The tender process for the site at 22 Ubi Road 4 in Singapore has concluded without an award, as announced on 10 February 2025.

Despite receiving four bids, the highest offer failed to meet the reserve price, leading to the decision not to award the tender. The tender was initially launched on 21 November 2024 and closed on 22 January 2025.

The decision not to award the tender underscores the importance of meeting reserve prices in property transactions, ensuring that the value of the land is adequately reflected in the bids. This outcome highlights the competitive nature of the real estate market in Singapore, where strategic pricing plays a crucial role in the tendering process.

The site at 22 Ubi Road 4, located in a prominent industrial area, was anticipated to attract significant interest due to its strategic location. However, the inability of the bids to meet the reserve price indicates a potential reassessment of market valuations or bidder expectations.

This development may prompt future bidders to reassess their strategies and valuations when participating in tenders for similar sites. The authorities’ decision to withhold the award ensures that the site will remain available for future opportunities, potentially attracting more competitive bids that align with market expectations.

Singapore is expected to run a budget deficit of 0.8% of its Gross Domestic Product (GDP) in the financial year 2025, according to RHB Bank’s latest Global Economics and Market Strategy Report.

This marks a shift from an estimated surplus of 0.8% in FY2024. The report, attributed to Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, outlines the anticipated focus areas for the upcoming budget.

The FY2025 budget is projected to concentrate on four main priorities: job security and cost of living, strengthening Singapore’s economic relevance and resilience, enhancing the social compact, and promoting a green and sustainable Singapore. These areas are seen as crucial for maintaining the nation’s economic stability and addressing pressing social and environmental issues.

RHB Bank predicts that Singapore’s economy will grow by 3.0% in 2025, a slight easing from the 4.0% growth expected in 2024. The bank also maintains its forecast for the Consumer Price Index (CPI) at 2.3% for the current year. These projections highlight a cautious yet optimistic outlook for Singapore’s economic performance amidst global uncertainties.

The focus on sustainability and economic resilience reflects Singapore’s ongoing commitment to adapt to changing global dynamics whilst ensuring the well-being of its citizens. As the budget details unfold, these priorities are expected to guide policy decisions and resource allocation in the coming year.

Standard Chartered has unveiled SC PrismFX, a comprehensive cross-currency transactional foreign exchange (FX) solutions suite, aimed at enhancing the FX payment services for its global clientele. The suite is designed for Financial Institutions, Non-Banking Financial Institutions, PayTech, and Corporate clients, including notable companies like bp and Ant International.

SC PrismFX consolidates Standard Chartered’s digital capabilities in Transaction Banking, Financial Markets, and Digital Platforms under a single brand. This integration allows the bank to offer robust FX services across more than 130 currencies in over 40 markets. Michael Spiegel, Global Head of Transaction Banking at Standard Chartered, highlighted the suite’s ability to provide clients with a “robust payment distribution network with direct clearing across multiple domestic schemes.”

For corporate clients such as bp, SC PrismFX ensures a consistent FX payments experience with competitive pricing and insights into emerging markets. PayTech clients like Ant International benefit from an extensive payments network and seamless integration with local payment schemes, enhancing customer experience.

The suite also offers Financial Institutions and Non-Banking Financial Institutions the convenience of a single provider with upfront FX rate visibility, enabling full control over margins and rates. Ankur Kanwar, Head of Transaction Banking & Cash Management, Singapore and ASEAN, described SC PrismFX as a “digital-first, future-ready solution” that enhances convenience and competitiveness for clients.

With SC PrismFX, Standard Chartered aims to leverage its foreign exchange expertise and extensive payment network to help clients navigate complex global and local market challenges effectively.

ST Engineering has announced the acquisition of maintenance, repair, and overhaul (MRO) contracts for CFM56-7B and LEAP-1A engines with two major operators in the Middle East. These multi-year agreements will see ST Engineering delivering heavy maintenance services from its engine MRO facilities located in Asia.

The company’s Head of Engine Services, Tay Eng Guan, highlighted the significance of these contracts, stating, “As a trusted engine MRO partner, we are continuously investing in our capabilities and services to better support our customers globally. Our market presence in the Middle East has been growing in recent years, and our latest contracts with the two new Middle Eastern customers provide a strong foundation for collaboration with operators in this region.”

