Regional News

Singapore’s Ministry of Trade and Industry has revised the country’s Q1 GDP growth to 3.9% year-on-year, up from the initial estimate of 3.8%.

This revision defies expectations of a downgrade to 3.6%, with the services and construction sectors leading the positive surprise. The services sector saw growth revised to 3.6% from 3.4%, bolstered by information and communication, finance and insurance, and professional services. Meanwhile, construction growth was adjusted to 5.5% from 4.6%, primarily due to residential building activities.

The resilience of domestically-oriented sectors, including construction, retail trade, and real estate, contributed to this upward revision, showing an improvement for the third consecutive quarter. Despite global trade uncertainties, these sectors have demonstrated robustness, with growth rising to 3.0% from 2.5% in the previous quarter.

On the demand side, private consumption improved to 3.4% from 2.2%, aligning with the growth in domestically-oriented sectors. However, public consumption saw a decline, impacting the overall domestic demand contribution to GDP growth, which moderated to 1.3 percentage points from 3.3 in Q4 2024.

Nomura maintains its 2025 GDP growth forecast for Singapore at 2.0%, above the consensus of 1.6%, and anticipates fiscal support measures post-elections to further bolster the economy. The likelihood of a technical recession in Q2 remains low, with strong export growth in April expected to support near-term economic activity.
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Singapore has been recognised as one of the world’s most emotionally magnetic cities, according to the newly released City Pulse 2025 report by the Gensler Research Institute. The study, which surveyed 33,000 residents across 65 cities globally, highlights that emotional connection, rather than infrastructure or affordability, is the primary factor in long-term urban retention.

The report reveals that 77% of Singapore’s residents are satisfied with the city as a place to live, surpassing the global average. Singapore ranks among the top three cities worldwide for “staying power,” with residents expressing high levels of trust, safety, and civic pride. Despite rising living costs, Singaporeans maintain strong emotional bonds that keep them anchored.

Angela Spathonis, Managing Director of Gensler Singapore, stated, “Singapore has long invested in infrastructure, housing, and public services, but this report shows it’s the city’s emotional infrastructure that truly sets it apart.”

The findings suggest that whilst economic opportunities, safety, and healthcare access attract people to cities, the intangible qualities of pride, belonging, and feeling “at home” are crucial for long-term retention. In Singapore, these emotional connections outweigh economic pressures, anchoring residents despite affordability challenges.

The report underscores the importance of “emotional infrastructure,” such as public parks and cultural spaces, in retaining residents. Spathonis added, “The cities of the future won’t just be the most efficient, they’ll be the most meaningful.”

As Singapore addresses population growth and sustainability goals, City Pulse 2025 offers insights for creating cities that are both liveable and meaningful. For more information, visit Gensler’s website.
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A new initiative, #BeansOnTheMenu Singapore, has been launched to transform the city’s culinary landscape by incorporating more bean-based dishes into menus across the city. The campaign, running from May 2025 to April 2026, is a collaboration between the Global Pulse Confederation (GPC), the Singapore Tourism Board (STB), and Beans is How, and was unveiled at the Pulses 25 convention on 22 May 2025.

The campaign encourages hotels, restaurants, cafés, and food services in schools and hospitals to add at least one pulse-based dish to their menus. Participants will track sales data and share success stories to inspire others. Key partners include SUPERSIMPLE, a Singapore-based café, and abillion, a global platform promoting plant-based dining.

The initiative aims to address Singapore’s food-system goals by increasing the visibility of pulses like beans, dried peas, and lentils. These ingredients offer numerous benefits, including culinary versatility, health advantages, and contributions to food security and climate action. Pulses are rich in protein and fibre, low in fat, and have a low environmental footprint, making them an ideal fit for Singapore’s dietary and sustainability objectives.

Paul Newnham, CEO of SDG2 Advocacy Hub, stated, “Beans are a gateway to transforming food systems – from the soil to the plate.” Vijay Iyengar, President of GPC, added, “We are thrilled to be partnering on the #BeansOnTheMenu campaign to bring the focus to Singapore.”

The campaign is expected to drive culinary innovation and sustainability in Singapore, with more local food service providers anticipated to join.
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ETC has announced the sale of a prime strata office floor in the Tung Ann Association Building, located on Cecil Street in Singapore’s Central Business District (CBD). The sale, managed by ETC as the sole marketing agent, will be conducted through a tender process closing on 19 June 2025 at 3pm. The property, situated on the fifth floor, offers a strata area of 403 square metres (approximately 4,338 square feet) and is priced at $8.4m (S$11.5m), equating to $1,940 (S$2,651) per square foot.

The office floor benefits from ample natural light and is available to both local and foreign buyers without the imposition of Additional Buyer’s Stamp Duty or Seller’s Stamp Duty. Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the scarcity of such properties, noting that “strata office supply in the Central Area has been significantly constrained since URA’s restriction on strata subdivision in commercial and mixed-use developments in March 2022.”

