Industry News

Developers in Singapore experienced a significant decline in new private home sales in May 2025, with only 312 units sold, marking a 53% drop from April’s 663 units. This downturn is attributed to the absence of new project launches, a key driver of monthly sales. The Urban Redevelopment Authority’s data highlights that this is the first month in 2025 without fresh projects entering the market.

The Rest of Central Region (RCR) led May’s sales with 191 units, despite a 65% decrease from April, when launches like One Marina Gardens and Bloomsbury Residences boosted figures. The Outside Central Region (OCR) saw a slight increase to 106 units, whilst the Core Central Region (CCR) remained sluggish with 15 units sold. Notably, three CCR units sold for over $15 million each, purchased by Singapore permanent residents.

Executive condos (ECs) also saw a decline, with only 24 units sold, a 75% drop from April. Novo Place EC and Lumina Grand EC were the most popular, each selling eight units. The limited unsold supply of ECs bodes well for the upcoming launch of Otto Place EC in July.

Wong Siew Ying, Head of Research & Content at PropNex Realty, noted, “The primary market was quiet in May due to the lack of new project launches and the 2025 Singapore General Elections.” Looking ahead, a surge in sales is anticipated in July and August with several new projects, including W Residences Singapore and Otto Place EC, set to launch. PropNex projects the 2025 sales volume to reach 8,000 to 9,000 units, surpassing 2024’s total of 6,469 units.
“`

Developer sales of new private homes in Singapore plummeted to their lowest in 2025 during May, with only 312 units sold. This marks a significant 52.9% decrease from April’s 663 units, although it represents a 39.9% increase compared to May 2024. The decline is attributed to the absence of new launches and ongoing global trade frictions, which have dampened economic sentiment, according to Tricia Song, CBRE Head of Research for Singapore and Southeast Asia.

The top-selling project in May was One Marina Gardens, which sold 62 units at a median price of $2,975 per square foot (psf). Bloomsbury Residences followed with 32 units sold at $2,506 psf, and The Hill @One-North moved 26 units at $2,484 psf. These projects were all launched in April 2025, highlighting the lack of fresh offerings in May.

The Rest of Central Region (RCR) led sales with 191 units, accounting for 61.2% of the total, driven by projects like One Marina Gardens and Bloomsbury Residences. The Outside Central Region (OCR) followed with 106 units, whilst the Core Central Region (CCR) lagged with just 15 units sold.

Looking ahead, CBRE anticipates a muted sales environment in June due to the school holidays. However, a number of new launches are expected in the second half of 2025, primarily in the CCR and RCR. Despite this, monthly sales are unlikely to exceed 1,000 units as seen in Q1 2025. CBRE maintains its full-year forecast of 7,000 to 8,000 units sold, with potential downside risks if economic conditions worsen.
“`

Singapore’s new home sales plummeted to their lowest level this year in May 2025, primarily due to the absence of new project launches and the distraction of election rally activities. According to the Urban Redevelopment Authority (URA), sales excluding Executive Condominiums (ECs) fell to 312 units, marking a 52.9% decline from April’s 663 units. Including ECs, sales dropped by 55.7% from 759 units in April to 336 units in May.

Despite the downturn, sales excluding ECs showed a 39.9% year-on-year increase from May 2024’s 223 units. The month’s sales were driven by existing projects, with One Marina Gardens and Bloomsbury Residences leading the pack, selling 62 and 32 units, respectively. Other notable projects included The Hill @ One-North and Hillock Green.

The sales performance, although slower, outperformed other months in the past three years without new launches, attributed to a favourable interest rate environment keeping mortgages affordable. The last time sales were higher without new launches was June 2022.

In terms of market segments, the Rest of Central Region (RCR) dominated with 61.2% of sales, followed by the Outside Central Region (OCR) at 34%, and the Core Central Region (CCR) at 4.8%. The luxury market remained active, with three non-landed private homes sold above S$10 million, matching April’s figures.

Looking ahead, the global economic landscape remains uncertain due to US tariff policies, potentially causing cautiousness among buyers. However, moderating interest rates could attract investors back to the market. A robust pipeline of new projects is anticipated in the second half of 2025, offering more choices for buyers. Upcoming projects include Arina East Residences and The Robertson Opus.
“`

Synapxe, Singapore’s national HealthTech agency, hosted its inaugural AI Accelerate conference, drawing over 400 leaders from technology, healthcare, and academia. The event, attended by Health Minister Ong Ye Kung, showcased Synapxe’s commitment to advancing AI capabilities in public healthcare. Key announcements included new collaborations with tech leaders like OpenAI, AIDX TECH, Databricks, and Google Cloud, aiming to create an AI-enabled healthcare ecosystem.

The conference highlighted Synapxe’s efforts to integrate AI into healthcare, focusing on predictive and personalised care. Synapxe’s CEO, Ngiam Siew Ying, emphasised the transformative potential of AI, stating, “AI holds immense promise for transforming healthcare through innovation.” The agency aims to enhance healthcare delivery by empowering professionals and fostering a vibrant ecosystem.

