Industry News

Qingjian Realty and Forsea Holdings reported a robust turnout at the Coastal Cabana Executive Condominium (EC) sales gallery during its first preview weekend on 6-7 December. Over 4,000 visitors explored the development, which is set to become a significant addition to Singapore’s housing market. The previews will continue until 21 December.

The development, located along Jalan Loyang Besar, offers 748 units with panoramic sea views and resort-inspired living. Prices start from S$1,639 per square foot, with unit sizes ranging from 872 to 1,421 square feet. The project is strategically positioned near Downtown East and Pasir Ris MRT, providing residents with easy access to family-friendly amenities, schools, and parks.

Du Dexiang, Managing Director of Qingjian Realty, expressed optimism about the project’s reception, stating, “Coastal Cabana has seen an encouraging response during the first weekend of previews—even during the December holiday period.” He emphasised the importance of executive condominiums (ECs) in Singapore’s housing ecosystem, offering well-located and well-designed homes that are accessible to many aspiring homeowners.

Wang Xin, Director of Forsea Holdings, noted the interest from both first-time buyers and upgraders, highlighting the project’s diverse unit sizes and functional layouts that cater to various family needs and budgets.

The development’s strategic location and thoughtful design are expected to meet the strong demand for ECs in the area, especially given the uncertain future supply in Pasir Ris. Coastal Cabana is anticipated to achieve vacant possession by 31 March 2029, with sales launching on 17 January 2026.

Payment Options Pte Ltd, a Singapore-based payment solutions provider, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence under the Payment Services Act 2019. This approval marks a significant step for the company in its mission to support Singapore’s small and medium-sized enterprises (SMEs) with accessible digital payment solutions.

If granted the licence, Payment Options will be authorised to offer three regulated payment services: Merchant Acquisition, Domestic Money Transfer, and Cross-Border Money Transfer. These services aim to empower SMEs by providing a comprehensive suite of payment capabilities, including online payment gateways, QR code payments, and the upcoming SoftPOS payments technology. “Our vision is to position digital payments as a growth enabler, not a challenge, for small businesses,” said Aaron Yip, Director of Payment Options.

The in-principle approval indicates that a licence may be issued upon meeting specified conditions, provided there are no adverse developments affecting the applicant. Payment Options plans to collaborate with local merchants, financial institutions, and technology partners to enhance payment accessibility and drive innovation within Singapore’s SME ecosystem.

The company reaffirms its commitment to regulatory compliance and innovation, contributing to Singapore’s journey towards a secure, inclusive, and cash-lite economy. The MAS reserves the right to rescind the approval if deemed appropriate.

HDI Global has announced the appointment of Peter Schraa as the new Head of Marine in Singapore, effective 1 December. This strategic move is part of the company’s efforts to enhance its service offerings and strengthen its presence in Southeast Asia, a crucial maritime hub in the Asia-Pacific region.

With over 20 years of experience in Europe and nearly a decade in Singapore, Schraa brings a wealth of expertise to his new role. He will work closely with local underwriters to expand HDI Global’s Marine portfolio, focusing on the region’s evolving supply chain and logistics risks. Schraa will report to Alex Tarantino, Managing Director and Principal Officer of HDI Global Singapore.

“I am thrilled to join HDI Global at such an exciting and important phase of growth,” Schraa stated. “It is a great opportunity to be part of a dynamic team dedicated to taking the marine business to new heights.”

Tarantino expressed confidence in Schraa’s leadership, noting his extensive international background and understanding of the regional market. “Peter’s appointment is an important step in deepening our Marine expertise on the ground,” he said. “I am confident that his leadership will help us build a strong Marine portfolio in the whole region and create even more value for our clients and broker partners.”

This appointment underscores HDI Global’s commitment to being a preferred partner in transformation, aiming to deliver tailored solutions to meet the specific needs of its clients in Southeast Asia.

Transport Ministers Jeffrey Siow of Singapore and Anthony Loke of Malaysia have announced key enhancements to cross-border taxi and bus services following their meeting on 4 December 2025. The discussions took place during the 12th Singapore-Malaysia Leaders’ Retreat, focusing on strengthening transport links between the two countries.

The ministers highlighted ongoing discussions between officials from both sides, aiming to improve the efficiency and reciprocity of cross-border transport services. These enhancements are expected to facilitate smoother travel for commuters and boost connectivity between Singapore and Malaysia.

