Regional News

One Marina Gardens, the latest residential project in Singapore’s Marina South, sold 346 units during its launch weekend. The development, strategically located opposite Gardens By The Bay, attracted thousands of visitors eager to invest in this new housing area planned by the Urban Redevelopment Authority (URA).

The project is designed as a “10-minute neighbourhood,” offering residents easy access to retail services, community facilities, transport options, offices, and hotels within a short walk. The development will also feature a Marina Coastal Park and retail options on the first level of all five land parcels along Marina Gardens Drive, with an underground link connecting Marina South and Gardens By The Bay MRT stations.

The launch saw significant interest from both investors and owner-occupiers, with the most popular units being the 1-bedroom flats, according to Huttons Asia CEO Mark Yip. Other sought-after options included 2+S bedroom, 3-bedroom, and 4-bedroom units with views of Gardens By The Bay. The starting price of S$1.16m for a 1-bedroom unit was particularly attractive to investors, who can expect up to a 4% gross yield based on current rents in the Central Area.

Despite recent uncertainties caused by on-and-off tariffs, Yip noted that buying sentiments are expected to return as buyers assess the impact. He also highlighted the potential for increased foreign interest in Singapore properties, given the city’s reputation as a stable investment environment. Looking ahead, construction costs in Singapore are forecasted to rise in 2025 and 2026 due to major infrastructure projects, which could drive future selling prices upwards. Huttons Asia maintains its estimated sales volume of 7,500 to 8,500 units and a price growth of 4% to 7% in 2025.
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Singapore’s economy experienced a contraction of 0.8% on a quarter-on-quarter seasonally-adjusted basis in the first quarter of 2025, according to advance estimates released by the Department of Statistics.

This marks a reversal from the 0.5% expansion recorded in the fourth quarter of 2024.

The unexpected downturn has prompted a revision of the GDP growth forecast for 2025. Initially projected to be between 1.0% and 3.0%, the forecast has now been downgraded to a range of 0.0% to 2.0%.
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Bloomsbury Residences, a new development in Media Circle, has sold approximately 25% of its 358 units during its launch weekend, despite a backdrop of global economic uncertainty. The project, which is the first private condominium in the Media Circle area, attracted buyers with its strategic location and competitive pricing.

The launch comes after a turbulent week marked by the “2025 Stock Market Crash” and ongoing global trade tensions. Despite these challenges, the development managed to sell around 90 units, primarily two-bedroom flats, at an average price of S$2,474 per square foot. The pricing strategy, with units starting at S$1.37m for two-bedroom flats, appears to have resonated with buyers.

Ismail Gafoor, CEO of PropNex Realty, noted that the take-up rate is encouraging given the current market sentiment. “The units at this project are priced sensitively and largely within the pricing sweet spot of below S$2.5m, a manageable quantum for most homebuyers,” he said.

The location of Bloomsbury Residences is a significant draw, offering easy access to Rochester Mall, The Star Vista, and key MRT stations. The proximity to schools also makes it appealing to families, whilst investors are attracted by potential leasing opportunities to expatriates in nearby research and development precincts.

The last project in the vicinity, The Hill @ One-North, saw a 44% take-up rate, indicating a steady demand in the area. As the Media Circle neighbourhood develops further, interest in Bloomsbury Residences is expected to grow, particularly as market conditions stabilise.
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The top 25 global banks experienced a 20.1% year-on-year (YoY) increase in market capitalisation (MCap), reaching $4.7t by the end of the first quarter of 2025, according to GlobalData. This growth was largely driven by central banks’ interest rate cuts, which boosted net interest income across the sector.

DBS Group Holdings ranked 24th spot during the period. By MCap, the bank grew 43.3% YoY to $99b.

JPMorgan Chase retained its position as the world’s largest bank by MCap, increasing by 17.7% YoY to $679b, primarily due to higher investment banking fees. Goldman Sachs and Morgan Stanley also saw significant growth, with increases of 24.1% YoY and 20.8% YoY respectively, attributed to improved capital market activity and strong wealth management performance.

Chinese banks, including ICBC and Bank of China, reported MCap growth ranging from 15% YoY to 40% YoY, supported by loan growth and government stimulus for infrastructure. Indian banks also performed well, with HDFC Bank’s MCap rising by 23.8% to $163.3 billion, reflecting the strength of India’s digital banking sector.

