Industry News

A new collaboration between Microsoft, Enterprise Singapore, and NUS Enterprise was unveiled at the Singapore Week of Innovation and Technology (SWITCH) conference, aiming to accelerate the growth of 150 AI startups over the next three years. Announced by Deputy Prime Minister Gan Kim Yong, the initiative will streamline access to funding through the Startup SG Tech grant, enhancing the local AI ecosystem.

Building on the existing AI Accelerate programme, the collaboration introduces a Go-To-Market (GTM) programme. This will provide startups with practical guidance from Microsoft experts to achieve product-market fit and commercialisation. Enterprise Singapore will work with Microsoft to expedite access to the Startup SG Tech grant, selecting high-potential startups for funding.

The programme is set to begin in January 2026, with applications open until 14 November 2025. Startups must be Singapore-based, post-MVP, and operate in B2B or scalable B2C markets. The 10-week sprint will culminate in an Investor Day in May 2026, where startups will pitch to venture capitalists and corporate partners.

Microsoft ASEAN President Mayank Wadhwa highlighted the collaboration’s potential to shape AI innovation in Asia, stating, “Entrepreneurs will have the tools and resources they need to build their ideas, reach customers, and scale beyond borders.” Enterprise Singapore Managing Director Cindy Khoo emphasised the transformative potential of AI, noting the importance of proactive partnerships to drive innovation.

This initiative is poised to position Singapore as a leader in the AI economy, fostering a robust ecosystem for AI startups to thrive both locally and globally.

The industrial sector in Singapore continues to demonstrate resilience, with rents and prices experiencing moderate growth and vacancy rates tightening, according to Cushman & Wakefield’s Q3 2025 report. The purchasing manager index (PMI) reached 50.1 in September, indicating a marginal expansion in manufacturing sentiments. This, coupled with declining interest rates and easing inflation, has contributed to the positive outlook.

Industrial rents increased by 0.5% quarter-on-quarter (qoq) in Q3 2025, marking the 20th consecutive quarter of growth. However, this was a slight moderation from the 0.7% qoq growth seen in Q2 2025. The warehouse segment led the rental growth, rising by 0.9% qoq, driven by sustained demand and limited supply. Meanwhile, single-user factory rents grew by 0.7% qoq, whilst multiple-user factory rents saw a slower growth of 0.4% qoq.

Vacancy rates fell to 10.9%, the lowest since Q4 2022, with single-user factories, warehouses, and business parks recording lower rates. Notable completions in Q3 2025 included the CT Foodnex food factory and major warehouse developments at 15 Benoi Sector and 5 Toh Guan Road East.

Despite a higher supply of single-user factories and warehouses, pre-commitment levels remain strong. Prime logistics developments are in tight supply, with the next major project not expected until 2028. Business park vacancy rates decreased slightly to 23%, with a notable disparity between city-fringe and suburban locations.

Overall, industrial prices grew by 0.6% qoq, marking the sixth consecutive quarter of increase. Whilst transaction volumes declined by 2.2% qoq, they remain above pre-pandemic levels, with investors showing interest in assets with repurposing potential.

Amazon Singapore is ushering in the festive season with a 12-day Black Friday Sale from 20 November to 1 December. Shoppers can expect hundreds of thousands of deals across various categories, including Toys, Electronics, and Home essentials, available at amazon.sg/blackfriday. This year’s sale is not just about discounts; new research commissioned by Amazon Singapore highlights changing consumer behaviours.

The YouGov study identifies “Deal Optimisers” as a prevalent shopping persona, with 42% of Singaporeans comparing prices and timing purchases around major sales. Gen Z shoppers are leading the trend for personalised gifts, with 58% preferring unique presents, compared to 39% of Millennials who favour practicality. Additionally, men are increasingly involved in gift planning, with 45% preparing gifts for partners during sales, nearly double the rate of women.

Peter Li, Director of China & Singapore, International Store at Amazon, noted, “Black Friday is one of the most exciting times of the year for Singapore shoppers, as it’s the perfect moment to prepare for the holidays and save on everything from big-ticket gifts to everyday essentials.”

The sale includes significant discounts, such as up to 40% off Sennheiser headphones and Dyson products, and up to 30% off LEGO sets. Amazon Prime members can enjoy additional benefits, including fast, free delivery and exclusive savings. This initiative aims to cater to the evolving needs of Singaporean shoppers, offering convenience and value during the holiday season.

