Industry News

Retail sales in Singapore saw a notable increase of 4.5% in January 2025 compared to the same month last year, according to the latest data from the Singapore Department of Statistics.

Excluding motor vehicles, the rise was slightly higher at 4.8%.

Meanwhile, the food and beverage services sector experienced a significant boost, with sales climbing 10.4% compared to January 2024.

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The quota for second timer families purchasing three-room or larger Build-To-Order (BTO) flats has been increased by 5 percentage points, according to Huttons Asia. This adjustment is expected to enhance the chances for second timer families in BTO exercises, potentially attracting more applicants from this group and diverting some demand away from the resale market for three-room and four-room flats.

Whilst three-room and four-room flats are widely available across most BTO projects, five-room flats are limited to non-mature estates. Consequently, buyers seeking executive flats or centrally located five-room flats will still need to turn to the resale market. This shift could alleviate some pressure in the resale market in 2025, which is currently experiencing its lowest supply of Minimum Occupation Period (MOP) flats in a decade.

Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, noted, “It may slow the pace of price increase for three-room and four-room flats but not for the five-room and larger flats.” This suggests that whilst the quota increase may stabilise prices for smaller units, the demand for larger flats in central locations may continue to drive prices upward.

Overall, the quota increase is seen as a strategic move to balance the demand between BTO and resale markets, potentially easing the upward pressure on resale flat prices in the coming years.
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The Ministry of National Development has announced an extension of the Additional Buyer’s Stamp Duty (ABSD) timeline for complex projects by six months to one year. This change is expected to benefit developers and support urban rejuvenation efforts by acknowledging the additional time needed for planning and selling larger or more intricate projects.

According to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, this extension is “great news for developers and also for urban rejuvenation.” He noted that the additional time could provide a much-needed boost to the en bloc market, particularly for larger en bloc projects. However, Lee cautioned that the success of such projects remains heavily reliant on setting a realistic selling price.

The extension reflects the government’s recognition of the challenges faced by developers in managing complex projects, which often require more time for thorough planning and execution. By easing the timeline constraints, the MND aims to facilitate smoother project completions and potentially stimulate more activity in the property market.

As the en bloc market continues to navigate various challenges, this policy adjustment could serve as a catalyst for renewed interest and investment, provided developers approach pricing strategically.
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McCann Singapore has announced the expansion of its creative team, welcoming five new hires to bolster its offerings amidst recent business wins and portfolio growth. The agency, celebrating its 50th anniversary in Singapore, aims to enhance its creative services with these additions.

The new team members include Martin Coppola, a multi award-winning Creative Director from Uruguay, who joins from the LEGO Group. Coppola will focus on regional accounts for DHL and Ferrero. Wynn Grey, a versatile Art Director and tattoo artist, brings experience from brands like SK-II and Samsung, and will work on Singapore Government business, Ferrero, and DHL.

Seth Low, a Junior Art Director, joins McCann in his first full-time role, having already gained recognition through internships and awards. Luna Teo, a Copywriter with a background in convergence advertising, comes from Goodstuph and will contribute to McCann Content Studio. Jodi Ong, a Junior Copywriter, also from Goodstuph, will work across Singapore Government and multinational corporation clients.

Valerie Madon, Chief Creative Officer for McCann Worldgroup Asia Pacific and Singapore, expressed confidence in the new hires, stating, “These colourful talents inject new energy to our team, and their diverse experiences will shape our agency’s future.” Nick Handel, President of McCann Worldgroup Southeast Asia, highlighted the strategic growth as part of the agency’s commitment to delivering innovative solutions.

As McCann Singapore continues to strengthen its position in the industry, these new hires are expected to play a pivotal role in driving the agency’s future success.
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Researchers from the Singapore-MIT Alliance for Research and Technology (SMART) have developed a pioneering near-infrared fluorescent nanosensor capable of detecting and differentiating between two forms of iron, Fe(II) and Fe(III), in living plants. This breakthrough, announced on 28 February 2025, offers real-time, non-destructive monitoring of iron uptake and metabolism, marking a significant advancement in plant health monitoring and agricultural practices.

