Industry News

Narra Residences, a new development in district 23, successfully sold 128 units during its launch weekend. Huttons Asia CEO Mark Yip noted that the project, which is situated in a private residential enclave, offers a tranquil environment with proximity to nature, attracting buyers with its accessible entry price starting at $1,930 per square foot (psf). This price point is notably lower than the average selling price of $2,264 psf for projects in the Outside Central Region (OCR).

The launch saw a diverse range of unit types being snapped up, with 30% to 40% of buyers coming from Housing Development Board (HDB) addresses, whilst the remainder hailed from private residential addresses. Investors showed particular interest in the one-bedroom and two-bedroom units, aiming to meet tenant demand from nearby educational institutions such as the German European International School and The Perse School.

Owner-occupiers, especially those with compact family units, also favoured the two-bedroom options. Meanwhile, families were drawn to the three-bedroom units due to the development’s proximity to several reputable schools, including CHIJ Our Lady Queen of Peace, Bukit Panjang Primary School, The Perse School (Singapore), and GESS International School.

The successful launch of Narra Residences highlights the continued demand for well-located residential projects in Singapore’s OCR, particularly those offering competitive pricing and access to educational facilities.

Singapore and the European Union (EU) have officially strengthened their economic partnership with the implementation of a new Digital Trade Agreement. This development marks a significant step in enhancing digital trade and cooperation between the two regions. The agreement, which has now entered into force, aims to facilitate seamless digital transactions and improve the regulatory environment for businesses operating across borders.

The Digital Trade Agreement is designed to address the growing importance of digital trade in the global economy. It seeks to create a more conducive environment for businesses by reducing barriers and ensuring the free flow of data across borders. This is expected to benefit companies by providing greater access to markets and fostering innovation.

The agreement also includes provisions to protect consumer rights and ensure data privacy, reflecting the shared commitment of Singapore and the EU to uphold high standards in digital trade. By aligning regulatory frameworks, the agreement aims to create a level playing field for businesses and enhance trust in digital transactions.

This partnership is expected to boost economic growth and create new opportunities for businesses in both regions. As digital trade continues to expand, the agreement positions Singapore and the EU as leaders in promoting open and secure digital markets.

In conclusion, the Digital Trade Agreement between Singapore and the EU represents a significant milestone in their economic relationship. By facilitating digital trade and enhancing regulatory cooperation, the agreement is set to drive economic growth and innovation in both regions.

Singapore’s card payments market is projected to grow at a 7.2% compound annual growth rate (CAGR) from 2025 to 2029, reaching S$209.2b, according to GlobalData. This growth is attributed to widespread bank access, extensive merchant acceptance, and the increasing use of contactless cards.

In 2025, the card payment value in Singapore saw a 6.2% year-on-year increase, reaching S$158.2b. This rise was fuelled by heightened consumer spending, the expansion of e-commerce, and broader acceptance of contactless payments. Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, noted, “Singapore’s payment card market is expanding steadily on the back of high banked population, developed card network, and targeted government and bank initiatives.”

The Singaporean government has supported this growth through initiatives like the Productivity Solutions Grant, which subsidises up to 50% of point-of-sale installations for small and medium enterprises (SMEs). This has encouraged more merchants to adopt card payment technologies, expanding the market footprint.

Debit cards accounted for 32.4% of the total card payment value in 2025, bolstered by financial inclusion initiatives and low-cost basic accounts. Meanwhile, credit and charge cards dominated the market with 67.6%, driven by consumer preferences for rewards and cashback features.

Sharma concluded that despite geopolitical and trade uncertainties, the market will continue to benefit from financial inclusion efforts, a robust payment infrastructure, and the growing use of contactless cards. The expansion of merchant acceptance networks will further support the healthy growth of card transactions over the next few years.

Singapore Exchange (SGX)-listed companies are increasingly viewing climate reporting as a strategic avenue for growth, according to a recent survey by Schneider Electric and SGX Regulation (SGX RegCo). The study highlights that 60% of business leaders have identified new opportunities and business segments in response to climate change, despite challenges in skills and data.

The survey, which involved 543 business leaders, found that more than half of the respondents are engaging in partnerships or mergers with climate-focused companies to enhance expertise. Key areas of opportunity include renewable energy, sustainable products, climate technology, infrastructure, and green finance solutions.

Over 90% of the surveyed companies have begun adopting the IFRS Sustainability Disclosure Standards (ISSB Standards), which were integrated into SGX’s Sustainability Reporting Guide in 2025. These standards require disclosure of sustainability-related financial information and climate risks. More than half of the respondents believe these standards will attract investors, offering a clearer baseline for sustainability measurement and reputational benefits.

