Regional News

A recent survey by the Million Dollar Round Table (MDRT) has highlighted a paradox in Singaporeans’ financial behaviour. Whilst half of the population rates their financial literacy as “good” or “excellent,” a significant portion remains hesitant to utilise diverse financial tools. The survey, conducted between 30 January and 7 February 2025, involved 2,000 Singaporean adults and revealed that 81% still rely on basic savings accounts, despite being aware of other options like fixed deposits and high-yield savings accounts.

The survey also uncovered that younger Singaporeans, particularly millennials and Gen Z, are more inclined towards riskier investments such as cryptocurrencies and alternative assets. However, this risk appetite is not matched by adequate insurance coverage. Only 65% have hospitalisation insurance, and a mere 14% hold pet insurance policies, despite high awareness.

Jake Lim, an MDRT member, expressed concern over the willingness of younger individuals to take high-interest loans for stock investments. “This underscores the critical need to educate Singaporeans, not just about the financial tools available, but more importantly, the risks,” he stated.

The findings also show that Singaporeans continue to trust traditional sources for financial advice, with family, schools, and newspapers being more trusted than online platforms. Joyce Chan, another MDRT member, emphasised the importance of a diverse financial portfolio to safeguard against unforeseen situations.

The survey suggests that whilst Singaporeans are aware of their financial options, there is a need for better education on the risks and benefits of diversifying their financial portfolios.
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Veson Nautical has released a comprehensive analysis of the top Singapore-flagged vessel owners, operators, and beneficial owners, highlighting the significant players in the maritime industry. Moller Maersk leads the fleet with 119 vessels valued at $635b, whilst Wan Hai Lines, despite owning fewer vessels at 111, matches this value due to a modern fleet and substantial orderbook.

Pacific International Lines ranks third with 73 vessels valued at $287b. Evergreen Marine Corp, although fourth in fleet size with 58 vessels, boasts the highest fleet value at $647b, thanks to its modern container vessels. Grace Ocean Investment and NYK also feature prominently, with fleets valued at $22b and $45b, respectively.

In terms of operators, Ocean Network Express tops the list with 236 vessels valued at $2,217b. Eastern Pacific Shipping follows with 197 vessels worth $1,993b, and Pacific International Lines ranks third with 102 vessels valued at $591b. The container sector, in particular, has seen a notable increase in value, driven by heightened demand and strategic routing changes.

Among beneficial owners, Eastern Pacific Shipping leads with 205 vessels valued at $2,108b, largely due to its extensive orderbook. Pacific International Lines and Hafnia also rank highly, with fleets valued at $424b and $294b, respectively. The report underscores Singapore’s strategic role in global shipping, particularly within the container sector, which has experienced significant growth.
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DKSH Singapore has launched a new initiative aimed at providing quality science education to children and youths of all abilities. In collaboration with AWWA, a leading social service agency, and hosted by Gardens by the Bay, the initiative offers hands-on science experiments and sensorial eco-excursions. Nearly 20 students from AWWA’s Special Student Care Centre participated in the programme, which aims to create meaningful and inclusive learning experiences.

The initiative’s key activity, led by DKSH Singapore Business Unit Technology, focused on water quality testing. This hands-on experience taught participants the importance of clean water for ecosystems and innovations like vertical farming. By using simple testing methods, students learnt to detect organic material and impurities in water, highlighting the role of water sustainability in urban farming and food security.

Johnny Chan, Director of Country IT at DKSH Singapore, stated, “These initiatives are designed to foster growth, curiosity, and inclusivity by creating an environment where every child, regardless of ability, can thrive.” Suujatha Nandita Peter, Assistant Director of Youth Disability at AWWA, added, “It has been inspiring to witness the joy of our children as they participate in these hands-on science and nature activities and build confidence.”

The initiative underscores the importance of inclusive education and experiential learning, contributing to a sustainable future. Hosted by Singapore’s premier horticultural attraction, Gardens by the Bay, the programme aligns with DKSH Singapore’s social impact framework, which focuses on providing access to education in science for children.

Felix Wong has been appointed as the new General Manager of Momentus Hotel Alexandra, the flagship property of Momentus Hotels & Resorts. With more than two decades of experience in the hospitality and tourism sectors, Wong is set to lead the hotel in optimising operations, enhancing guest experiences, and driving growth.

Wong’s extensive career includes senior leadership roles with renowned hospitality brands such as IHG, Conrad, Dusit Thani, and the Hong Kong Tourism Board. His expertise in commercial strategy, operational excellence, and market expansion has been instrumental in his previous successes across Singapore and Hong Kong. Since relocating to Singapore in 2022, Wong has developed a deep understanding of the local hospitality landscape.

“I am honoured to lead Momentus Hotel Alexandra, where our success is driven by both innovation and people,” Wong stated. “My focus is on implementing sustainable strategies that not only enhance operational efficiency and guest experiences but also empower our team to grow and thrive.”

