Industry News

Condo resale prices in Singapore saw a decline in September 2025, with overall prices dropping by 1% month-on-month, according to the latest 99-SRX Media Flash Report. Despite this decrease, resale volumes increased by 1.6% from August, indicating that buyers are capitalising on the price dip to enter the market.

The report highlights that prices in the Core Central Region (CCR) and Rest of Central Region (RCR) fell by 2.8% and 0.5%, respectively, whilst prices in the Outside Central Region (OCR) remained stable. This trend is attributed to anticipation surrounding new launches, such as Skye at Holland, which drew attention away from older resale projects. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that “softer prices in the CCR and RCR created opportunities for some to purchase centrally located properties at more attractive price points.”

Year-on-year, overall prices increased by 3.4%, with the CCR, RCR, and OCR experiencing rises of 3.4%, 2.4%, and 5.2%, respectively. The highest resale transaction in September was a unit at The Marq on Paterson Hill, sold for $14,000,000 (S$19,180,000).

The report also revealed that the overall median capital gain for resale condos was $260,000 (S$357,000), a decrease of $17,000 (S$23,000) from August. District 11 posted the highest median capital gain at $662,000 (S$909,000), whilst District 1 recorded the lowest at $57,000 (S$78,000).

As the year-end approaches, the market may see further activity as buyers aim to finalise purchases before the December slowdown.

Bank of Singapore has announced the appointment of two senior relationship managers, Che Yan and Hank Chen, to its Hong Kong branch, aiming to strengthen its presence in the Greater China region. This strategic move follows a significant increase in the branch’s relationship manager headcount last year, which grew by nearly 30%, with a majority possessing extensive industry experience.

Che Yan, with nearly 20 years in cross-border finance, previously held roles at China Minsheng Bank, where she focused on corporate banking and ultra-high-net-worth client management. Meanwhile, Hank Chen brings 25 years of experience, having served as an Executive Director at J.P. Morgan Private Bank, specialising in investment advisory and asset allocation.

The Hong Kong branch has already surpassed its 50% assets under management (AUM) growth target for the 2024–2026 period, achieving this milestone more than a year ahead of schedule. Rickie Chan, Head of Private Banking, Greater China, and Chief Executive of the Hong Kong Branch, expressed enthusiasm about the new appointments, stating, “Their appointments reflect our continued success in attracting experienced, quality talent who are excited to be part of our growth journey, reaffirming the strength and appeal of our brand.”

The addition of Che Yan and Hank Chen is expected to further enhance the bank’s capabilities in serving high-net-worth and institutional clients across the region, reinforcing its commitment to delivering exceptional banking services in Greater China.

Singapore is advancing its efforts to develop high-integrity carbon markets through a series of initiatives announced by the National Climate Change Secretariat, Ministry of Trade and Industry, Enterprise Singapore, and the Monetary Authority of Singapore. These initiatives include publishing voluntary carbon market guidance, forming an industry-led buyers’ coalition, and introducing a Financial Sector Carbon Market Development Grant.

Carbon markets are essential for the global transition to net zero by directing capital towards climate action. However, their growth has been hindered by weak demand and limited supply of high-integrity projects. To address these challenges, Singapore’s new initiatives aim to catalyse demand for high-quality carbon credits and strengthen market infrastructure.

The voluntary carbon market guidance, developed in consultation with industry partners and international organisations, provides companies with a framework to incorporate carbon credits into their decarbonisation plans. Enterprise Singapore is also in discussions with leading Asian corporates to establish a buyers’ coalition to aggregate demand for high-quality carbon credits.

The Monetary Authority of Singapore will introduce a Financial Sector Carbon Market Development Grant, allocating $11m (S$15m) over three years to support financial institutions in building carbon market capabilities and developing innovative financing solutions. Applications for the grant will open on 1 November 2025.

Ravi Menon, Ambassador for Climate Action, emphasised the importance of carbon markets in mobilising finance for climate action, stating, “Carbon markets play an important role in mobilising finance for climate action and supporting the global transition to net zero.”

These initiatives are expected to enhance Singapore’s role in global climate action and encourage greater corporate climate ambition.

Mitsui Sumitomo Insurance and MSIG Asia have appointed Eric Schaap as Senior Vice President and Global Broker Engagement Manager, a newly created role aimed at strengthening global broker partnerships. Schaap, with over 20 years of experience in the insurance industry, will focus on developing data-driven collaboration frameworks to enhance alignment across markets and unlock new value.

