Industry News

The Housing Development Board (HDB) resale market experienced a modest increase in transaction volume during the third quarter (Q3) of 2025, with 7,157 units sold—up 0.8% from the second quarter (Q2). However, this figure represents a 10.9% decline compared to the same period last year, according to Huttons’ latest data.

The year-on-year slowdown is attributed to the simultaneous launch of Build-To-Order (BTO) and Sale of Balance Flats (SBF) exercises, alongside a significant policy change in July 2025. HDB’s offering of 1,396 BTO flats with a Shorter Waiting Time (SWT) of less than three years, and over 4,600 SBF flats, including 1,733 completed units, likely diverted demand from the resale market. Additionally, anticipation for the October 2025 BTO exercise, featuring flats in desirable locations such as Bishan and Greater Southern Waterfront, may have influenced buyer behaviour.

The allocation of BTO flats to second-timer families increased by 5 percentage points in July, easing demand for larger resale flats. Consequently, demand for 4-room, 5-room, and executive flats stabilised, with changes ranging from -0.2% to 0.9% in Q3, compared to 7.4% to 16.5% in Q2.

Resale flat prices rose by 0.4% in Q3 2025, marking the slowest quarterly growth since Q2 2020. The average price of million-dollar flats decreased slightly by 0.2% to $1,138,829, with over 90% of these transactions occurring in mature estates like Toa Payoh and Bukit Merah.

Looking ahead, the HDB resale market may face further slowing in Q4 2025 due to the upcoming BTO exercise and year-end holidays. Resale flat transactions for 2025 are projected to range between 26,000 and 28,000, with prices expected to grow at a slower pace of 3% to 4%.

foodpanda, Singapore’s leading food and grocery delivery platform, has partnered with TADA, the country’s first zero-commission ride-hailing service, to offer exclusive savings to their users. This collaboration, announced on 1 October 2025, allows pandapro subscribers to enjoy ride discounts whilst TADA users receive complimentary two-month pandapro subscriptions.

The partnership builds on a 2023 initiative and makes pandapro the only subscription service in Singapore offering savings across food delivery, pick-up, groceries, and rides. pandapro subscribers will receive five 10% ride savings vouchers monthly from TADA. Meanwhile, TADA users new to pandapro can redeem a complimentary two-month subscription. pandapro benefits include S$3 off delivery fees, 10% off pick-up orders, 20% discounted menu deals, and 3% off grocery purchases.

Bhavani Mishra, Managing Director of foodpanda Singapore, stated, “Expanding pandapro to offer discounts on rides gives subscribers more value, complementing the savings they already enjoy on groceries, daily essentials, and meals at home.” Sean Kim, CEO of TADA, added, “Our partnership is built on mutual respect and a shared belief that by playing to our respective strengths, we can deliver greater value directly to our drivers and passengers.”

Users can easily redeem these perks through the foodpanda and TADA apps, ensuring a seamless experience. This collaboration not only enhances user savings but also contributes to a more diverse market.

CBRE and Savills have announced the sale of two newly-refurbished shophouses located at 30 and 31 North Canal Road, Singapore. The sale, conducted via an Expression of Interest exercise, will close on 12 November 2025. These 5-storey shophouses, situated in District 1, boast a high-visibility road frontage and are part of the Upper Circular Road Conservation Area.

The shophouses have undergone extensive renovation, including a complete interior revamp and the addition of a new 5-storey rear extension with mezzanine. This has increased the total gross floor area to approximately 13,472 square feet. The asset now features modern specifications, efficient floor plates, lift access on all floors, and a spacious open roof terrace with views of Hong Lim Park and the city skyline.

Michael Tay, Deputy Managing Director of CBRE Singapore, highlighted the asset’s prime location and limited supply of similar properties, stating, “The asset presents an exceptional opportunity to invest into a prime location where sizeable shophouse assets of similar profile are extremely limited in supply.”

Located within the Central Business District and close to popular lifestyle destinations like Boat Quay and Clarke Quay, the property offers excellent connectivity with nearby MRT stations. Yap Hui Yee, Executive Director at Savills Singapore, noted the rarity of such properties in the CBD, adding that it offers a prestigious address with full naming and signage rights.

The guide price is set at $32.8m (S$45m), approximately $2,435 (S$3,340) per square foot. The sale is open to foreigners and companies, with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable.

Singapore’s private residential market saw a significant uptick in activity during the third quarter of 2025, with transaction volumes reaching 6,594, marking a 28.6% increase from the previous quarter. This surge occurred despite the typically quieter Chinese Seventh Month and ongoing economic uncertainties, as reported by the Urban Redevelopment Authority (URA) flash estimates.

