Industry News

The latest data from Savills Research reveals a notable shift in Singapore’s office market, with the Central Business District (CBD) Grade A office vacancy rate in Tanjong Pagar decreasing to 9.7% in the first quarter of 2025, down from 10.3% in the previous quarter. Conversely, City Hall experienced an increase in vacancy rates, rising by 0.3 percentage points to 3.9%.

The report highlights that whilst most micro-markets saw a decline in vacancy rates, Orchard Road remained unchanged at 1.5%. Raffles Place, Marina Bay, Shenton Way, and Beach Road/Middle Road all recorded declines ranging from 0.3 to 0.5 percentage points.

Despite the fluctuations in vacancy rates, office rents have shown resilience. The average monthly rent for CBD Grade A offices rose by 0.4% quarter-on-quarter to $9.83 per square foot. Notably, Grade AAA office rents saw a significant increase of 1.1% to $13.05 per square foot, marking the largest quarterly rise since Q2 2023.

Ashley Swan, Executive Director of Commercial & Industrial at Savills Singapore, commented on the market dynamics, stating, “After seeing an increase in leasing activity levels to begin the year, some uncertainty has crept into the market, further fuelled by the tariff announcement.”

Looking ahead, Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted that the lack of new supply has been crucial in maintaining rent levels. He added, “As the global trade landscape is being re-defined, this could mean that for the next two quarters, tenants are likely to sit it out and adopt a conservative approach regarding space expansion, relocation or lease renewal plans.”

Overall, the office market in Singapore remains stable, with expectations that Grade A CBD office rents will remain flat throughout 2025, despite global uncertainties.
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In a remarkable culinary collaboration, Executive Chef Jake Kowalewski of LeVeL33 and Executive Chef Lamley Chua of Kaarla Wood-Fire Grill will present a special four-hands dinner series. The first event is scheduled for 29 May at LeVeL33, with a reciprocal dinner at Kaarla in July. This partnership marks LeVeL33’s 15th anniversary and 1-Group’s 20th anniversary, highlighting their shared commitment to sustainable dining.

The exclusive event will feature a five-course menu that combines LeVeL33’s ContemBrewery cuisine, known for its innovative use of spent grain and beer infusions, with Kaarla’s Australian-Japanese farm-to-table approach. Chef Jake, who has led LeVeL33’s kitchen since 2021, expressed that the collaboration represents their commitment to sustainability and the evolution of their culinary philosophy.

Guests can expect a memorable dining experience with dishes such as Yellowfin Tuna Tostada and Otoro Zushi, paired with LeVeL33’s signature Brut Beer. The event is priced at $130 (S$178)++ per person, or $187 (S$256)++ with beverage pairing. Reservations are open until 22 May.

Chef Lamley, known for his expertise in modern Asian cuisine, brings his passion for sustainability to the event. His work at 1-Arden, home to Singapore’s highest urban farm, reflects his dedication to eco-conscious cooking.

This collaboration not only celebrates the anniversaries of both establishments but also underscores their commitment to supporting sustainable food systems.
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Abercrombie & Kent (A&K), renowned for its luxury travel offerings, is set to launch a new retreat in Moab, Utah, marking its first venture into the American West. Scheduled to open in 2027, the retreat will be located near Arches and Canyonlands National Parks, providing guests with a unique blend of adventure and luxury amidst Utah’s iconic redrock canyons.
The retreat will accommodate 40 guests in a mix of one-bedroom and two-bedroom standalone suites, designed to offer generous space and an intuitive indoor-outdoor flow. Guests can enjoy a curated programme of activities, including hiking, biking, and rafting, alongside expert-led tours and cultural encounters. A dedicated wellness offering, featuring a spa and spaces for reflection, will complement the natural surroundings.

Cristina Levis, CEO of A&K Travel Group, highlighted the retreat’s potential to offer a deeper engagement with Moab’s dramatic landscapes. “What we are creating is something that complements that energy, a new kind of retreat that invites travellers to engage with this setting in a deeper, more soulful way,” she said.

The Moab retreat is part of A&K Sanctuary’s broader expansion, which includes developments in Africa, South America, and Mexico. With luxury lodging limited in the American West, A&K aims to meet growing demand by providing discerning travellers with access, connection, and meaning. Rebecca Osman, Chief Destination Officer, emphasised the retreat’s philosophy: “It will offer the space, stillness, and sense of place that today’s travellers are seeking.”