Angeline Tan, Senior Vice President at SingHaiyi Hospitality and Momentus Hospitality, expressed confidence in Wong’s appointment, noting his strategic mindset and industry knowledge as significant assets to the leadership team.

Momentus Hotel Alexandra, located in the heart of Singapore’s Alexandra precinct, offers 442 guest rooms and a variety of amenities, including a 25-metre infinity pool and several dining options. Wong’s leadership is expected to further bolster the hotel’s market presence and support its growth and expansion plans.
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IAT Singapore Technology Pte Ltd has officially rebranded to IAS Global Pte Ltd as of 2 April 2025. This change is part of a strategic move to align the Singapore entity with its parent company, IAS Global Co Ltd, under the globally recognised brand IAS ANALYSIS. The rebranding aims to unify operations and enhance brand synergy across international markets.

The transition to IAS Global Pte Ltd reflects the company’s commitment to providing advanced spectral analysis technology and services. The new brand identity, IAS ANALYSIS, symbolises precision, agility, and a forward-thinking approach, consolidating all subsidiaries under a single identity to bolster its international presence and client-focused business philosophy.

IAS Global Pte Ltd will adopt the global IAS ANALYSIS logo, which signifies the company’s alignment with the group’s strategic vision and technological excellence. This refreshed logo embodies innovation and connectivity, reinforcing the company’s commitment to a borderless future. Despite the changes in name and visual identity, the company assures that its foundational values, leadership, and dedication to client success remain steadfast.

During the transition period, both the old and new logos will coexist in the market, with both packaging versions being authentic and certified. The company expresses gratitude to its clients, partners, and employees for their continued support and looks forward to collaborating with global partners to build a new intelligent analysis ecosystem. This initiative aims to promote sustainable development through spectral analysis technology.
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The Housing Development Board (HDB) resale market experienced a notable slowdown in the first quarter of 2025, with transaction volumes falling to their lowest since the second quarter of 2020. According to Huttons, the decline is attributed to a record low number of flats fulfilling the minimum occupation period (MOP) and the largest Sale of Balance Flat (SBF) exercise in February 2025, which offered over 5,500 flats, drawing potential buyers away from the resale market.

Transaction volumes for HDB resale flats dropped by 7.7% year-on-year to 6,392 in Q1 2025. The Executive/Multi-Gen segment saw the most significant decline, followed by the 4-room and 5-room segments. The 4-room flats, being the predominant type built by HDB, faced a substantial drop due to fewer MOP flats available, limiting buyer options.

Despite the slowdown in transactions, prices of HDB resale flats rose by 1.5% in Q1 2025, a smaller increase compared to the 2.6% rise in the previous quarter. This suggests a stabilisation in prices, with 5-room flats seeing a 2.0% increase due to limited supply.

A record number of million-dollar flats were sold in Q1 2025, making up over 5% of the market volume. A total of 339 flats were sold for a million dollars or more, an 18.9% increase from Q4 2024. The average price of these flats rose to $1.13 million, with most located in mature estates like Toa Payoh, Bukit Merah, and Queenstown.

Looking ahead, the HDB resale market is expected to remain tight throughout 2025, with no new Build-To-Order (BTO) or SBF launches in the second quarter. This could lead to increased transaction volumes and potentially higher prices. However, changes in quotas for second-timer families and the Deferred Income Assessment (DIA) may ease some pressure on the market, particularly for 3-room and 4-room flats. Resale transactions are projected to reach between 26,000 and 28,000 for the year, with prices likely to grow at a slower pace of 5% to 8%.
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Aon plc, a global professional services firm, has announced the appointment of Soeren Soltysiak as Asia CEO of Reinsurance Solutions, effective 1 April 2025. Based in Singapore, Soltysiak will spearhead the firm’s reinsurance strategy across treaty, facultative, analytics, and operations in the dynamic Asian market. He will report to George Attard, APAC CEO of Reinsurance Solutions at Aon.

Previously, Soltysiak served as the strategic growth leader for APAC Reinsurance Solutions at Aon, where he was instrumental in advancing growth strategies in the region. His new role will involve leveraging his extensive regional experience to unlock opportunities and drive Aon’s reinsurance strategy forward.

In addition to Soltysiak’s appointment, Aon has named Musa Adlan as managing director, Asia, for Reinsurance Solutions. Adlan will expand his current responsibilities to refine the Asia growth and product segmentation strategy, collaborating closely with Soltysiak and Aon’s product leaders. He will continue as head of Southeast Asia Reinsurance Solutions, reporting to Soltysiak.

