Industry News

A recent study by Briefcase Index has revealed that the Information and Communications sector in Singapore experienced the highest retrenchment rate in the fourth quarter of 2025, at 0.270%. This rate is significantly higher than the average retrenchment rate of 0.115% across various industries, highlighting the sector’s workforce volatility.

The study, which utilised data from the Singapore Department of Statistics, ranked industries based on their retrenchment rates. Following Information and Communications, Financial and Insurance Services recorded a retrenchment rate of 0.222%, and Wholesale and Retail Trade came third with 0.173%. In stark contrast, the Construction industry had the lowest rate at 0.025%.

The Briefcase Index spokesperson noted, “With Information and Communications and Financial and Insurance Services leading the ranking, the data suggests that even sectors often associated with high-value, professional employment are facing meaningful workforce adjustment.” The presence of Wholesale and Retail Trade in the top three further indicates that retrenchment pressures are not confined to white-collar industries alone.

The findings align with reports from The Business Times, which observed heightened retrenchments among professionals, managers, executives, and technicians (PMETs) in sectors like financial services and information and communications in 2025.

This study underscores a distinct divide in Singapore’s labour market, with some sectors experiencing significant retrenchment rates whilst others, such as Construction, remain stable. As Singapore navigates these workforce challenges, the insights from Briefcase Index provide valuable context for understanding industry-specific employment trends.

The Singapore office market continues its upward trajectory as Core CBD Grade A office rents increased by 0.8% quarter-on-quarter to S$12.40 per square foot per month in Q1 2026, according to CBRE Research. This marks the fifth consecutive quarter of rental growth, attributed to robust occupier demand and a tightening supply of premium office spaces.

Vacancy rates have plummeted to a record low of 3.3%, down from 4.5% in the previous quarter. Tricia Song, CBRE Head of Research, Singapore and Southeast Asia, noted, “This rental resilience is the result of a combination of firm occupier demand, as well as the continued compression of vacancy rates.”

The demand for prime office spaces is being driven by sectors such as commercial banking, wealth management, and insurance, alongside artificial intelligence firms transitioning from co-working spaces to dedicated offices. David McKellar, Head of Office Services and Head of Leasing, Singapore, highlighted the diverse sector demand, saying, “We have seen active leasing from commercial banking, wealth management, and insurance—leaning into Singapore’s stable and business-friendly environment.”

Islandwide, office vacancy rates have also decreased, with a notable drop to 5.1%. The scarcity of large contiguous floor plates, particularly in the Core CBD, is prompting occupiers to secure quality space urgently, with pre-commitment activity already underway for developments completing in 2029.

Despite global uncertainties, CBRE maintains a cautiously optimistic outlook, forecasting a 5% year-on-year rental growth for Core CBD Grade A offices by the end of 2026. The limited supply and strong demand are expected to support rental prices throughout the year.

The Singapore Retailers Association (SRA), TikTok Shop, and Workforce Singapore (WSG) have signed a Memorandum of Understanding (MOU) to advance the digital transformation of Singapore’s retail sector. Announced at the SRA Retail Forum 2026, the partnership focuses on developing social commerce solutions and training programmes to enhance the industry’s competitiveness and digital readiness.

The MOU, signed at Raffles Hotel Singapore and witnessed by Minister of State Alvin Tan, aims to integrate artificial intelligence, omnichannel strategies, and data-driven customer engagement into the retail sector. Ernie Koh, President of SRA, highlighted the importance of bridging physical and digital retail spaces, stating that social commerce is a key pathway for retailers to maintain a competitive edge.

The collaboration will address three essential roles in social commerce: Social Commerce Host, Social Commerce Lead, and Social Commerce Engineer. These roles encompass on-camera presentation, business development, and technical expertise, respectively. The initiative aims to reskill retail professionals and build digital commerce capabilities.

Leon Koh, Fashion Cluster Lead & Head of Seller Management at TikTok Shop Singapore, emphasised the transformative potential of livestream commerce, stating, “By equipping them with the right tools, training, and data-driven insights, TikTok Shop enables businesses of all sizes to increase discoverability, drive meaningful sales growth, and scale more effectively.”

The forum also featured a live demonstration of social commerce by brands like Shiseido Singapore and OSIM International, showcasing the potential of engaging online audiences. This initiative is part of a broader effort to encourage retailers to ‘engage online, experience offline’ ahead of the Singapore Retail Festival.

