Industry News

The National Volunteer and Philanthropy Centre (NVPC) has unveiled findings from its Charity Board Leadership Study 2025, revealing that board culture is the most significant factor influencing charity board performance in Singapore. The study, which assessed 1,140 board members from 114 charities, identified five key qualities—Bandwidth, Board Culture, Expertise, Social Capital, and Independence—that collectively account for nearly 60% of performance variance.

The study’s insights have led to the development of the Charity Board Performance Framework, which aims to guide charities in enhancing their board effectiveness. This framework focuses on three core functions: Advocacy, Oversight, and Strategic Direction. NVPC’s Chairman, Seah Chin Siong, emphasised the importance of board leadership in maintaining charity effectiveness and accountability, stating, “CBLS 2025 reflects the collective effort between NVPC and our charity partners.”

To support charities in applying these findings, NVPC has launched CNPL BoardPulse2.0, a free self-assessment tool. This tool allows charity boards to evaluate their performance across the identified qualities and functions, offering benchmarks against other boards for a comprehensive understanding of their relative performance. NVPC CEO Tony Soh encouraged charities to adopt the tool, noting, “CNPL BoardPulse2.0 provides a robust tool that equips charity boards with practical insights to lead effectively.”

The study and its accompanying tools aim to foster a culture of purpose-driven leadership within Singapore’s charity sector, promoting continuous development and improvement. For further details, the full technical report is available on NVPC’s website.

Singapore has successfully been re-elected to the Council of the International Maritime Organisation (IMO) during the 34th Session of the IMO Assembly in London. The announcement marked another term for Singapore in this pivotal maritime body. The Singapore delegation was led by Jeffrey Siow, Acting Minister for Transport and Senior Minister of State for Finance.

The re-election underscores Singapore’s continued commitment to contributing to international maritime regulations and policies. Jeffrey Siow expressed his gratitude, stating, “Singapore is honoured to be re-elected to the IMO Council. We look forward to continuing our work with the international maritime community to advance safe, secure, and sustainable shipping.”

The IMO, a specialised agency of the United Nations, is responsible for regulating shipping. Singapore’s role in the Council allows it to influence key decisions affecting global maritime operations, which is crucial given its status as one of the world’s busiest ports.

The Singapore delegation included Ang Wee Keong, Chief Executive of the Maritime and Port Authority of Singapore, Loh Khum Yean, Chairman of the Maritime and Port Authority of Singapore, and Lau Peet Meng, Permanent Secretary of the Ministry of Transport. Their presence at the assembly highlights the importance Singapore places on its maritime sector.

This re-election ensures that Singapore will continue to play a significant role in shaping maritime policies, which is vital for maintaining its strategic position in global trade and shipping.

Univers, a global leader in AI and IoT platforms, has partnered with SP Group to propel Singapore’s Virtual Power Plant (VPP) initiative under the Energy Market Authority’s Regulatory Sandbox. This collaboration follows a successful proof-of-concept demonstration at the 25th Conference of the Electric Power Supply Industry, held in conjunction with Singapore International Energy Week 2025.

The VPP initiative aims to aggregate and manage distributed energy assets across various sites, providing essential grid services such as frequency regulation and contingency reserves. This system is designed for scalable national expansion, involving collaboration with key energy, infrastructure, and industrial partners.

Under the recently signed Memorandum of Understanding, Univers and SP Group will work together to develop and deploy the VPP platform. Their joint efforts will focus on refining system design, enhancing platform functionality, and establishing a scalable framework for future expansion. This includes integration, testing, and market readiness activities to support broader adoption of VPP capabilities.

Michael Ding, Global Executive Director of Univers, stated, “This collaboration is a pivotal step towards commercialising Virtual Power Plant capabilities in Singapore. By combining AI innovation with grid expertise, we are advancing a model that not only strengthens Singapore’s energy resilience but also sets a blueprint for how ASEAN countries can accelerate distributed energy adoption and renewable integration.”

This initiative is part of Univers’ broader innovation agenda, which includes the launch of its Global Impact AI Lab in collaboration with AMD, Microsoft, and NUS, aimed at accelerating AI and IoT innovation across industries.

The tender for the Bedok Rise residential site, which closed recently, drew significant attention with 10 bids, the highest number for any land tender in 2025 so far. Bellis Residential, believed to be Allgreen, submitted the top bid of $464.8m, equivalent to $1,330 per square foot per plot ratio (psf ppr), narrowly outbidding Hoi Hup’s offer by just 0.4%. This site, located near the Tanah Merah MRT station and within proximity to Temasek Primary School, is considered the last greenfield site in the area.

