Industry News

Morgan Stanley’s latest report reveals that the Monetary Authority of Singapore (MAS) has opted to keep its policy settings unchanged following its July meeting. This decision comes after previous easing measures in January and April. The report highlights that the MAS’s decision was influenced by a surprising uptick in near-term growth momentum and the absence of further disinflation. However, the economic outlook remains uncertain, leaving the door open for potential future policy adjustments.

The report, authored by Derrick Y Kam, an Asia Economist at Morgan Stanley, outlines several scenarios that could prompt MAS to alter its policy stance. These include a move to a zero per cent stance if growth unexpectedly declines, potentially triggering disinflationary pressures. Alternatively, a re-centre lower could be considered in the event of a global recession impacting growth. Conversely, an increase in the slope of appreciation, indicating tightening, is deemed unlikely for the October meeting but could be a possibility in 2026 if growth accelerates beyond expectations.

The MAS has stated it is in an “appropriate position to respond to risks to medium-term price stability,” suggesting readiness to adjust policies as needed. Morgan Stanley’s base case anticipates the MAS will maintain its current stance in October, with a bias towards easing if growth or inflation surprises negatively. This cautious approach underscores the ongoing economic uncertainties and the need for flexibility in monetary policy.
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DBS and Frasers Property have announced a strategic three-year partnership to revitalise Singapore’s heartland economy. This collaboration will leverage Frasers Property’s extensive retail network to provide exclusive financial solutions and digital transformation support to over 2,000 retail tenants across 11 properties, which serve nearly half of Singapore’s population.

The partnership, formalised with a memorandum of understanding at Frasers Property’s annual tenant appreciation event, Retail Spark! 2025, aims to enhance the local retail ecosystem. Retail tenants will benefit from preferential rates and digital payment solutions offered by DBS, whilst shoppers can convert rewards points into digital vouchers, benefiting DBS PayLah!’s 2.9 million users and 1.1 million members of Frasers Experience (FRx).

Frasers Property CEO, Soon Su Lin, highlighted the partnership’s potential to create a “dynamic ecosystem” that empowers tenants and rewards shoppers. DBS Singapore Country Head, Lim Him Chuan, emphasised the bank’s commitment to supporting heartland merchants and small businesses through initiatives like the Heartland Merchant Banking Package.

Beyond retail support, the partnership will focus on social impact initiatives, including programmes for seniors, persons with disabilities, and the underprivileged. The DBS Foundation and Frasers Property will collaborate on projects such as the Nutrition and Social Connection Programme, aiming to provide nutritious meals to 6,000 vulnerable seniors.

This partnership marks a significant step in strengthening community ties and enhancing the retail landscape in Singapore’s heartlands, promising a more resilient and inclusive future.
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Singapore’s logistics and warehouse sector demonstrated resilience in Q2 2025, with new purpose-built facilities leading the latest completions, according to a report by according to a JLL report. Despite global uncertainties and cautious occupier sentiment, the sector saw significant developments, including DP World’s inaugural facility at Mapletree Benoi Logistics Hub and DHL’s new Pharma Hub at Jurong Pier.

The quarter’s completions were largely driven by owner-occupied, purpose-built facilities, with Mapletree Joo Koon Logistics Hub being the sole new multi-tenanted facility. Notable projects included DSV Pearl, Chasen Logistics Services’ new facility, and YCH’s warehouse extension. The first and final phases of Maersk’s World Gateway 2 and Tiong Nam Logistics’ facility at Senoko Loop were also completed.

Despite the cautious approach from occupiers, the average islandwide logistics and warehouse rent remained stable for the fourth consecutive quarter. This stability is attributed to the limited availability of quality space for lease. Capital values mirrored this trend, holding steady and maintaining yields unchanged.

Looking ahead, the report suggests that whilst domestic economic and manufacturing sector growth may slow, rents are expected to remain stable due to the limited supply of multi-tenanted space. Lower borrowing costs and sustained investor interest in logistics and warehouse assets are anticipated to support capital values and keep yields steady over the next 12 months.
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In the second quarter of 2025, Singapore’s retail market experienced a notable increase in occupier demand, as replacement tenants filled vacant spaces left by earlier retail closures, according to a JLL report. This trend, particularly evident in large-format and suburban spaces, contributed to a decrease in the islandwide vacancy rate, according to a report by Jones Lang Lasalle.