The nanosensor, developed by SMART’s Disruptive & Sustainable Technologies for Agricultural Precision (DiSTAP) group, in collaboration with Temasek Life Sciences Laboratory and MIT, addresses the limitations of traditional methods that only measure total iron levels. By distinguishing between Fe(II) and Fe(III), the sensor provides insights into iron uptake efficiency, enabling precise fertilisation strategies that reduce waste and improve crop productivity.

Dr Duc Thinh Khong, a DiSTAP research scientist, highlighted the sensor’s potential impact: “This breakthrough sensor is the first of its kind to detect both Fe(II) and Fe(III) in living plants with real-time, high-resolution imaging. With this technology, we can ensure plants receive the right amount of iron, improving crop health and agricultural sustainability.”

The nanosensor’s high spatial resolution allows for precise localisation of iron within plant tissues, offering detailed observations of iron dynamics. Tested on spinach and bok choy, the sensor is species-agnostic, applicable across various crops without genetic modification. Beyond agriculture, it holds promise for environmental monitoring and health sciences, particularly in studying iron metabolism and related diseases.

Future research aims to expand the sensor’s capabilities to detect other micronutrients and integrate it into automated farming systems, further enhancing agricultural sustainability and efficiency.
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OrangeTee has expressed support for the recent proposal to extend the Additional Buyer’s Stamp Duty (ABSD) remission deadline for developers, as discussed in the Ministry of National Development’s Committee of Supply debate.

The extension is seen as a fairer approach, allowing larger and more complex projects more time to ensure quality construction standards. This change is particularly timely given the anticipated increase in projects with complex requirements near MRT stations, such as those in Jurong, Hougang, and new growth areas like Mount Pleasant.

Despite the benefits of the extension, developers may still face challenges, particularly with en bloc sales, which depend on buyer and seller negotiations. Smaller projects that do not qualify for ABSD remission may struggle to sell all units, especially high-end projects reliant on foreign buyers affected by increased ABSD rates.

In addition, OrangeTee commented on the increase in the Fresh Start Housing Grant, which aims to help public rental families achieve homeownership. This initiative is expected to lower financial barriers for first-time buyers, fostering stronger communities and enhancing social equity.

The Silver Housing Bonus will also be expanded to include seniors selling private properties with an annual value between S$21,000 and S$31,000. This offers seniors an opportunity to improve financial stability and retirement planning, though some may opt out due to cultural beliefs about inheritance.

Finally, the upcoming Build-To-Order (BTO) project at Mount Pleasant is anticipated to be highly popular due to its central location and proximity to amenities. Prices for these BTO flats are expected to be competitive, with strong demand anticipated based on previous application rates in similar areas.
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OrangeTee has expressed support for several initiatives announced during the Ministry of National Development’s (MND) Committee of Supply debate, highlighting the potential benefits for developers, public rental families, and seniors. The company noted that extending the Additional Buyer’s Stamp Duty (ABSD) remission deadline for developers could lead to improved construction standards, particularly for larger, complex projects near MRT stations.

However, challenges remain, such as the success of en bloc sales and market conditions affecting high-end projects reliant on foreign buyers.

The increase in the Fresh Start Housing Grant is seen as a positive move to help public rental families achieve homeownership, potentially fostering stronger communities and enhancing social equity. OrangeTee believes this initiative will lower financial barriers for first-time buyers, especially low-income families.

For seniors, the expansion of the Silver Housing Bonus (SHB) to include private properties with an annual value between US$15,400 (S$21,000) and US$22,800 (S$31,000) offers a chance to improve retirement planning and financial stability. Despite cultural hesitations, the scheme aims to protect seniors’ finances by ensuring funds for retirement and medical care.

The upcoming Build-To-Order (BTO) project at Mount Pleasant is expected to attract significant interest. OrangeTee anticipates the area could become as desirable as Toa Payoh or Bishan, with its central location, proximity to the MRT, and surrounding greenery. The project’s classification as a Plus development could see prices for 4-room flats ranging from US$330,000 (S$450,000) to over US$515,000 (S$700,000). Demand is expected to be strong, mirroring high application rates seen in previous BTO launches.
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Indeed’s latest Smarter Hiring Report reveals a growing trend among Singaporean employers towards skills-first hiring, with 59% planning to prioritise competencies over traditional credentials. However, a significant gap remains, as only 36% of job seekers are familiar with this approach, compared to 67% of managers.