Further details about the Moab project will be announced in the coming months.
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Maybank and Perbadanan Usahawan Johor Sdn. Bhd. (PUJB) have signed a Memorandum of Understanding (MOU) to bolster support for Johor’s micro, small, and medium enterprises (MSMEs) and the Halal industry. This collaboration, formalised at the Johor-Singapore Special Economic Zone (JS-SEZ) Joint Business and Investment Forum, seeks to provide tailored banking solutions and strategic advisory services to local entrepreneurs.

The partnership will address key gaps by offering Halal Facilitation services, supply chain financing, and capacity-building programmes. Dato’ Khairussaleh Ramli, President and Group CEO of Maybank, highlighted the bank’s commitment to supporting local businesses and advancing the JS-SEZ’s economic focus. “This partnership will play a catalytic role in advancing business growth and investments in the JS-SEZ,” he stated.

Maybank’s extensive presence in Johor and Singapore, with 71 touchpoints in Johor and 23 branches in Singapore, positions it as a significant player in the region. The bank has also established a dedicated JS-SEZ Desk to provide comprehensive advisory and banking solutions.

The collaboration is timely, given the anticipated growth of Malaysia’s Halal industry, expected to reach $113.2 billion by 2030. Maybank Islamic has already assisted 360 MSMEs in obtaining Halal certification, and this initiative will now extend to foreign investors in various sectors.

Haji Mohd Radzi Mohd Amin, CEO of PUJB, emphasised the importance of empowering diverse communities through training and infrastructure support. The partnership aims to position JS-SEZ as a leading regional and global Halal hub, leveraging Maybank’s global Islamic banking expertise.
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Singapore’s green job market has experienced a significant boost, with a 27% year-on-year increase in sustainability-focused roles, according to the foundit Earth Day Special Singapore Report. Published by jobs platform foundit, formerly known as Monster APAC & ME, the report highlights the nation’s commitment to sustainability, aligning with the objectives of Singapore’s Green Plan 2030.

The Engineering, Construction, and Infrastructure sector is at the forefront of this growth, accounting for 29% of green job opportunities. This reflects Singapore’s dedication to eco-friendly urban development and sustainable infrastructure projects. The Consulting and Strategy sector follows, representing 11% of green job postings, driven by the rising demand for sustainability consultants and environmental strategists.

V Suresh, CEO of foundit, noted, “Our Earth Day Special report reveals a 27% year-on-year surge in green job opportunities, underscoring the nation’s steadfast commitment to sustainability and environmental stewardship.”

The report also identifies ESG Analysts as the role with the highest growth in demand, showing a 28% year-on-year increase. Other roles such as Sustainability Consultants and Renewable Energy Engineers have also seen substantial growth, with 24% and 22% increases, respectively.

Looking ahead, Singapore’s green job sector is projected to grow by 11% in 2025, with renewable energy, electric mobility, and green infrastructure as key drivers. The foundit Insights Tracker, a comprehensive monthly analysis of online job postings, provides a snapshot of employer recruitment activity nationwide, highlighting the evolving skill requirements in the green job market.
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Job opportunities offering remote work are increasingly prevalent in Singapore, according to Indeed’s Hiring Lab data. From March 2024 to March 2025, nearly two-thirds of job postings on Indeed’s portal included mentions of ‘work from home’ or ‘work remotely’, reflecting a growing acceptance of flexible work practices among employers.

Architecture and insurance sectors led the surge in remote work mentions, with increases of 4.7% and 4.6% respectively. Other sectors such as electrical engineering, beauty and wellness, and media and communications also saw notable gains. Conversely, sectors like medical information, construction, and education experienced declines in remote work mentions.

Despite a 3.0% month-on-month drop in overall job postings—the third consecutive decline—the labour market remains robust, with job listings still 44% above pre-pandemic levels. The unemployment rate remains steady at 1.9%. Callam Pickering, APAC Senior Economist at Indeed, noted, “Broader uncertainty could weigh on hiring, but job creation remains resilient.”

Sectors showing strong annual job growth include security and public safety (+24%), scientific research (+16%), logistics support (+10.9%), and data analytics (+10.8%). However, roles in cleaning and sanitation, childcare, and driving saw significant declines.

Pickering added that geopolitical and economic uncertainties might impact Singapore’s growth prospects, potentially affecting job creation. Nonetheless, the tight labour market and low unemployment rate indicate a resilient job environment.
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Thailand’s national oil and gas company, PTTEP, has successfully acquired Jadestone Energy’s 27.18% equity stake in APICO LLC. This strategic move, advised by Latham & Watkins, enhances PTTEP’s control over the Sinphuhorm gas field, increasing its participating interest from 80.5% to 90%.

