Industry News

DNV has introduced a new Recommended Practice (RP) to evaluate the performance of Wind-Assisted Propulsion Systems (WAPS) during Singapore Maritime Week. This initiative seeks to establish a reliable standard for assessing the efficiency gains of WAPS, which are increasingly seen as a viable solution for reducing fuel consumption and emissions in the maritime industry.

With approximately 50 WAPS currently in operation, these systems offer significant potential for cost savings as the industry shifts towards more sustainable, albeit costly, fuels. Johanna Tranell, WAPS Performance Assessment Lead at DNV Maritime, stated, “The new RP establishes a practical, reliable standard that helps us generate transparent, verifiable data, building trust in the potential of these systems.”

The RP employs an “on-off” methodology, engaging and disengaging the WAPS under similar conditions to measure performance. This approach, combined with independent third-party verification, provides shipowners and operators with actionable insights for WAPS installation. Hans Anton Tvete, Business Development Manager at DNV Maritime, emphasised the importance of industry collaboration, saying, “To build consensus, we need a shared understanding backed by standardised, verifiable data.”

DNV is calling on stakeholders, including shipowners, operators, technology providers, academia, and regulators, to review and provide feedback on the RP. The public hearing is open until 31 January 2025. This collaborative effort aims to ensure that WAPS solutions effectively contribute to the maritime industry’s decarbonisation goals.
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Prime Grade office rents in Singapore’s Raffles Place and Marina Bay precincts remained stable at S$11.36 per square foot per month in the first quarter of 2025, according to Knight Frank Singapore. This stability comes despite a modest year-on-year rent increase of 1.4%, down from 3.4% in Q1 2024. The occupancy rate for prime buildings rose by 1.4 percentage points to 95.0%, driven by lease renewals and a trend towards higher-quality spaces.

Overall, the Central Business District (CBD) recorded a slight dip in occupancy to 93.5%, attributed to the newly completed Keppel South Central, which has 50% of its space committed or under negotiation. Calvin Yeo, Managing Director of Occupier Strategy and Solutions at Knight Frank Singapore, noted that landlords are prioritising occupancy amid global economic uncertainties.

The demand for quality office spaces is being driven by occupiers in older buildings seeking cost-neutral options, including right-sizing and relocating to modern facilities. The adoption of AI technology is also enabling businesses to streamline operations, reducing space requirements. Yeo highlighted that “landlords continue to prioritise building occupancies in a time of uncertainty.”

Despite a tentative economic outlook, Singapore remains an attractive commercial hub. Notable developments include Coller Capital’s new office in Marina Bay Financial Centre and The Great Room’s upcoming 36,000 square foot workspace in Shaw Tower.

Looking ahead, Singapore’s GDP growth is expected to slow in 2025 due to global trade tariffs and corporate retrenchments. With limited new office supply, Knight Frank anticipates prime rental growth to range between -1% and 2% for the year.
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Trust Bank has unveiled Trust Lock, a pioneering anti-scam tool designed to enhance security and convenience for its customers. Unlike existing solutions, Trust Lock allows users to secure and unlock their funds directly through the Trust App, eliminating the need for branch or ATM visits.

Aditya Gupta, Chief Product Officer at Trust Bank, emphasised the importance of this innovation in the current scam landscape. “In a dynamic and fast-evolving scam landscape, we are committed to keeping our customers’ money safe,” Gupta stated. “With Trust Lock, we are setting a new standard in convenience and security for our customers.”

The introduction of Trust Lock comes in response to the rising incidence of scams, with the Singapore Police Force reporting losses of at least $800 million (S$1.1 billion) in 2024. Fraudsters often exploit victims by taking control of their mobile devices through malware and phishing scams. Trust Lock addresses this by allowing customers to lock their money in Savings Pots, which can be created or added to within the Trust App. These pots remain secure even if a scammer gains control of the user’s device.

Unlocking funds is equally straightforward, requiring only a login to the Trust App, a tap of the Trust card on an NFC-enabled phone, and entry of a personalised Trust Key. Funds can be withdrawn 12 hours after unlocking, providing an additional layer of security.

Trust Lock represents a significant advancement in the fight against financial scams, offering a blend of security and user-friendly access that sets it apart in the market.
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Singapore’s Central Business District (CBD) Grade A office rents have experienced a modest 0.5% increase quarter-on-quarter (QoQ) to SGD 11.60 per square foot in the first quarter of 2025, according to JLL Research. This marks the fourth consecutive quarter of growth below 1%, the longest period of such modest variation since JLL began tracking this data. The subdued growth is attributed to ongoing global economic challenges, including trade conflicts and geopolitical tensions.