Among the collaborations, Synapxe’s partnership with OpenAI will explore using AI to streamline healthcare tasks, whilst an alliance with AIDX TECH will focus on AI safety and compliance. The collaboration with Databricks will enhance the HEALIX platform, promoting AI adoption and skills transformation. Google Cloud will support AI capacity-building initiatives, training over 300 healthcare professionals.

Synapxe is also developing AI-enabled tools for predictive and preventive care, such as Synseh, which combines Traditional Chinese Medicine with modern technology, and ASPIRE, a tool for early detection of sarcopenia. Additionally, Synapxe plans to launch HealthHub AI, a conversational assistant offering multilingual health information.

These initiatives underscore Synapxe’s commitment to improving patient care and experience through AI, ensuring responsible innovation and patient safety. The agency continues to foster a culture of learning and innovation, empowering healthcare professionals to harness AI technology effectively.
“`

Singapore and Poland are deepening their economic relationship, as highlighted at the Poland-Singapore Business Forum held on 13 June at Shangri-La Singapore. The event, attended by Polish President Andrzej Duda, focused on achieving economic success amidst global uncertainties. Minister for Sustainability and the Environment, Grace Fu, emphasised the importance of collaboration between the two nations, particularly in light of the volatile trade and geopolitical environment.

The forum underscored the robust growth in bilateral trade, facilitated by the EU-Singapore Free Trade Agreement (EUSFTA), which has seen a 50% increase in goods trade since its inception in 2019. This growth has been mirrored in the services sector, which reached nearly S$700 million in 2023. Singaporean companies, such as PSA International and Seatrium, have made significant investments in Poland, leveraging its strengths in logistics and connectivity.

Fu highlighted the recent signing of the EU-Singapore Digital Trade Agreement (EUSDTA), which aims to enhance digital transactions between Singapore and the EU, providing legal certainty and fostering cross-border partnerships. The Polish government’s efforts to ratify the EU-Singapore Investment Protection Agreement (EUSIPA) were also praised, as it promises to offer greater investment security for businesses.

The forum also explored potential collaborations in food and digital technology sectors. Poland’s strong agriculture sector has already doubled its food exports to Singapore during the COVID-19 pandemic, and new opportunities have emerged with the approval of Polish poultry exports. In digital technology, Singapore’s fintech companies are well-positioned to collaborate with Poland’s burgeoning fintech and e-commerce sectors.

The event, organised by the Embassy of the Republic of Poland, the Polish Investment and Trade Agency, and the Singapore Business Federation, marks a significant step towards fostering new partnerships and continued economic success for both nations.

Singapore and Indonesia have solidified their commitment to sustainable development by signing three Memoranda of Understanding (MOUs) on 13 June in Jakarta. The agreements, signed by Singapore’s Minister in-charge of Energy and Science & Technology, Dr. Tan See Leng, and Indonesia’s Minister for Energy and Mineral Resources, Dr. Bahlil Lahadalia, aim to enhance cooperation in cross-border electricity trade, carbon capture and storage, and the development of a sustainable industrial zone.

The Cross-Border Electricity Trade (CBET) MOU seeks to build upon previous energy cooperation agreements between the two nations. The Ministry of Trade and Industry (MTI) of Singapore and Indonesia’s Ministry of Energy and Mineral Resources (ESDM) will work to establish policies and regulatory frameworks to facilitate electricity trade within a year.

Under the Carbon Capture and Storage (CCS) MOU, a joint working group will be formed to explore a legally-binding government-to-government agreement, essential for implementing cross-border CCS projects. This initiative underscores the importance of industrial decarbonisation in both countries.

The Sustainable Industrial Zone (SIZ) MOU will see the creation of a joint taskforce to study potential industries in Bintan, Batam, and Karimun. This agreement highlights the importance of regulatory certainty for renewable energy projects, which is expected to attract further investments in Indonesia.

Dr. Tan See Leng remarked, “This marks a significant milestone in our continued partnership with Indonesia under the Prabowo administration. The MOUs reflect both countries’ resolve to pursue impactful low-carbon and sustainability-focused initiatives.”

Further details on the activities and outcomes of these MOUs will be shared by MTI in due course.
“`

Developers in Singapore sold 312 units in May 2025, marking a 52.9% decrease from the previous month, according to Huttons Data Analytics. The sharp decline is attributed to the absence of major property launches during the month. Only 20 units were launched, a staggering 98.5% drop from April 2025 and 92.6% lower than May 2024.

Despite the downturn, sales figures were 39.9% higher than the same period last year, indicating resilience in the market amidst uncertainties. Huttons estimates that developers have sold 4,350 units in the first five months of 2025, accounting for 54% of their annual sales projection.

