Regional News

Singapore’s retail sales have shown a lacklustre performance in the first half of 2025, according to a report by UOB Global Economics and Markets Research. The overall sales grew by just 1.2% year-on-year, a slight dip from 1.4% in 2024 and 2.3% in 2023. The tepid growth is attributed to a sluggish recovery in tourist arrivals, which remain below pre-pandemic levels, particularly from China.

In June, retail sales declined by 1.2% month-on-month, seasonally adjusted, despite a year-on-year increase of 2.3%, largely due to low base effects. Specific sectors such as computers and telecommunications equipment, mini-marts and convenience stores, and food and alcohol experienced consecutive monthly contractions. However, motor vehicle sales provided a boost, with a significant 14.6% year-on-year increase in June.

The report highlights that the diversion of resident spending abroad during the June school holidays, coupled with a strong Singapore dollar, has further impacted retail sales. Outbound air departures of Singapore residents have exceeded 2019 levels, indicating a shift in spending patterns.

Looking ahead, retail sales are expected to remain subdued for the remainder of 2025, as the labour market shows signs of cooling. The Ministry of Manpower’s advance release for Q2 2025 indicated a slight dip in firms’ hiring plans and intentions to raise wages for Q3 2025, which could slow wage growth and dampen discretionary spending. Nonetheless, initiatives like the SG60 vouchers and upcoming events such as the Formula 1 Singapore Grand Prix may offer some support to retail activity.
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TransferMate, a leading provider of embedded B2B payments infrastructure, has received in-principle approval from the Monetary Authority of Singapore (MAS) to enhance its Major Payment Institution (MPI) licence. This approval allows TransferMate Pte. Ltd. to add account issuance, domestic money transfers, and e-money issuance to its services in Singapore.

This development strengthens TransferMate’s regulatory presence in the Asia-Pacific region, enabling the company to offer expanded local services. The new licence capabilities will allow clients to store funds in a dedicated Global Account, facilitating easier money transfers, currency conversions, and payment operations across Asia. Gary Conroy, CEO of TransferMate, highlighted the significance of the approval, stating, “Singapore is fast becoming the financial heartbeat of Asia, and securing in-principle approval from MAS marks a major step forward in our commitment to the region.”

TransferMate operates the largest fintech payment infrastructure globally, supporting transactions in over 140 currencies across more than 200 countries. The company’s strategic focus on Singapore as an APAC hub positions it to assist businesses in simplifying financial operations and scaling internationally. The in-principle approval indicates that MAS may grant full approval upon meeting specific conditions, although it reserves the right to rescind the approval if necessary.

This move is part of TransferMate’s broader strategy to secure over 100 licences worldwide, enhancing its ability to offer comprehensive financial solutions to businesses globally.
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Huttons Asia has provided insights into the recent Government Land Sales (GLS) for executive condominium (EC) sites at Senja Close and Woodlands Drive 17, both of which attracted five bidders each. The top bids were $771 per square foot per plot ratio (psf ppr) for Senja Close and $782 psf ppr for Woodlands Drive 17, both submitted by City Developments Limited (CDL).

The Senja Close site marks the second EC development in Bukit Panjang in over a decade, following Blossom Residences in 2011, which has seen price gains of nearly 80%. The site is strategically located within a 500-metre walk to Jelapang LRT station, providing easy access to Bukit Panjang MRT station and various amenities, including malls and schools. With a potential pool of nearly 8,000 flats in Bukit Panjang and Choa Chu Kang meeting the five-year Minimum Occupation Period (MOP) by 2027, the site is expected to attract significant interest from HDB upgraders.

Similarly, the Woodlands Drive 17 site is positioned near Woodlands South MRT station, offering connectivity to the Woodlands Regional Centre and beyond. The last EC project in the area, Bellewoods, launched in 2014, has experienced a price increase of almost 70%. The upcoming development is poised to benefit from the transformation of the Woodlands Regional Centre, including the completion of the Johor-Singapore Special Economic Zone (SEZ) and the Rapid Transit System (RTS) link by 2026.

Mark Yip, CEO of Huttons Asia, noted the stability and attractiveness of the EC market, driven by a strong pipeline of HDB upgraders seeking private lifestyle options at competitive prices. Both projects are anticipated to launch in 2027, catering to the growing demand for ECs in Singapore’s west and north regions.
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ST Engineering’s Urban Solutions division has been awarded two significant contracts by Singapore’s Land Transport Authority to provide advanced rail electronics solutions for the Thomson-East Coast Line Extension (TELe). The extension, comprising four stations, will see the implementation of a communications system and access management system under the first contract. The second contract, in collaboration with Alstom, involves delivering a data communication system and platform screen doors (PSDs). These projects are set to commence in the third quarter of 2025.

