Industry News

HDB resale prices and transaction volumes experienced a decline in August 2025, according to the latest 99-SRX Media Flash Report. Prices decreased by 0.1% from July, with Mature Estates and Non-Mature Estates seeing reductions of 0.3% and 0.1%, respectively. Despite this, year-on-year prices have risen by 6%, indicating sustained demand for resale flats.

The report highlights a 14.3% drop in resale transactions from July, with 2,211 flats sold in August. This decline is partly attributed to seasonal factors, such as the Hungry Ghost Festival, which often sees a slowdown in property deals. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the market might be taking a “short breather” after a strong performance in July.

In terms of room types, 3-room flats saw a 0.1% price decrease, whilst 5-room and Executive flats increased by 0.8% and 0.2%, respectively. The highest transacted price for the month was S$1,600,000 ($___) for an Executive flat at The Pinnacle@Duxton.

August also recorded 141 million-dollar flat transactions, a decrease from 169 in July. These high-value sales accounted for 6.4% of the total resale volume, with Bukit Merah leading the count at 25 units. Other significant areas included Toa Payoh and Clementi, with 22 and 15 units, respectively.

The report suggests that whilst short-term fluctuations are evident, the overall trend remains positive, with year-on-year growth across all room types and estate categories.
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The tender for the Chuan Grove (2) residential site, which closed on 4 September, attracted five bids, with the highest bid of $1,331 per square foot per plot ratio (psf ppr) submitted by Sing Holdings Ltd. and Sunway Developments. This bid aligns with market expectations, according to Tricia Song, CBRE Head of Research, Southeast Asia. However, the interest was less robust compared to similar sites at Lakeside Drive and Bayshore Road, which received six and eight bids, respectively.

The adjacent Chuan Grove site, awarded on 17 July 2025 to the same top bidders for $1,376 psf ppr, saw seven bids, 3.4% higher than Chuan Grove (2). If Sing Holdings Ltd. and Sunway Developments secure the Chuan Grove (2) site, they may amalgamate both plots into a mega-project of over 1,000 units, pending approval.

The lower bid price for Chuan Grove (2) may be attributed to its irregular shape and distance from the MRT and main road. Despite this, there is demand for housing in the area. The nearby Chuan Park, launched in November 2024, sold 696 units (76%) over its launch weekend at an average price of $2,537 psf. To date, 779 units (85%) have been sold at a median price of $2,592 psf.

Chuan Grove (2) remains attractive due to its proximity to Lorong Chuan MRT and several primary schools. The site could appeal to potential downgraders from nearby landed estates and upgraders from Serangoon, Ang Mo Kio, and Toa Payoh HDB estates. The joint developers may launch a project at an average price of $2,750-2,850 psf.
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The Urban Redevelopment Authority has announced the results of the government land sales tender for the second Chuan Grove site, with Sing Holdings and Sunway Developments submitting the top bid of approximately $624m. This translates to a land rate of $1,331 per square foot per plot ratio (psf ppr). The tender attracted five bids, indicating sustained interest from developers despite an incoming supply of 555 units from the first Chuan Grove plot.

The top bid by Sing Holdings and Sunway Developments was 2.9% higher than the next highest bid from China Overseas Land & Investment Ltd (COLI) Singapore, which offered $1,293 psf ppr. The bid price spread was tight, with only a 7% difference between the top bid and the fourth bid by Sim Lian at $1,240 psf ppr, before widening to 33% against the final bid from Japura Development at $1,001 psf ppr.

The Chuan Grove sites are attractive due to their proximity to schools, the Lorong Chuan MRT station, and commercial amenities like the NTP+ mall. The robust sales at the nearby Chuan Park, which sold 76% of its units during its launch weekend in November 2024, have also bolstered developer confidence in the area’s private housing demand.

With the top bid land rate set at $1,331 psf ppr, the potential average selling price for the new project could exceed $2,600 psf. This reflects the strong demand for mass market homes, as evidenced by the nearly 7,600 new private homes sold by developers in 2025, surpassing the annual totals of the previous three years.
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The second Government Land Sales (GLS) tender for the Chuan Grove site in Singapore concluded with five bids, fewer than the seven received for the first site awarded in July 2025. Despite its strong location near an MRT station and amenities, the site attracted less interest, possibly due to its lack of frontage and access compared to the first site. The joint venture of Sing Holdings Residential and Sunway Developments submitted the highest bids for both tenders, potentially allowing them to combine the sites into a large project of over 1,000 units, pending necessary approvals.