However, the adoption of these standards faces hurdles, with 55% citing internal skills gaps, followed by high costs (52%), data gaps (43%), and external provider skills gaps (42%). Yoon Young Kim of Schneider Electric emphasised the need for strategic investment in digital and automated solutions to overcome these barriers, stating, “Integrating comprehensive sustainability reporting with robust business strategy is essential for strengthening resilience, driving innovation, and creating verifiable long-term value.”

Eliza Tan from SGX RegCo noted the importance of quality disclosures for investors, highlighting ongoing efforts to close gaps in climate-related disclosures through training opportunities. As companies continue to adopt these standards, the focus remains on enhancing their competitive edge and creating sustainable value.

Newport Residences, a new mixed-use development in Anson Road, has reported impressive sales figures during its launch weekend, selling 140 out of 246 residential units, which equates to a 57% take-up rate. The project, priced at an average of $3,370 per square foot, marks the first new launch in the Core Central Region (CCR) for 2026, continuing the strong momentum from 2025.

The development’s sales performance stands out in District 2, surpassing previous projects such as One Bernam, which had a 23% take-up rate in May 2021, and Sky Everton, which achieved 40% in June 2019. Both of these projects have since sold out.

Kelvin Fong, CEO of PropNex, attributes the success of Newport Residences to its prime location, competitive pricing, and freehold land tenure. He noted that new freehold projects in the central business district are rare, with the last being Sky Everton in 2019. The development’s proximity to Tanjong Pagar MRT station and the upcoming Prince Edward Road MRT station enhances its appeal.

The urban transformation in the Tanjong Pagar area, including new Circle Line stations and the Greater Southern Waterfront precinct, is expected to boost the area’s vibrancy and offer potential future upside.

The strong sales at Newport Residences suggest robust demand for well-located CCR properties, with 2025 seeing a four-year high in new private home sales in the region. PropNex anticipates that the factors driving CCR sales will continue into 2026, supporting future launches in prime districts.

Connie Chan has been appointed as Senior Vice President and Head of the Company Secretarial team at the Maples Group in Singapore. With more than 20 years of experience in governance and company secretarial roles, Chan will oversee the delivery of tailored secretarial services, ensuring adherence to industry best practices.

The Maples Group, known for its comprehensive legal and fiduciary services, has strategically positioned Chan to enhance its offerings in Singapore. Her extensive knowledge of the regulatory framework will be pivotal in supporting boards and executive committees across various corporate environments. “We are delighted to welcome Connie back to the Singapore office where she will head a dynamic and growing team,” said Charlie Sparrow, Global Head of Fiduciary Services.

Chan’s responsibilities will include managing end-to-end entity formation and management services, alongside fiduciary services such as providing named company secretaries and directors. An associate member of the Chartered Secretaries Institute of Singapore, Chan is also a practising Chartered Secretary and a Qualified Individual under the Accounting and Corporate Regulatory Authority Act.

The Singapore office is part of the Maples Group’s global network, which spans nearly 3,000 professionals across 15 offices worldwide. This appointment underscores the Group’s commitment to leveraging local expertise whilst drawing on its extensive global resources to meet client needs effectively.

The Singapore Manufacturing Federation (SMF) hosted its annual Manufacturing Day Summit 2026, focusing on how the manufacturing sector can leverage advanced technologies and sustainable practices in the Industry 5.0 era. The event, attended by approximately 1,500 delegates, featured key announcements aimed at bolstering Singapore’s manufacturing capabilities.

A significant highlight was the launch of the Johor–Singapore Special Economic Zone (JS-SEZ) Playbook for Manufacturers. This comprehensive guide is designed to assist manufacturers in setting up operations in Johor, offering insights into regulatory requirements and investment pathways. “With the launch of the Playbook, we aim to support companies with faster decision cycles and increased confidence in executing cross-border setups,” said Lennon Tan, President of SMF.

Complementing the playbook, SMF announced an AI-enabled chatbot to be launched soon. This tool will provide manufacturers with personalised guidance on regulations and incentives, ensuring they have access to the latest information for cross-border expansion.

The summit also saw the signing of a Memorandum of Understanding between SMF’s Advanced Manufacturing Training Academy and A*STAR SIMTech. This partnership will introduce the Manufacturing Leadership Elevation Certificate Programme, aimed at developing leaders capable of driving AI-enabled manufacturing transformation.