The contracts include upgrading existing systems at Tanah Merah, Expo, and Changi Airport stations, as well as deploying new systems at the future Changi Airport Terminal 5 station. Gareth Tang, Acting President of Urban Solutions at ST Engineering, highlighted the company’s longstanding contribution to Singapore’s rail network, stating, “The Thomson-East Coast Line Extension presents a unique challenge with its combination of existing and new stations, and we will leverage our experience, technical and engineering capabilities to ensure smooth deployment.”

The new systems will form the digital nerve centre of the TELe, facilitating real-time coordination across trains, stations, and operation control centres. The access management system will enhance security by securing restricted areas within the stations. Additionally, over 230 sets of PSDs will be installed, serving as safety and environmental barriers.

Part of Singapore’s 2040 Land Transport Master Plan, the 14-km TELe will provide a direct MRT connection between Changi Airport and the city centre, reducing travel times and improving commuter convenience. These contracts further bolster ST Engineering’s global track record, having secured over 200 rail projects in more than 50 cities worldwide.
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The Housing Development Board (HDB) has announced the tender results for two executive condominium (EC) sites in Senja Close and Woodlands Drive 17, which could potentially offer a combined total of 715 new EC units. These sites, part of the 1H 2025 Confirmed List of the government land sales (GLS) programme, mark the first EC GLS tenders to close this year.

Both sites received five bids each, with the top bids surpassing the current record land rate for an EC GLS site. Wong Siew Ying, Head of Research and Content at PropNex, noted that despite the increased supply of EC sites and the batched tender close, developers remained keen, likely due to the strong fundamentals supporting the EC segment.

The Woodlands Drive 17 site, which could yield 420 new units, saw a top bid of $361 million from City Developments Limited, translating to a land rate of $782 per square foot per plot ratio (psf ppr). This bid narrowly surpassed the second highest bid from Sim Lian Group. The site’s proximity to the Woodlands South MRT station and other amenities makes it attractive to developers.

Meanwhile, the Senja Close site, capable of producing 295 units, also attracted a top bid from City Developments Limited at $253 million, equating to a land rate of $771 psf ppr. This site is strategically located near the Jelapang LRT station and various schools, which is expected to draw interest from HDB upgraders in the area.

With these developments, PropNex anticipates continued confidence in the EC market due to limited supply and stable demand, particularly among first-time homebuyers and HDB upgraders. The EC segment remains appealing due to its affordability compared to other new condominiums.
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The Housing & Development Board has concluded the land tenders for two Executive Condominium (EC) sites at Senja Close and Woodlands Drive 17, part of the 1H2025 Government Land Sales programme. The Senja Close site is expected to yield approximately 295 residential units, whilst the Woodlands Drive 17 site could produce around 420 units. Both sites received significant interest, with five bids each, reflecting the ongoing popularity of ECs among eligible HDB upgraders.

At Senja Close, the highest bid came from CDL Constellation Pte. Ltd. at S$252,899,000, translating to about S$771 per square foot per plot ratio (psf ppr). This bid exceeded expectations and was 6.3% higher than the next highest bid from TID Residential Pte. Ltd. The site’s proximity to schools and amenities, such as Senja Hawker Centre and Greenridge Shopping Centre, enhances its appeal. Additionally, the nearby Jelapang LRT station offers convenient transport links.

Woodlands Drive 17 saw the highest bid from CDL Divine Pte. Ltd. at S$360,899,000, or around S$782 psf ppr, setting a new record for EC land rates. This site is strategically located near primary and secondary schools and is within walking distance of Woodlands South MRT Station on the Thomson-East Coast Line. The future development of the Woodlands Regional Centre as a major economic hub further boosts its attractiveness.

The scarcity of EC and private home supply in these areas, coupled with the time elapsed since the last EC launches, suggests pent-up demand. Another EC site near Woodlands Drive 17 is set for release in October 2025, with expectations of continued strong interest from developers and homebuyers.
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SATS Ltd. has unveiled a new Bulk Unitisation Programme (BUP) Handling Centre at Changi Airport, designed to enhance airfreight operations by reducing cargo processing time by 20%. The facility, which spans 3,000 square metres, aims to streamline the handling of BUP shipments—cargo packages assembled by freight forwarders—by cutting processing time from two-and-a-half hours to two hours.

The BUP Handling Centre, operated by SATS Cargo, features six lanes and six weighing stations, allowing for more efficient processing compared to the previous system. This improvement is expected to offer customers greater flexibility and quicker response times, particularly for time-sensitive shipments. The facility also aims to alleviate congestion at existing airfreight terminals and improve the overall efficiency of cargo operations.