The URA All Residential Price Index showed a moderate quarter-on-quarter increase of 1.2%, contributing to an overall rise of 3.1% for the first nine months of the year. Leonard Tay, Head of Research at Knight Frank Singapore, noted that new launches in July and August bolstered market activity, particularly in the Core Central Region (CCR), where non-landed home prices rose by 2.4%.

Local homebuyers, including new citizens and permanent residents, have been active in the prime market segment, often purchasing for personal use or leasing to foreign professionals. The Additional Buyer’s Stamp Duty (ABSD) of 60% for foreign buyers has further incentivised foreigners to settle in Singapore amidst global tensions.

In contrast, the Rest of Central Region (RCR) experienced a modest price increase of 0.4%, whilst the Outside Central Region (OCR) saw a 1.0% rise. Landed home prices also grew by 1.4%, with buyers showing interest in older properties or those in less central locations.

Overall, Singapore’s residential market remains on a cautious growth trajectory, supported by domestic demand and steady developer launches. However, global economic headwinds, interest rates, and unemployment levels remain key factors to monitor. With a 3.1% price movement from January to September, the year’s growth is expected to align with the projected 3% to 5% range.

Singapore has solidified its position as the third largest global foreign exchange (FX) centre, following the UK and the US, according to the Monetary Authority of Singapore (MAS). The city-state’s average daily trading volumes (ADTV) in FX reached $1.485t in April 2025, marking a 60% increase from April 2022. This growth has boosted Singapore’s share of global FX volumes to 11.8%, up from 9.5% in 2022, as reported in the 2025 Triennial Central Bank Survey by the Bank for International Settlements (BIS).

The rise in Singapore’s FX ADTV was driven by significant increases in trading volumes across major currencies, including the US dollar, Japanese yen, and Euro, which saw growth rates between 36% and 65%. Additionally, the Chinese renminbi and Australian dollar also experienced notable increases. The FX spot, forwards, and swaps, which together account for 90% of Singapore’s turnover, rose by 42% to 61% over the same period.

Interest rate derivatives also saw a rise, with average daily volumes reaching $208b in April 2025, a 33% increase from 2022. The US dollar, Japanese yen, and Australian dollar were the most actively traded currencies in this category.

Lim Cheng Khai, Executive Director of MAS’ Financial Markets Development Department, highlighted the robust growth in FX volumes, attributing it to “deeper liquidity in the Asian time-zone” and Singapore’s role as a “trusted and efficient price discovery hub.”

The BIS survey, conducted every three years, aims to enhance transparency in the over-the-counter markets and was coordinated with central banks and authorities from 52 jurisdictions. The comprehensive data was gathered from 82 financial institutions in Singapore.

Coliwoo Holdings, soon to be renamed Coliwoo Holdings Limited, has lodged its preliminary prospectus with the Monetary Authority of Singapore (MAS) for an initial public offering (IPO) on the Singapore Exchange’s Mainboard. The move marks a significant step for the company as it seeks to list its ordinary shares. Maybank Securities is acting as the Issue Manager and Global Coordinator, with DBS Bank and RHB Bank Berhad as Joint Bookrunners and Underwriters.

The final prospectus will be available once registered by MAS, detailing the application process for interested investors. This document will be accessible on the MAS OPERA website and the SGX-ST website, or can be requested from Maybank Securities during office hours.

The IPO is a strategic move for Coliwoo Holdings, aiming to capitalise on the robust investment climate in Singapore. The involvement of major financial institutions like Maybank, DBS, and RHB underscores the offering’s significance. The listing is expected to enhance Coliwoo’s visibility and provide it with the capital needed for future growth initiatives.

As the company progresses towards its public listing, stakeholders and potential investors are advised to review the final prospectus for comprehensive details. The offering represents a pivotal moment for Coliwoo Holdings, positioning it for expanded operations and increased market presence.

The National Volunteer and Philanthropy Centre (NVPC) has announced significant changes to its Board of Directors, effective 1 October 2025. Suhaimi Zainul-Abidin, a dedicated Board member since 2020, has been appointed as the new Vice Chairman. His extensive experience across various sectors is expected to provide valuable leadership perspectives for NVPC’s long-term goals.

In addition to Suhaimi’s appointment, NVPC has welcomed two new Board members: Ang Shih-Huei, CEO and Co-Founder of H/Advisors Klareco, and Edmund Siah, an Adviser at Egon Zehnder. These appointments are part of NVPC’s strategy to ensure strong governance and introduce fresh perspectives to the organisation.

The outgoing Vice Chairman, Chong Ee Rong, will step down on 30 September 2025, after making significant contributions, including her roles in the Finance and Human Resource Committees. NVPC Chairman Seah Chin Siong expressed gratitude for her leadership and welcomed the new members, stating, “The renewal of our Board reflects NVPC’s commitment to ensuring strong stewardship and access to new ideas and fresh perspectives.”