The vacancy rate for CBD Grade A offices rose to 8.1% following the completion of Keppel South Central. Dr Chua Yang Liang, Head of Research and Consultancy for JLL Southeast Asia, noted that the stability in rents is due to a balance of demand and supply factors in the post-COVID market. “Whilst demand exists, it remains moderate due to ongoing market volatility,” he said.

Andrew Tangye, Head of Office Leasing and Advisory for JLL Singapore, highlighted the “flight to quality and location” as a key driver of office demand. With IOI Central Boulevard Towers nearing an 80% commitment level, demand is expected to spill over to new developments. Keppel South Central has secured Manulife as its first anchor tenant, with nearly 50% of its space committed or under negotiation.

Looking ahead, JLL projects positive office space demand due to supportive government policies and interest from international firms. Dr Chua added that new office space supply is expected to be constrained between Q2 2025 and 2027, supporting moderate rent growth. Meanwhile, the office investment sales market saw a typical seasonal lull in Q1 2025, with no en bloc transactions recorded.
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Higher-skilled job roles in Singapore, particularly in scientific research and Generative AI (GenAI), are experiencing a surge in demand, according to the latest data from Indeed’s Hiring Lab. This comes even as the total number of job postings in the country has decreased by 3.7% over the past three months.

Singapore’s job postings remain 50% above pre-pandemic levels, with significant growth in scientific research and development roles, which have increased by 35%. Other sectors witnessing notable gains include security and public safety, up by 31%, and production and manufacturing, which saw a 16% rise.

As of February 2025, job postings related to GenAI have doubled compared to the previous year. Key roles in demand include data analytics, scientific research, and software development, with Singapore now leading globally in GenAI job mentions. The country boasts a 1.2% share of job ads referencing GenAI, four times higher than in the US, UK, Canada, and Australia.

Conversely, job postings in cleaning and sanitation, childcare, and retail have seen significant declines, dropping by 33%, 19%, and 18% respectively. This trend aligns with the Ministry of Manpower’s recent report, which noted a decline in employment within lower-skilled sectors.

Callam Pickering, APAC Senior Economist at Indeed, remarked, “There’s reason to be optimistic about Singapore’s employment outlook despite the month’s mixed results. Higher-skilled roles remain in high demand, with Singapore standing out globally, especially in gen AI and data-related roles.” He emphasised the importance of continuous skills development to maintain competitiveness in the evolving job market.
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FairPrice Foundation (FPF) has announced a groundbreaking initiative, the Protein Pledge, committing $1 million worth of fresh protein to nutritionally vulnerable groups in Singapore by 2030. Over the next five years, FPF will partner with local charities and community organisations to distribute fresh protein, primarily in the form of eggs, to seniors, low-income families, and migrant workers across the island.

The Protein Pledge is part of FPF’s broader strategy to enhance food security for the needy, informed by findings from “A Full Plate,” a recent study on Singaporeans’ food habits. The study revealed a preference among low-income individuals for fresh protein over processed foods typically provided in donation programmes.

Vipul Chawla, Group CEO of FairPrice Group and Board Member of FairPrice Foundation, emphasised the initiative’s focus on bridging the nutrition gap for vulnerable communities. “Through the Protein Pledge, we want to help bridge the food and nutrition gap for those in need by improving their access to fresh protein, a critical part of any healthy diet,” he stated.

To date, 18 charity and community partners, including Lions Befrienders and the Migrant Workers’ Centre, have joined the initiative for 2025. FPF plans to distribute fresh eggs to over 46,000 beneficiaries throughout the year. This initiative builds on FPF’s previous efforts, such as distributing 45,000 eggs in June 2024 and providing nutritious breakfast bundles to students.

Organisations interested in participating can visit go.fpg.sg/protein-pledge for more information.
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Frasers Centrepoint Trust (FCT) has successfully raised approximately S$220m through a private placement, which was four times oversubscribed. The placement, initially set at S$200m, was increased due to high demand from institutional, accredited, and other investors. The new units were priced at S$2.090 each, representing a 2.9% discount to the adjusted volume-weighted average price.

The private placement is part of a larger equity fund-raising effort, which, along with a non-renounceable preferential offering, aims to raise a total of approximately S$421.3m. The proceeds will primarily be used to repay existing debts and fund the acquisition of North Gem Trust and its trustee-manager, Frasers Property North Gem Trustee Pte. Ltd.