However, not all banks fared well. TD Bank’s MCap fell by 1.1%  YoY to $105.9b, due to subdued retail banking growth and concerns over mortgage delinquencies in Canada.

Despite these gains, GlobalData warns of potential challenges ahead. Murthy Grandhi, Company Profiles Analyst at GlobalData, noted: “The latest US tariffs have heightened global recession fears, which could reduce consumer spending and curtail business borrowing.” The outlook for Q2 2025 remains uncertain, with trade negotiations and monetary policy responses being key factors.
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Klook, a prominent platform for travel services in Asia, has entered a new three-year partnership with the Singapore Tourism Board (STB) to invigorate inbound tourism. This collaboration, effective from April 2025, aligns with STB’s Tourism 2040 vision, focusing on driving tourism growth, cultivating future demand, and developing innovative experiences.

The Memorandum of Understanding (MOU) aims to futureproof Singapore’s tourism ecosystem by leveraging digital innovation. According to an Oxford Economics study, Klook has already contributed S$655m to Singapore’s GDP and created 6,000 jobs, highlighting its significant role in the nation’s tourism economy.

Ethan Lin, CEO and Co-Founder of Klook, expressed enthusiasm about the partnership, stating, “We’re excited to deepen our long-standing partnership with STB to drive the next phase of inbound tourism growth. This MoU marks a key milestone in our shared commitment to reimagining the visitor experience.”

The partnership will include joint global marketing campaigns, co-curating new experiences, and bringing marquee events to Singapore. Melissa Ow, Chief Executive of STB, noted, “We are pleased to broaden our partnership with Klook through this MOU, which reflects Singapore’s position as a compelling destination and drives tourism growth in line with STB’s T2040 vision.”

With 91% of Millennial and Gen Z travellers willing to spend significantly on experiences, the partnership will also focus on marketing cruise offerings and integrating AI to enhance destination discoverability. This initiative aims to position Singapore at the forefront of tourism innovation, setting new benchmarks for travel in the region.
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As Singapore prepares for the General Election in 2025, a new poll by Blackbox Research highlights a significant increase in political engagement, with 76% of Singaporeans closely following local politics. However, nearly one-third of voters are still undecided about their choice at the ballot box. The SensingSG poll, conducted between 28 March and 8 April 2025, reveals that political interest is particularly high among seniors and younger voters under 30.

The poll underscores that everyday concerns such as the cost of living, jobs, and housing affordability continue to dominate voter priorities. Despite international developments, domestic issues remain the primary focus for Singaporeans. Prime Minister Lawrence Wong and Workers’ Party leader Pritam Singh both enjoy strong approval ratings, with Wong at 75% and Singh at 71%, the latter having rebounded by 7 percentage points.

Political activity is on the rise, with 71% of voters noticing increased political presence in their neighbourhoods. The People’s Action Party (PAP) candidates are perceived as more visible than their Opposition counterparts, particularly in the North and East regions. Interest in election rallies is also high, with 57% of respondents likely to attend, and nearly half expressing interest in Opposition rallies.

David Black, CEO of Blackbox Research, noted that the election will focus on local issues rather than personalities or geopolitics. “Voters are switched on and watching closely,” he said, emphasising the importance of addressing personal, day-to-day concerns. As the election approaches, parties will need to connect with voters on these issues to secure their support.
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HubSpot has launched a suite of new features designed to help small and medium-sized businesses (SMBs) accelerate their adoption of artificial intelligence (AI) and drive growth. The announcement comes as many SMBs in fast-growing economies like Singapore face rising costs and the challenge of keeping pace with rapid digital advancements.

The new offerings include Breeze AI agents, enhanced Marketing Hub Enterprise features, and AI-powered Workspaces. These tools aim to address the gaps in AI strategies and operational realities faced by SMBs, such as the lack of quality, unified data. According to HubSpot’s research, 73% of Singaporean organisations have yet to officially implement AI, highlighting the need for accessible solutions.

Dan Bognar, VP and Managing Director of JAPAC at HubSpot, stated, “Persistent economic headwinds have made digital tools like AI a business necessity for SMBs, who need to maximise efficiency and growth with only limited resources.”

Key features of the 2025 Spotlight include four Breeze Agents, which assist in scaling go-to-market teams, and new functionalities for Marketing Hub Enterprise that simplify lead conversion and customer management. Additionally, three AI-powered Workspaces have been introduced to enhance collaboration among sales and support teams.

