Industry News

HDB resale prices in Singapore experienced a modest increase of 0.1% in June 2025 compared to the previous month, according to the latest 99-SRX Media Flash Report. Despite a slight dip in transaction volumes, which fell by 0.4% to 2,276 units, the market remains resilient with a 7.3% year-on-year price growth.

The June school holidays likely contributed to the reduced activity, as families prioritised holidays and family time, delaying property viewings and decisions. Additionally, prospective buyers may be waiting for the upcoming Build-To-Order (BTO) and Sale of Balance Flats (SBF) launches in July, which will offer 5,500 BTO flats and around 3,000 SBF units across various towns.

The report highlighted that prices in Mature Estates remained stable, whilst Non-Mature Estates saw a 0.1% increase. Among room types, 3-room and 5-room flats experienced price increases of 0.4% and 0.8%, respectively, whereas Executive flats saw a 2.7% decrease.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that despite the slight dip in transactions, “resale volume in June 2025 is actually 4.2% higher compared to June 2024.”

In June, 132 HDB resale flats were sold for at least S$1.0m, a decrease from 143 such units in May. The highest transacted price was S$1.7m for a 5-room flat at SkyTerrace @ Dawson. As the market anticipates new BTO and SBF launches, the dynamics of HDB resale transactions may continue to evolve.
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The Singapore government has reinstated the Seller’s Stamp Duty (SSD) to a four-year holding period, with rates increased by 4 percentage points in each yearly bracket. This decision comes as a response to the rising number of subsales, which have surged from 198 in 2020 to a peak of 1,428 by 2024, according to Leonard Tay, Head of Research at Knight Frank Singapore.

The increase in subsales is attributed to the COVID-19 pandemic’s impact on construction timelines, causing delays and pushing project completions beyond the SSD period. As a result, many homeowners who purchased properties before or during the pandemic found themselves able to sell their homes without incurring SSD, capitalising on the rising private home prices. In 2023 alone, 19,968 homes were completed, offering subsale buyers more affordable options compared to new launches.

Interest rate hikes from 2022 to 2023 also played a role, as some buyers faced higher mortgage payments and opted to sell their properties instead. With construction delays now resolved and supply meeting demand, the government aims to prevent subsales from driving up prices further by extending the SSD period and increasing rates.

Looking ahead, Tay speculates that if subsales continue to rise despite these measures, the government might consider implementing a Minimum Occupation Period (MOP) for private homes, similar to that of HDB flats. This move would aim to stabilise the market and ensure long-term affordability.
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Singapore is witnessing a notable increase in privatisation offers in 2025, with 15 companies receiving offers year-to-date compared to 18 in 2024. This trend is largely driven by attractive valuations, minimal funding needs, and new partnerships, prompting major shareholders to take their companies private from the Singapore Exchange (SGX).

A recent screening by UOB Kay Hian identified companies with high net cash as a percentage of market capitalisation as potential privatisation targets. Among these, China Sunsine and Valuetronics stand out due to their attractive valuations and high dividend yields. China Sunsine, a global leader in rubber accelerators, trades at 1.7x 2025 forecast ex-cash price-to-earnings (PE) ratio and offers a 5.3% dividend yield. Valuetronics, meanwhile, trades at 3.5x 2025 forecast ex-cash PE and offers a 6.3% dividend yield.

Other notable companies include Avarga, with net cash forming 75% of its market cap, and Samudera Shipping, with 71%. Both companies are trading at significant discounts to their book values, making them appealing to investors.

The Monetary Authority of Singapore’s S$5b Equity Market Development Programme is expected to improve market liquidity, potentially leading to further re-ratings of these deep value stocks. As privatisation offers remain elevated, companies with substantial cash reserves and dividend yields are well-positioned to weather economic downturns and attract investor interest.
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Food Empire Holdings (FEH), a Singapore-based food and beverage company, has announced a second supplemental agreement with Ikhlas Capital to address its redeemable exchange note (REN). The agreement, revealed on 1 July 2025, seeks to mitigate potential revaluation losses or gains by adopting a “fixed-for-fixed” accounting classification. This move is intended to reflect the company’s true earnings power and eliminate non-cash impacts on reported earnings due to fair value changes.

The agreement includes the appointment of RHT Capital as an independent financial adviser, which has confirmed that the amendments do not advantage REN holders. Additionally, the definition of a “company liquidity event” has been clarified, requiring acceptance and approval by FEH for any proposed bona fide offer. Constraints on dividend payments and share issuance below the exchange price will be addressed through cash compensation to REN holders.

