Regional News

The Monetary Authority of Singapore (MAS) is anticipated to release its Monetary Policy Statement (MPS) on 14 April 2025, amidst rising global trade tensions.

According to UOB Global Economics and Markets Research, Singapore’s economy is particularly vulnerable to these tensions, given its significant domestic value added in foreign demand, which exceeds 60% of its nominal GDP.

Recent trade developments, including US tariffs and retaliatory measures from China and the European Union, have heightened the risk of a global economic slowdown. UOB has revised Singapore’s full-year growth forecast for 2025 down to 1.5% from a previous 2.5%, with further adjustments expected following the release of the first quarter GDP estimates.

Prime Minister Lawrence Wong has indicated that the Ministry of Trade and Industry (MTI) may lower its growth forecast for 2025, currently set at 1.0-3.0%. Wong emphasised Singapore’s readiness to implement fiscal measures, such as cash handouts or job support schemes, should global and domestic growth sharply decline.

UOB’s analysis suggests a 60% probability that MAS will slightly reduce the Singapore dollar nominal effective exchange rate (S$NEER) slope by 50 basis points to 0.5% per annum in the upcoming MPS. This could be followed by a further adjustment to a zero percent appreciation stance later in the year. The report also highlights potential deflationary risks due to weakened global demand.

As Singapore navigates these challenges, the focus remains on maintaining fiscal prudence, with an accumulated fiscal surplus of approximately S$14 billion recorded from FY21 to FY25. The upcoming MAS policy decision will be closely watched for its implications on Singapore’s economic resilience in the face of global uncertainties.
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Alibaba Cloud, the digital technology arm of Alibaba Group, has announced a suite of new AI models, tools, and infrastructure upgrades aimed at international customers during its Spring Launch 2025 online event. These innovations are designed to meet the growing global demand for digital transformation and AI-driven solutions.

The new offerings include the latest models from Alibaba Cloud’s proprietary large language model series, Qwen, such as the Mixture of Experts model Qwen-Max and the reasoning model QwQ-Plus.

These models are available through Alibaba Cloud’s availability zones in Singapore, providing enhanced capabilities for complex analytical tasks and visual reasoning.

Selina Yuan, President of International Business at Alibaba Cloud Intelligence, stated, “We are launching a series of Platform-as-a-Service and AI capability updates to meet the growing demand for digital transformation from across the globe.”

In addition to the AI models, Alibaba Cloud’s Platform for AI (PAI) has introduced significant enhancements, including the PAI-Elastic Algorithm Service and PAI-Model Gallery. These upgrades aim to support scalable and cost-effective solutions for generative AI and large language models, improving performance and reducing costs.

Furthermore, Alibaba Cloud has integrated its AI inference capabilities into its flagship cloud-native relational database, PolarDB, and its data warehouse, AnalyticDB, to enhance data management efficiency. This integration is expected to streamline the development of context-aware applications by connecting proprietary knowledge bases directly to AI models.

The event also saw the launch of new Software-as-a-Service AI products, such as AI Doc and Smart Studio, which are designed to accelerate digital transformation across various industries by enhancing data analytics, automation, and content creation capabilities.

These developments underscore Alibaba Cloud’s commitment to advancing its cloud computing and AI infrastructure, backed by a historic $53 billion investment over the next three years.
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Standard Chartered has appointed David Hardoon as the Global Head of Artificial Intelligence (AI) Enablement, effective from 7 April 2025. Based in Singapore, Hardoon will report directly to Mohammed Rahim, Group Chief Data Officer, and will focus on developing AI capabilities and governance within the Chief Data Office. His role will involve promoting data analytics and identifying opportunities for AI to streamline processes and enhance client experiences across the bank.

With over 22 years of experience in data and AI across banking, advisory, government, and education sectors, Hardoon is well-equipped for this strategic role. He previously contributed to the Monetary Authority of Singapore’s AI strategy, advocating for open data flows and the adoption of AI in line with the Fairness, Ethics, Accountability, and Transparency (FEAT) principles.

Mohammed Rahim expressed enthusiasm about Hardoon’s appointment, stating, “I am thrilled to welcome David to Standard Chartered. As a senior and strategic hire for the Chief Data Office, David will play a critical role in shaping and driving our AI strategy and ambitions, ensuring that we harness the full potential of AI technologies to enhance our client-focused, data-driven services and operations.”

This appointment underscores Standard Chartered’s commitment to leveraging advanced analytics and AI to maintain its competitive edge and drive innovation in the banking industry. By integrating AI into its operations, the bank aims to deepen client relationships and meet cross-border needs more effectively.
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After a year of stagnant growth, Singapore’s Core Central Business District (CBD) office rents have seen a resurgence in Q1 2025, with a 0.8% increase in gross effective rents, according to CBRE. The average rent now stands at S$12.05 per square foot per month, driven by strong demand for premium office spaces in prime locations.

Tricia Song, CBRE’s Head of Research for Singapore and Southeast Asia, noted the continued preference among top corporations and private wealth asset management firms for prime office spaces. “We can see this in the low vacancies in buildings that meet both criteria, and also the fact that spaces within such buildings offering unblocked views persistently establish new record rents,” she said.