The Tung Ann Association Building, strategically positioned at the corner of Cecil Street and McCallum Street, offers excellent visibility and proximity to key MRT stations, including Tanjong Pagar, Shenton Way, and Telok Ayer. This location, combined with the rarity of freehold full-floor strata offices in the CBD, makes it an attractive proposition for corporate investors, family offices, and high-net-worth individuals. Shou Fern added that these assets are ideal for those “looking to preserve and grow capital in Singapore’s resilient real estate market.”

The sale of this office floor presents a unique opportunity for owner-occupiers to centralise operations in a strategic CBD location, enhancing space efficiency. With the last transaction in the building recorded in 2010, this offering is a rare chance to acquire a highly sought-after asset in Singapore’s competitive real estate market.
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Singaporean crypto investors are adopting a more strategic approach in response to a selective bull market, according to the 2025 Independent Reserve Cryptocurrency Index. The study, conducted by Independent Reserve, Singapore’s first licenced cryptocurrency exchange, highlights a trend of strategic profit-taking and portfolio rebalancing rather than widespread buying.

Nearly half of Singaporean crypto investors, or 49%, have sold part or all of their holdings, with 67% of these investors securing profits. This shift comes amid a changing macro environment marked by political changes and rising global costs. Despite a market rally in 2024, crypto ownership in Singapore has decreased, with only 29% of respondents reporting ownership, down from 40% the previous year.

Bitcoin and Ethereum remain the most popular cryptocurrencies, with 68% and 48% ownership, respectively. The study indicates a “flight to quality,” with 65% of investors holding only two to five types of crypto assets. Lasanka Perera, CEO of Independent Reserve Singapore, noted, “Seasoned investors in Singapore have weathered a few market cycles and are now choosing to concentrate on a handful of strong, well-established cryptocurrencies they have conviction in.”

Public awareness of cryptocurrencies is at an all-time high, with 94% of respondents familiar with at least one crypto asset. The study also highlights the influence of US policies, particularly under President Trump’s administration, which has introduced crypto-friendly measures. This has contributed to a surge in Bitcoin’s value, surpassing $100,000 in December 2024.

Looking ahead, 53% of crypto investors are likely to buy more in the next 12 months, reflecting continued confidence in the market. However, 58% of respondents indicated that clearer regulations would increase their trust in cryptocurrencies. As Singaporean investors navigate this selective bull market, they are prioritising strategic, informed decisions over speculative hype.
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TikTok Shop has rapidly become a major player in Singapore’s e-commerce landscape, marking its third anniversary with significant growth. As of April 2025, the platform has experienced a 69% year-on-year increase in shoppers and a 75% rise in active local sellers. This growth is attributed to its unique approach to “discovery commerce,” where engaging content and community interaction drive sales.

The platform’s success highlights a shift from traditional e-commerce to a model where entertainment and real-time engagement are central to the shopping experience. TikTok Shop’s innovative strategy has empowered creators and supported small businesses, contributing to the broader e-commerce boom in Southeast Asia. Regional sales are projected to more than double from $184b to $410b by 2030.

To commemorate its anniversary, TikTok Shop is launching the 6.6 Birthday Sale from 1-7 June, offering free shipping, daily 50% off LIVE vouchers, and stackable discounts of up to 70%. This celebration underscores TikTok Shop’s commitment to reshaping the retail landscape through innovation and community-driven commerce.

The platform’s success is also reflected in the stories of its livestream hosts. Emerging talents like Karen, Claire Si Ting, and Dave Peter Ho have turned livestreaming into lucrative careers, whilst established hosts such as Emily Tan and Fredy Chia have built thriving communities and businesses. Their journeys exemplify the transformative power of TikTok Shop in the e-commerce sector.

As TikTok Shop continues to grow, it sets new consumer trends and redefines how people shop online, promising further innovations in the future.
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Gprnt has unveiled the world’s first nationwide utility for sustainability reporting, enabling Singapore-based companies to automatically generate their emissions data using Corppass. Supported by Ant International and MUFG Bank, this initiative marks a significant step in Singapore’s ambition to lead in green finance and digital ESG infrastructure. The platform allows companies to access their utilities data, such as water and electricity consumption, and convert it into sustainability metrics at no cost.

The launch of Gprnt is a pivotal development for Singapore’s digital sustainability infrastructure. By integrating with the Government Technology Agency of Singapore’s Myinfo business service, companies can securely retrieve data and simplify their sustainability disclosures. This is particularly beneficial for small and medium-sized enterprises (SMEs), which can leverage these disclosures to access sustainable finance and participate in green procurement schemes.

Ravi Menon, Chairman of the GFTN Board of Directors, highlighted the platform’s potential: “Gprnt is a game-changer for Singapore companies’ sustainability reporting. High-integrity sustainability data is critical for businesses to formulate effective transition plans for decarbonisation.”