FEH is also conducting an independent valuation to reassess financial liabilities and fair value changes from the start of the financial year. A potential fair value loss, estimated at approximately $20m (£15.5m), may be recognised in the first half of 2025 due to a significant increase in FEH’s share price. However, this loss is non-cash and will not affect the company’s cash flow or actual earnings power.

The company is considering a bonus issue for the financial year 2025, given the last such issue was in 2008 and coincides with Singapore’s 60th independence anniversary. Analysts see potential share price weakness as an opportunity to invest in FEH, with a target price of S$2.28 ($1.67) based on a projected earnings growth rate of 10.3% from 2024 to 2027.
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A recent study commissioned by Neat reveals that outdated meeting technologies are costing Asia-Pacific (APAC) businesses a staggering $8.5m annually for a typical 1,000-employee company. The report, titled “From Lagging to Leading: How Smart Collaboration Redefines Work in Asia/Pacific,” surveyed 1,080 executives across the region and found that organisations lose an average of 4.5 hours per employee each week due to malfunctioning video calls and inefficient collaboration tools.

The study underscores the pressing need for APAC companies to adopt modern, intelligent collaboration technologies to enhance productivity and maintain competitive advantage. Despite a significant portion of employees returning to the office, with over 65% spending three to four days in-office, the technology supporting hybrid work models has not kept pace. This is particularly crucial as 72% of meetings now involve videoconferencing with remote colleagues.

Niko Walraven, Area Vice President for APAC at Neat, emphasised the financial and productivity implications, stating, “What many businesses might consider ‘good enough’ collaboration technology is, in reality, costing them significantly in both time and money.”

The report also highlights regional variations, with 29% of Singaporean organisations anticipating a shift to 100% in-office work within 18 months, increasing the demand for efficient meeting room technologies. Meanwhile, in India, companies face the second-highest productivity loss due to outdated tech, costing $9m annually for a 1,000-employee firm.

As the workplace evolves, the study predicts that by 2028, 70% of G1000 employee content will be enhanced with advanced modalities to boost collaboration. The findings suggest that investing in AI-driven, user-friendly collaboration tools is essential for transforming meeting culture and driving innovation and growth.
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Global experts convened at the SMU City Dialogues in Vienna on 2 July 2025 to discuss the pressing issue of urban resilience. Organised by Singapore Management University (SMU) in partnership with Urban Innovation Vienna, the event gathered over 100 attendees from 20 countries, including representatives from more than 20 universities and over 30 organisations. The dialogue, a partner event of the World Cities Summit 2025, aimed to explore the value of urban resilience through various thematic tracks.

The event featured a keynote address by Jürgen Czernohorszky, Executive City Councillor for Climate, Environment, Democracy, and Personnel of Vienna. Discussions centred around three core dimensions: finance and public-private partnerships, social equity and environmental sustainability, and innovation and technology. SMU professors Winston Chow and Orlando Woods, alongside Johannes Lutter from Urban Innovation Vienna, led a session summarising key takeaways.

Professor Winston Chow emphasised that urban resilience requires aligning financial systems with social goals and building trust through governance. He warned against overreliance on public-private partnerships, stating, “They require competent, stable governments, extensive due diligence, and clear alignment of interest.”

Professor Orlando Woods highlighted the limitations of digital solutions, noting, “It’s not about being a smart city. It’s about being a smart enough city.” He stressed that technology should not overshadow deeper systemic issues like inequality and infrastructural neglect.

Dr Johannes Lutter advocated for socially inclusive resilience, urging targeted action for vulnerable communities and fostering collaboration between governments and citizens.

The SMU City Dialogues series, initiated in 2019, aims to generate actionable recommendations for sustainable urban development through candid exchanges among policymakers, academics, and business leaders.
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Booking.com has announced a significant expansion of its Travel Proud programme, which aims to make travel more inclusive for LGBTQ+ individuals. Recent research by the company highlights that 80% of LGBTQ+ travellers in Singapore feel their identity impacts their travel planning, with 74% prioritising destinations where they can be their authentic selves.

The Travel Proud initiative, launched in 2021, offers free inclusive hospitality training to help accommodations better understand and cater to the needs of LGBTQ+ guests. This year, the number of Travel Proud certified properties has surged by 49%, reaching over 100,000 across more than 150 countries. This growth reflects a broader commitment within the travel industry to embrace diversity and inclusivity.