Kuah Boon Kiam, Senior Vice-President of Cargo Services at SATS Singapore Hub, stated, “The BUP Handling Centre’s enhanced processes are a game-changer for SATS Cargo operations at Changi Airport. The new facility will allow faster, safer, and more efficient processing and handling of air cargo shipments, by day and by night and in all-weather conditions.”

The centre will also serve as a testbed for new systems and processes that could be implemented at Changi Airport’s upcoming Terminal 5 and the Changi East Industrial Zone. This development underscores SATS’ commitment to maintaining Singapore’s status as a leading global aviation and logistics hub.

As SATS continues to expand its operations globally, the company remains committed to its Singaporean roots, with plans to invest over $250 million in upgrading ground support equipment and cargo handling infrastructure at Changi Airport.
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City Developments Limited (CDL) has emerged as the top bidder for two Executive Condominium (EC) sites at Senja Close and Woodlands Drive 17, according to Knight Frank Singapore. The Government Land Sales (GLS) tenders for these sites closed with both achieving land rates above expectations, surpassing the previous record of S$768 per square foot per plot ratio (psf ppr) set in October 2024.

The Senja Close site attracted a top bid of S$771 psf ppr, despite its distance from an MRT station. Leonard Tay, Head of Research at Knight Frank Singapore, noted that the site could appeal to first-time buyers and HDB upgraders due to the lack of recent EC projects in the Bukit Panjang Planning Area. The area is well-served by amenities such as parks, hawker centres, and schools, making it attractive for families.

Meanwhile, the Woodlands Drive 17 site, located near Woodlands South MRT Station and the Woodlands Health Campus, achieved a record land rate of S$782 psf ppr. Tay highlighted the site’s potential benefits from the Johor Bahru–Singapore Rapid Transit System and the Johor-Singapore Special Economic Zone, positioning Woodlands as a growth area.

Both sites received five bids each, indicating strong interest from developers. If awarded, CDL will significantly strengthen its presence in the EC market. Launch prices for these projects are expected to start just under S$1,800 psf, with average prices ranging from S$1,900 to S$2,000 psf, depending on various factors.
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Singapore’s Defence Minister, Chan Chun Sing, is set to embark on an introductory visit to Jakarta, Indonesia, from 5 to 6 August 2025. The visit aims to reinforce the strong defence ties between the two nations. During his stay, Chan will engage with Indonesian Defence Minister Lieutenant General Sjafrie Sjamsoeddin and other key figures in the Indonesian leadership.

The agenda includes Chan delivering a lecture at the National Resilience Institute (LEMHANNAS), a pivotal institution in Indonesia’s strategic framework. Additionally, he will visit a facility under the Free Nutritious Meals programme, known locally as Makanan Bergizi Gratis, which underscores Indonesia’s commitment to social welfare.

This visit is significant as it not only strengthens bilateral defence cooperation but also highlights Singapore’s support for Indonesia’s social initiatives. Chan will be accompanied by Vice Admiral Aaron Beng, Chief of Defence Force, and other officials from the Ministry of Defence (MINDEF).

The trip is expected to bolster mutual understanding and collaboration in defence and social welfare, reflecting the enduring partnership between Singapore and Indonesia.
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Cosmos Hotel Management Co. Ltd, the operator of Japan’s leading flat hotel brand MIMARU, is set to introduce a novel holiday concept for Singaporean families. This autumn and winter, MIMARU will propose “learn-and-play” family holidays, combining STEAM-themed learning experiences with Japan’s seasonal landscapes and cultural activities. The announcement comes ahead of the NATAS Holidays 2025 event, scheduled from 15 to 17 August at Singapore EXPO.

MIMARU has become a favourite among Singaporean families, with over 90% of its guests being international families. The hotel offers spacious rooms ranging from 40 to 100 square metres, complete with kitchens and living-dining areas, making them ideal for families and groups. With 27 locations across Tokyo, Kyoto, and Osaka, MIMARU provides convenient city stays with easy access from Singapore via direct flights.

The hotel brand’s appeal is further enhanced by its friendly, English-speaking staff from 38 countries and regions. MIMARU’s 2024 guest data revealed that one in every 25 Singaporean visitors to Japan chose to stay at their properties.

MIMARU’s new family holiday ideas include exploring science and pop culture through hands-on activities at destinations like teamLab Planets and Akihabara. Families can also enjoy Japan’s autumn and winter landscapes and participate in traditional festivities such as mochi-making and crafting New Year’s decorations. “At MIMARU, we welcome many families from Singapore throughout the year. We’re happy to propose this new travel idea combining STEAM education and cultural experiences,” said MIMARU staff.

For more information, visit MIMARU’s website.
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