Further leadership changes include Pierre Vende and Danny Alexander as co-heads of life and health Reinsurance Solutions, Soojin Kim and Cindy Gu as co-heads of retrocession APAC, and Tom Drake as chairman of Reinsurance Solutions Speciality, APAC. George Attard commented, “The appointment of such experienced leaders to these new Asia roles underscores our commitment to investing in developing talent, capability, and expertise.”

These strategic appointments highlight Aon’s dedication to addressing new demands in the life and health and retrocession sectors, ensuring the delivery of outstanding service that meets evolving client needs.
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CapitaLand Group has successfully completed the S$883 million redevelopment of 1 Science Park Drive in Singapore, achieving a significant leasing milestone with 95% of its business space committed. The redevelopment, which includes three interconnected Grade A buildings, is part of the Geneo life sciences and innovation cluster at Singapore Science Park. The property, which obtained its Temporary Occupation Permit on 3 March 2025, offers a total gross floor area of approximately 116,200 square metres and features business spaces, wet-lab ready workspaces, and retail and food and beverage amenities.

The project is jointly owned by CapitaLand Development (66% stake) and CapitaLand Ascendas REIT (34% stake). Approximately 76% of the 103,200 square metres net lettable area has been secured, with an additional 19% in advanced negotiations. Tenants include companies from biomedical sciences, pharmaceutical, financial services, chemical, and technology sectors.

Ronald Tay, CEO of CapitaLand Development, highlighted the significance of the project, stating, “The completion of 1 Science Park Drive marks a significant milestone in CapitaLand’s multi-stage rejuvenation of SSP.” The development also includes CapitaLand’s first coworking laboratory space in partnership with NSG BioLabs, aimed at supporting emerging life sciences start-ups.

The redevelopment aligns with CapitaLand’s strategy to enhance its business space portfolio, as noted by William Tay, CEO of the Manager of CapitaLand Ascendas REIT. The project is set to host several community events, including the Dot in Space exhibition and the Flavours of Tomorrow Festival, further establishing the area as a hub for innovation and community engagement.
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Randstad Singapore’s 2025 Workmonitor survey reveals that 75% of Singaporean employees consider training and development crucial when choosing jobs. The study, which surveyed 750 local workers, found that 24% have left jobs due to insufficient learning opportunities, whilst 43% would reject roles lacking future-proofing training. The survey underscores a growing demand for skills development, particularly in artificial intelligence (AI) and technology.

The survey highlights a gap between employee expectations and employer offerings, with only 39% of respondents noting an increase in training opportunities over the past six months. David Blasco, Randstad Singapore’s Country Director, emphasised the importance of workforce development, stating, “Investing in workforce development is a critical imperative for employers to stay competitive in the face of digital transformation.”

A notable generational divide exists, with 60% of Baby Boomers keen on AI training compared to 38% of Gen Z. Despite this enthusiasm, 18% of employees feel unprepared for new technologies, and 17% lack trust in their employers’ commitment to ongoing learning, particularly in AI and tech.

Blasco further commented on the necessity for employers to adopt inclusive learning strategies, stating, “There are clear talent expectations for employers to provide both broad and personalised training to adapt to changing requirements.” The survey indicates that employees and employers share responsibility for skills development, with 30% of employees acknowledging their role in upskilling.

As digital transformation accelerates, the findings suggest that employers must enhance training programmes to attract and retain talent seeking growth and innovation.
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Prudential Singapore has announced a strategic partnership with Thomson Medical Centre (TMC), effective from 1 April 2025, to enhance healthcare services for its Integrated Shield Plan (IP) customers. This collaboration will introduce approximately 100 additional medical specialists from TMC to Prudential’s PRUPanel Connect programme, expanding the network to over 1,700 specialists across more than 30 specialties, including maternity care, orthopaedics, and oncology.

The partnership aims to provide greater convenience for customers, offering on-site concierge services for IP-related queries and personalised financial advisory at TMC. Customers with IP supplementary plans, such as PRUExtra Premier CoPay, will benefit from exclusive services like an enhanced electronic Letter of Guarantee up to S$30,000, expedited specialist appointment bookings, and transport vouchers for inpatient and day surgery admissions.

Dr Sidharth Kachroo, Chief Health Officer at Prudential Singapore, highlighted the importance of the partnership, stating: “Our partnership with Thomson Medical Centre is a valuable addition to Prudential’s network of medical specialists to meet the growing demand for healthcare services driven by an ageing population and increasing incidence of chronic illnesses.”

Thomson Medical, with over 45 years of expertise, is a leading private healthcare provider in Singapore, offering a wide range of specialties. CEO of Thomson Medical Singapore, Lee Suen Ming, expressed enthusiasm for the collaboration, noting the empowerment it brings to families through comprehensive medical expertise.

This partnership builds on Prudential’s existing healthcare initiatives, including the Chronic Care Management Programmes and PRUPanel Connect, which aim to provide cost-effective healthcare solutions and enhance the overall patient experience.
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