The joint statement from the Ministry of Transport, Singapore, and the Ministry of Transport, Malaysia, underscores the commitment of both nations to enhance bilateral cooperation in transport. By improving cross-border taxi services and ensuring reciprocal bus services, the two countries aim to address the growing demand for efficient and reliable transport options.

These developments are part of broader efforts to strengthen ties and improve infrastructure between Singapore and Malaysia. The enhancements to the transport services are anticipated to have a positive impact on trade, tourism, and daily commuting for residents of both countries.

As the discussions progress, further details on the implementation of these enhancements are expected to be released, marking a significant step forward in regional cooperation and connectivity.

Manulife has inaugurated its Artificial Intelligence Centre of Excellence (AI CoE) in Singapore, aiming to streamline insurance processes and enhance customer experiences through advanced AI solutions. The launch, attended by Senior Parliamentary Secretary Hanyan Goh, showcased AI applications in sales, underwriting, and customer service, reinforcing Manulife’s position as a leader in AI-driven insurance.

The AI CoE will focus on developing use cases across various sectors, including underwriting and customer engagement, ensuring that AI advancements are transparent and secure. Manulife plans to collaborate with local institutions like the Institute of Banking and Finance and universities to build skills in AI governance and responsible development. “AI gives us the opportunity to deliver better, faster, and more personalised service to customers,” said Benoit Meslet, CEO of Manulife Singapore.

Singapore’s robust digital infrastructure and innovation ecosystem make it an ideal location for this initiative. The CoE will also contribute to workforce development, offering internships and training programmes to enhance AI literacy and skills among employees. Philbert Gomez, from Digital Industry Singapore, highlighted the CoE’s role in showcasing AI’s benefits in the insurance sector and creating opportunities for local talent.

Manulife’s global AI capabilities are already recognised, with the company ranked as the top life insurer in the Evident AI Index for Insurance. The Singapore CoE will further these efforts, enabling more efficient operations and higher-quality service delivery. This initiative underscores Manulife’s commitment to leveraging technology for improved customer experiences and value creation.

A new report by the Association of Chartered Certified Accountants (ACCA), in collaboration with the International Federation of Accountants (IFAC), Chartered Accountants Australia and New Zealand (CA ANZ), and the Organisation for Economic Cooperation and Development (OECD), highlights that Singapore is among the top performers in public trust in tax systems. The survey, which included over 12,000 individuals across 29 countries, shows that Southeast Asia, particularly Singapore, leads in trust, digital experience, and perceptions of tax fairness.

The report, titled “Public Trust in Tax 2025: Asia and Beyond,” reveals that 64.7% of respondents in Southeast Asia view paying tax as a community contribution rather than a cost. Singaporeans share this sentiment, reflecting strong support for the fiscal contract. Furthermore, two-thirds of Asian countries believe that public services and infrastructure provide fair returns for taxes paid, a view less common in Europe and Latin America.

Singapore’s advanced digital tax infrastructure, managed by the Inland Revenue Authority of Singapore (IRAS), is noted for its positive user experience, aligning with regional trends. The survey also indicates that Singapore is one of only seven countries globally with a net positive trust rating for politicians on tax matters, contrasting with the high levels of distrust in Western Europe and Latin America.

Helen Brand, Chief Executive of ACCA, emphasised the importance of transparency and fairness in maintaining public trust, stating, “Asia’s strong public trust in taxation offers valuable lessons for the world.” The findings will be further discussed at a launch webinar on 11 February 2026, where policymakers and tax authorities will explore the implications of the report.

SIM Global Education (SIM GE) is enhancing career prospects for students in Singapore through its University Partner Programme, which collaborates with prestigious institutions from the US, UK, Australia, Europe, and Canada. This initiative allows students to obtain internationally recognised degrees without leaving Singapore, providing a cost-effective alternative to studying abroad whilst tapping into Singapore’s dynamic job market.

SIM GE’s approach combines international curricula with local relevance, preparing students for successful careers. According to SIM GE’s Graduate Employment Survey, 80.2% of graduates secure employment within six months, often with multinational firms. This success is attributed to partnerships with universities such as the University of London, RMIT University, and the University at Buffalo, which ensure high academic standards and global recognition.

