Industry News

Savills Singapore has announced the sale of an entire office floor at GB Building, located at 143 Cecil Street in the Tanjong Pagar financial district. The office, situated on the 19th floor, spans approximately 5,425 square feet and features a column-free layout with exclusive lift lobby access. This offering presents a unique chance for investors to secure a full-floor office in Singapore’s tightly held Central Business District (CBD).

GB Building, a 26-storey commercial development, benefits from dual frontage along Cecil Street and McCallum Street and is well-connected by major expressways and MRT stations, including a direct sheltered linkway to Tanjong Pagar MRT. The property is zoned “Commercial” and is available for purchase by both foreign buyers and companies without Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the investment’s appeal: “At S$10.8m, or $1,990 per square foot, level 19 at GB Building offers the smallest entry quantum for a full-floor office in the CBD, making it highly palatable to investors.”

The Tanjong Pagar area is undergoing significant transformation with projects like Keppel South Central and Newport Tower, enhancing its status as a premier commercial district. The sale will be conducted via an Expression of Interest exercise, closing on 31 October 2025.

Singapore’s retail sector experienced a notable boost in July and August, with sales increasing by 0.5% month-on-month in August, following a robust 3.9% rise in July. This growth translated to a year-on-year increase of 5.2%, marking the strongest performance since February 2024, according to UOB Global Economics and Markets Research.

The surge in retail sales was largely attributed to a significant influx of tourists, particularly from China, which reached 103% of 2019 levels during the summer school holidays. This was complemented by a decline in outbound travel by Singapore residents, as the school term resumed, bolstering domestic spending. Categories such as furniture and household equipment, recreational goods, wearing apparel and footwear, and cosmetics saw substantial growth.

Additionally, supermarkets, mini-marts, and convenience stores maintained strong sales, partly due to the SG60 vouchers distributed in July, which are expected to continue influencing consumer spending into September and October.

Looking ahead, UOB remains cautious about sustaining this momentum, citing potential challenges from a cooling labour market. The Ministry of Manpower’s Net Employment Outlook for Q3 2025 showed a slight decline, indicating potential slowdowns in hiring and wage growth, which could impact consumer sentiment. However, October may see a temporary boost in retail sales from events like the Formula 1 Singapore Grand Prix and increased tourist arrivals during China’s Golden Week holiday.

Danny Leung has been appointed as the Chief Financial Officer (CFO) of MoneyHero Limited, a prominent personal finance aggregation and comparison platform in Greater Southeast Asia. Effective from 1 October 2025, Leung’s promotion follows his tenure as interim CFO since December 2024. Under his leadership, MoneyHero has made significant strides towards sustainable growth, achieving its first quarterly net profit in Q2 2025.

Leung’s appointment comes as MoneyHero aims to continue its trajectory towards profitability by the end of 2025. CEO Rohith Murthy expressed confidence in Leung’s ability to “optimise operations, strengthen financial discipline, and drive strong sequential revenue growth.” Leung himself commented, “I am honoured to officially step into the role of permanent CFO for MoneyHero Group.”

With over two decades of experience in finance and accounting, Leung joined MoneyHero in 2024 as Group Director of Finance. His expertise has been pivotal in enhancing the company’s financial systems and expanding its partnership ecosystem. MoneyHero, which operates in Singapore, Hong Kong, Taiwan, and the Philippines, boasts a diverse brand portfolio and maintains an equity stake in Malaysian fintech company Jirnexu.

The company’s recent financial achievements underscore its transformation strategy, with sequential revenue growth reported in Q1 and Q2 2025. As MoneyHero continues to expand its digital insurance brokerage services, Leung’s leadership is expected to further solidify its position in the competitive fintech landscape.

Singapore Post Limited (SingPost) is set to commemorate Singapore’s 60th anniversary and World Post Day with a unique philatelic showcase titled “60 Years in 60 Stamps”. The event will take place from 10 to 12 October 2025 at the heritage-rich Temasek Shophouse on Orchard Road. This exhibition invites the public, collectors, and history enthusiasts to explore Singapore’s nation-building journey through its iconic stamps and postal artefacts.

The showcase will feature the “60 Years in 60 Stamps” collection, which includes significant issues such as the “1st Anniversary of Independence” and “The Singapore Story” series. These stamps offer an immersive experience into the evolution of Singapore’s postal heritage and philatelic culture. Visitors can also look forward to the launch of postal heritage-themed postcards and MyStamps, exclusive event datestamps and cachets, and a curated sale of vintage and new philatelic items.