The competitive bidding reflects a strong consensus on the site’s attractiveness, with the price gap between the top and last bidder being less than 20%. This tender surpassed previous bids for other sites this year, including Dorset Road and Dunearn Road. According to Tricia Song, Head of Research at CBRE Singapore and Southeast Asia, the robust bidding activity is driven by several factors: a four-year high in new home sales by October 2025, a significant decline in borrowing costs, and an upgraded economic growth forecast by Singapore’s Ministry of Trade and Industry to around 4%.

Despite the high bid, the price does not exceed the $1,388 psf ppr paid for the Bayshore Road site earlier this year. The last Government Land Sales (GLS) site at Tanah Merah was sold in 2020 for $930 psf ppr. The new project at Bedok Rise is expected to launch at an average price of $2,300 to $2,400 psf, aligning with the area’s strong market performance. Nearby developments, such as Sceneca Residence, have seen successful sales, indicating continued demand in the region.

The Urban Redevelopment Authority has released three private residential sites for sale under the government land sales programme for the second half of 2025. These sites, located at Dover Road, Tanjong Rhu, and Dairy Farm Walk, are expected to collectively yield approximately 1,630 new homes. Wong Siew Ying, Head of Research and Content at PropNex, provided insights into the potential impact and developer interest in these sites.

The Dover Road site, part of the new Dover-Medway neighbourhood, is anticipated to attract significant interest due to its proximity to the one-north MRT station and employment hubs. It offers potential for 625 residential units and 3,000 square metres of commercial space. The area’s lack of new private housing sites since the 1990s adds to its appeal, with Wong predicting 5 to 7 bids and a top bid price of $1,300 to $1,400 per square foot per plot ratio (psf ppr).

Tanjong Rhu Road, offering 525 new homes, is also expected to draw attention due to its location near MRT stations and the Kallang Alive masterplan. Despite limited retail options nearby, its proximity to educational institutions and recreational developments could result in 4 to 6 bids, with top bids around $1,300 to $1,400 psf ppr.

The Dairy Farm Walk site, capable of yielding 480 homes, may see less enthusiastic bidding due to its distance from MRT stations and amenities. However, developers might still be interested in expanding their land inventory in the Outside Central Region. Wong estimates 3 to 4 bids, with top bids ranging from $1,000 to $1,100 psf ppr.

NHG Health and the Institute of Technical Education (ITE) have signed a Memorandum of Understanding (MOU) to enhance healthcare skills and innovation over the next five years. This partnership aims to advance preventive health, exercise science, and digital AI health, offering ITE students and NHG Health employees valuable training and specialisation opportunities. The initiative supports Singapore’s Healthier SG and Age Well SG programmes, preparing students for roles such as Patient Services Associates and digital health specialists.

The collaboration will provide over 500 ITE students with internships and Work-Study Diploma placements in healthcare settings. Programmes include the Work-Study Diploma in Patient Management & Services and the Technical Diploma in Health & Exercise Coaching. This hands-on experience is designed to prepare students for careers in healthcare and community settings.

NHG Health employees will also benefit from enhanced training in digital literacy and AI technology, aiming to improve patient experience and service excellence. The partnership will expand job functions and integrate digital health capabilities, strengthening Singapore’s healthcare workforce and driving innovation in community-based care.

The MOU was signed at the “Think Health 2025” seminar, attended by Tan Kiat How, Senior Minister of State, Ministry of Digital Development and Information, and Ministry of Health. Professor Chua Hong Choon, Executive President of NHG College, highlighted the importance of equipping the workforce with skills to meet patient expectations. ITE CEO Low Khah Gek emphasised the growing demand for community-based and digitally-enabled care as Singapore’s population ages.

This partnership is set to foster a strong pipeline of healthcare talent, supporting Singaporeans to age well and live well.

Condo resale prices in Singapore reached new all-time highs in October 2025, according to the latest 99-SRX Media Flash Report. However, the overall transaction volume saw a slight dip, attributed to the recent Build-To-Order (BTO) launch that diverted some buyers towards public housing. The report highlights that whilst prices increased, the number of units resold decreased by 4.5% from September, totalling 1,069 units.

The report, attributed to Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the price growth was driven by Housing Development Board (HDB) upgraders entering the market with substantial proceeds from recently Minimum Occupation Period (MOP)-ed flats. This trend was particularly evident in the Rest of Central Region (RCR) and Outside Central Region (OCR), where the supply of move-in-ready units remains tight.

