC) projects. The development’s proximity to Singapore’s largest nature reserve and convenient MRT access to key locations like Orchard, the CBD, and Changi Airport further enhance its appeal.

As construction costs rise, the starting quantum of $878,000 for a 1-bedroom unit is likely to be one of the lowest prices available post-harmonisation, making Springleaf Residence an attractive option for prospective buyers.
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CapitaLand Ascendas REIT Management Limited has announced the divestment of five industrial and logistics properties in Singapore for S$329 million. The sale, expected to complete in Q4 2025, includes properties at 31 Ubi Road 1, 9 Changi South Street 3, 10 Toh Guan Road, 19 & 21 Pandan Avenue, and 30 Tampines Industrial Avenue 3. The transaction reflects a 6% premium over the properties’ market valuation of S$311.3 million and a 20% premium over their original purchase price of S$274.2 million.

The divestment aligns with CapitaLand Ascendas REIT’s (CLAR) proactive capital recycling strategy, aimed at enhancing portfolio quality and optimising returns for unitholders. The net proceeds, estimated at S$313.1 million, may be used for various purposes, including financing investments, debt repayment, and distributions to unitholders. If applied to debt repayment, CLAR’s aggregate leverage could decrease from 37.7% to approximately 36.6%.

Following the divestment, CLAR will own 226 properties globally, including 93 in Singapore. This move follows the recent sale of Parkside in Portland, US, for $19.3 million (S$26.5 million), which was completed in June 2025 at a 45% premium to its market valuation. To date, CLAR has announced divestments totalling S$355.5 million in 2025.

The properties being divested include a mix of industrial and logistics spaces with varying gross floor areas and lease tenures. The sale of 30 Tampines Industrial Avenue 3, currently unoccupied, was agreed at a 5% premium over its market valuation.
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Singapore Airlines (SIA) Group reported a robust increase in passenger demand for July 2025, with traffic rising by 6.2% compared to the same period last year. This growth outpaced the 2.8% expansion in passenger capacity, resulting in a passenger load factor of 88.5%, up by 2.9 percentage points year-on-year.

The group, which includes both Singapore Airlines and its low-cost subsidiary Scoot, carried a total of 3.5 million passengers, marking a 9.7% increase from the previous year. Singapore Airlines achieved a passenger load factor of 87.4%, whilst Scoot reached 92.2%. The increase in passenger numbers was largely attributed to the traditional summer peak season.

Cargo operations, however, faced challenges. Despite a 2.1% year-on-year increase in cargo loads, the growth was slightly below the 2.7% rise in cargo capacity. Consequently, the cargo load factor decreased by 0.3 percentage points to 57.1%. The demand for cargo was supported by front-loading activity amidst tariff uncertainties, although at a slower pace than in previous months.

By the end of July 2025, the SIA Group’s passenger network spanned 129 destinations across 37 countries and territories, with Singapore Airlines serving 78 destinations and Scoot 73. The cargo network covered 133 destinations in 38 countries and territories. This extensive network underscores the group’s commitment to maintaining a strong global presence.
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ETC, a commercial real estate advisory firm, has successfully sold a freehold corner shophouse at 247 & 249 Joo Chiat Place for $6.25 million (S$8.55 million). The property, located in Singapore’s prime District 15, fetched approximately $2,122 (S$2,902) per square foot on the floor area. The sale was completed following an Expression of Interest exercise that closed on 26 June 2025, attracting multiple competitive offers from investors and F&B operators.

The shophouse, which enjoys dual frontage along Still Road and Joo Chiat Place, is currently home to the popular Eng Seng Restaurant, renowned for its black pepper crabs. The restaurant will cease operations on 31 August 2025. A significant feature of the property is its permanent approved use as an “eating house,” a status no longer issued in the East Coast/Joo Chiat precinct, making it a highly coveted investment.

Swee Shou Fern, Head of Investment Advisory at ETC, part of Realion Group, commented on the sale: “The sale underscores the enduring appeal of tightly held assets in prime locations. Eating houses, in particular, remain a resilient and sought-after investment class due to their scarcity and stable demand.”

The property’s strategic location, surrounded by established residential estates, schools, and healthcare facilities, enhances its long-term value. It is well-connected by public transport, with Eunos MRT Station less than 700 metres away.

This transaction reflects the ongoing demand for prime real estate in Singapore, particularly in areas with limited supply and high demand.
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Developers in Singapore experienced a significant rebound in private home sales in July, reaching a five-month high with 940 units sold, excluding executive condominiums. This marks a more than threefold increase from June’s 272 units and a 63% rise compared to July 2024. The surge was largely fuelled by strong demand for new projects in the city and city-fringe areas, according to data released by the Urban Redevelopment Authority (URA).

Four new projects were launched in July, including LyndenWoods in the Science Park, The Robertson Opus, UpperHouse at Orchard Boulevard, and W Residence Marina View-Singapore. These accounted for approximately 70% of the month’s sales. LyndenWoods led the sales with 331 units sold at a median price of $2,463 per square foot (psf).

The Core Central Region (CCR) saw a remarkable recovery, with sales hitting 357 units, the highest monthly figure in over four years. The Robertson Opus and UpperHouse at Orchard Boulevard were the top performers in this region. UpperHouse sold 178 units at a median price of $3,259 psf, whilst The Robertson Opus moved 149 units at $3,359 psf.

In contrast, the Outside Central Region (OCR) experienced muted sales due to a lack of new launches, with only 70 units sold. However, sales are expected to pick up in August with new projects like Canberra Crescent Residences and Springleaf Residence entering the market.

