Industry News

PropNex Realty, Singapore’s largest real estate agency, has announced the collective sale of Casa Fidelio, a freehold landed development in District 15. The tender will open on 20 March 2025, with a reserve price set at $24m, translating to $1,388 per square foot on the land area. The site covers 1,606.6 square metres (approximately 17,293 square feet) and currently consists of seven cluster terrace units built in 1990.

Casa Fidelio is located in the tranquil residential enclave of Fidelio Street and is designated for residential use under the 2019 Master Plan, allowing for two-storey mixed landed development. This zoning offers developers the flexibility to create luxury cluster houses, landed terraces, or a single grand mansion, catering to ultra-high-net-worth individuals.

Laurence Wong, Head of Collective Sales at PropNex, highlighted the site’s potential, stating, “Casa Fidelio presents a rare and exciting redevelopment opportunity for developers and investors looking to capitalise on Singapore’s resilient landed housing market.” He noted the site’s regular shape and ample size as advantageous for designing a modern residential development.

District 15 is one of Singapore’s most sought-after residential areas, known for its vibrant community and strong housing demand. The limited supply of freehold land in this prime location enhances Casa Fidelio’s appeal as a long-term investment opportunity. Despite interest, homes at Casa Fidelio have been tightly held, with no transactions since 2021.

The site is well-connected to major expressways and public transport, with nearby amenities including East Coast Park, Katong, and Joo Chiat precincts. The tender for Casa Fidelio will close on 22 April 2025 at 3 PM, inviting interested parties to submit offers for this rare redevelopment opportunity.
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A recent survey by foundit, a leading jobs and talent platform, highlights a growing disparity between salary expectations and market realities in Singapore. The survey reveals that 53% of professionals believe their salaries do not align with industry standards, whilst 41% have experienced no significant salary growth over the past three years. This misalignment poses a challenge for employers aiming to retain skilled talent in a competitive job market.

The survey underscores the need for organisations to adopt transparent salary benchmarking and skills-based compensation models. V Suresh, CEO of foundit, stated, “Our survey highlights a growing disparity between employee salary expectations and market realities in Singapore. More than half of professionals feel their compensation is not aligned with industry standards.”

Key findings from the survey include that entry-level professionals (0-3 years) are the most optimistic, with 46.9% reporting they earn above industry standards. In contrast, mid-level professionals (7-10 years) are the most dissatisfied, with 57.9% feeling their salary is below market standards. Additionally, 35% of respondents expressed dissatisfaction with salary growth opportunities.

The survey also found that nearly half of employees expect no growth or a maximum of 10% salary hike in their next review. Meanwhile, 73% of respondents anticipate future salary growth, particularly in sectors like consumer electronics, engineering, construction, and IT.

These insights provide valuable opportunities for organisations to refine their talent strategies, ensuring competitive compensation structures that attract and retain top talent. By addressing these concerns, companies can strengthen Singapore’s position as a premier talent hub in Asia.
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The Urban Redevelopment Authority (URA) has announced the results of the Bayshore Road land tender, with SingHaiyi Group securing the site with a top bid of approximately $659m, translating to a land rate of $1,388 per square foot per plot ratio (psf ppr). This tender marks the first private residential Government Land Sales (GLS) site in the new Bayshore precinct, which is planned to accommodate around 10,000 new homes, 70% of which will be Housing Development Board (HDB) flats.

The tender attracted eight bids, equalling the highest number of bids for a URA plot since the Jalan Tembusu site in January 2022. The top bid from SingHaiyi Group was narrowly higher—by just 0.8%—than the second-highest bid from Sing Holdings. However, there was a significant 36% spread between the top bid and the lowest bid from Sim Lian Group.

Wong Siew Ying, Head of Research and Content at PropNex, noted that the top bid land rate for the Bayshore Road site is higher than some Central Region plots awarded previously. For example, Zion Road plots fetched $1,202 and $1,304 psf ppr, whilst Holland Drive and River Valley Green plots were sold for $1,285 and $1,325 psf ppr, respectively.

The tender outcome exceeded expectations, with developers submitting bullish bids due to the site’s strong locational attributes, including proximity to the Bayshore MRT station and potential waterfront views. Wong highlighted the pent-up demand for new private housing in the area, particularly from HDB upgraders in nearby estates, as no significant private condo launches have occurred in Bayshore for decades.

The positive sales momentum in the primary market and anticipation of strong homebuying interest for the future Bayshore project have contributed to the optimistic bids. The last nearby GLS plot was sold in Siglap Road in 2016, with Seaside Residences launched in 2017 and sold out by 2021. PropNex projects that the average selling price for the Bayshore site could exceed $2,600 psf.