These developments are set to provide SMBs with practical AI capabilities, enabling them to compete more effectively in challenging economic environments. As businesses continue to navigate the complexities of digital transformation, HubSpot’s new tools offer a pathway to more efficient and impactful operations.
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Singapore fintech company Aleta Planet has introduced MPLUS Aleta, a digital payment app designed to cater to the financial needs of Muslim communities across Southeast Asia. Launched at Singapore’s Geylang Serai Ramadan Bazaar in February, the app offers merchants zero transaction fees for 24 months, instant onboarding, and secure transactions, aiming to shift small and medium businesses from cash and credit card reliance.

The MPLUS Aleta app allows consumers to pay merchants by scanning a dedicated QR code, creating a seamless payment experience. Within the app, users can access a marketplace of Muslim merchants and enterprises. Ryan Gwee, Founder and Group Chairman of Aleta Planet, stated, “This MPLUS Aleta app is a step forward to close the digital payment gap in the Muslim community.”

The app leverages Aleta Planet’s proprietary network, ensuring transactions are processed within its infrastructure, enhancing security and privacy. The company plans to expand the app to other Muslim communities in Southeast Asia, focusing on Indonesia and Malaysia.

Suhaimi Rafdi, CEO of MPLUS Singapore Pte Ltd, highlighted the app’s role in accelerating the shift towards a cashless economy, stating, “Our aim is to create a win-win ecosystem, benefiting both shoppers and merchants.” MPLUS Aleta also features a cashback programme to encourage adoption and usage.

Available on Apple App Store, Google Play Store, and Huawei AppGallery, MPLUS Aleta is set to drive business growth and digital payment adoption across the region.
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VP Bank has announced its sponsorship of 16-year-old Singaporean golf prodigy Chen Xingtong, who will compete in the 6th VP Bank Swiss Ladies Open. The tournament, part of the Ladies European Tour (LET), will take place at Golfpark Holzhäusern. This sponsorship reflects VP Bank’s commitment to nurturing young talent and promoting women’s golf.

The announcement was made during an exclusive event in Singapore, where clients engaged with Chen and Urs Monstein, VP Bank’s Group CEO. The event featured golf simulator challenges and a fireside chat, offering insights into the parallels between golf and business, such as resilience and precision. Monstein remarked, “Golf is not just a sport — it is a reflection of strategy, precision, and mental resilience, much like wealth management.”

VP Bank’s involvement in the Swiss Ladies Open, which has been part of the LET since 2020, underscores its dedication to advancing women’s golf. The tournament attracts around half a million viewers annually and serves as an inspiration for aspiring female golfers worldwide.

Reto Marx, Co-Head Singapore and Chief Risk Officer Asia, highlighted the bank’s focus on creating unique client experiences whilst supporting emerging athletes. Thomas Rupf, Co-Head Singapore and Chief Investment Officer Asia, added that the event in Singapore exemplifies VP Bank’s commitment to fostering meaningful connections between sport, business, and clients.

The VP Bank Swiss Ladies Open continues to be a significant platform for women’s golf, promising exceptional performances and furthering the development of young talents like Chen Xingtong.
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CGS International has released its latest strategy note for ASEAN, emphasising Singapore’s favourable position compared to its regional counterparts. Despite a broad-based rebound in the past day, the note advises caution due to ongoing uncertainties. The analysis ranks Singapore ahead of Malaysia, and Thailand ahead of Indonesia, based on earnings per share (EPS) growth, currency and political stability, market valuations, and dividend yield.

The report identifies 22 stocks across ASEAN markets that have reached compelling buy levels, although risks remain over the next 90 days due to fluctuating tariffs. Companies such as MISC, DLG, GENS, CIT, PTTEP, and HANA are highlighted for trading below Global Financial Crisis and COVID-19 trough price-to-book value valuations.

EPS cuts are anticipated, with a potential 10% reduction leading to 1% to 9% declines in 2025 forecasts. Singapore and Thailand may see slight growth, whilst Indonesia and Malaysia could face declines. The note underscores Singapore’s resilience, with a year-to-date performance of -10% compared to an average of -17% for the rest of the region.

The strategy note suggests that whilst the risk-reward is attractive for patient investors, the full impact of global economic challenges remains uncertain. ASEAN governments may revise GDP growth forecasts for 2025 and 2026, with current projections still in positive territory. As negotiations continue among global leaders, the possibility of a recession looms, though it may not be a shock if it occurs.
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