Despite a slight increase in vacancies from 4.9% to 5.3%, largely due to non-renewals by major occupiers like Meta and Morgan Stanley, the demand for prime buildings remains robust. David McKellar, CBRE’s Head of Office Services, highlighted the rapid absorption of space in the newly completed IOI Central Boulevard Towers, where occupancy has exceeded 80%.

In the investment market, office transactions fell by 80.8% to $159.33 million in Q1, with the largest deal being the $91.8 million sale of the top three floors of 20 Collyer Quay. Michael Tay, CBRE Singapore Advisory Deputy Managing Director, attributed potential future interest to falling interest rates and the extension of the Central Business District Incentive and Strategic Development Incentive.

Looking ahead, CBRE Research anticipates a 2-3% growth in Core CBD (Grade A) rents this year, outperforming 2024’s 0.4% growth. However, global trade conflicts and tariffs pose risks to business sentiment. Despite these challenges, Song remains cautiously optimistic, citing Singapore’s reputation as a stable investment market.
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The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) have launched tenders for three significant sites in Singapore, potentially adding nearly 1,400 residential units. The sites are located at Lakeside Drive, Dunearn Road, and Woodlands Drive 17, with the latter designated for an Executive Condominium (EC).

The Lakeside Drive site, adjacent to Lakeside MRT Station, is expected to be highly sought after due to its proximity to Jurong Lake Gardens and several schools. It offers approximately 1,000 square metres of commercial space and is anticipated to attract 5 to 8 bidders, with bids ranging from $770 to $843 (S$1,050 to S$1,150) per square foot per plot ratio (psf ppr). Justin Quek, CEO of OrangeTee & Tie, noted the site’s appeal due to its rare combination of greenery, water views, and MRT accessibility.

Dunearn Road marks the beginning of Bukit Timah Turf City’s long-term rejuvenation. The site benefits from its proximity to Sixth Avenue MRT station and several prestigious schools. It is expected to attract 3 to 6 bidders, with bids between $953 and $1,026 (S$1,300 and S$1,400) psf ppr. The first-mover advantage in this redevelopment area is a key attraction, according to Quek.

The Woodlands Drive 17 EC site is strategically located near Woodlands South MRT Station and several schools, making it appealing to families. The site is expected to see 5 to 8 bidders, with bids ranging from $513 to $550 (S$700 to S$750) psf ppr. The future development of the Woodlands Regional Centre and the Johor Bahru-Singapore Rapid Transit System is likely to boost demand.

These developments are part of the 1H 2025 Government Land Sales programme, aiming to meet the growing housing demand in Singapore.
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The Urban Redevelopment Authority (URA) and Housing Development Board (HDB) have launched tenders for three government land sales sites, attracting attention from developers despite current market uncertainties. The sites, located at Dunearn Road, Lakeside Drive, and Woodlands Drive 17, are strategically positioned near MRT stations, making them appealing for future residential developments.

The Dunearn Road site, part of the new Bukit Timah Turf City housing precinct, is expected to yield 380 new units. Wong Siew Ying, Head of Research and Content at PropNex, noted that developers might be keen to establish a presence in this emerging neighbourhood. The site is conveniently located near the Sixth Avenue MRT station and several prestigious schools. The tender is projected to attract 5 to 6 bids, with top offers ranging from $1,400 to $1,500 per square foot per plot ratio (psf ppr).

Lakeside Drive’s site, adjacent to the Lakeside MRT station, could yield 575 units and 1,000 square metres of commercial space. Its proximity to the Jurong Lake District and a lack of recent project launches in the area are expected to draw 3 to 4 bids, with top bids estimated at $1,100 to $1,200 psf ppr.

The executive condominium (EC) site at Woodlands Drive 17 is set to offer 420 units. Located near the Woodlands South MRT station and future developments like the Johor Bahru-Singapore Rapid Transit System, it is anticipated to attract interest from HDB upgraders. The tender could see 4 to 5 bids, with top bids between $700 and $715 psf ppr.

These site tenders present significant opportunities for developers to expand their portfolios amidst a competitive market landscape.
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NNIO, a new Singaporean home appliance brand, is set to officially launch in May, offering a range of minimalistic and affordable products designed to simplify everyday life. First introduced in 2024, NNIO has quickly gained popularity for its smart, space-saving appliances that cater to the needs of tech-savvy Singaporeans living in compact homes.

The brand’s product lines include the A-Cool+ range, featuring energy-efficient fans, air circulators, and air purifiers powered by BLDC motors. These appliances are designed for easy maintenance and optimal performance, with features like child-safe bladeless fans and medical-grade HEPA-14 air purifiers. The C-Tasty+ kitchen range includes an air fryer that uses up to 80% less oil, promoting healthier cooking. Meanwhile, the V-Clean+ range offers cordless vacuum cleaners tailored for small flats, complete with smart attachments for versatile cleaning.

Co-founder and Managing Director Tan Beng Kwee emphasises NNIO’s commitment to consumer-centric design and value. “We study what’s out there, what people actually need, and how to make it better,” he said. NNIO’s products are crafted from sustainable materials, reflecting the brand’s ethos of creating a better tomorrow.