The Singapore Department of Statistics has reported a 1.4% rise in the Import Price Index and a 0.6% increase in the Domestic Supply Price Index for September 2025 compared to August 2025. Conversely, the Export Price Index experienced a slight decline of 0.1%, and the Singapore Manufactured Products Price Index remained unchanged during the same period.

The data, which excludes oil, shows a 1.3% rise in the Import Price Index and a 0.2% increase in the Domestic Supply Price Index. Both the Export and Singapore Manufactured Products Price Indices fell by 0.1%.

These indices are crucial for understanding the economic landscape, as they reflect changes in the cost of goods entering and leaving Singapore, impacting businesses and consumers alike. The statistics are available in detail through the Monthly Import and Export Price Indices and the Monthly Singapore Manufactured Products and Domestic Supply Price Indices publications.

The luxury property market in Singapore experienced a significant boost in the third quarter of 2025, according to Huttons’ Prestige Report. Sales of luxury non-landed homes surged by over 30% to 81 transactions, driven by new launches and increased resale activities. The geopolitical climate and a strong Singapore dollar have made the city-state an attractive destination for ultra-high-net-worth individuals (UHNWIs) seeking stability.

The report highlights that an estimated 725 luxury non-landed units were rented out in Q3 2025, marking a 21.6% increase from the previous quarter. This trend is attributed to UHNWIs migrating to Singapore, potentially awaiting permanent residency before purchasing homes. Mark Yip, CEO of Huttons Asia, noted the appeal of Singapore’s stability for these individuals.

Good Class Bungalows (GCBs), another segment of the luxury market, saw 11 deals in Q3 2025, consistent with the previous quarter. The total transacted value of GCBs rose by 13.2% to $382.1m, driven by high-value transactions in areas like Dalvey Estate and Chee Hoon Avenue.

Looking ahead, the luxury non-landed market set a new benchmark in October 2025 with a record price of $6,501 per square foot for a unit at Skywaters Residences. Despite potential slowdowns during the year-end holidays, the market is poised for its best performance since 2022. Meanwhile, more realistic pricing could sustain interest in GCBs into the fourth quarter.

DBS and Goldman Sachs have completed the first-ever over-the-counter (OTC) cryptocurrency options trade between two banks, marking a significant milestone in the digital asset sector. This pioneering transaction involved cash-settled OTC Bitcoin and Ether options, showcasing the adoption of risk management practices typical of traditional asset classes.

The trade comes amid increasing demand for cryptocurrency-linked products, with institutional investors seeking to expand their exposure to digital assets. In the first half of 2025, DBS clients executed over $1b in cryptocurrency options and structured notes, with trade volumes rising nearly 60% from Q1 to Q2 2025.

Jacky Tai, Group Head of Trading and Structuring at DBS, emphasised the importance of trusted platforms in the digital asset space. “Our trade with Goldman Sachs highlights how platforms can now tap the strong credit ratings and structuring capabilities of banks to bring the best practices of traditional finance into the digital asset ecosystem,” he stated.

Max Minton, Head of Digital Assets in Asia Pacific at Goldman Sachs, noted the significance of the development. “The trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area where we expect to see continued growth as institutional investors become increasingly active in this space,” he said.

As the digital asset ecosystem continues to evolve, this transaction underscores the potential for further integration of traditional financial practices, paving the way for more robust and secure cryptocurrency trading environments. Investors are advised to carefully assess their investment objectives and risk appetite before engaging in cryptocurrency-linked products.

HSBC has unveiled its Innovation Banking service in Singapore, aiming to bolster the nation’s innovation and venture ecosystem. Announced during the Singapore Week of Innovation and Technology (SWITCH), the initiative includes a dedicated $1.5b fund to provide high-growth innovation companies with unique financing solutions to expand their operations.

The new service will offer venture-backed businesses and their investors access to HSBC’s global network, enhanced sector expertise, and specialised financial products. David Sabow, Global Head of Innovation Banking, highlighted Singapore’s status as a global innovation hub, noting its thriving industries, pro-business environment, and strong international connections. “Today marks another milestone as we aim to create the largest dedicated global innovation banking business in the world,” he stated.

Gilbert Ng, Head of Banking – Singapore, Corporate and Institutional Banking at HSBC, emphasised Singapore’s position as a leading start-up destination in Asia-Pacific, supported by over 4,000 start-ups and a vibrant network of investors and accelerators. “The launch of HSBC Innovation Banking and the allocation of $1.5bn in capital demonstrates our continued commitment to supporting the growth of Singapore’s innovation economy,” Ng said.