Key highlights include the “1st Anniversary of Independence” stamp, released on 9 August 1966, which symbolises unity and national progress. “The Singapore Story” series, issued on 7 July 1988, chronicles Singapore’s journey from self-governance to independence.

Running concurrently at the Visual Arts Centre’s Exhibition Gallery is the SG60 Stamp Exhibition, organised by the Association of Singapore Philatelists in partnership with the Singapore Philatelic Society, Singapore Stamp Club, and Zui You Philatelic Society. This exhibition showcases stamps and postal memorabilia reflecting Singapore’s heritage and history.

Kaspersky has revealed that businesses in Singapore and Southeast Asia (SEA) are increasingly exposed to cyberattacks due to unpatched systems. From January to June 2025, Kaspersky blocked 1,195,673 exploits targeting organisations in SEA, with Singapore alone accounting for 38,719 blocked exploits. These figures underscore the growing cybersecurity threats in the region.

Exploits, malicious programmes exploiting software vulnerabilities, pose a significant risk when systems remain unpatched. Kaspersky’s data indicates that the most common targets globally in Q2 2025 were unpatched Microsoft Office products. Specific vulnerabilities included CVE-2018-0802 and CVE-2017-11882, both affecting the Equation Editor component, and CVE-2017-0199, impacting Microsoft Office and WordPad.

The report highlights that both new zero-day vulnerabilities and older, overlooked issues are being exploited. Cybercriminals, including advanced persistent threat groups, are targeting widely used tools such as remote access software and document editors. Notably, low-code/no-code platforms and AI-powered application frameworks are also being exploited as businesses adopt these newer technologies.

Adrian Hia, Managing Director for APAC at Kaspersky, emphasised the need for robust cyber defences as Singaporean businesses embrace digital transformation. He stated, “As we continue to witness an ever-increasing amount of cyberthreats, it is imperative for organisations to strengthen their cyber defences.”

Kaspersky advises businesses to investigate vulnerabilities in secure environments, ensure 24/7 infrastructure monitoring, maintain a robust patch management process, and deploy reliable solutions to detect and block malicious software. Additionally, staying informed with the latest Threat Intelligence is crucial to understanding the tactics used by threat actors.

The Energy Market Authority of Singapore and the Maritime and Port Authority of Singapore have selected a consortium led by Keppel Ltd to advance a study on low- or zero-carbon ammonia power generation and bunkering solutions on Jurong Island. This initiative is part of Singapore’s National Hydrogen Strategy, aiming to explore low-carbon hydrogen as a decarbonisation pathway to achieve net zero emissions by 2050.

Keppel Ltd, alongside its partners, will conduct a Front-End Engineering Design (FEED) study to further develop the power generation proposal. Sumitomo Corporation, Keppel Ltd’s bunkering partner, will also carry out a FEED study for the bunkering proposal. The project aims to generate 55 to 65 megawatts of electricity from imported low- or zero-carbon ammonia and facilitate ammonia bunkering with a capacity of at least 0.1 million tonnes per annum.

The consortium was chosen from six shortlisted groups in a multi-phase restricted Request for Proposal process, initiated after an Expression of Interest in 2022. The project is still pending a Final Investment Decision, contingent on the findings of the FEED studies.

Ammonia, a hydrogen carrier that does not emit carbon when combusted, is central to this strategy due to its established international supply chain and capability for long-distance storage and transport. The Singapore government will collaborate with Keppel Ltd to ensure the project’s safe and effective operation, given the early development stage of ammonia applications for power generation and bunkering.

A record 172 HDB resale flats were sold for at least S$1m in September 2025, according to the latest 99-SRX Media Flash Report. This surge in high-value transactions coincided with a 0.6% increase in overall HDB resale prices from the previous month, marking a 4.8% rise compared to September 2024.

The increase in million-dollar flat sales is attributed to market timing and buyer behaviour. With no new condo launches in September and only two in August, potential HDB upgraders turned to resale flats, which offer more space at lower prices than nearby condos. Additionally, the Hungry Ghost Month in August, a period when many buyers typically refrain from purchasing property, may have pushed demand into September.

In terms of price changes, Mature Estates saw a 0.4% increase, whilst Non-Mature Estates rose by 0.6%. By room type, 3-room flats experienced a 0.9% decrease, whereas 4-room and 5-room flats each increased by 0.6%. Executive flats saw the highest rise at 1.4%.