The report highlights that the firm demand for retail space, coupled with limited new supply, has led to a marginal decline in vacancy rates across the suburban submarket. This demand is underpinned by Singapore’s status as a regional business hub, which continues to attract capital and support domestic consumption. Despite a subdued retail sales performance due to cautious consumer spending and outbound travel, the tourism market’s ongoing recovery has bolstered occupier demand.

Rent growth across all submarkets continued for the 15th consecutive quarter, although the pace of growth slowed in the secondary and suburban areas. Capital values mirrored this trend, rising for the sixth straight quarter as investors sought stable yields over funding costs. “Firm demand and proactive asset management by landlords drove rent growth quarter-on-quarter,” the report noted.

Looking ahead, the outlook remains cautious. High operational costs and reduced retail spending, driven by a weaker economic and hiring outlook, are expected to challenge business viability, potentially leading to more retail closures and increased vacancy rates. However, the report suggests that rents are likely to remain stable, supporting capital values and maintaining a positive yield spread over funding costs.
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Singapore’s prime non-landed home sales experienced a downturn in the second quarter of 2025, as geopolitical and economic uncertainties weighed heavily on developer and buyer sentiment, according to a JLL report. The quarter saw only one new project launch, 21 Anderson, which comprises 18 units. Existing projects like Hill House, Watten House, and The Collective at One Sophia continued to contribute to new sales during this period.

The market’s vacancy rates tightened slightly due to stronger absorption compared to new supply. Sophia Regency and the Initial Sama serviced flat development were the only projects to receive Temporary Occupation Permits in Q2, whilst Fraser Place Robertson Walk was withdrawn from the market.

Despite these challenges, the capital values of resale prime non-landed homes rose, albeit at a slower pace than in the first quarter, indicating sustained local buyer demand. However, the rental market showed mixed results. Luxury prime home rents, which had been on an upward trend since Q2 2024, saw a reversal due to heightened uncertainties and cost sensitivity. In contrast, typical prime rents continued to rise as demand shifted from the luxury segment.

Looking ahead, prime home prices may find support from moderating interest rates and local buyer interest. However, ongoing economic uncertainties, including geopolitical conflicts and trade frictions, could dampen demand. Additionally, economic headwinds and job market uncertainties are expected to weaken both leasing demand and rent growth for prime non-landed private homes.
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Singapore’s Central Business District (CBD) Investment Grade office spaces continue to attract corporate relocations, even as the broader market faces macroeconomic and geopolitical challenges, according to a JLL report. In Q2 2025, Audi Singapore relocated its office from Aperia to Capital Square and its showroom to 18 Cross Street. Simultaneously, SMBC is reportedly negotiating to move its back office operations to Capital Square from Changi Business Park.

The office market is experiencing a supply constraint, with no new developments expected for the remainder of the year. The withdrawal of 39 Robinson for refurbishment and conversion to serviced flats further tightens supply. From H2 2025 to 2027, only three new office completions are anticipated: Shaw Tower, Solitaire on Cecil, and Newport Tower. Additionally, tenants at 79 Anson have been notified to vacate by mid-2026 for redevelopment.

CBD office rents have shown modest growth, marking the fifth consecutive quarter of sub-1% quarter-on-quarter increases. Capital values have remained stable, with economic uncertainties and tight spreads between office yields and interest rates keeping institutional investors cautious.

Looking ahead, the limited supply pipeline is expected to support stable to modest growth in rents and capital values over the next 12 months, barring unforeseen shocks. Landlords are likely to enhance their assets with modernised facilities to remain competitive and prepare for market recovery.
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Starhub has once again secured its position as the leading mobile operator in Singapore, according to the latest nPerf Mobile Internet Performance Report for 2025. The report, which analysed data from Q3 2024 to Q2 2025, revealed that Starhub achieved a score of 111,283 nPoints, offering a download speed of 224.9 Mbps, an upload speed of 28.7 Mbps, and a latency of 22.6 ms. Notably, 85.7% of video streams on Starhub’s network played without interruption, marking it as the best in video streaming performance.

SingTel followed closely in second place with 101,596 nPoints. It recorded the highest download speed at 236.8 Mbps, a 41.8% increase from the previous period, and led in upload speed with 29.9 Mbps. SingTel also excelled in browsing performance, with 69.9% of pages loading properly.

MobileOne ranked third, showing significant improvements with a download speed increase of 16.2% and an upload speed rise of 17.1%. It achieved a download speed of 162.5 Mbps and an upload speed of 23.0 Mbps, with a latency of 23.1 ms.

SIMBA, in fourth place, scored 61,389 nPoints, providing a download speed of 30.1 Mbps and an upload speed of 6.0 Mbps, with a latency of 37.3 ms.