The new units from the private placement are expected to be issued around 4 April 2025. These units will rank equally with existing units, except for the cumulative distribution and eligibility for the preferential offering. The preferential offering units, priced at S$2.050 each, will be issued on the basis of 54 units for every 1,000 existing units held.

The funds raised will significantly bolster FCT’s financial position, enabling strategic acquisitions and debt repayment. The strong demand for the private placement underscores investor confidence in FCT’s growth strategy and market position. The next distribution will cover income from the issuance date of the new units to 30 September 2025, with regular half-yearly distributions resuming thereafter.

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WRISE Singapore has announced the appointment of Paul Arni as a non-executive director, effective immediately, to bolster its governance and strategic vision. With a career spanning over three decades in wealth management and private banking, Arni is set to guide the company’s strategic direction and risk management.

Arni’s role will involve offering objective insights into WRISE Singapore’s corporate strategies, enhancing governance, and advising on risk management frameworks. “I am delighted to join WRISE Singapore’s board of directors and contribute to the company’s strategic growth amidst an evolving market landscape,” Arni stated. He emphasised the importance of robust governance and effective risk management as foundational to success.

Before joining WRISE, Arni served as the Group CEO of VP Bank AG in Vaduz and held senior roles at Deutsche Bank (Switzerland), Bank Julius Baer & Co, and Credit Suisse AG in Zurich.

Derrick Tan, Executive Chairman of WRISE Group, expressed confidence in Arni’s appointment, highlighting his deep understanding of the financial landscape and his strategic expertise. “His external perspectives will be instrumental as we execute our growth strategy in 2025 and beyond,” Tan remarked.

This appointment underscores WRISE’s commitment to strengthening its core principles of governance, risk management, and compliance, aiming to build a sustainable business model. As one of the fastest-growing financial firms, WRISE continues to expand its influence across major financial hubs globally.
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AGAM Theatre Lab is set to make history with the opening of Singapore’s first blackbox theatre dedicated to Indian arts.

The event, scheduled for 13 April 2025, will be graced by Edwin Tong, Minister for Culture, Community and Youth, and Second Minister for Law. This new venue, located at The Theatre Lab in Tanjong Pagar Distripark, promises to be a hub for artistic innovation and a platform for nurturing Tamil theatre in Singapore.

The blackbox, a 110-seater space, is designed to foster a closer connection between performers and audiences, with retractable seating and professional-grade lighting and acoustics. It aims to support a variety of performance styles, from traditional setups to immersive experiences. The inaugural event will feature a multidisciplinary performance by Muchanthi, curated exclusively for the launch.

AGAM Theatre Lab has been instrumental in revitalising Tamil theatre in Singapore, engaging nearly 20,000 audience members in 2024 alone. The organisation has also created 92 jobs and nurtured 44 emerging artists. With its new blackbox, AGAM seeks to cement Tamil theatre’s place in Singapore’s cultural landscape and continue its commitment to artistic excellence.

The launch event will also include a bursary presentation to honour Singapore’s next generation of theatre talents and the unveiling of a commissioned abstract canvas painting depicting the evolution of Singapore Tamil theatre. Minister Tong will add the final touches to the artwork, symbolising the nation’s support for the arts.
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Brilliance Capital Pte Ltd has announced the sale of a freehold conservation shophouse at 350/350A Tanjong Katong Road, Singapore, available through an Expression of Interest (EOI) process. Priced at $7.98m, this two-storey property with an attic presents a unique investment opportunity, especially as the Urban Redevelopment Authority (URA) has ceased granting new restaurant use approvals in the area.

The shophouse is fully tenanted, with the ground floor leased to a food and beverage (F&B) operator and the upper floors to a coliving operator, ensuring immediate rental income. The property’s strategic location in a vibrant heritage district, combined with its rare F&B-approved ground floor, enhances its investment appeal. The site is zoned for Residential with Commercial at 1st Storey under the URA Master Plan 2019, allowing for potential expansion up to four storeys, subject to approvals.

Sammi Lim, Founder and Executive Director of Brilliance Capital, highlighted the property’s appeal: “Freehold conservation shophouses in well-established lifestyle districts like Tanjong Katong are highly coveted. With its rare F&B-approved ground floor, immediate rental income, and future upside, this property is an exceptional investment.”

The EOI exercise closes on 16 May 2025. Brilliance Capital, known for its expertise in luxury real estate, is the exclusive marketing agent for this sale. The property’s location offers seamless connectivity to major lifestyle hubs and transport links, making it a prime asset for investors seeking long-term value growth in Singapore’s heritage real estate market.
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