Key figures from the report include a month-on-month price increase of 1% and a year-on-year rise of 5.3% compared to October 2024. The highest transacted price for a resale unit was S$14,500,000 at Nassim Lodge, with significant transactions also noted at Aalto and Citylife@Tampines.

Despite the dip in volume, high-value transactions in prime projects lifted the overall price index, indicating that buyers at the upper tiers remain active. The overall median capital gain for resale condos rose to S$401,000, with District 10 posting the highest gains. The report underscores a resilient pricing environment, even as activity moderates.

Cybersecurity leader Wultra has announced the opening of its first Asian office in Singapore, aiming to address the increasing demand for post-quantum authentication (PQA) in the region’s rapidly evolving financial sector. The new office, located at 80 Robinson Road, will enable Wultra to better support local clients and assist financial institutions in preparing for the emerging cyber threats of the post-quantum era.

Peter Dvorak, CEO of Wultra, highlighted the strategic timing of the expansion, which coincides with the company’s participation in the Singapore FinTech Festival 2025. “Southeast Asia is becoming one of our key markets. Establishing a local presence enables us to provide better support to our clients and assist more institutions in strengthening their defences for a quantum-ready future,” Dvorak stated.

Wultra’s technology is already trusted by over 70 banks and financial institutions across 25 countries, including major players like Raiffeisen Bank International and Global Payments. The company is recognised as a Sample Vendor in Gartner’s latest report on emerging trends in post-quantum authentication.

With the financial sector in East Asia moving towards more advanced digital authentication solutions, Wultra’s Singapore office is set to play a crucial role in supporting diverse markets in the transition to stronger, post-quantum-ready authentication methods. Dvorak emphasised the importance of this strategic direction, noting the gradual phasing out of SMS-based authentication in favour of more secure solutions.

Hong Leong Finance (HLF) has launched its next-generation branch at Punggol Coast Mall, aiming to capitalise on the rapidly growing residential and commercial area. The branch introduces digital innovations such as an LED art wall and augmented reality (AR) features to enhance customer engagement. Additionally, HLF has revamped its corporate website to improve user experience, reflecting its commitment to digitalisation and customer-centric transformation.

The Punggol Coast Mall branch is designed with comfort and accessibility in mind, featuring privacy-enhanced teller booths and a dedicated SME Centre for business consultations. Ang Tang Chor, President of HLF, highlighted the district’s growth potential, stating, “Punggol’s population has been rising rapidly… we see demand potential for our financial products and services.”

The branch’s digital LED art wall serves both aesthetic and functional purposes, engaging customers and delivering information before they enter. The AR feature introduces “Ray,” a dinosaur character that educates customers about the HLF Digital app. This interactive approach aims to simplify complex information, making it more accessible and engaging.

Sustainability and inclusivity are integral to the branch’s design, with energy-efficient lighting and green-certified materials. The revamped website, alongside the HLF Digital app and a new digital platform for vehicle loan applications, enhances the customer journey across all touchpoints.

As Singapore’s largest finance company, HLF continues to innovate, blending digital advancements with personalised service to meet the evolving needs of its customers.

Banyan Group and Mandai Wildlife Group celebrated a significant milestone on 26 November with the grand opening of the Mandai Rainforest Resort by Banyan Tree. The event, officiated by President Tharman Shanmugaratnam, also marked the launch of the inaugural Rainforest Festival, which opens to the public today.

Situated in the Mandai Wildlife Reserve, the resort is Banyan Group’s 100th and its first within a major wildlife and nature destination in a capital city. The opening ceremony featured a musical prelude by Wolfgang Violin Studio and a guided tour showcasing the resort’s sustainable design and biodiversity corridors. Attendees previewed the Rainforest Festival, which includes the Discovery Trail, Banyan Gallery Showcase, and the GREEN-HOUSE HangOut market.

The festival, running from 27 November to 3 December, offers discovery trails, artisanal crafts, and wellbeing sessions. Proceeds from ticket sales will support the President’s Challenge, with Banyan Group matching donations dollar-for-dollar. Additional contributions will come from paid experiences and merchandise sales, further supported by the SG60 Matching Grants.

The event concluded with an appreciation dinner featuring performances by local artists, including Min Lee and MICappella. The festival promises a diverse programme, with activities such as yoga, nature walks, and creative workshops, aiming to engage visitors of all ages.

The Mandai Rainforest Resort also introduces a Silver Staycation for seniors, offering special rates and amenities until April 2026. This initiative, alongside the festival, underscores Banyan Group’s commitment to sustainable tourism and community support.