Industry News

Singapore LNG Corporation (SLNG) has commenced construction of a new Floating Storage and Regasification Unit (FSRU) for its second Liquefied Natural Gas (LNG) terminal. The steel cutting ceremony, held at Hanwha Ocean Shipyard in Geoje, South Korea, marks a pivotal step in bolstering Singapore’s energy infrastructure. The FSRU is designed to operate for up to 25 years without dry docking, a first in the industry, and will significantly contribute to meeting the nation’s growing energy demands.

The FSRU will boast a storage capacity of 204,000 cubic metres and a regasification capacity of 5 million tonnes per annum (MTPA), enough to power approximately 6 million four-room HDB flats annually. The vessel will measure 299 metres in length, 51 metres in width, and 55 metres in height, with living quarters for up to 45 crew members. It incorporates advanced digital technologies for operational efficiency and predictive maintenance, ensuring compliance and peak performance without the need for shipyard visits.

SLNG’s CEO, Leong Wei Hung, highlighted the project’s significance, stating that it will “strengthen Singapore’s energy security and support the nation’s increasing energy needs.” The FSRU is expected to be operational by the end of the decade, further advancing Singapore’s ambition to become a regional LNG hub.

Singapore’s private residential market showed remarkable resilience in the third quarter of 2025, with a significant rise in property sales and prices. According to the Urban Redevelopment Authority (URA), the property price index increased by 0.9% in Q3, slightly down from the 1% growth in Q2 but still ahead of the 0.8% rise in Q1. Year-to-date, prices have grown by 2.7%, outpacing the 1.6% increase during the same period in 2024.

The sales volume of private homes, both non-landed and landed, excluding executive condominiums (EC), rebounded strongly by 44.4%, with 7,404 units sold in Q3 2025. This marks the highest third-quarter performance in four years, surpassing previous years’ figures. The surge was primarily driven by new home sales, which soared by over 171.3% quarter-on-quarter, thanks to an increase in new project launches offering a variety of housing options.

Despite numerous new home launches, demand for resale homes remained robust, with a 6.4% increase in resale volume from Q2 to Q3. The trend was evident across all market segments, including the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR).

Rental prices also rose modestly, with a 1.2% increase in Q3, marking the first time in nine quarters that rental prices exceeded a 1% rise. The private rental market faces challenges due to global economic uncertainties, but overall rental prices are expected to climb by up to 3% for the year.

Looking ahead, several new launches are planned before the year-end, with developers keen to capitalise on the positive sales momentum. Easing borrowing costs, following a recent interest rate cut by the US Federal Reserve, are expected to further boost housing affordability and investor confidence. Overall market prices are projected to rise by 3.5% to 4.5% for 2025, with total sales forecasted to reach around 24,000 to 26,000 units, excluding ECs.

Singapore’s industrial property market continues to show resilience, with the JTC All Industrial Rental Index rising by 0.5% quarter-on-quarter (q-o-q) in Q3 2025, marking the 20th consecutive quarter of rental increases. According to CBRE Research, led by Tricia Song, the warehouse segment saw a notable 0.9% q-o-q rent increase, driven by strong demand from third-party logistics firms and a rise in occupancy to 89.6%.

The single-user factory segment experienced a 0.7% q-o-q rent increase, with occupancy slightly up to 89.1%. Meanwhile, multi-user factories saw a more modest 0.4% q-o-q rent rise, with occupancy remaining stable. The business park segment, however, recorded a 0.2% q-o-q dip in rents, reflecting a two-tiered market where newer facilities in City Fringe locations outperformed older assets.

On the pricing front, the JTC All-Industrial Price Index increased by 0.6% q-o-q, with single-user factory prices rising by 2.1%. The financing landscape in Singapore, characterised by ample liquidity and falling interest rates, has bolstered investor sentiment, making industrial real estate an attractive investment.

Looking ahead, Singapore’s GDP grew by 1.3% q-o-q in Q3 2025, with the manufacturing sector showing signs of recovery. The demand for prime logistics space is expected to remain strong, with modern ramp-up facilities likely to see further rent increases. CBRE Research notes interest in the Johor-Singapore Special Economic Zone as a cost-saving alternative for some occupiers.

Singapore’s core inflation experienced a modest rebound in September, increasing by 0.3% month-on-month, according to a report by UOB Global Economics and Markets Research. This rise marks an improvement from August’s 0.1% increase and suggests early signs of reflation, although it remains too early to draw definitive conclusions. Year-on-year, core inflation edged up to 0.4%, exceeding both Bloomberg’s consensus and UOB’s forecast of 0.2%.