These initiatives underscore SMF’s commitment to reducing barriers for cross-border growth and fostering leadership in AI-enabled manufacturing. As the sector continues to evolve, these tools and programmes are set to play a crucial role in ensuring Singapore’s manufacturing industry remains competitive and sustainable.

Morgan Stanley Research has forecasted that the Monetary Authority of Singapore (MAS) will likely tighten its policy in April, reverting to a “modest and gradual” appreciation path. This prediction is based on the MAS’s assessment of a positive output gap for the second consecutive year and normalising price pressures.

In its January meeting, the MAS maintained all parameters of its Singapore Dollar Nominal Effective Exchange Rate (S$NEER) policy. However, it raised its 2026 inflation projections to 1-2% and noted that the output gap would remain positive throughout the year. Morgan Stanley suggests that if incoming data aligns with the MAS’s assessment and no significant downside risks arise, a steeper slope of S$NEER appreciation could be the most likely policy tightening option in April.

The bank’s analysis indicates that further tightening will depend on the pace of economic growth and the strengthening of inflationary pressures. “Following the strong performance in 2025, growth this year is expected to remain resilient,” the MAS highlighted, suggesting a positive outlook for the economy.

Morgan Stanley also pointed out that global growth shocks and inflationary trends will be critical indicators to watch. Any adverse events, such as geopolitical conflicts or tariff escalations, could impact global investor sentiment and delay the tightening process.

In conclusion, Morgan Stanley’s report underscores the likelihood of a policy shift by the MAS in April, contingent on economic indicators and external factors. This potential move aims to safeguard medium-term price stability amidst evolving economic conditions.

The Singapore property auction market experienced a significant surge in 2025, with listings reaching a four-year peak. According to ETC, a member of Realion Group, 529 properties were listed for auction, marking a 22.2% rise from 433 in 2024. This increase was largely fuelled by a rise in mortgagee-sale listings, which accounted for 62.9% of the total.

The uptick in auction listings has led to a higher success rate, with 24 properties sold in 2025 compared to 15 the previous year. This raised the auction success rate to 4.5% from 3.5% in 2024. The total transaction value at auction soared to S$64.8m, a 126% year-on-year increase, driven by the sale of several high-value properties exceeding S$5m.

Joy Tan, Head of Auction & Sales at ETC, noted, “The increase in auction listings in 2025 reflected the continued use of auctions by both property owners and financial institutions as a transparent and effective sales platform.” She added that the rise in mortgagee-sale listings was due to tighter financing conditions and a cautious economic environment, rather than a fundamental change in seller behaviour.

Residential properties dominated the auction listings, making up 50.9% of the total, followed by industrial and retail properties. Notable sales included a 3-storey factory at Tagore Industrial Avenue for $9.08m and a 4-bedroom flat at The Sovereign for S$7.7m.

Looking ahead, the market is expected to remain active in 2026, with potential increases in high-quantum listings as owners adjust their asset strategies amidst changing regulatory and market conditions.

FriedRice Entertainment, a Singapore-based live entertainment company, concluded 2025 with over 30 successful events across Asia, including K-Pop concerts and cultural showcases. The company aims to expand its reach in 2026, operating in eight countries: Singapore, Indonesia, Malaysia, Thailand, Hong Kong, South Korea, Japan, and Australia. This expansion reflects its commitment to cultural exchange and audience connection.

FriedRice Experience (FRE-X), the company’s experiential arm, is set to deliver innovative experiences by collaborating with regional and global intellectual property (IP) owners. James Zou, CEO of FriedRice Entertainment, emphasised the company’s mission to create meaningful experiences that transcend borders and genres. “Our expansion into new markets reflects not just growth in geography, but growth in ambition,” he stated.

The 2026 calendar includes performances by South Korean acts QWER and 10CM in Singapore, Taiwanese singer-songwriter Eric Chou in Indonesia, and a fan convention by Mark Tuan in Bangkok. Additionally, FriedRice Entertainment will debut in Australia with shows featuring the original singers of Studio Ghibli soundtracks.

FRE-X is also expanding its immersive experiences, with the Demon Slayer: Kimetsu no Yaiba Total Concentration Exhibition marking a significant milestone. The exhibition, spanning 21,000 square feet, immerses visitors in the anime’s iconic moments. “FRE-X is about turning stories into spaces,” said Zou, highlighting the company’s focus on creating environments where fans can interact and belong.

FriedRice Entertainment’s strategic growth aims to position it as a leading platform connecting Asian and international talent with audiences across the Asia-Pacific region.