Industry News

The Housing Development Board (HDB) resale market experienced a notable slowdown in the first quarter of 2025, with transaction volumes falling to their lowest since the second quarter of 2020. According to Huttons, the decline is attributed to a record low number of flats fulfilling the minimum occupation period (MOP) and the largest Sale of Balance Flat (SBF) exercise in February 2025, which offered over 5,500 flats, drawing potential buyers away from the resale market.

Transaction volumes for HDB resale flats dropped by 7.7% year-on-year to 6,392 in Q1 2025. The Executive/Multi-Gen segment saw the most significant decline, followed by the 4-room and 5-room segments. The 4-room flats, being the predominant type built by HDB, faced a substantial drop due to fewer MOP flats available, limiting buyer options.

Despite the slowdown in transactions, prices of HDB resale flats rose by 1.5% in Q1 2025, a smaller increase compared to the 2.6% rise in the previous quarter. This suggests a stabilisation in prices, with 5-room flats seeing a 2.0% increase due to limited supply.

A record number of million-dollar flats were sold in Q1 2025, making up over 5% of the market volume. A total of 339 flats were sold for a million dollars or more, an 18.9% increase from Q4 2024. The average price of these flats rose to $1.13 million, with most located in mature estates like Toa Payoh, Bukit Merah, and Queenstown.

Looking ahead, the HDB resale market is expected to remain tight throughout 2025, with no new Build-To-Order (BTO) or SBF launches in the second quarter. This could lead to increased transaction volumes and potentially higher prices. However, changes in quotas for second-timer families and the Deferred Income Assessment (DIA) may ease some pressure on the market, particularly for 3-room and 4-room flats. Resale transactions are projected to reach between 26,000 and 28,000 for the year, with prices likely to grow at a slower pace of 5% to 8%.
“`

Aon plc, a global professional services firm, has announced the appointment of Soeren Soltysiak as Asia CEO of Reinsurance Solutions, effective 1 April 2025. Based in Singapore, Soltysiak will spearhead the firm’s reinsurance strategy across treaty, facultative, analytics, and operations in the dynamic Asian market. He will report to George Attard, APAC CEO of Reinsurance Solutions at Aon.

Previously, Soltysiak served as the strategic growth leader for APAC Reinsurance Solutions at Aon, where he was instrumental in advancing growth strategies in the region. His new role will involve leveraging his extensive regional experience to unlock opportunities and drive Aon’s reinsurance strategy forward.

In addition to Soltysiak’s appointment, Aon has named Musa Adlan as managing director, Asia, for Reinsurance Solutions. Adlan will expand his current responsibilities to refine the Asia growth and product segmentation strategy, collaborating closely with Soltysiak and Aon’s product leaders. He will continue as head of Southeast Asia Reinsurance Solutions, reporting to Soltysiak.

Further leadership changes include Pierre Vende and Danny Alexander as co-heads of life and health Reinsurance Solutions, Soojin Kim and Cindy Gu as co-heads of retrocession APAC, and Tom Drake as chairman of Reinsurance Solutions Speciality, APAC. George Attard commented, “The appointment of such experienced leaders to these new Asia roles underscores our commitment to investing in developing talent, capability, and expertise.”

These strategic appointments highlight Aon’s dedication to addressing new demands in the life and health and retrocession sectors, ensuring the delivery of outstanding service that meets evolving client needs.
“`

CapitaLand Group has successfully completed the S$883 million redevelopment of 1 Science Park Drive in Singapore, achieving a significant leasing milestone with 95% of its business space committed. The redevelopment, which includes three interconnected Grade A buildings, is part of the Geneo life sciences and innovation cluster at Singapore Science Park. The property, which obtained its Temporary Occupation Permit on 3 March 2025, offers a total gross floor area of approximately 116,200 square metres and features business spaces, wet-lab ready workspaces, and retail and food and beverage amenities.

The project is jointly owned by CapitaLand Development (66% stake) and CapitaLand Ascendas REIT (34% stake). Approximately 76% of the 103,200 square metres net lettable area has been secured, with an additional 19% in advanced negotiations. Tenants include companies from biomedical sciences, pharmaceutical, financial services, chemical, and technology sectors.

Ronald Tay, CEO of CapitaLand Development, highlighted the significance of the project, stating, “The completion of 1 Science Park Drive marks a significant milestone in CapitaLand’s multi-stage rejuvenation of SSP.” The development also includes CapitaLand’s first coworking laboratory space in partnership with NSG BioLabs, aimed at supporting emerging life sciences start-ups.