The headline Consumer Price Index (CPI) also saw a stronger rise of 0.4% month-on-month and 0.7% year-on-year, driven primarily by a surge in private transport costs. This increase was attributed to higher car prices following adjustments to vehicle electrification schemes, as noted in a Land Transport Authority press release.

Several components of the core CPI basket, including clothing, health, and transport services, posted notable month-on-month increases. This broad-based rise in prices led to a jump in sequential inflation pervasiveness to approximately 41% in September, up from 33% in August.

UOB has adjusted its core inflation forecast for 2025 to 0.6% and for 2026 to 1.3%, factoring in rising costs associated with the green transition and other administered measures. These include a Sustainable Aviation Fuel levy and a hike in electricity tariffs due to increased carbon taxes.

The Monetary Authority of Singapore (MAS) is expected to maintain its current policy settings, allowing for flexibility in response to growth and inflation risks. The MAS has assessed the recent disinflation as largely supply-driven, with minimal demand contributions, and projects the output gap to remain around 0% in 2026.

Singapore Technologies Engineering Ltd (ST Engineering) has announced securing $4.9b in new contracts during the third quarter of 2025. The contracts span across its Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom sectors, bringing the total for the first nine months of the year to $14b.

Commercial Aerospace clinched $1.4b in contracts, highlighting strong demand in Maintenance, Repair & Overhaul (MRO) and Aerostructures & Systems (A&S). Notable deals include a multi-year agreement for Airbus A380 maintenance with a European airline and an A330 passenger-to-freighter conversion order.

Defence & Public Security secured $2.4b in contracts, reflecting high demand for its digital and defence capabilities. Key contracts include the design of earth observation satellites, AI-powered 5G solutions, and cybersecurity systems. The Land Systems business achieved its first 155mm ammunition orders from South America and sold hybrid electric vehicles in Asia. The Marine business, in partnership with Siemens Energy, will deliver a barge-mounted power plant to the Dominican Republic.

Urban Solutions & Satcom won $1.1b in contracts, reinforcing its smart mobility and infrastructure offerings. Projects include rail electronics for Singapore’s Thomson-East Coast Line Extension and intelligent transport systems. The Satcom division secured contracts for ground segment infrastructure across multiple regions.

These contracts are not expected to materially impact ST Engineering’s financial metrics for the current year. The company continues to leverage technology and innovation to address global challenges, maintaining its position as a leading player in the aerospace, defence, and smart city sectors.

Banyan Group is set to celebrate the grand opening of its 100th resort, Mandai Rainforest Resort in Singapore, with the inaugural Rainforest Festival from 27 November to 3 December 2025. The event marks Banyan Group’s debut in Singapore and will feature a variety of activities, with all ticket proceeds donated to the President’s Challenge and matched by the Group.

The festival is the culmination of 100 Journeys, a series of global events celebrating Banyan Group’s milestone. CEO Eddy See expressed that the festival is a symbolic homecoming to Singapore and a testament to the Group’s partnership with Mandai Wildlife Group. “The festival embodies our belief that travel can be a force for good – connecting people with nature, culture, and community,” he said.

Visitors can explore the Discovery Trail, which showcases the resort’s sustainable design and biodiversity. The trail includes interactive installations and the Banyan Gallery Showcase, featuring crafts from around the world. The festival will also host an experiential weekend market and live performances by local artists.

Festival-goers can participate in exclusive wellbeing, nature, and family activities, including yoga sessions and guided nature walks. The Mandai Wildlife Reserve will offer additional paid experiences, with 20% of proceeds also supporting the President’s Challenge.

General admission tickets are priced at $7.30 (S$10) on weekdays and $11 (S$15) on weekends, with free entry for children under four. The festival promises a unique blend of sustainability, culture, and community engagement.

Singapore’s property market experienced a significant boost in the third quarter of 2025, driven by a combination of interest rate cuts, new government cooling measures, and a surge in project launches. The US Federal Reserve’s decision to cut rates in September 2025 led to local borrowing rates dropping below 2%, reducing borrowing costs for buyers. Despite the government’s introduction of stricter cooling measures on 4 July 2025, which included increasing the Seller’s Stamp Duty holding period and rates, the market remained buoyant.

Developers launched nine private residential projects in Q3 2025, releasing over 4,100 units—the highest quarterly figure since Q2 2013. This surge in launches resulted in a 171.3% quarter-on-quarter increase in new sales, with 3,288 units sold, marking the strongest third quarter since 2021. The Core Central Region (CCR) led price gains with a 1.7% increase, outpacing the Rest of Central Region (RCR) and Outside Central Region (OCR).