The Chuan Grove project could appeal to retirees looking to downsize from nearby areas like Serangoon and Ang Mo Kio Avenue 1. Its proximity to Lorong Chuan MRT Station and nearby shopping centres like NTP+ and Bishan Junction 8 enhances its attractiveness. Additionally, the site’s location next to the Australian International School may draw leasing interest from families of foreign professionals.

The top bid of S$623.9m, or S$1,331 per square foot per plot ratio, was 3.3% lower than the first site’s winning bid but aligned with expectations. Launch prices are expected to start at S$2,800 per square foot, potentially averaging between S$2,900 and S$3,000 depending on specifications and demand. The earlier Chuan Park launch in November 2024 sold 84% of its units by July 2025, indicating strong interest in the area, which could support the new project’s launch.
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Huttons Asia has commented on the recent Government Land Sales (GLS) tender at Chuan Grove, where the top bid reached $1,331 per square foot (psf). This bid closely mirrors the previous tender’s top bid of $1,376 psf per plot ratio (ppr) in July 2025. Despite a lower number of bidders this time, the tender reflects developers’ confidence in the Lorong Chuan area’s demand.

The recent strong take-up at project launches following the June school holidays has encouraged developers to replenish their landbanks. Mark Yip, CEO of Huttons Asia, noted that these bids demonstrate developers’ belief in the area’s potential. Chuan Park, a nearby development, is more than 85% sold and is expected to sell out when new projects are launched.

The Outside Central Region, which includes Lorong Chuan, currently has the lowest number of unsold units, with approximately 2,000 available. This scarcity is likely to drive further interest in the area. Additionally, the government’s plans to develop Bishan into a subregional centre may increase demand for homes in Lorong Chuan.

As developers continue to show interest in the area, the market dynamics in Lorong Chuan could see significant changes, potentially affecting property values and availability. The ongoing developments and government initiatives are expected to shape the future of this vibrant region.
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The Alpha Picks portfolio has demonstrated remarkable performance in August, achieving an 11.4% month-on-month increase, far surpassing the STI’s 2.3% rise. This marks the second consecutive month of double-digit outperformance for the portfolio, which is managed by UOB Kay Hian. The portfolio’s success is attributed to its strategic focus on small- and mid-cap stocks, benefiting from structural growth themes and the Monetary Authority of Singapore’s S$5 billion Equity Market Development Programme.

In September, the portfolio will see the addition of BRC Asia and Yangzijiang Shipbuilding (YZJSGD), both expected to benefit from strong market dynamics. BRC Asia is poised to gain from increased infrastructure spending, whilst YZJSGD is buoyed by recent order wins and attractive valuations. Conversely, the portfolio will lock in gains by removing CapitaLand Integrated Commercial Trust, ComfortDelGro, and PropNex, following their recent price strengths.

The portfolio’s performance was driven by significant gains in stocks like PropNex, which rose 77.5% due to strong earnings and property market optimism. Hong Leong Asia and Marco Polo Marine also contributed with substantial increases of 56.7% and 22.4%, respectively. Despite some setbacks with Frencken and UMS due to tariff-related uncertainties, the overall portfolio remains robust.

Looking ahead, the portfolio continues to focus on high-conviction small- and mid-cap names with visible earnings drivers, maintaining its edge in the competitive market landscape.
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Stoneweg Europe Stapled Trust (SERT) has secured a €50m green development loan to fund the major redevelopment of Haagse Poort, its largest asset in The Hague, Netherlands. The loan, arranged by ING Bank N.V., spans five years and aligns with the Green Loan Principles, supporting SERT’s sustainability strategy.

The loan will bolster SERT’s capital structure and provide long-term funding for the Haagse Poort project. The redevelopment aims to reposition the property as a high-quality, energy-efficient office asset. The loan is secured by customary security over Haagse Poort and related assets, ensuring compliance with market terms.

Simon Garing, Executive Director and CEO of Stoneweg EREIT Management Pte. Ltd., stated that the facility is part of the Managers’ strategy of proactive capital and asset management. The agreement includes a duty of care arrangement with ING Bank, allowing the bank to ensure continuity of property management services in case of default.