Wong Siew Ying, Head of Research & Content at PropNex Realty, noted, “July marked a bright start to the second half of 2025 for developers’ sales and may signal a broader recovery in the CCR sub-market.” With more projects slated for launch, developers’ sales for 2025 could reach between 8,000 and 9,000 units, excluding executive condominiums.
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New home sales in Singapore experienced a significant rebound in July 2025, breaking a four-month decline, as reported by the Urban Redevelopment Authority (URA).

The surge was largely attributed to the launch of five new projects, marking the highest number of releases since November 2024, Christine Sun, Chief Researcher and Strategist, Realion Group, the group behind ETC and OrangeTee, said in a note.

Sales of new homes, excluding executive condominiums (ECs), more than tripled to 940 units, a 245.6% increase from June’s 272 units. Including ECs, sales rose by 329.8% to 1,311 units.

Among the new projects, The Robertson Opus, an executive condominium, was a standout, selling 149 of its 348 units. Its 999-year leasehold tenure and prime location near Orchard Road and the Central Business District attracted buyers. Other successful projects included Otto Place, LyndenWoods, and UpperHouse at Orchard Boulevard.

The city fringe or Rest of Central Region (RCR) saw the majority of sales, accounting for 54.6% of transactions, followed by prime areas at 38% and suburban areas at 7.4%. The luxury market also showed signs of recovery, with 29 non-landed homes priced between S$5 million and S$10 million sold, up from 11 in the previous month. However, ultra-luxury condo sales were subdued, with only two transactions exceeding S$10 million.

Looking ahead, the positive sales performance is expected to boost market sentiment, encouraging hesitant buyers to invest. Sun said. With interest rates moderating, making mortgages more affordable, demand is likely to remain resilient. A robust pipeline of new project launches in the third quarter of 2025, including Springleaf Residence and The Sen, will provide more options for investors and local buyers.
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Singapore’s property market witnessed a significant uptick in activity in July 2025, with developer sales reaching 940 units, excluding Executive Condominiums. This marks a substantial 245.6% increase from June’s 272 sales and a 63.2% rise compared to July 2024, according to Knight Frank Singapore’s Head of Research, Leonard Tay.

The surge was largely driven by the successful launch of Lyndenwoods, which sold 97% of its 343 units at a median price of S$2,463 per square foot. New launches in the core central region, such as UpperHouse at Orchard Boulevard and The Robertson Opus, also contributed to the heightened activity, with sales of 59% and 43% respectively.

Despite the Additional Buyer’s Stamp Duty continuing to deter foreign buyers, local demand remains robust. Tay noted a shift in buyer sentiment, with more locals willing to pay a premium for new properties. “Local homebuyers are expected to support activity in the prime home market segment, largely for their own occupation,” he said.

The first seven months of 2025 have seen an estimated 5,527 primary transactions, aligning with Knight Frank’s forecast of 7,000 to 9,000 transactions for the year. This resurgence comes despite recent increases in Seller’s Stamp Duty rates and an extended holding period.

The influx of new citizens and permanent residents, with 23,472 new citizens and 34,491 new permanent residents in 2023, is expected to further bolster the market. As global instability persists, Singapore’s stable environment continues to attract those seeking high-rise living opportunities.
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Singapore’s property market witnessed a significant upswing in July 2025, with developers launching 1,675 units for sale, marking a 16.3-fold increase from June 2025 and a 171.9% rise year-on-year. This surge came despite the introduction of cooling measures on 4 July, which increased the holding period and magnitude of the Seller’s Stamp Duty (SSD). Buyers remained undeterred, viewing property as a mid to long-term investment, Huttons said in a note.

Three major projects—LyndenWoods, The Robertson Opus, and UPPERHOUSE at Orchard Boulevard—were pivotal, contributing 70% of the 940 units sold in July. This figure represents a 245.6% increase from June and a 63.2% rise compared to July 2024. LyndenWoods, the first residential project in Singapore Science Park, sold 331 units, or 96.5% of its offerings, with starting prices comparable to those in the Outside Central Region.

The Core Central Region (CCR) projects, The Robertson Opus and UPPERHOUSE, also performed well, underscoring the strong demand for prime properties. The narrowing price gap between CCR and Rest of Central Region (RCR) homes—from 56.5% in 2018 to 1.9% in the first half of 2025—has made CCR properties more attractive.

Huttons Data Analytics estimates that developers sold 5,527 units in the first seven months of 2025, about 69% of their full-year forecast. Looking ahead, the market anticipates further launches, with five projects expected in August 2025, potentially adding 2,472 units to the market.
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Airwallex, headquartered in Singapore, has announced a remarkable achievement as it crosses $200 billion in annualised transaction volume, marking a 92% year-on-year increase. The company’s Annualised Revenue Run Rate (ARR) has also surged past $900 million, up 89% from the previous year, just three months after surpassing the $800 million mark. This growth comes as Airwallex approaches its 10th anniversary.

The fintech firm has seen a substantial rise in its customer base, with 13,372 new transacting clients added in Q2 2025, representing an 84% increase year-on-year. Airwallex’s global presence now spans 26 markets, with new offices established in Paris, Abu Dhabi, and Dubai. The company has also expanded into Brazil and Mexico through the acquisition of CTIN Pay in Vietnam.

Airwallex is set to introduce new products in Japan, Korea, the UAE, and Latin America, whilst accelerating its go-to-market efforts in Europe, North America, and Southeast Asia. Additionally, the company is venturing into the brick-and-mortar sector with the launch of its Point of Sale (POS) terminal, initially piloted in Singapore and Hong Kong.

The company is also embracing artificial intelligence (AI) with a company-wide initiative to explore how AI can transform daily operations. Airwallex is developing an AI-native solution for founders and CFOs, aiming to streamline financial processes from incorporation to IPO.

As Airwallex continues to expand and innovate, its growth trajectory suggests significant future developments in the fintech landscape.
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