ST Engineering’s Commercial Aerospace division has a robust history in servicing CFM56-5B and CFM56-7B engines. Notably, it is the first independent MRO provider in Asia to be recognised as a Premier MRO provider within CFM International’s LEAP open MRO ecosystem. The company expanded its capabilities in 2024 by adding testing services for the new-generation CFM LEAP-1A and LEAP-1B engines at its Singapore facility and is now advancing to include LEAP Performance Restoration Shop Visit services.

This development underscores ST Engineering’s strategic expansion in the Middle East, reinforcing its commitment to delivering high-quality services and fostering strong partnerships with regional operators. The contracts are expected to bolster the company’s presence and influence in the Middle Eastern aerospace market.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.

The Ministry of Manpower (MOM), SkillsFuture Singapore (SSG), and Jobstreet by SEEK have announced a partnership to advance career health in Singapore. This collaboration introduces SEEK Pass, a platform enabling job seekers to securely verify and share their work credentials, thereby improving job matching efficiency.

The Career Health SG initiative, supported by this partnership, aims to empower workers to achieve their career goals and enable employers to access a broader talent pool through skills-first hiring. This initiative is crucial in a competitive labour market, as evidenced by a 146% increase in job applications per advertisement in 2024 compared to the previous year.

SEEK Pass, first launched in Australia by SEEK, has been customised for Singapore’s labour market. It allows candidates to utilise their Careers & Skills Passport (CSP), which includes employment history and educational qualifications verified by participating universities. This integration is expected to streamline hiring processes and enhance job opportunities.

Vic Sithasanan, Managing Director of Jobstreet by SEEK in Singapore, stated, “With the surge in job applications in 2024, SEEK Pass addresses the need for efficient hiring processes and empowers candidates to stand out.”

The initiative is part of a broader effort to support Singapore’s economic and social goals by realising the potential of its human capital. The government, alongside partners like Jobstreet, aims to develop tools and services that meet the evolving needs of workers and employers.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.

Singapore’s small and medium-sized enterprises (SMEs) are facing significant financial challenges in 2025, with rising costs and economic uncertainty impacting cash flow. According to Syfe, a leading savings and investment platform in the Asia Pacific, these businesses are losing an estimated SGD 800 million annually by leaving idle cash in low-yield bank accounts. A recent survey by Syfe of 350 Singaporean SMEs highlights that nearly half prioritise guaranteed returns (48%) and liquidity (45%), yet many still rely on traditional banking solutions.

The survey reveals that the average SME holds less than 11 months of cash reserves, making them vulnerable to economic disruptions such as rising interest rates and inflation. To manage cash reserves, SMEs prefer strategies like money market funds, standard business bank accounts, and reinvesting in operations.

In response, Syfe, in partnership with Wallex, has launched Syfe Earn, a cash management solution offering returns of up to 3.5% with next-day fund access and no lock-in period. This initiative aims to help SMEs unlock the value of their idle cash and build financial resilience. Jack Prickett, Chief Commercial Officer at Syfe, stated, “By empowering businesses with smarter financial solutions, we can help them build the resilience needed to navigate challenges and drive growth.”

Syfe Earn is designed to support a diverse range of businesses, offering competitive returns and addressing the need for liquidity. Hiro Kiga, General Manager at M-DAQ Global and Co-Founder of Wallex, added, “We’re excited to partner with Syfe to introduce this new feature, enabling businesses to transform their Wallex wallet funds into a steady, low-risk source of returns.”

The survey polled SME business owners aged 25 and above in Singapore, with cash reserves ranging from SGD 100,000 to 20,000,000, to understand their cash management strategies and challenges.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.

Brilliance Capital Pte. Ltd. has announced the sale of five adjoining freehold conservation shophouses located at 185 to 193 Joo Chiat Road. These properties, situated in a vibrant and heritage-rich area, present a unique opportunity for investors seeking prime commercial assets with potential for redevelopment and long-term growth.

The shophouses cover a total land area of approximately 6,185 square feet and boast a combined gross floor area of about 14,647 square feet. They are designed with a two-storey front and attic, along with a three-storey rear extension. Zoned as ‘Commercial’ under the 2019 URA Master Plan, the properties offer redevelopment opportunities, including the potential to extend the rear to five storeys, subject to approval.

Strategically positioned on a prominent corner plot with dual road frontages, the shophouses benefit from excellent visibility and accessibility. The ground-floor units are fully leased to reputable Food & Beverage operators and lifestyle brands, generating strong rental yields. Notably, four of the five units have rare Restaurant Use approvals, enhancing their value.

Joo Chiat has become a sought-after lifestyle and retail destination, attracting niche and luxury brands. The area’s appeal is further boosted by its connectivity and unique charm, making it attractive to boutique businesses and high-end brands.