The institution’s programmes focus on high-demand sectors like business analytics, sustainability, digital marketing, and fintech, aligning education with industry needs. SIM GE also offers career services, networking events, and internships to provide practical exposure and professional development.

SIM GE holds the EduTrust Star certification, the highest quality assurance tier for Private Education Institutions in Singapore, reflecting its commitment to excellence in education delivery and student welfare. This accolade underscores SIM GE’s ability to deliver programmes that meet global benchmarks, ensuring graduates are well-prepared for future challenges.

As Singapore continues to grow as a regional education hub, SIM GE equips students with the skills needed for a rapidly changing workforce, blending academic rigour with practical experience and industry exposure. This prepares graduates to contribute effectively across various industries and borders

Singapore’s retail sales experienced a significant boost in October, rising by 4.5% year-on-year and 2.3% month-on-month, according to UOB Global Economics and Markets Research. This surge was largely attributed to the influx of tourists during the F1 Singapore Grand Prix and China’s Golden Week, which saw a notable increase in Chinese visitors compared to September.

The tourism-sensitive sectors, such as watches and jewellery, recreational goods, and food and alcohol, showed remarkable improvements. Watches and jewellery sales jumped by 16.1% month-on-month, whilst recreational goods and food and alcohol saw increases of 9.5% and 6.3%, respectively. Despite a slight decline in department store sales by 1.3% month-on-month, the overall retail sector remained robust.

Tourist arrivals in October reached 90% of 2019 levels, up from 86% in September, providing a substantial lift to retail sales. However, the increase in resident outbound air departures, which hit 110% of 2019 levels, may have diverted some local spending abroad.

Looking ahead, the outlook for retail sales remains cautious. The 3Q25 Labour Market Report indicated strong employment growth, but wage growth may moderate as fewer firms plan to raise wages. A survey by the Singapore National Employers Federation revealed that 58% of employers intend to freeze headcount in 2026, and 48% plan to moderate or freeze wages for the 2025/2026 financial year. These factors could temper consumer spending in the near term.

SC Capital Partners Group, a Singapore-based real estate investment management firm, has started construction on a state-of-the-art data centre in Osaka, Japan. The project, with an initial investment of approximately $600m, secured building permits ahead of its groundbreaking ceremony on 3 December 2025. This development highlights the firm’s commitment to Japan’s burgeoning digital infrastructure sector.

Located on Nanko Island, the facility is strategically positioned with 100MW of allocated power, offering direct access to robust power infrastructure and major network routes. This makes it an ideal location for hyperscale and enterprise users. SC Capital Partners has already begun pre-leasing discussions, attracting interest from global cloud service providers and technology companies seeking scalable and energy-efficient solutions.

The project is backed by a consortium, including a subsidiary of the Abu Dhabi Investment Authority, a major Japanese real estate developer, and SC Capital Partners’ RECAP series of real estate funds. All necessary capital for the development has been secured. SC Zeus Data Centres, a subsidiary of SC Capital Partners, will manage the development and operations of the facility, which is expected to commence operations in early 2028.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, stated, “We are among the few who have successfully broken ground in a prime location with secured power and a best-in-class design purpose-built for the AI era.” The firm is also exploring further data centre developments in Japan, South Korea, and other key Asia Pacific markets.

Retail sales in Singapore saw a notable increase of 4.5% in October 2025 compared to the same month last year, according to the Singapore Department of Statistics. This growth extends the 2.7% rise observed in September 2025. Excluding motor vehicles, retail sales rose by 3.7% year-on-year. The total retail sales value reached $4.4b, with online sales accounting for 14.5% of this figure.

The Watches & Jewellery industry led the growth with a 25% year-on-year increase, largely due to higher jewellery sales. Recreational Goods and Motor Vehicles also experienced significant growth, with sales rising by 20.4% and 9.7% respectively. However, Petrol Service Stations and retailers of Wearing Apparel & Footwear faced declines, with sales dropping by 17.4% and 3.7% respectively.

In the food and beverage (F&B) sector, sales increased by 2.4% year-on-year, reversing a 1.6% decline in September. The total F&B sales value was estimated at $1b, with online sales comprising 25.1%. Food Caterers saw a 12.8% increase in sales, whilst Fast Food Outlets and Cafes, Food Courts & Other Eating Places recorded growths of 4.4% and 1.3% respectively. Conversely, Restaurants experienced a slight decline of 0.6% in sales.