The highest transacted price for a resale flat in September was S$1.59m for a 5-room flat in the Central Area. In Non-Mature Estates, the top price was S$1,120,000 for an Executive flat in Woodlands.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted the significant shift in buyer preferences, highlighting the impact of external factors on the resale market. The report also indicated a 1.2% decrease in resale volumes from August, with 2,186 flats transacted in September.

NHG Health has unveiled the inaugural 15M Health Games at the Singapore Sports Hub, marking the start of its first public health festival, NHG Healthiverse. The event, attended by over 40,000 residents, community partners, and healthcare staff, was graced by Tan Kiat How, Senior Minister of State for Health and Digital Development and Information. The Games are part of NHG Health’s 15M Social Movement, which seeks to add 15 million years of healthy life to residents by fostering community engagement and collective health action.

The 15M Health Games is NHG Health’s first inclusive community sports tournament, designed to accommodate people of all ages and physical abilities. More than 80 teams from 12 towns across Central and North Singapore have been training in adapted sports such as football, floorball, and volleyball. This initiative underscores NHG Health’s commitment to promoting active lifestyles and strengthening social bonds among residents.

The Games were co-developed with community partners, including AWWA, Blossom Seeds, and TOUCH Community Services, with support from DesignSingapore Council and Sports SG. Innovations like the “Tic-Tac Floorball” stick, designed with input from seniors, highlight the collaborative effort to create inclusive sports.

In addition to the Games, NHG Health announced the Health Benefits Programme, offering resources and benefits to residents and community volunteers. The programme, set to expand in January 2026, aims to enhance collaboration among healthcare providers. The NHG Health BRIDGE programme, launched on 1 October 2025, further supports patient care by integrating GP clinics into a collaborative care model.

Professor Joe Sim, Group CEO of NHG Health, emphasised the importance of collective wellness, stating, “NHG Healthiverse demonstrates our commitment to empowering residents to take charge of their health in engaging and sustainable ways.”

The Singapore Institute of Purchasing and Materials Management (SIPMM) has released the September 2025 Purchasing Managers’ Index (PMI), revealing a further contraction in the manufacturing sector. The PMI, a key indicator of manufacturing activity, registered a decline, marking the fourth consecutive month of contraction. This downturn is attributed to a decrease in new orders and production output.

The PMI for September stood at 49.5, down from 49.9 in August, indicating a contraction as it remains below the 50-point threshold that separates expansion from contraction. The decline is primarily driven by weaker demand in both domestic and export markets, as well as supply chain disruptions.

SIPMM noted that the electronics sector, a significant component of Singapore’s manufacturing industry, also experienced a contraction, with its PMI falling to 49.2. This marks a decrease from the previous month’s 49.7, reflecting challenges in global semiconductor demand and supply chain constraints.

“The continued contraction in the manufacturing sector underscores the challenges faced by the industry amidst global economic uncertainties,” SIPMM stated. The organisation emphasised the need for manufacturers to adapt to changing market conditions and explore opportunities for innovation and efficiency improvements.

Looking ahead, the outlook for Singapore’s manufacturing sector remains cautious. Whilst some recovery is anticipated as supply chain issues are addressed, the sector’s performance will largely depend on global economic conditions and demand recovery.

Singapore’s real estate investment market saw a significant boost in Q3 2025, with total investment sales reaching S$10.5 billion, according to Knight Frank Singapore’s latest report. This represents a 7.5% increase from the previous quarter and a 23.8% rise compared to the same period last year. The surge is attributed to robust private sales, which accounted for S$6.3 billion, driven by major transactions such as CapitaLand Integrated Commercial Trust’s S$1b acquisition of a 55% stake in CapitaSpring.

The residential sector also experienced growth, with sales totalling S$4.2b, largely due to the award of several Government Land Sales (GLS) sites. In contrast, the commercial sector saw a decline, with sales dropping 51.4% quarter-on-quarter to S$2.6b. Notable transactions included the sale of the office component of Jem and KINEX mall.

Industrial sector sales strengthened, reaching S$2.5b, a 46.1% increase from the previous quarter. Key deals included Centurion Accommodation REIT’s acquisition of worker accommodation assets for S$1.3b. Meanwhile, the hospitality sector saw a decline, with only one major transaction—the sale of Hotel Miramar Singapore.

Looking ahead, Knight Frank anticipates continued activity in GLS tenders and REIT listings, with the investment market expected to close the year at the higher end of the forecast range of S$27b to S$29b. However, the lack of new office development sites in Singapore’s CBD remains a concern, potentially leading to future supply constraints.