The redevelopment aligns with CapitaLand’s strategy to enhance its business space portfolio, as noted by William Tay, CEO of the Manager of CapitaLand Ascendas REIT. The project is set to host several community events, including the Dot in Space exhibition and the Flavours of Tomorrow Festival, further establishing the area as a hub for innovation and community engagement.
“`

Randstad Singapore’s 2025 Workmonitor survey reveals that 75% of Singaporean employees consider training and development crucial when choosing jobs. The study, which surveyed 750 local workers, found that 24% have left jobs due to insufficient learning opportunities, whilst 43% would reject roles lacking future-proofing training. The survey underscores a growing demand for skills development, particularly in artificial intelligence (AI) and technology.

The survey highlights a gap between employee expectations and employer offerings, with only 39% of respondents noting an increase in training opportunities over the past six months. David Blasco, Randstad Singapore’s Country Director, emphasised the importance of workforce development, stating, “Investing in workforce development is a critical imperative for employers to stay competitive in the face of digital transformation.”

A notable generational divide exists, with 60% of Baby Boomers keen on AI training compared to 38% of Gen Z. Despite this enthusiasm, 18% of employees feel unprepared for new technologies, and 17% lack trust in their employers’ commitment to ongoing learning, particularly in AI and tech.

Blasco further commented on the necessity for employers to adopt inclusive learning strategies, stating, “There are clear talent expectations for employers to provide both broad and personalised training to adapt to changing requirements.” The survey indicates that employees and employers share responsibility for skills development, with 30% of employees acknowledging their role in upskilling.

As digital transformation accelerates, the findings suggest that employers must enhance training programmes to attract and retain talent seeking growth and innovation.
“`

Prudential Singapore has announced a strategic partnership with Thomson Medical Centre (TMC), effective from 1 April 2025, to enhance healthcare services for its Integrated Shield Plan (IP) customers. This collaboration will introduce approximately 100 additional medical specialists from TMC to Prudential’s PRUPanel Connect programme, expanding the network to over 1,700 specialists across more than 30 specialties, including maternity care, orthopaedics, and oncology.

The partnership aims to provide greater convenience for customers, offering on-site concierge services for IP-related queries and personalised financial advisory at TMC. Customers with IP supplementary plans, such as PRUExtra Premier CoPay, will benefit from exclusive services like an enhanced electronic Letter of Guarantee up to S$30,000, expedited specialist appointment bookings, and transport vouchers for inpatient and day surgery admissions.

Dr Sidharth Kachroo, Chief Health Officer at Prudential Singapore, highlighted the importance of the partnership, stating: “Our partnership with Thomson Medical Centre is a valuable addition to Prudential’s network of medical specialists to meet the growing demand for healthcare services driven by an ageing population and increasing incidence of chronic illnesses.”

Thomson Medical, with over 45 years of expertise, is a leading private healthcare provider in Singapore, offering a wide range of specialties. CEO of Thomson Medical Singapore, Lee Suen Ming, expressed enthusiasm for the collaboration, noting the empowerment it brings to families through comprehensive medical expertise.

This partnership builds on Prudential’s existing healthcare initiatives, including the Chronic Care Management Programmes and PRUPanel Connect, which aim to provide cost-effective healthcare solutions and enhance the overall patient experience.
“`

JLL has announced the sale of a two-storey conservation shophouse located at 42 Craig Road, Singapore, with an indicative guide price of $7.5m (S$10.25m). This property, situated in the Chinatown-Tanjong Pagar Conservation Area, offers a unique investment opportunity due to its prime location and heritage value. The sale will be conducted through an Expression of Interest exercise, commencing on 2 April 2025, with offers due by 6 May 2025.

The shophouse spans approximately 1,558 square feet of land and has a total floor area of 2,915 square feet. Currently, it is fully leased, with a hair salon on the ground floor and office space on the upper level, providing immediate rental income for potential investors. Notably, the property is exempt from Additional Buyer’s Stamp Duty and Seller’s Stamp Duty, enhancing its appeal.

Terry Wong, Senior Director of Capital Markets at JLL, highlighted the property’s unique features, stating, “With just 30 conservation shophouses along Craig Road, this is a rare opportunity to acquire a piece of Singapore’s heritage in a prime location.” The shophouse’s rear access to Duxton Plain Park offers flexibility for tenants to create a separate entrance or shop frontage.

The area is renowned for its vibrant culinary scene, featuring Michelin-starred restaurants and popular eateries, which contribute to strong foot traffic. Additionally, the precinct is undergoing significant transformation with developments like the Mondrian Singapore Duxton hotel and upcoming mixed-use projects, making it an attractive prospect for investors and end-users alike.
“`

Singapore’s private residential property market saw a moderate increase in prices during the first quarter of 2025, according to the Urban Redevelopment Authority’s (URA) flash estimates. The All Residential Price Index rose by 0.6% quarter-on-quarter and 3.1% year-on-year, reflecting a stabilisation in several regions. Leonard Tay, Head of Research at Knight Frank Singapore, noted that this growth was more subdued compared to the previous quarter, as price benchmarks in the Rest of Central Region (RCR) and Outside Central Region (OCR) stabilised.