Based in Singapore, Schaap will report to Keisuke Ema, General Manager of the International Business Department at Mitsui Sumitomo Insurance in Tokyo, and Clemens Philippi, CEO of MSIG Asia, for his regional responsibilities. His role will involve leveraging MSIG’s analytical insights to deepen collaboration with broker partners worldwide, aiming to generate analytics that identify growth opportunities and reinforce existing partnerships.

“Brokers are key strategic partners in our international growth journey, with global players driving about 50% of MSIG’s international business gross written premium,” said Keisuke Ema. The new role is expected to build stronger, data-driven partnerships that align collective strengths across markets.

Schaap’s extensive career has seen him work across Amsterdam, London, Hong Kong, and Singapore, leading global advanced analytics initiatives and developing strategies aligned with regulatory trends. His appointment underscores MSIG’s commitment to enhancing business outcomes through strategic broker engagement.
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Mapletree Investments has announced plans for a new 123,000 square metre flagship commercial project in Singapore’s Greater Southern Waterfront. This ambitious development aims to transform the HarbourFront Centre into a landmark that enhances the area’s business and lifestyle appeal. The project is part of Mapletree’s broader vision to rejuvenate the HarbourFront Precinct.

The 33-storey development will feature 26 floors of Grade A office space and five floors dedicated to retail and experiential spaces. The office tower will boast an exclusive lobby with 16-metre-high ceilings and expansive floor-to-ceiling windows, offering panoramic views of the sea and city. The retail podium will introduce fresh concepts and interactive brand experiences, complemented by a 13,000 square metre elevated park.

Group CEO of Mapletree, Hiew Yoon Khong, stated, “The reimagined HarbourFront Centre reflects the Group’s broader vision of rejuvenating the HarbourFront Precinct, further establishing it as a vibrant business and lifestyle hub in southern Singapore.” Regional CEO, Amy Ng, added that the project would anchor the area as a Southern Waterfront gateway hub.

Strategically located, the development will offer direct connectivity to the HarbourFront MRT station, enhancing access to the North East and Circle Lines. Sustainability is a key focus, with features like full-height glazing for energy efficiency and a solar photovoltaic system. The project aims to achieve BCA Green Mark 2021 Platinum and LEED Platinum certifications.

Set for completion in the first half of 2031, the development promises to be a significant addition to Singapore’s southern skyline, offering both business and leisure opportunities.

Singapore continues to solidify its position as a leading digital hub in the Asia-Pacific region, with colocation and wavelength services playing a pivotal role. Warren Aw, Chief Commercial Officer at Epsilon Telecommunications, highlights how these services are crucial in meeting the growing demand from finance, cloud, hyperscalers, and media companies that rely on Singapore’s metro data centres for connectivity.

The strategic location of Singapore as a gateway to Asia-Pacific digital markets has led to increased traffic across its data centres. This surge is driven by the need for ultra-low-latency connectivity, which wavelength services provide between metro hubs. Aw notes that these services are essential for powering AI, cloud, and real-time applications, ensuring security, redundancy, and compliance.

For service providers and enterprises, partnering with expert connectivity providers like Epsilon Telecommunications offers significant benefits. These partnerships enable businesses to leverage advanced connectivity solutions, enhancing their operational efficiency and competitiveness in the digital landscape.

Aw’s insights underscore the importance of Singapore’s role in the digital economy, as it continues to attract global interest and investment. The ongoing development of colocation and wavelength services is expected to further strengthen Singapore’s position as a digital powerhouse, facilitating seamless connectivity and innovation across the region.

The International Energy Agency (IEA) Governing Board is convening in Singapore for the first time, marking a significant step in international energy cooperation. The meeting, held on 28 and 29 October 2025, coincides with the 18th Singapore International Energy Week (SIEW) and underscores the importance of regional energy interconnectivity and security. Singapore and the IEA are focusing on the ASEAN Power Grid’s role in creating a sustainable energy future for Southeast Asia.

The meeting will feature a Special Joint Session with senior energy policymakers from ASEAN and the IEA’s 32 member countries. Discussions will centre on key regional energy challenges, including the ASEAN Power Grid and Southeast Asia’s role in critical mineral supply chains. This collaboration aims to strengthen energy security and explore opportunities for regional cooperation.

Minister-in-charge of Energy and Science and Technology, Tan See Leng, highlighted the IEA’s longstanding partnership with Southeast Asia, emphasising the region’s pursuit of energy security, sustainability, and innovation. “Singapore is honoured to play host to the IEA Governing Board for its first-ever meeting outside Paris,” he stated.

The IEA Executive Director, Fatih Birol, noted Southeast Asia’s crucial role in global energy demand, which is projected to account for a quarter of the growth in global energy demand by 2050. He stressed the importance of regional coordination and international partnerships to address energy security and emissions concerns.