Gprnt has also completed a seed funding round, raising $4.62m (S$6m) to enhance its digital infrastructure and AI capabilities. The funds will accelerate the onboarding of partners in Singapore and across the region. Ant International and MUFG Bank are integrating Gprnt into their ecosystems to support firms with sustainability disclosures and unlock new opportunities.

Looking ahead, Gprnt plans to expand its services across Asia, introducing innovations such as a sustainability marketplace and support for Scope 3 supply chain reporting. This initiative aims to empower stakeholders across the value chain towards practical climate action.
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Asia Pacific Breweries Singapore, part of The HEINEKEN Company, has announced the appointment of Anca Olteanu as its new Managing Director, effective May 2025. Olteanu succeeds Reinoud Ottervanger, who has returned to the Netherlands due to personal circumstances but will remain with the HEINEKEN group. She will report to Kenneth Choo, Regional Managing Director of HEINEKEN Asia Pacific.

Olteanu joins the Singapore team with a robust background in commercial and operational excellence. Previously, she served as Managing Director of HEINEKEN Bahamas, where she led the business to achieve its highest operating profit levels since 2017. Her success was attributed to growth in local beer brands, innovation in the Ready to Drink segment, and strengthened partnerships across hotel and retail channels.

Her journey with HEINEKEN began in 2019 as Strategic Sourcing Director for Global Packaging, managing a €4bsupply strategy across four regions. In this role, she implemented sustainability-led sourcing strategies and secured critical capacity in challenging market conditions. Before HEINEKEN, Olteanu held senior procurement roles at companies such as Danone, Kraft Heinz, and Procter & Gamble.

Olteanu holds a degree in Law and a master’s degree in Business Management from the Economic Studies Academy of Bucharest, alongside certifications in International Business Management from the International Institute for Management Development in Switzerland.

Her appointment marks a new chapter for Asia Pacific Breweries Singapore, as the company continues to focus on growth and sustainability under her leadership.
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The Singapore Business Federation (SBF) has launched the “Navigating U.S. Tariffs” Playbook to aid Singapore businesses in addressing the challenges posed by recent US tariff changes. This initiative follows an SBF poll conducted in April 2025, which revealed that 81% of nearly 300 surveyed businesses expect negative impacts from the tariffs, with multinational corporations (MNCs) and large enterprises being more vulnerable than small and medium-sized enterprises (SMEs).

The poll highlighted that three in five businesses anticipate a need for additional working capital, whilst many seek tax relief and clearer Free Trade Agreement (FTA) guidance. In response, SBF’s Centre for the Future of Trade and Investment (CFOTI), in collaboration with partners such as DBS Bank and DHL Express Singapore, developed the Playbook. It offers a phased approach to help companies assess risk, take immediate action, and plan for long-term resilience.

The Playbook’s three phases include “Make Sense” (0–3 months) for risk assessment, “Take Action” (4–12 months) for supply chain reconfiguration, and “Plan Ahead” (12+ months) for building resilience through digitalisation and market diversification. SBF CEO Kok Ping Soon emphasised the importance of structured guidance amidst the uncertainty caused by erratic US tariff policies.

To further support businesses, CFOTI will conduct workshops and briefings on tariff rules and FTA utilisation, complemented by strategic partner support in legal, financial, and logistics areas. This comprehensive approach aims to move companies from awareness to action, ensuring they are well-prepared for the evolving global trade landscape.
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Moody’s Ratings has affirmed the long-term bank deposits and senior unsecured debt ratings of DBS Bank Ltd at Aa1 and the issuer ratings of DBS Group Holdings Ltd at Aa2, maintaining stable outlooks for both. The decision reflects expectations of DBS’s continued strong solvency and liquidity through 2025–2026, supported by a high probability of government backing from Singapore.

DBS’s robust financial health is attributed to its superior funding franchise, diversified income streams, and substantial credit reserves. The bank’s problem loans ratio was reported at a low 1.1% as of 31 March 2025, with only a mild increase anticipated due to exposure in Hong Kong’s building and construction sector and personal unsecured loans. Despite potential challenges from higher US tariffs, DBS’s credit reserves are deemed sufficient to cover these risks.

Profitability is expected to dip slightly due to easing monetary policies but will remain buoyed by DBS’s wealth management business. The bank’s net interest income is less sensitive to rate cuts compared to its peers. The Common Equity Tier 1 ratio is projected to decrease moderately to around 14% over the next two years, influenced by higher capital distributions.

DBS’s funding and liquidity strengths are underscored by limited market borrowings and a high ratio of current account savings deposits. The bank’s liquid assets remain substantial, ensuring a strong buffer against market fluctuations. Moody’s highlights DBS’s conservative risk management culture as a key factor in its low credit losses across cycles.

Whilst an upgrade in ratings is unlikely, significant improvements in macroeconomic conditions and DBS’s financial metrics could positively impact its baseline credit assessment. Conversely, a rise in problem loans or a decrease in capital ratios could lead to a downgrade. The ratings of DBS Group Holdings would similarly be affected by any changes to DBS’s ratings.
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