NNIO plans to expand its reach across Southeast Asia, leveraging Singapore as a testing ground. The brand will celebrate its showroom launch on 28 May, offering the first 100 customers in June a free portable handheld fan. Products are available at major retailers and online platforms, including Shopee and Lazada.
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Huttons Asia has shared insights on the Government Land Sales (GLS) sites at Lakeside Drive, Dunearn Road, and Woodlands Drive 17, predicting robust interest from developers. Mark Yip, CEO of Huttons Asia, highlighted the strategic locations and potential demand for these sites, which are expected to attract multiple bidders.

The Lakeside Drive site, one of the last available plots near Lakeside MRT station, is anticipated to draw up to three bidders. Its proximity to the popular Rulang Primary School and the Jurong Lake District enhances its appeal. With over 2,500 flats in the vicinity having met their minimum occupation period, there is a significant pool of potential upgraders. The top bid for this site is expected to range between $900 and $1,000 per square foot per plot ratio (psf ppr).

Meanwhile, the Dunearn Road site is the first to be offered in the new Turf City housing estate. Located near top schools and the Sixth Avenue MRT station, it is expected to appeal primarily to Singaporean buyers, who now make up 80% of the Core Central Region (CCR) home purchasers following a 60% Additional Buyer’s Stamp Duty on foreigners. This site could see one to two bidders, with a top bid between $1,250 and $1,350 psf ppr.

The Woodlands Drive 17 site, the first Executive Condominium (EC) parcel in Woodlands South since 2013, is expected to attract four to six bidders. Its proximity to Woodlands South MRT station and the future Woodlands Regional Centre makes it a prime location. The top bid for this site is estimated to be between $700 and $750 psf ppr.

These developments are part of Singapore’s ongoing urban transformation, with significant projects like the Woodlands Health Campus and the Johor-Singapore Special Economic Zone set to enhance the area’s appeal in the coming years.
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Lazada has released a new report, “Bridging the AI Gap: Online Seller Perceptions and Adoption Trends in Southeast Asia,” developed with Kantar, which highlights the challenges faced by eCommerce sellers in adopting artificial intelligence (AI). The report surveyed 1,214 sellers across six Southeast Asian countries, revealing that AI has been integrated into only 37% of business operations on average, despite 89% of sellers acknowledging its productivity benefits.

The report identifies Indonesia and Vietnam as leaders in AI adoption, with 42% integration, followed by Singapore and Thailand at 39%. However, a significant gap exists between sellers’ perceived and actual AI adoption, with many facing challenges related to cost and implementation. Whilst 93% of sellers agree on the importance of AI for long-term cost savings, 64% cite its costliness and time-consuming nature as barriers.

Lazada categorises sellers into three archetypes: AI Adepts, AI Aspirants, and AI Agnostics, based on their level of AI integration. Only 24% of sellers are AI Adepts, having integrated AI into at least 80% of their operations. The majority, 76%, fall into the AI Aspirants and AI Agnostics categories, indicating a need for more effective AI solutions.

To address these challenges, Lazada is launching the Online Sellers Artificial Intelligence Readiness Playbook, offering strategic guidance tailored to sellers’ AI maturity levels. The playbook aims to help sellers leverage AI-driven solutions to enhance efficiency and competitiveness in the eCommerce landscape. James Dong, CEO of Lazada Group, emphasised the company’s commitment to bridging the knowledge and adoption gap, stating, “We aim to develop accessible AI solutions that address the unique challenges faced by sellers across different markets.”

Lazada’s ongoing investment in AI innovations includes new Generative AI features designed to empower sellers by optimising product listings, streamlining operations, and boosting customer conversions. These efforts are part of Lazada’s strategy to make technology more accessible and drive sustainable business growth across Southeast Asia.
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CBRE has announced the sale of two conservation shophouses located at 54 and 56 Pagoda Street in Singapore’s Chinatown. The properties, which are fully tenanted, are being sold through an Expression of Interest exercise closing on 13 May 2025. With a total land area of 3,010 square feet and a floor area of approximately 9,162 square feet, these shophouses present a unique investment opportunity in a prime location.

The shophouses are situated in the heart of Chinatown, a popular tourist destination known for its vibrant street market. The properties boast a prominent 12-metre-wide frontage along Pagoda Street, ensuring high visibility and foot traffic. Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the rarity of such offerings, noting that shophouses in this area are considered “trophy assets” and rarely come up for sale.

The indicative guide price for the properties is $26.2 million (S$35.7 million), with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable, making it an attractive option for foreign investors. The ground floor units, currently leased to retail tenants, are ideal for potential Food & Beverage use, subject to approval from relevant authorities.

The location offers excellent accessibility, being adjacent to Chinatown MRT Interchange and within walking distance of Maxwell and Telok Ayer MRT stations. The area is expected to benefit from increased tourist arrivals, with the Singapore Tourism Board reporting a 21% increase in visitor numbers in 2024 compared to the previous year.

As Chinatown continues to evolve, these shophouses offer investors a chance to capitalise on the area’s growing appeal and strategic location.
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