The meeting in Singapore sets the stage for continued cooperation ahead of the IEA Ministerial Meeting in Paris in February 2026, aiming to advance regional energy security and decarbonisation efforts.

Harneys Fiduciary, an Ascentium company, has announced the launch of its trust services in Singapore following the grant of a Trust Business Licence by the Monetary Authority of Singapore. This expansion positions Harneys Fiduciary among a select group of firms authorised to conduct trust business in the region, aiming to support high-net-worth and ultra-high-net-worth individuals, their families, and businesses with sophisticated cross-border wealth structuring solutions.

The Singapore Trust Services team will provide a comprehensive suite of trust solutions, focusing on asset protection and multigenerational succession planning. These services are tailored for families with global assets and interests, ensuring the safeguarding of their legacy. Keith Ng, Director and Head of Trust Services, will lead the team. Ng, who joined the firm earlier this year, brings over 20 years of experience in administering complex trust structures, particularly in cross-border trust solutions and contentious matters.

Ross Munro, CEO of Harneys Fiduciary, stated, “Singapore is a pivotal hub for private wealth in Asia, and we are really pleased to expand our trust capabilities there.” He emphasised the firm’s long-term vision to support clients in key financial centres globally. Ng added, “Launching trust services in Singapore allows us to serve clients with greater proximity and cultural alignment.”

This new offering complements Harneys Fiduciary’s established presence in the British Virgin Islands, Cayman Islands, Cyprus, and Hong Kong SAR, leveraging its global network and deep technical knowledge to deliver bespoke trust solutions.

Jobstreet by SEEK has launched a new feature within its SEEK Pass platform, allowing jobseekers in Singapore to pre-verify their educational qualifications. This update aims to enhance hiring confidence by enabling jobseekers to showcase their verified credentials alongside career history and professional documents. According to Jobstreet’s data from May to August 2025, verified applicants are 40% more likely to be shortlisted compared to those without verified credentials.

The introduction of verified education credentials comes as Singapore’s labour market increasingly values both academic qualifications and skills-based hiring. A recent SkillsFuture Jobs-Skills Insights Report highlighted that degree holders are significantly more likely to secure higher-skilled jobs, with their chances rising from 61% a decade ago to 74% today. This underscores the continued importance of education credentials even as the country moves towards a skills-first economy.

A survey conducted by Jobstreet in October 2024 revealed that 75% of employers believe access to pre-verified education credentials would streamline their recruitment process. Despite this, 31% of active jobseekers have not updated their education credentials since July 2024, missing an opportunity to stand out.

Xavier Russo, General Manager of SEEK Pass, stated, “Employers in Singapore are facing increasing pressure to hire faster, smarter, and with certainty. By pre-verifying education credentials, we remove one of the biggest friction points in recruitment — doubt. SEEK Pass gives employers assurance, whilst helping jobseekers stand out based on verified merit and proven capability.”

The SEEK Pass update aligns with Jobstreet’s ongoing Job Relevancy Campaign, which aims to improve job matching through data-driven insights and verified credentials, fostering a transparent and skills-first hiring ecosystem in Singapore.

MoneyHero Group has unveiled its latest innovation, the AI-powered Car Insurance SaverBot, on WhatsApp in Singapore. This launch is part of Project Odyssey, an AI initiative aimed at boosting the company’s growth through intelligent automation. The SaverBot, currently in its beta phase, allows users to compare and purchase car insurance policies in under three minutes via a natural chat interface, significantly reducing the complexity of traditional forms.

The introduction of SaverBot follows MoneyHero’s impressive financial performance, with over 20% revenue growth in Q2 2025. The company, which operates in Singapore, Hong Kong, Taiwan, and the Philippines, is on track to achieve positive Adjusted EBITDA by the end of the year. With a member base of approximately 8.6 million, MoneyHero is poised to lead the region’s shift towards conversational, AI-driven finance.

Rohith Murthy, CEO of MoneyHero Group, stated, “Project Odyssey applies AI pragmatically to remove customer friction and lift conversion across our higher-margin verticals. The Car Insurance SaverBot Beta converts a multi-step form into a single conversation, making it easier for our 8.6 million members to navigate complex financial decisions.”

The SaverBot is designed to comply with the Monetary Authority of Singapore’s guidelines, ensuring responsible AI deployment with human oversight. It is set for a public rollout in November 2025, with plans for regional expansion through 2026. This initiative marks a significant step in MoneyHero’s strategy to embed AI across its operations, enhancing customer experience and driving sustainable profitability.