The Urban Redevelopment Authority has concluded the tender for a site at Bayshore Road, part of the 2H2024 Government Land Sales programme, with Sing-Haiyi Garnet Pte. Ltd. emerging as the highest bidder. The company submitted a bid of S$658,888,998, equating to approximately S$1,388 per square foot per plot ratio (psf ppr), surpassing the next highest bid by 0.8%. This outcome reflects a robust confidence in the site’s potential, according to Justin Quek, CEO of OrangeTee & Tie.

The Bayshore Road site is poised to yield around 515 residential units and boasts excellent connectivity, including proximity to Bayshore MRT Station on the Thomson-East Coast Line and the East Coast Parkway. It is one of the few Government Land Sales sites offering sea views, enhancing its appeal. The location is also within 1km of Temasek Primary and Secondary Schools, adding value for families with children.

This tender marks the first land parcel release in the Bayshore estate since 1997, potentially tapping into pent-up demand for new private homes in the area. Nearby projects have experienced significant price appreciation, with Costa Del Sol and The Bayshore seeing median price increases of 37% and 39.9% respectively from 2020 to 2024. The Seaside Residences at Siglap Road also recorded a 15.5% rise over the same period. These trends suggest a promising outlook for the future development at Bayshore Road.
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The Bayshore Road site in Singapore has drawn significant interest from developers, with eight bidders participating in the latest government land tender. This makes it the most contested site since the nine bids for the Plantation Close executive condominium in June 2023. The top three bids exceeded $950 (S$1,300) per square foot per plot ratio (psf ppr), surpassing expectations, according to Leonard Tay, Head of Research at Knight Frank Singapore.

The site is part of a government initiative to develop residential waterfront homes and connected neighbourhoods, complemented by parks and recreational spaces. The 800-hectare Long Island coastal protection project, which includes planned reservoirs and coastal parks, enhances the site’s appeal. Additionally, the site benefits from immediate access to the operational Bayshore MRT Station.

The October 2024 HDB Build-To-Order (BTO) exercise, which included the launch of 1,792 units in Bayshore, saw high demand, with Bedok being 4.9 times oversubscribed. This demand likely influenced developers’ interest in the Bayshore Road site. The top bid of $482 million (S$658.9 million) is notable, given that recent land tenders have averaged around three bids. The land rate of $1,018 (S$1,388) psf ppr suggests potential selling prices at launch could start from $1,980 (S$2,700) psf, averaging above $2,055 (S$2,800) psf depending on the project’s design and finishes.
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Singapore’s real estate investment trusts (S-REITs) have shown resilience amidst a broader market downturn, with the STI REITs index rebounding by 5.2% over the five sessions leading to 17 March. This recovery was bolstered by a net institutional inflow of S$50m, with CapitaLand Integrated Commercial Trust (CICT) and Frasers Centrepoint Trust (FCT) recording the most significant inflows.

The recent shift in the US Federal Reserve’s outlook, anticipating an additional 75 basis points cut before 2026, has influenced market dynamics. Larger-cap S-REITs have notably outperformed their smaller-cap counterparts, with the 10 largest by market capitalisation averaging a 4.8% total return, compared to a 3.3% decline for the rest of the sector.

CICT and FCT were standout performers, with CICT achieving a 0.3% net institutional inflow relative to its market capitalisation, and FCT achieving 0.4%. CICT’s assets under management grew by 6% in FY24, with a notable rental reversion increase of 8.8% for retail and 11.1% for office spaces. FCT also reported a 3.4% increase in net property income, excluding divestment impacts.

In contrast, the STI banks, including DBS Group Holdings, Oversea-Chinese Banking Corporation, and United Overseas Bank, faced an average decline of 3.4% over the same period, reflecting broader trade tensions and economic uncertainties. The banks experienced a net institutional outflow of S$490m, highlighting the challenges posed by ongoing trade policies and global economic shifts.

The performance of S-REITs amidst these challenges underscores their potential as a stable investment option, particularly for larger-cap trusts that benefit from institutional and passive flows. As market conditions evolve, the focus remains on strategic positioning to capture growth opportunities.
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The Bayshore Road site has attracted significant attention from developers, with eight bidders vying for the plot, culminating in a top bid of $1,388 per square foot per plot ratio (psf ppr) from Sing-Haiyi Garnet Pte Ltd. This marks the highest level of interest since January 2022, when a similar number of bidders competed for the Jalan Tembusu site. According to Mark Yip, CEO of Huttons Asia, this interest suggests developers may have strategically withheld from other Government Land Sales (GLS) sites to focus on this tender, driven by a need to replenish their land banks following strong sales in recent months.