Homebuyer activity remained robust, particularly in areas with ample amenities or compelling growth stories like Tengah. This demand is supported by strong household balance sheets, low unemployment, and intergenerational wealth transfer. In the Core Central Region (CCR), prices increased by 0.6% quarter-on-quarter and 1.7% year-on-year, despite the 60% Additional Buyer’s Stamp Duty for foreigners. High-net-worth Singaporeans, permanent residents, and new citizens are the primary buyers in this segment.

The RCR experienced the highest price growth among the three regions, with a 1.0% quarter-on-quarter and 6.5% year-on-year increase, driven by the launch of The Orie in Toa Payoh. Meanwhile, the OCR saw a slight 0.3% quarter-on-quarter rise, with strong take-up rates at new launches like Lentor Central Residences and Parktown Residence.

Landed home prices also saw a marginal increase of 0.6% quarter-on-quarter, following previous declines. Overall, the market shows signs of stabilisation, with prices expected to grow moderately between 3% and 5% in 2025, supported by healthy household net worth and low unemployment.
“`

RHB has released its 10th annual thematic research note, identifying promising investment opportunities for 2025, dubbed “ESG Diamonds in the Rough.” The report, published on 28 March 2025, outlines 10 stocks selected based on criteria such as a return on equity (ROE) of 15% or higher, net debt to shareholder funds below 0.7x, expanding margins, valuations below industry averages, and ESG scores above country medians.

The report emphasises the potential for robust earnings growth in these stocks due to sector- or company-specific factors. Alexander Chia, Shekhar Jaiswal, and Andrey Wijaya, the analysts behind the report, have meticulously curated these picks to offer investors a strategic edge in the evolving market landscape.

Among the highlighted stocks, CapitaLand Ascendas REIT, CapitaLand Integrated Commercial Trust, and ComfortDelGro are noted for their diversified portfolios and strong growth prospects. The report also mentions DBS, Keppel REIT, and Singtel, each offering unique advantages such as high-quality assets, positive rental reversions, and improving return on invested capital (ROIC).

This research is significant as it provides investors with insights into stocks that not only meet stringent ESG criteria but also promise substantial financial returns. As the focus on sustainable investing continues to grow, RHB’s report offers a valuable resource for those looking to align their portfolios with ESG principles whilst capitalising on growth opportunities.

Looking ahead, these ESG-focused investments are poised to benefit from ongoing economic recovery and sector-specific catalysts, making them attractive options for forward-thinking investors.
“`

The Singapore Department of Statistics has reported a decline in the country’s price indices for February 2025.

The Monthly Import and Export Price Indices fell by 1.5% and 0.5% respectively compared to January 2025.

Additionally, the Singapore Manufactured Products and Domestic Supply Price Indices decreased by 0.5% and 0.7% respectively.

Excluding oil, the indices showed a similar downward trend with the Import, Export, Singapore Manufactured Products, and Domestic Supply Price indices dropping by 1.5%, 0.3%, 0.2%, and 0.3% respectively.
“`

Ant International, in collaboration with the National Volunteer and Philanthropy Centre (NVPC), has launched a new initiative to support the digital transformation of 60 non-profit organisations in Singapore.

Announced at the City of Good Summit 2025, this initiative is part of Ant International’s MSME-empowerment Programme Sirius, which focuses on equipping non-profits with vital business and digital skills to enhance their fundraising capabilities and ensure long-term sustainability.

The programme addresses a significant challenge faced by non-profits, as highlighted by the Centre for Asian Philanthropy and Society, which found that 59% of Asian non-profits struggle with digital skills. The training will cover areas such as e-commerce, online payments, marketing, and audience engagement, whilst also providing networking opportunities with the tech industry.

Building on a successful pilot that enhanced digital fundraising for 13 charities, the initiative aims to create a more sustainable giving ecosystem. Gemma Bryne from NVPC stated, “We are proud to scale this partnership to reach 60 charity partners, in celebration of SG60 this year.”

Carrie Suen of Ant International emphasised the importance of supporting non-profits, saying, “Non-profit organisations are the heart of local communities, and are often underserved like MSMEs.”

The initiative comprises three pillars: Domain Expertise, Capacity Building, and Community Building, all designed to empower non-profits in their digital journey. This collaboration reflects a commitment to fostering a more inclusive and compassionate society through digital innovation.
“`