Chia Hock Lai, the co-founder and Chief Executive Officer, Asia, of Embed Financial Group Cayman Holdings (EFGH), has been admitted as a Fellow of the British Blockchain Association. This prestigious recognition highlights his contributions to the fintech industry and strengthens the ties between Singapore and the global blockchain community.

Chia, a prominent figure in Singapore’s fintech landscape, has been instrumental in advancing blockchain technology and its applications. His new role as a Fellow will enable him to collaborate more closely with international experts and contribute to the development of blockchain standards and practices.

The British Blockchain Association is known for its commitment to promoting the adoption and understanding of blockchain technology. By joining this esteemed group, Chia is expected to play a significant role in shaping the future of blockchain innovations.

This appointment not only underscores Chia’s influence in the fintech sector but also positions EFGH as a key player in the global blockchain arena. As blockchain technology continues to evolve, such collaborations are crucial for fostering innovation and ensuring the technology’s responsible and effective use.

Chia’s fellowship is anticipated to open new opportunities for EFGH and the broader fintech community, potentially leading to further advancements and partnerships in the blockchain field.

OculloSpace, a space startup from Singapore and Malaysia, is set to launch its first satellite, DECIMALSAT1, aboard a SpaceX Falcon 9 rocket as part of the Transporter-16 mission. This launch represents a significant achievement for Malaysia’s burgeoning space ecosystem, offering a platform for educational collaboration with several Malaysian universities.

DECIMALSAT1’s mission is not only a technical feat but also an educational opportunity. The satellite project involves partnerships with Malaysian universities, providing students with practical experience in satellite engineering and space technology. This initiative aims to inspire and equip the next generation of engineers and scientists in Malaysia.

The integration of DECIMALSAT1 into the SpaceX mission underscores the growing capabilities and ambitions of Southeast Asian space ventures. By participating in the Transporter-16 mission, OculloSpace is positioning itself as a key player in the region’s space industry, fostering innovation and collaboration.

The launch of DECIMALSAT1 is scheduled to take place soon, marking a new chapter for OculloSpace and the Malaysian space sector. As the satellite prepares for its journey, the collaboration with educational institutions highlights the broader impact of space exploration on science and technology education in the region.

The Life Insurance Association, Singapore (LIA Singapore) has unveiled a new financial literacy programme aimed at Gen Z students in Institutes of Higher Learning (IHLs). Announced at the Association’s annual luncheon on 30 March 2026, the initiative seeks to equip young adults with essential financial skills as they transition into adulthood.

The programme, developed in collaboration with the Singapore College of Insurance (SCI), will feature interactive workshops at ITE College Central and Republic Polytechnic starting in April 2026. These sessions will cover practical topics such as managing a first paycheque and understanding life insurance, using engaging methods like quizzes and group discussions. The initiative also plans to extend its reach through social media, offering bite-sized content to further engage the youth.

Wong Sze Keed, President of LIA Singapore, emphasised the importance of financial literacy, stating, “Life insurance, whilst essential, is too often overlooked in the financial planning journeys of many young people. Our goal is to help the younger generation truly understand its importance and how it fits into their financial future.”

The announcement coincided with the re-election of LIA Singapore’s Management Committee for 2026–2027, led by Wong for a second term. The committee aims to focus on boosting financial literacy, enhancing public education on wealth and health protection, and collaborating with stakeholders to sustain Singapore’s healthcare ecosystem.

This initiative marks a significant step in preparing Singapore’s youth for financial independence and stability, aligning with the industry’s broader goal of fostering a financially resilient society.

ETC has announced the sale of a modern six-storey standalone light industrial building at 1 Chang Charn Road, located within Singapore’s Leng Kee automotive cluster. The sale, managed by ETC as the sole marketing agent, will be conducted through an Expression of Interest exercise, closing on 6 May 2026 at 3pm.

The property, situated on a prominent corner site with dual frontages along Chang Charn Road and Hoy Fatt Road, boasts a gross floor area of approximately 7,602.82 square metres. It sits on a land parcel of about 2,761.1 square metres, with a remaining tenure of 31 years. The building is zoned for ‘Business 1’ use under the URA Master Plan 2025, offering flexibility for various operational needs.