Neil Falconer has been appointed as the Head of Innovation Banking in Singapore and will lead a dedicated team to support existing clients and attract new ones. This strategic move underscores HSBC’s commitment to fostering innovation and entrepreneurship in Singapore and beyond.

Five social service agencies in Singapore have joined forces to launch the nation’s first shingles awareness movement, supported by pharmaceutical company GSK. The initiative, unveiled at a nostalgia-themed event titled “Shielding from Shingles,” aims to educate seniors and their caregivers about the health risks associated with shingles and the preventive measures available.

The event, held at The GlassDome in Far East Square, was organised by GSK and attended by over 100 seniors from various ageing centres. It featured participation from caregivers and local celebrities, including the OG Gang—Mediacorp Artistes Chen Shu Cheng, Richard Low, and Zhu Hou Ren—and Cynthia Koh. The programme is designed to foster a community-driven approach to shingles education, encouraging open discussions about the disease’s impact.

A medical expert at the event highlighted the increased risk of severe shingles complications for individuals with pre-existing conditions such as diabetes and chronic kidney disease. This is particularly pertinent in Singapore, where 21.8% of those aged 60 and above live with diabetes, and heart attack incidence is expected to nearly triple by 2050.

Shingles, or herpes zoster, affects approximately 30,000 people annually in Singapore. Despite the high prevalence, a recent survey revealed that only one in four individuals has consulted or plans to consult a doctor about the condition. The movement seeks to bridge this gap by leveraging the community networks of Diabetes Singapore, Lion Befrienders, Presbyterian Community Services, SASCO, and TOUCH Community Services.

Singapore’s Energy Market Authority (EMA) has launched a Demand-Side Flexibility Roadmap to bolster the reliability of the nation’s power grid as it transitions towards net-zero emissions by 2050. The roadmap outlines strategies to harness demand-side resources, enabling electricity users to adjust their consumption in response to the power system’s needs.

The roadmap is part of Singapore’s broader effort to diversify its electricity fuel mix, currently dominated by natural gas, by incorporating more solar energy and electricity imports. EMA envisions that distributed energy resources, such as smart electric vehicle (EV) chargers and battery energy storage systems (BESS), will play a crucial role in this transition.

EMA’s Interruptible Load (IL) Programme will see enhancements, including reducing each IL activation period to 30 minutes, providing business consumers with greater certainty over their obligations. This programme allows participants to adjust their electricity demand during imbalances, supporting grid reliability.

The roadmap also highlights the potential of distributed energy resources and high-availability loads to contribute to system reserves. EMA plans to issue a Request for Information to explore incentivising these resources to support system reliability continuously.

Additionally, EMA’s Demand Response (DR) programme has been expanded to include EV charging stations and BESS with a nameplate rating below 10 megawatts. A 13-month regulatory sandbox, in collaboration with ComfortDelGro, will pilot the participation of EV charging stations in the DR programme, showcasing innovative solutions to enhance the resilience of Singapore’s power system.

These initiatives mark a significant step in Singapore’s journey towards a more sustainable and reliable energy future, with the potential to transform the way electricity is consumed and managed across the nation.

HDB resale prices in Singapore have experienced their smallest quarterly gain in nearly five years, according to the latest report by Realion Group’s OrangeTee & ETC Research. The third quarter of 2025 saw a modest price increase of 0.4%, marking the fourth consecutive quarter of slowing growth. This trend is attributed to intensified competition among sellers, with nearly 30,000 new flats launched for sale this year.

The report highlights a continued demand for premium flats, with the number of resale flats sold for at least S$800,000 increasing for the third consecutive quarter to 1,506 units. Additionally, the market saw a record 480 million-dollar flat transactions, a 15.7% increase from the previous quarter. Notably, a third flat was sold for at least S$1.6m in August.

Despite the slowdown, the market has recorded 22 consecutive quarters of price increases since Q2 2020. However, the pace of growth has been tempered by the availability of new Build-to-Order (BTO) and Sale of Balance Flats (SBF), which offer more affordable options to buyers. The October BTO sales exercise alone released over 9,000 new flats, including the first in Mount Pleasant and Greater Southern Waterfront.

Looking ahead, OrangeTee predicts that resale prices may grow by 3% to 4.5% for the entire year. The rental market also saw a slight increase, with approved applications to rent out HDB flats rising by 0.6% to 10,123 units in Q3 2025. However, rental demand is expected to soften in the coming months due to economic uncertainties and year-end holidays.