SERT, listed on the Singapore Exchange, focuses on investing in income-producing commercial real estate across Europe, with a significant emphasis on Western Europe. The trust’s portfolio, valued at €2.3 billion, includes over 100 properties in major European cities.

The new loan facility not only supports the redevelopment of Haagse Poort but also strengthens SERT’s commitment to sustainable and efficient asset management, aligning with its broader environmental, social, and governance (ESG) goals.
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Singapore is at the forefront of AI security readiness, with 52% of organisations claiming they are fully equipped to secure AI, according to new research by Delinea. Despite this, Singaporean businesses express the highest global concern over Shadow AI, with 62% encountering unsanctioned AI at least monthly.

The report, based on a survey of over 1,700 IT decision-makers worldwide, highlights a significant gap between confidence and capability in AI security. Whilst 97% of Singaporean firms believe their machine identity security can handle AI threats, only 70% have full visibility into these identities, and just 56% have governance policies in place.

Delinea’s CEO, Art Gilliland, emphasised the need for adaptive, risk-aware systems, stating, “Agentic AI demands agentic security. Organisations must rethink how they approach identity, building adaptive, risk-aware systems that verify and secure every action, whether it’s human- or machine-driven.”

Key concerns identified include AI-driven phishing and deepfakes (54%), unchecked AI systems making autonomous decisions (52%), AI-driven credential theft (47%), and Shadow AI (46%). Despite 91% of Singaporean businesses using AI in daily operations, limited governance leaves them vulnerable to risks.

The report underscores the need for robust identity governance and adaptive security controls as AI continues to transform IT and security operations. Organisations are urged to prioritise these measures to mitigate emerging risks associated with AI technologies.
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Singapore and India have signed a Memorandum of Understanding (MoU) to establish the Singapore-India Green and Digital Shipping Corridor. This significant agreement was witnessed by the Prime Ministers of both countries during Prime Minister Lawrence Wong’s official visit to New Delhi on 4 September 2025.

The MoU outlines a collaborative effort between the two nations and industry partners to develop infrastructure and technologies that facilitate the maritime sector’s transition to zero or near-zero greenhouse gas emission fuels. Additionally, the agreement includes provisions for digital information exchange and joint research into emerging green technologies and solutions.

This partnership is expected to bolster ongoing digitalisation and decarbonisation initiatives within the maritime sector. India’s robust renewable energy capacity and industrial base are poised to support the production and export of alternative marine fuels. Meanwhile, Singapore, as a major hub port, boasts established bunkering operations and a burgeoning ecosystem for maritime innovation.

The collaboration between Singapore and India marks a pivotal step towards sustainable maritime practices, leveraging each country’s strengths to drive forward the global agenda on green shipping. The initiative is anticipated to set a precedent for future international maritime partnerships focused on environmental sustainability and technological advancement.
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PropertyGuru Group, Southeast Asia’s leading property technology company, has announced the appointment of Lu Yao as Managing Director for Singapore, effective 15 September. Lu Yao will spearhead the company’s growth strategies, focusing on maximising customer value and leading commercial and sales teams. He will also be part of the Executive Leadership Team, reporting directly to CEO Lewis Ng.

Lu Yao brings extensive experience in marketplaces and e-commerce, having previously served as Group Head of Marketplace and Bangladesh Chief Commercial Officer at Daraz Group, part of Alibaba International Digital Commerce. His role involved shaping commercial strategies in South Asia and driving growth in Bangladesh. He also led the growth of Shopee Singapore’s FMCG Cluster and Mall, and has a background in strategy and organisational transformation from his time at McKinsey & Company.

CEO Lewis Ng expressed enthusiasm about Lu Yao’s appointment, stating, “Lu’s deep experience in marketplaces and his strength in scaling businesses with the customer at the core are essential for our next growth phase.” Lu Yao himself remarked, “PropertyGuru has transformed how people in Singapore and Southeast Asia find their dream homes, and I am honoured to be part of that journey.”

PropertyGuru continues to dominate the Singapore property marketplace with over 81% market share, offering tools and services that connect home seekers, agents, and developers. The company aims to further innovate and deliver solutions for property seekers and partners in the region.
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