The properties are available for collective or individual sale, with an adjusted asking price of S$59.8 million, and approximately S$11.96 million per shophouse. The Expression of Interest closes on 25 March 2025. Sammi Lim, Founder and Executive Director of Brilliance Capital, highlighted the rarity and potential of this offering, emphasising its strategic location and branding opportunities.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.

A recent study by Qualtrics has revealed that Singaporean employees are sceptical about their leaders’ ability to implement artificial intelligence (AI) effectively. The research, which surveyed over 1,000 workers in Singapore, found that only 50% of managers and individual contributors trust their leaders to manage AI adoption successfully. This figure is 17 percentage points lower than the trust levels reported by senior leaders themselves.

The study highlights significant gaps in perception between leaders and their teams regarding AI’s impact on work. While 67% of senior directors express positive sentiment towards AI, only 46% of managers share this view. Additionally, less than half of the employees believe their bosses will prioritise people’s wellbeing over profits when introducing new technologies.

Dr. Cecelia Herbert, Workplace Behavioural Scientist at Qualtrics, emphasised the importance of building trust between employees and leaders during AI adoption. “As leaders explore the potential of AI, it cannot be overstated how critical it is for leaders to build trust with employees,” she stated.

The research also indicates that most Singaporean workers plan to use the time saved by AI to improve efficiency (57%) and work quality (50%), rather than increasing output. This contrasts with leaders’ expectations of a productivity surge following AI implementation.

Qualtrics’ findings underscore the need for organisations to align on AI’s purpose, provide adequate training, and ensure ethical guidelines are in place. By addressing these challenges, companies can enhance employee trust and fully realise AI’s potential benefits.

This news story was carefully selected and published by a human editor, though the content itself was AI-generated. While we strive for accuracy, mistakes can happen. If you spot an error, please report it at contact@newsflashasia.com.

CDL Hospitality Trusts (CDREIT SP) is poised to benefit from its recent UK acquisitions, despite a 7% year-on-year decline in its full-year distribution per unit (DPU) for the financial year 2024. The DPU fell to 5.32 Singapore cents as Singapore hotels continued to experience revenue per available room (RevPAR) softness into the fourth quarter of 2024. However, the trust remains optimistic about its growth prospects in 2025.

The company expects its acquisitions, including Indigo Exeter and Benson Yard, to counterbalance the flat RevPAR forecast for Singapore hotels. Additionally, the ongoing asset enhancement initiative (AEI) at W Hotel, which includes room upgrades, is anticipated to contribute positively to the trust’s performance.

CDL Hospitality Trusts is also set to benefit from interest rate cuts, with 34% of its loan book due for refinancing in the financial year 2025 and a low fixed hedge ratio of 32%. The trust has maintained a “BUY” recommendation, albeit with a lower target price of SGD1.10, citing an attractive yield of 6.2% and potential interest rate savings as upside factors.

The Housing Development Board (HDB) has unveiled its February 2025 Build-to-Order (BTO) exercise, offering 5,032 new flats across five projects in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. This launch is complemented by the largest Sale of Balance Flats (SBF) exercise to date, featuring 5,590 units. Notably, 40% of the SBF units are already completed, whilst 80% of the BTO flats have waiting times of four years or less.

PropNex CEO Ismail Gafoor anticipates strong interest in the SBF units, especially among applicants seeking quicker occupancy. The BTO application rate is expected to be around three times, slightly lower than the 4.2 times seen in October 2024, due to the significant SBF supply. The February BTO exercise includes 38.5% Prime/Plus flats and 61.5% Standard flats.

Key projects such as Stirling Horizon in Queenstown and Tanjong Rhu Parc Front in Kallang/Whampoa are expected to attract high demand. Stirling Horizon, with 1,126 units, is situated in a well-established area with ample amenities, whilst Tanjong Rhu Parc Front offers potential panoramic views and proximity to the Kallang Alive master plan. Both projects are predicted to see application rates between 2.5 to 3.5 times.

In Yishun, the Chencharu Vines and Chencharu Green projects, offering a total of 1,531 flats, are expected to garner an application rate of about three times, despite potential noise concerns from the nearby Sembawang Air Base. Meanwhilst, Woodlands North Verge, the largest project with 1,563 units, is anticipated to have an application rate of 1.5 to 2 times.

The next BTO exercise is scheduled for July 2025, with approximately 5,400 flats across eight projects in various towns, including Bukit Merah and Clementi.