For Singaporean LGBTQ+ travellers, the increased inclusivity has made 84% feel more comfortable when travelling. Booking.com is celebrating this milestone by sharing a list of ten LGBTQ+ friendly destinations worldwide, including Sydney, Pattaya, and Wellington, each offering unique experiences and safe spaces for the community.

Sydney, for instance, is renowned for its vibrant pride scene and events like the Sydney Gay and Lesbian Mardi Gras. Meanwhile, Pattaya boasts a lively LGBTQ+ culture with its famous Boyztown district. Wellington is celebrated for its progressive laws and thriving queer scene.

Booking.com’s efforts aim to remove barriers in travel, ensuring that everyone, regardless of identity, can enjoy seamless and welcoming experiences. As the travel landscape evolves, the company continues to champion inclusivity, making it easier for LGBTQ+ travellers to explore the world confidently.
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XL Ventures, a Singapore-based climate tech company, has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a licensed Venture Capital Fund Manager. Founded by Amit Sharma and Saroj Mishra, the firm aims to invest in tech start-ups that utilise data sensors and artificial intelligence (AI) to optimise energy consumption in commercial buildings and power infrastructure.

The founders emphasised the importance of immediate and scalable solutions, stating, “All climate technologies required to save the planet already exist; the missing piece is rapid global scaling.” They believe that software and AI can optimise complex energy systems, offering both commercial and environmental benefits.

XL Ventures plans to partner with early-stage companies, providing hands-on support to help them scale in Asia. The firm also aims to collaborate with large local conglomerates to facilitate market access. “We see significant opportunities for European tech start-ups in the efficiency and smart-tech space,” Sharma and Mishra noted, highlighting the alignment with government and private sector agendas in Singapore, India, and other Asian economies.

The company is already assisting several UK-based start-ups in gaining traction in these markets. With a shift in focus from the US to Asia and the GCC economies, XL Ventures is poised to play a pivotal role in advancing climate tech solutions across the region.
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TECHKLOUD has officially launched its exclusive online shopping channel in Singapore, providing consumers with convenient access to high-quality products from over 20 countries. The platform offers a diverse range of items, from Japanese and Korean beauty products to Nordic home goods, ensuring that the shopping needs of Singaporeans are met with ease and efficiency.

The new channel promises a seamless shopping experience with a fully compliant customs process, ensuring products are delivered directly to Singapore. Core areas can expect shipments within three to five business days, and a real-time package tracking system is available to keep consumers informed about their purchases. All products on the TECHKLOUD platform are officially authorised, guaranteeing authenticity and quality.

To enhance customer satisfaction, TECHKLOUD offers a flexible 15-day return and exchange policy, allowing consumers to return or exchange items if they do not meet expectations. The platform supports multiple payment methods, including PayNow, GrabPay, PayPal, credit cards, and NETS, with all transactions secured by the Monetary Authority of Singapore (MAS).

The platform’s launch marks a significant step in TECHKLOUD’s commitment to providing a fast, safe, and convenient shopping experience. With categories spanning fashion, consumer electronics, home goods, toys, and sports equipment, TECHKLOUD is poised to lead e-commerce development in rapidly growing markets. The company emphasises exceptional service, offering free returns, multiple payment options, and comprehensive customer support in English and Mandarin.
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The United Kingdom and Singapore have reinforced their financial collaboration during the 10th UK-Singapore Financial Dialogue held in London on 3 July 2025. The discussions centred on digital finance, innovation, sustainable finance, capital markets, and international regulatory developments, highlighting the ongoing partnership between the two nations.

The dialogue saw both countries exchanging insights on digital finance, particularly in tokenisation and artificial intelligence (AI). The Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS) agreed to enhance their collaboration on Project Guardian, focusing on asset tokenisation. Additionally, they plan to develop joint initiatives on AI, starting with the FCA-MAS AI Innovation Showcase in London.

In sustainable finance, the UK and Singapore shared updates on their respective strategies. The UK discussed its Transition Finance Market Review and the creation of the Transition Finance Council, whilst Singapore highlighted the adoption of the Singapore-Asia Taxonomy. Both nations acknowledged the importance of high-integrity carbon markets and discussed initiatives to promote them.

Capital markets were also a key focus, with the UK outlining recent pension reforms and its commitment to a T+1 settlement cycle by October 2027. MAS provided updates on measures to enhance liquidity and attract quality listings.

The dialogue concluded with a commitment to continue engagement beyond the event, with plans for further cooperation in sustainable finance and innovation ahead of the next dialogue in Singapore in 2026. The event was followed by an industry-led UK-Singapore business roundtable, further solidifying the partnership between the two countries.
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