The top-selling projects in May were located in the Outside Central Region (OCR) and Rest of Central Region (RCR). Notably, One Marina Gardens and Bloomsbury Residences, both offering units below $1.5 million, contributed to 30.1% of the month’s sales. The RCR dominated with over 60% of sales, whilst the OCR accounted for a third.

Singaporeans comprised 83.4% of buyers, with Permanent Residents (PRs) making up 14.4%. All three units priced above $10 million were purchased by PRs. Foreign buyers showed a slight decrease in activity, with five purchasing units at One Marina Gardens.

Looking ahead, the market anticipates the launch of Otto Place, an Executive Condominium (EC), in July 2025. The conclusion of a trade framework between China and the USA is expected to boost market confidence. Developers are projected to sell between 7,500 and 8,500 units in 2025, with prices forecasted to rise by 4% to 7%.
“`

ST Telemedia Global Data Centres (STT GDC), a prominent data centre service provider based in Singapore, has announced significant strides in its sustainability efforts, as detailed in its 2024 Environmental, Social and Governance (ESG) report. The company achieved 78.5% renewable energy usage, surpassing its initial targets, and recorded a 22.9% reduction in carbon emissions year-on-year, moving closer to its goal of carbon-neutral operations by 2030.

The report highlights STT GDC’s commitment to sustainable practices, which are seen as essential for the future of the data centre industry. Bruno Lopez, President and CEO of STT GDC, stated, “As the digital economy accelerates, our responsibility as infrastructure providers extends beyond simply supporting growth; we must lead with purpose and innovation.”

Key achievements in 2024 include the issuance of $365 million (S$500 million) in Sustainability-Linked Perpetual securities, marking the first such issuance by a data centre company globally. Additionally, STT GDC has enhanced its Sustainability-Linked Financing Framework, setting ambitious targets such as increasing renewable energy use to 85% by 2028.

The company also pioneered the use of hydrotreated vegetable oil for backup generators in Singapore and piloted an AI-based autonomous control system for cooling optimisation. These initiatives underscore STT GDC’s dedication to reducing carbon emissions and enhancing operational sustainability.

The ESG report, covering data from 1 January to 31 December 2024, reflects STT GDC’s ongoing efforts to integrate ethical and responsible business practices, with all employees receiving anti-corruption training and zero incidents reported. As STT GDC continues its sustainability journey, it sets a benchmark for the industry in building a resilient digital infrastructure.
“`

The Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA) have announced a global call for nominations for the 2025 Singapore FinTech Festival (SFF) FinTech Excellence Awards. Celebrating its 10th anniversary, the awards aim to recognise innovative FinTech solutions and leaders who are transforming industry practices and promoting financial inclusion. Supported by PwC Singapore, the awards will be presented at the SFF 2025, scheduled from 12 to 14 November.

This year, the awards will highlight solutions with significant impact, particularly those utilising Artificial Intelligence (AI). Eight winners will be selected across six categories, including the Emerging FinTech Award, Financial Inclusivity Award, Regulatory Leader Award, Sustainable Innovator Award, and a thematic category focusing on AI. Three individual winners will also be recognised with the FinTech Mentor Award.

Applications must be submitted by 25 July 2025. The corporate categories will be judged on impact, sustainability, practicality, interoperability, and uniqueness. The FinTech Mentor Award will focus on leadership and contributions to the Singapore FinTech ecosystem. Each corporate category winner will receive a prize of $36,000 (S$50,000), whilst individual winners will receive $3,600 (S$5,000) each.

The awards aim to encourage the development of innovative solutions that address industry challenges and foster growth opportunities. As the FinTech landscape evolves, these awards continue to play a crucial role in recognising and promoting excellence within the sector.
“`

Mapletree Investments has unveiled the second instalment of the ‘Two Rivers’ photography exhibition by Singaporean photographer Melisa Teo at VivoCity, Singapore’s largest shopping centre. Running from 4 June to 4 July, the exhibition marks the 60th anniversary of diplomatic ties between Singapore and France, featuring eight new photographs alongside 60 original works previously displayed at Anderson Bridge.

The exhibition was officially launched by Dinesh Vasu Dash, Minister of State for Culture, Community and Youth, and Manpower, alongside Mapletree Chairman Edmund Cheng, French Ambassador Stephen Marchisio, and Melisa Teo. The event is part of the vOilah! France Singapore Festival, supported by both the Singaporean and French governments.

Teo’s ‘Two Rivers’ explores themes of life, memory, and dreams through images of the Singapore River and the Seine River in Paris. “This opportunity has allowed me to pursue my work with greater purpose,” Teo remarked, highlighting the cultural exchange fostered by the exhibition.

Mapletree’s commitment to the arts is evident, having invested over $7 million in arts-focused initiatives since 2010. “We are delighted to bring ‘Two Rivers’ to VivoCity,” said Cheng, emphasising the company’s dedication to community engagement through the arts.

The exhibition also features the ‘My Two Rivers Young Artist Competition’, inviting young creatives to submit artworks inspired by the theme. Winners will receive VivoCity eVouchers and have their works showcased in Paris.