The Bayshore Road site is particularly coveted due to its rare sea-facing plots, which typically command a premium. The close bidding gap between the top two contenders underscores the developers’ eagerness to secure a foothold in the emerging Bayshore estate. Notably, the last GLS site sold along the East Coast was Seaside Residences in January 2016, at $858 psf ppr.

The bid price of $1,388 psf ppr is comparable to recent bids for land parcels in the Core Central Region (CCR), indicating a diminishing distinction between market segments. This reflects developers’ willingness to invest more for sites with superior attributes. The Bayshore site is particularly appealing as it offers sea views and immediate access to the Bayshore MRT station, enabling residents to reach Downtown in approximately 20 minutes. Additionally, Temasek Primary School is within 1km, and future developments include a mixed commercial and residential project above Bedok South MRT station, just one stop away.
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Singapore has shown a complex picture in workplace wellbeing, according to Intellect’s latest Workplace Wellbeing 360 Report 2025. The report, which analysed data from 50,000 employees across 182 countries, indicates that whilst Singapore has seen an overall improvement in mental wellbeing, it is the only Asia-Pacific (APAC) market to experience declines in growth mindset, work-life balance, and stress management.

The report highlights that Singapore has made significant strides in areas such as self-efficacy, goal orientation, and emotional regulation. These improvements have contributed to enhanced employee wellbeing, organisational support, and productivity across various industries. However, the decline in stress management scores, which fell from 60% in 2023 to 58% in 2024, underscores the urgent need for targeted interventions.

Presenteeism, where employees are present at work but not fully productive, has risen by 8% year-over-year, costing businesses significantly more than absenteeism. This trend is not unique to Singapore but is part of a broader regional challenge, with APAC employees generally struggling with stress management.

Despite these challenges, the report notes a 1.5% year-on-year increase in perceived employer support in APAC, aligning the region with global benchmarks. Mental wellbeing remains a critical driver of productivity, with a strong correlation to employee performance.

As businesses navigate these findings, the focus will likely be on enhancing stress management strategies and maintaining the positive momentum in mental wellbeing to ensure sustained productivity and employee satisfaction.
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UOB Private Bank has announced the appointment of Kelly Chia as the new Head of Investment Strategy. Chia will lead the Chief Investment Office team in developing macro-level investment strategies and translating them into actionable ideas for clients’ portfolios. He is available for media interviews to discuss topics such as wealth management, asset allocation, and sustainable investing.

Chia joins UOB Private Bank after a 13-year tenure at Julius Baer, where he served as Deputy Head of Research. During his time there, he was instrumental in delivering market outlooks and was a pioneer in writing about ESG investing and digital assets. His expertise spans macro strategy, thematic investing, and digital assets, making him a valuable addition to UOB’s team.

In his new role, Chia will focus on navigating market volatility and uncertainties, exploring alternative investments, and examining the evolving private investment landscape over the next three years. He will also delve into investor psychology, analysing how emotions like fear and greed impact decision-making.

Chia’s diverse background includes roles at General Electric, the Singapore Government, OCBC Bank, Standard Chartered Bank, and Temasek Holdings. His experience in various industries equips him with a broad perspective on investment strategies.

With his appointment, UOB Private Bank aims to enhance its private wealth segment by leveraging Chia’s insights and leadership. As he steps into this new role, Chia is eager to contribute to the bank’s growth and engage with clients on future investment strategies.
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Binance, the global blockchain ecosystem behind the largest cryptocurrency exchange by trading volume, has been recognised by the Singapore Police Force (SPF) for its significant contributions to cybercrime prevention. The award was presented by the CyberCrime Command (CCC) during the Alliance of Public Private Cybercrime Stakeholders (APPACT) networking dinner on 11 March 2025.

The APPACT Appreciation Awards celebrate private companies that have partnered with the SPF CCC in building capabilities and combating cybercrime. Binance was one of 18 companies honoured, alongside tech giants such as Google, Mastercard, Meta, Microsoft, and PayPal. Zhang Weihan, Acting Deputy Commissioner of Investigation and Intelligence and Director of the Criminal Investigation Department, expressed gratitude to these entities for their support.

Akbar Akhtar, Binance’s Head of Investigations for the Asia-Pacific region, stated, “Receiving the APPACT Appreciation Award is an honour for Binance, and we are deeply grateful to the Singapore Police Force for recognising our team’s efforts in combating cybercrime.”

This recognition highlights Binance’s ongoing commitment to building strong public-private partnerships worldwide. Earlier this month, Binance was also acknowledged by Thailand’s Central Investigation Bureau for its contributions to Operation Cyber Guardian and received an appreciation medal from Indonesia’s Directorate of Cyber Crime.

In 2024, Binance responded to nearly 65,000 requests from law enforcement agencies globally. The company remains dedicated to collaborating with both public and private sectors to ensure a safe digital environment for all.
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