The report underscores the importance of soft skills, with 70% of employers valuing attributes such as teamwork, communication, and critical thinking over hard skills. This shift reflects a broader move away from evaluating candidates solely on academic qualifications, with many employers now favouring candidates with practical experience over those with degrees.

Rachael Townsley, Marketing Director at Indeed APAC, emphasised the need for alignment in the hiring ecosystem to fully realise the benefits of skills-first hiring. “Without alignment, employers lose access to a diverse talent pool, and job seekers miss out on career opportunities that match their strengths,” she stated.

Artificial intelligence (AI) is also playing a pivotal role in the recruitment process, with 41% of employers using AI tools to identify suitable candidates. The technology is expected to streamline recruitment processes and reduce bias, creating a fairer hiring experience.

As Singapore continues to embrace skills-first hiring, the focus on diverse skills and experiences is poised to enhance the resilience and adaptability of the workforce, paving the way for a more innovative and inclusive job market.
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Coursera has launched a new playbook titled “Closing the Gender Gap in GenAI Skills,” aimed at addressing the gender disparity in Generative AI (GenAI) skills. Despite Singapore’s rapid adoption of AI, women remain significantly underrepresented in this field. Coursera’s data shows that women make up 45% of all learners in Singapore but only 32% of GenAI course enrolments, mirroring a global trend.

The playbook outlines several barriers that limit women’s participation in GenAI, such as stereotypes, confidence gaps, and a perceived lack of relevance. It also provides actionable strategies to empower more women to engage with GenAI, highlighting the importance of a diverse AI landscape. Karine Allouche, Global Head of Enterprise at Coursera, emphasised the need for equal opportunities, stating, “Expanding opportunities for women in GenAI and equipping them with critical skills remains an urgent priority.”

In 2024, Singapore saw a 253% increase in GenAI course enrolments among women, outpacing the 168% growth among men. This surge underscores the growing interest in AI skills, despite existing disparities. Coursera’s playbook suggests that increasing female representation in AI education and leadership roles could further enhance engagement and retention.

The playbook aims to equip institutions, individuals, and governments with strategies to foster inclusivity in GenAI. By addressing these challenges, Coursera hopes to ensure that AI development benefits from diverse perspectives, ultimately leading to more equitable outcomes.
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Thoughtworks, a global technology consultancy, has announced a strategic partnership with GXS Bank to facilitate the launch of two digital banks in Singapore and Malaysia within a year. This collaboration aims to accelerate GXS Group’s regional expansion by leveraging Thoughtworks’ expertise in strategy, design, and engineering.

The partnership has resulted in the development of a seamless and secure digital banking mobile platform, which serves as the foundation for GXS Group’s retail and business banking products in both countries. A key innovation is the GXS FlexiLoan, a personal loan product in Singapore that offers flexible repayment options tailored to each customer using a proprietary credit assessment model.

Rajat Malhotra, Chief Technology Officer at GXS Bank, highlighted the importance of a modular and scalable approach, stating, “Thoughtworks is a pioneer in the field of agile frameworks, and its disciplined approach, understanding of best practices, and engineering principles have been a strong support for our engineering teams.”

Wayne Te Paa, Managing Director for Banking, Finance Services and Insurance at Thoughtworks Asia Pacific, added, “By enhancing GXS Bank’s engineering culture and delivering a robust and scalable mobile platform solution, we are proud to have enabled GXS Bank to create and rapidly launch high-quality new digital banking services.”

The collaboration underscores GXS Group’s commitment to improving financial inclusion and supporting economic growth across Southeast Asia. The scalable infrastructure developed by Thoughtworks ensures compatibility with regional ecosystems, allowing GXS Bank to benefit from economies of scale and talent from its centres of excellence.
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