The transaction was facilitated by a cross-border team from Latham & Watkins, led by Singapore corporate partner James Clayton-Payne. The team included associates Rob Thompson, Hui-Yan Chew, and Jen Whee Lee, alongside Houston partner Ashley Nguyen and associate Alexandra Cumberland. Tax advice was provided by London partner Aoife McCabe.

The acquisition sees PTTEP HK Holding Limited, a subsidiary of PTTEP, gaining full ownership of APICO LLC, which holds significant interests in both the Sinphuhorm gas field and the Dong Mun gas discovery in Thailand. The Sinphuhorm gas field, where PTTEP is the current operator, is a key asset in the company’s portfolio.

This acquisition is a significant step for PTTEP, reinforcing its position in the Thai energy sector and expanding its operational capabilities in the region. The increased stake in the Sinphuhorm gas field is expected to enhance PTTEP’s production capacity and operational efficiency.

As PTTEP consolidates its holdings, the company is poised to strengthen its influence in the regional energy market, potentially leading to further strategic developments in the future.
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Moët & Chandon has unveiled its limited edition collection in collaboration with Pharrell Williams in Singapore. The launch event, held on 15 April 2025 at W Singapore – Sentosa Cove, was hosted by Patrick Madendjian, Managing Director of Moët Hennessy Singapore & Malaysia, and Laura Drozdowski Lot, Marketing & Communication Director. The collection, inspired by shared values of optimism and human connection, reimagines birthdays through the eyes of those who celebrate with you.

The exclusive event saw a select group of guests toasting to creativity and elegance with a curated selection of Moët & Chandon’s finest offerings, including the Brut Impérial, Nectar Impérial Rosé, Grand Vintage 2016, and Collection Imperial. The collection features the Moët & Chandon Brut Impérial (75cl) in Gold, Midnight Blue, and Deep Red.

Available for purchase at W Singapore – Sentosa Cove, selected FairPrice Finest stores, and leading nightlife venues such as Zouk, HighHouse, and HaveFun Live Show, the collection emphasises the joy of togetherness. The collaboration with Pharrell Williams highlights the Maison’s commitment to celebrating human connection and collective spirit.

This launch marks a significant moment for Moët & Chandon as it continues to blend tradition with contemporary cultural influences. The collection is expected to appeal to those who value both the heritage of the champagne Maison and the innovative spirit of Pharrell Williams.
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The Monetary Authority of Singapore is set to release its latest Macroeconomic Review on 28 April 2025 at 12 noon via its website. Prior to this public release, a background briefing for the media will be held at the MAS Building, featuring remarks from MAS Chief Economist Edward Robinson. This briefing, scheduled from 10.00 am to 11.00 am, will not be open for recording or reporting, ensuring that discussions remain confidential.

The briefing will provide media representatives with a draft soft copy of the Macroeconomic Review and briefing slides on an embargoed basis at 6.00 pm on 25 April 2025. Notably, the Review will now include a “Key Messages” section, replacing the previous media guide and infographics. The contents of the Review will remain embargoed until the official release time.

In a shift from previous practices, the Macroeconomic Review will now be published quarterly, and briefing slides will be circulated to the media ahead of the briefing. However, there will be no presentation of the slide deck during the briefing itself. Further details regarding the July publication and briefing will be announced closer to the date.

Media personnel interested in attending the briefing must register by 12 noon on 25 April 2025, providing their full name, NRIC or passport number, and mobile number. This change in the release schedule and briefing format marks a new approach by MAS in disseminating its economic insights.
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Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng, delivered a keynote address at the European Chamber of Commerce’s (EuroCham) Annual General Meeting on 22 April 2025. Held at JEN Hotel, Singapore, the event gathered EuroCham member companies and key stakeholders to discuss the future of trade and collaboration between Europe and Singapore.

In his address, Tan highlighted Singapore’s dedication to maintaining a rules-based international order amidst a complex global environment.

He stated, “Singapore hopes to remain a reliable partner for businesses, providing certainty and stability in an increasingly fragmented and volatile world.” Tan underscored the importance of the EU-Singapore relationship, noting that it exemplifies the potential of like-minded partners working together to support a connected world. He also emphasised the role of open trade, digital connectivity, and collaboration in the green economy in driving inclusive and sustainable growth.

The meeting also featured remarks from Jens Rubbert, President of EuroCham, who congratulated Singapore on its 60th anniversary and celebrated the strong economic ties between Europe and Singapore. Additionally, EU Ambassador to Singapore, Iwona Piorko, praised Singapore’s growth and the valuable relationship between the two regions, particularly in green economy and digital transformation.

The AGM concluded with a call for continued partnership and collaboration between Singapore and Europe, aiming to deepen engagement and drive positive change in the region.
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