The report, based on 16,361 tests conducted via the nPerf application, highlights the substantial technical progress in Singapore’s mobile market. Sébastien de Rosbo, CEO at nPerf, noted, “The Singaporean mobile market has shown substantial technical progress this year, with download speeds increasing by up to 41.8% for SingTel and all major operators demonstrating significant performance improvements.”

In the realm of 5G, Starhub also achieved the highest score for the second consecutive year, reinforcing its dominance in Singapore’s mobile landscape.
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Thales has announced its participation in the Singapore-Industry Scholarship (SgIS) programme, marking the first international expansion of its ‘STEM for ALL’ initiative. The programme, which aims to promote education in Science, Technology, Engineering, and Mathematics (STEM), will see Thales awarding scholarships to four promising engineering students. These scholars will gain hands-on experience through internships, mentoring, and job placements within Thales’ strategic sectors, including public security, cybersecurity, and air traffic management.

The collaboration with SgIS aligns with Thales’ commitment to nurturing local tech talent, a priority that resonates with Singapore’s national goals. Emily Tan, Country Director and Chief Executive of Thales in Singapore, stated, “Thales recognises the essential role that science and technology play in furthering human progress and creating a world that is safer, greener, and more sustainable.”

Established in 2012, SgIS partners with government and industry to develop Singaporean talent across 16 strategic industries. Thales’ involvement provides students with access to development opportunities as they advance their studies and careers. The selection process for the scholarship was rigorous, with over 100 candidates considered, 40 of whom underwent technical assessments and interviews.

The four selected scholars, from Nanyang Technological University, Singapore Institute of Technology, and Singapore University of Technology and Design, will join Thales teams over the next two years. This initiative not only supports Thales’ growth in Singapore but also reinforces its global ambition to advance STEM education.
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Dive In 2025, the largest global festival for culture and talent in the insurance sector, has opened its doors for registration. Scheduled from 16 to 18 September 2025, the festival will feature more than 70 hybrid events across six continents, expecting participation from over 40,000 professionals. The festival, under the theme “Belonging Builds Tomorrow”, will explore the connection between inclusion, belonging, and performance.

In Asia, 13 events are set to take place in Singapore, Hong Kong, India, and Indonesia. Singapore will host eight events, including “EmpowerHER: Strength in Every Stage”, an in-person event on 16 September 2025, focusing on women’s health and well-being. Another significant event, “From crayons to canes – empowering multigenerational caregivers”, will address the challenges faced by caregivers.

The festival will feature notable speakers such as Dr. Samantha Hiew, founder of ADHD Girls, and Lily Zheng, a renowned consultant and author. Trevor Gandy, Global Head of Inclusion & Diversity at AXA XL, highlighted the importance of inclusive leadership, stating, “In today’s world, where professionals are seeking purpose-driven careers and social impact matters more than ever, inclusive leadership, at all levels, is essential to attracting talent.”

Many sessions will be CPD-accredited by the Chartered Insurance Institute, offering participants opportunities for professional development. Wallace Wang, APAC & EMEA Diversity, Equity and Inclusion Director at RGA, emphasised the relevance of these topics in Asia, noting the growing engagement around wellbeing, burnout, and neurodiversity.

Registration is free and open to all. For more information and to register, visit www.diveinfestival.com.
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Trust Bank Singapore has achieved a significant milestone by being named Singapore’s Best Digital Bank for Consumers at the Euromoney Awards for Excellence 2025. This accolade comes less than three years after the bank entered the market, marking its rapid ascent to the top of the digital retail banking sector in a competitive landscape dominated by established local and foreign banks.

The bank, backed by Standard Chartered and FairPrice Group, has successfully captured the trust of 1 in 5 adults in Singapore. This achievement underscores Trust Bank’s commitment to making banking simple, transparent, and rewarding. The bank’s strategy has involved embedding itself into the local ecosystem, which has been pivotal in gaining customers swiftly. As Euromoney noted, the bank’s success lies in providing an excellent digital experience whilst integrating into daily life.

Dwaipayan Sadhu, CEO of Trust Bank, expressed his gratitude, stating, “It is a great honour to be named Singapore’s Best Digital Bank for Consumers by Euromoney. This prestigious award reflects the incredible passion, dedication, and innovation of our talented team that has fuelled our progress.”

The recognition serves as both a milestone and a reminder of the bank’s founding vision to serve the everyday needs of the Singapore community. Trust Bank continues to focus on enhancing customer experiences and stretching the value of their money, promising further innovations in the digital banking space.
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