The new Board members will serve a two-year term, with eligibility for re-appointment every two years, up to a maximum of six consecutive years. This strategic renewal aims to keep NVPC responsive to emerging trends and evolving stakeholder needs, reinforcing its mission to nurture the heart of Singapore.

HDB resale prices in Singapore have experienced their smallest quarterly growth in nearly five years, with a modest increase of 0.4% in Q3 2025, according to the latest flash estimates. This slowdown comes after a 0.9% rise in Q2 2025 and a 1.6% increase in Q1 2025, marking the fourth consecutive quarter of decelerating growth. Christine Sun, Chief Researcher & Strategist at Realion (OrangeTee & ETC) Group, noted that this is the lowest quarterly growth since Q2 2020, during the COVID-19 pandemic.

The year-to-date price increase stands at 2.9%, a decline from the 3.8% and 6.9% growths recorded in the first three quarters of 2023 and 2024, respectively. Despite this, the market has seen 22 consecutive quarters of price increases since Q2 2020. The slowdown is attributed to a decrease in demand for resale flats, intensified by the launch of over 20,000 new BTO and sale-of-balance flats earlier in the year.

In October, over 9,000 new flats, including those in Mount Pleasant and Greater Southern Waterfront, are set to be released, potentially impacting resale demand further. The disparity between sellers’ high price expectations and buyers’ reluctance to meet them has led to slower negotiations and a challenging market.

The number of million-dollar transactions rose by 15.7% from 415 units in Q2 2025 to 480 units in Q3 2025, setting a new quarterly record. Notably, two 5-room flats at Pinnacle@Duxton were sold for S$1.6m and S$1.59m, respectively.

Looking ahead, HDB resale prices are expected to stabilise or slightly decline in Q4 2025, as demand typically wanes during the year-end holidays. The potential revision of the income ceiling for BTO applicants and the minimum age for singles purchasing flats could also influence the resale market, possibly leading to slower price growth or stagnation.

Indium Corporation, a leading materials manufacturer for the global electronics market, is celebrating 30 years of operations at its Asia-Pacific hub in Singapore. Established on 12 July 1995, the facility marked the company’s first global expansion and entry into the semiconductor market. The milestone was commemorated with various events, including a tree planting ceremony, attended by company executives, employees, and community members.

The Singapore facility, which has grown significantly over the years, is now one of the largest flux manufacturers in the region. It produces high-quality materials used in advanced electronics such as semiconductors, smartphones, and electric vehicles. The facility’s expansion has enabled Indium Corporation to optimise processes, provide rapid customer support, and enhance collaboration with regional partners.

President and CEO Ross Berntson expressed pride in the facility’s achievements, stating, “Our employees, customers, and partners in the region will continue to build on our success in the Asia-Pacific region by collaboratively developing world-changing materials science.” He highlighted the pioneering of ultra-low residue fluxes and die-attach materials at the facility.

Looking ahead, Indium Corporation plans to further expand the Singapore hub to meet emerging needs in AI and high-power computing. The company has also expanded its presence in the Asia-Pacific region with additional facilities in India, Malaysia, and South Korea. The Singapore facility holds IATF 16949, ISO 14001:2015, and ISO 9001:2015 certifications, underscoring its commitment to quality and innovation.

EFG Bank AG has announced the appointment of Robin Heng as Vice Chairman of Southeast Asia, effective immediately. Heng, a seasoned private banking professional with three decades of experience, will be based in Singapore and report directly to Albert Chiu, Executive Chairman, Asia Pacific at EFG. This move is part of EFG’s strategy to bolster its leadership team and expand its presence in the region.

Heng’s extensive career includes his recent role as Co-Head of Private Banking at Bank of Singapore, where he significantly contributed to the growth of the bank’s Southeast Asia business. His previous positions at UBS in Singapore and Hong Kong, as well as Citigroup in Singapore, underscore his deep industry knowledge and leadership capabilities.

Chiu expressed confidence in Heng’s ability to enhance EFG’s growth strategy, stating, “I am convinced that he will make a meaningful contribution to our growth strategy in the region. With his vast experience and network, he will support our ambition to expanding our footprint in Singapore and beyond, which continues to see strong levels of wealth creation.”

Heng himself remarked on his new role, saying, “I am honoured to have been appointed to this important role. I very much look forward to working with Albert Chiu and the team, to contribute to EFG’s strategic growth plans and to further enhance our private banking offering and franchise in the region.”

EFG International, headquartered in Zurich, operates in over 40 locations worldwide, offering private banking and asset management services. This appointment is expected to further solidify EFG’s commitment to sustainable growth and capturing emerging opportunities in Southeast Asia.