Among the top-selling projects were Springleaf Residence, River Green, and Promenade Peak. Springleaf Residence, the first high-rise in its estate, sold 881 units, attracting a mix of private property owners and HDB upgraders. River Green’s compact units appealed to buyers seeking affordability in the CCR, whilst Promenade Peak’s larger units indicated a preference for spacious, centrally located homes.

The resale market also saw a 6.4% increase in transactions compared to the previous quarter, with prices rising by 1.4%. The rental market was active, with a 23.8% increase in rental volume quarter-on-quarter, driven by seasonal factors.

Looking ahead, five more launches are expected in Q4 2025, including Faber Residence and Penrith, which have already sold 1,449 units collectively. Huttons Data Analytics forecasts that developers’ sales for 2025 could reach 11,000 units, with prices expected to grow between 3% and 4% for the year.

Singapore’s job market is showing signs of recovery, with hospitality and tourism sectors spearheading the resurgence. According to Indeed’s latest data, job postings in these sectors have surged by 64.3% over the past three months. This rebound comes after a period of decline, with overall job postings in Singapore rising by 1.0% in September, ending two consecutive months of downturn.

The data highlights a notable trend towards job stability in certain professions. Nursing, food and beverage, and accounting roles are seeing longer career pathways, with workers in these fields showing a strong preference for staying within their industries. Indeed’s report reveals that only 11.9% of registered nurses and 12.7% of line cooks have switched professions between 2022 and 2024.

Conversely, sectors such as dental, childcare, and insurance have experienced significant declines in job postings, with reductions of 27.1%, 23.1%, and 17.6% respectively. Callam Pickering, Indeed’s APAC Senior Economist, noted, “Singapore job postings rebounded slightly in September, but we expect job postings to continue to moderate going forward.”

Despite the recent uptick, Singapore’s job figures remain 14.5% lower than a year ago, indicating a longer-term downward trend. The labour market remains tight, with a low unemployment rate of 2.0% and ongoing skill shortages. As the market adjusts, job seekers are motivated by various factors, including higher pay, career advancement, and improved work-life balance.

The Urban Redevelopment Authority (URA) has announced the results of the government land sales tender for the Upper Thomson Road (Parcel A) site, which closed today. The site, capable of accommodating 595 residential units and 2,000 square metres of commercial space, attracted five bids. Wee Hur Holdings, along with its largest shareholder GSC Holdings, submitted the highest bid at approximately $614m, translating to a land rate of $1,062 per square foot per plot ratio (psf ppr).

The tender’s outcome was influenced by the successful launch of the adjacent Springleaf Residence in August 2025. The absence of a mandatory requirement for long-stay serviced flats on the site also increased its appeal to developers. Wong Siew Ying, Head of Research and Content at PropNex, noted, “The flexibility provided by the URA, coupled with strong sales at Springleaf Residence, has boosted developers’ confidence.”

The top bid exceeded the second-highest offer from Frasers Property and Soilbuild Group by 2.1%, and was 13.7% higher than the lowest bid from Sim Lian Group. This marks a significant increase compared to the land price of the nearby Parcel B site, awarded to GuocoLand and Hong Leong Holdings in April 2024 for $905 psf ppr.

The Upper Thomson Road (Parcel A) site, previously launched in June 2024, initially failed to attract bids due to the requirement for serviced flats. However, the URA’s revised conditions have made the site more attractive. With the potential for connection to Springleaf MRT station and commercial space on the first storey, the site is poised to be a desirable development. The estimated average selling price for the new development is expected to be above $2,250 psf.

Royal Caribbean has marked the return of Ovation of the Seas to Singapore by collaborating with local singer-songwriter Nathan Hartono on an original track, “Come On Board With Me”. This partnership highlights Royal Caribbean’s dedication to celebrating Singapore as a key travel hub and creating culturally resonant experiences. The track, inspired by exploration and unforgettable memories, will be played onboard, enhancing the travel experience for guests.

Chad Grospe, vice president and managing director, APAC, Royal Caribbean, expressed that the return of Ovation of the Seas invites guests to embark on new adventures across Asia Pacific. He noted, “Music has the power to capture emotions in a way words alone cannot, and Nathan’s artistry makes him the perfect partner to tell this story of adventure, wonder, and connection.”

Nathan Hartono, who experienced his first Royal Caribbean holiday earlier this year, shared that the journey transformed his view on vacations. “Taking a holiday on Ovation of the Seas from Los Angeles opened my eyes to the adventure of life with Royal Caribbean and an entirely new way to holiday,” he said.

From October 2025 to March 2026, Ovation of the Seas will offer 3- to 8-night getaways from Singapore to destinations in Malaysia, Indonesia, and Thailand. Guests can enjoy a range of activities, including the North Star observation capsule and RipCord by iFly skydiving simulator, alongside over 20 dining options and spectacular shows.