The indicative guide price for the property is S$49m, equating to roughly S$599 per square foot of the existing gross floor area. Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the rarity of such standalone assets being available for sale within the Leng Kee automotive cluster. She noted, “1 Chang Charn Road presents a compelling opportunity for automotive players, lifestyle showroom operators, and light industrial occupiers seeking strong visibility within a well-established commercial cluster.”

The building’s strategic location offers excellent connectivity to major roads and expressways, and is easily accessible by public transport, with Redhill MRT station just 500 metres away. The area is surrounded by amenities, including retail malls and food centres, enhancing its appeal to potential buyers.

HSBC Singapore has unveiled a refreshed version of its mobile banking app, aimed at simplifying digital wealth management for its customers. The updated app introduces a redesigned user experience, making it easier for users to access HSBC’s digital wealth services, everyday banking, and international transfers through a more intuitive interface.

The app now features seven hubs—Home & Accounts, Cards, Wealth, Pay & Transfer, Chat, Products, and App Library—streamlining navigation and reducing steps for key banking activities. Within the Wealth hub, users can access enhanced tools for investment management, such as goal planning with Future Planner, equity trading with tiered Stock Loyalty Pricing, and unit trust investments with improved search and FX conversion capabilities.

The app also offers hyper-personalised support, tailoring the mobile experience based on customer preferences and usage patterns. This includes targeted messages and contextual prompts to enhance user engagement. Additionally, the app supports dual language functionality, allowing users to switch between English and Simplified Chinese.

Ashmita Acharya, Head of International Wealth and Premier Banking at HSBC Singapore, stated, “Our refreshed mobile app reflects the shift towards digital and integrated wealth management, simplifying access to banking, wealth, and cross-border capabilities.”

Further enhancements are planned through 2026, including expanded dual language journeys and the introduction of Global View, enabling customers to link and view HSBC accounts across different markets. This app update is part of HSBC’s broader strategy to enhance its wealth management services in Singapore, which includes significant investments in its physical network and the launch of new wealth centres and educational initiatives.

The recent conflict in Iran has led to a surge in energy prices, raising concerns over inflation and sustaining a “higher-for-longer” interest rate environment, according to Morningstar Markets. Industrial Real Estate Investment Trusts (REITs) in Singapore have experienced significant corrections due to potential supply-chain disruptions. In contrast, healthcare and data centre REITs have shown resilience. Despite the turmoil, Morningstar suggests that the current selloff may present attractive entry points for investors.

Morningstar’s report highlights several key insights, including the resilience of Singapore’s office sector despite geopolitical challenges and the anticipated growth in the retail sector. Additionally, the report notes that artificial intelligence is expected to drive growth in the industrial sector. The firm also expresses a preference for Keppel REIT and Mapletree Industrial Trust.

Xavier Lee, a Senior Equity Analyst at Morningstar, stated, “We anticipate heightened volatility in the near term as markets digest developments and recalibrate REIT valuations in response to evolving regional risks.”

The report underscores the importance of understanding the impact of geopolitical events on market dynamics and investment opportunities. As the situation in Iran evolves, investors are advised to stay informed and consider the potential long-term implications on their portfolios.

Cushman & Wakefield has announced the launch of an Expression of Interest (EOI) for two premium strata office units located on Level 16 of Suntec Tower One in Singapore. The units, currently occupied by Franklin Templeton, are available for purchase either individually or as a combined offering, with a guide price of S$22.04m. The EOI will close on 5 May 2026 at 3:00 PM.

The two adjoining units offer a combined strata area of 687 square metres and boast expansive views of Marina Bay Sands, the Central Business District (CBD), and the Bugis district. The units can also be purchased separately, with prices set at S$10.43m for a 325 square metre unit and S$11.61m for a 362 square metre unit. These prices translate to approximately S$2,980 per square foot.

Daphne Poh, Director of Capital Markets at Cushman & Wakefield, highlighted Suntec City’s appeal to investors and end-users due to its prime location and features such as the iconic Fountain of Wealth and excellent connectivity. The units offer column-free floorplates, allowing for flexible layouts and immediate brand exposure.

Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, emphasised the investment potential of Suntec City, noting the limited future supply due to URA’s restrictions on new strata subdivisions. With Grade A office vacancy rates expected to fall below 4%, the property is positioned as a strong investment opportunity. The sale is open to both local and foreign buyers, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable.