Industry News

High Park Residences in District 28 has topped the list of private residential developments in Singapore’s Rest of Central Region and Outside of Central Region, experiencing a remarkable price appreciation of nearly 60% over the past decade. Savills Singapore revealed that this development, along with Botanique At Bartley, Forest Woods, Artra, and The Clement Canopy, saw significant increases in value, ranging from 50% to 60%.

These developments are primarily leasehold properties with 99-year tenures, comprising large-scale projects of 501 to 1,000 units, except for Artra, which is mid-sized with 201 to 500 units. High Park Residences, which includes both flats and houses, recorded an average resale price per square foot (psf) of S$1,575.15 in the second half of 2024, a substantial increase from its launch price of S$989.86 psf.

Botanique At Bartley, launched in 2015 alongside High Park Residences, followed with a price appreciation of nearly 47%, whilst Forest Woods saw a rise of about 43%. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “For pure investors, buying a private residential property is all about timing and buying into the right development.”

Cheong further explained that mid to large-sized projects tend to appreciate more in capital value over time compared to smaller ones, although smaller projects still offer value for those seeking rental yield or long-term personal stay.

These findings underscore the importance of strategic investment in Singapore’s residential property market, highlighting the potential for significant returns over time.
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A decommissioned MRT train carriage has been transformed into Singapore’s first co-living hotel, Train Pod @ one-north, set to open at JTC’s LaunchPad on 11 April 2025. This innovative accommodation, developed by Tiny Pod, offers urban explorers, train enthusiasts, and professionals a unique experience within a conserved train interior, complete with footage of its past journeys.

Train Pod is part of LaunchPad’s innovation testbeds, where startups collaborate and pilot new solutions. Tiny Pod partnered with local startups such as Igloohome for smart lock systems, Ailytics for AI-powered crowd counting, and Vouch for self check-in and GenAI chatbots to enhance the guest experience. The hotel features eight self-contained rooms, balancing space efficiency with essential comforts, and includes amenities like a 24/7 vending machine café and outdoor dining area.

The project was officially launched by Low Yen Ling, Senior Minister of State for Trade and Industry, who praised the initiative as an example of Singapore’s pro-enterprise environment. “Train Pod @ one-north exemplifies how thinking differently about using public assets can create extraordinary and sustainable possibilities,” she stated.

Seah Liang Chiang, Founder of Tiny Pod, highlighted the project’s sustainable approach, saying, “We’re showing how unused urban assets can be transformed into unique hospitality experiences.” The hotel will open for bookings in the second half of 2025, offering a novel addition to Singapore’s hospitality landscape.
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The Singapore Armed Forces (SAF) will be conducting live-firing and military exercises across various locations from 14 to 21 April 2025. These exercises will take place on the islands of Pulau Sudong, Pulau Senang, and Pulau Pawai, as well as in the Pasir Laba SAFTI Live-Firing Area. The public is urged to steer clear of these areas and the surrounding waters to ensure safety.

The exercises will involve the use of live ammunition and flares, with loud noises expected. Sea vessels navigating the Western Johor Straits must adhere to the 75-metre Navigable Sea Lane and avoid the Live-Firing Boundary. Additionally, military exercises will occur in areas including Seletar, Marsiling, and Lim Chu Kang, where blanks and thunderflashes will be utilised.

As part of the Five Power Defence Arrangements (FPDA), the Republic of Singapore Air Force (RSAF) will conduct flying activities from Tengah, Paya Lebar, Sembawang, and Changi Air Base. These activities will include daytime weekend flights on 12, 13, 19, and 20 April, as well as night flights on 17 April.

The SAF emphasises that trespassing into restricted areas is a legal offence. The public is advised to remain vigilant and avoid these zones during the exercise period. These measures are crucial for maintaining safety and security during the operations.
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Singapore’s tech industry is witnessing a mixed salary trend in 2024, according to the latest report from NodeFlair, Asia’s leading tech career platform.

Software engineers in Singapore have seen a 3.3% year-on-year increase in their salaries, reversing last year’s 1.0% decline. However, despite the growing popularity of artificial intelligence (AI), salaries for AI-related roles, particularly in data, have decreased by 1.2% to 2.4%.

The report highlights that the tech sector’s ongoing redundancies have impacted salaries across various job categories. Out of 16 job categories, seven have experienced salary declines, with cybersecurity roles being the most affected, showing a 4.6% year-on-year dip. This trend is a stark contrast to the previous year’s 11.3% growth in AI-related salaries.

Singapore-headquartered SC Capital Partners Group has acquired a 165-room hotel in Kagoshima, Japan, through its Japan Hospitality Fund I. The hotel is located in the heart of Kagoshima, a city known for its cultural heritage and robust tourism industry, supported by excellent transport links and a growing number of flights into Kagoshima Airport.

The acquisition is part of SC Capital Partners’ strategy to capitalise on the increasing demand from leisure travellers. The firm plans to implement a comprehensive rebranding and refurbishment strategy, transforming the hotel into an Oriental Express, a brand under Hotel Management Japan Co. Ltd. (HMJ). HMJ, an affiliate of SC Capital Partners and one of Japan’s largest multi-brand hotel operators, will manage the hotel’s operations, leveraging its expertise to optimise performance and benefit from Japan’s hospitality recovery.

Since 2010, SC Capital Partners has invested over $1 billion in Japan’s hospitality sector, encompassing 59 hotels and more than 13,000 rooms. The firm is also the majority owner of Japan Hotel REIT Advisors, the asset manager of Japan Hotel REIT Investment Corporation, one of the largest hospitality REITs in Japan.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners Group, stated, “We are pleased to further strengthen our presence in Japan’s hospitality sector, leveraging our deep local expertise and extensive platform.” The acquisition underscores SC Capital Partners’ confidence in the long-term growth potential of Japan’s hospitality market.
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The Ascott Limited, a lodging business unit of CapitaLand Investment, has announced its ambitious plan to double its portfolio in India to 12,000 units by 2028. This expansion, revealed at the 20th Hotel Investment Conference – South Asia in Mumbai, will see Ascott grow from approximately 5,500 units at the end of 2024. The company has already made significant strides in the first quarter of 2025, signing agreements for three new properties in Goa, Lucknow, and Thanjavur, adding 600 units to its current portfolio.

Ascott’s Chief Executive Officer, Kevin Goh, highlighted India’s potential as both an inbound and outbound market, citing the country’s growing middle class, rising disposable incomes, and improving infrastructure as key factors driving the hospitality sector’s growth. “Despite promising prospects, the supply of branded hotel rooms in India remains limited, creating a significant demand-supply gap,” Goh stated.

The company’s strategy includes a dual focus on geographic and brand expansion, with plans to strengthen its presence in Tier-1 cities like Bangalore, Chennai, and Hyderabad, whilst also targeting fast-growing Tier-2 and Tier-3 cities. Ascott is also introducing new brands such as lyf, The Crest Collection, and The Unlimited Collection to cater to the evolving needs of next-generation travellers and the demand for authentic cultural experiences.

Lee Ngor Houai, Ascott’s Chief Operating Officer for Europe, Middle East, Africa, South Asia, and China, emphasised the potential of India’s lesser-travelled destinations and the under-penetration of branded hotels in these areas. “We see strong potential in introducing lyf, our experience-led social living brand, to tap into the rise of India’s urban millennial and Gen Z workforce,” he added.

Ascott’s development team showcased its portfolio at the conference, aiming to connect with industry partners and explore further business opportunities. The company’s recent signings in Goa, Lucknow, and Thanjavur underscore its commitment to tapping into emerging markets and meeting the growing demand for high-quality accommodations.
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Cargill has officially opened its refurbished Innovation Centre in Singapore, a move supported by the Singapore Economic Development Board and Enterprise Singapore. This transformation aims to address the rapidly changing market needs and consumer preferences in Asia’s food sectors. The centre, which coincides with Singapore’s 60th birthday celebrations, serves as a regional hub for Cargill’s food innovation efforts.

The revamped facility is designed to offer global innovation expertise and consumer insights, helping customers stay attuned to Asian consumer needs. It features both experiential and lab-based facilities, bringing together customers, scientists, technologists, start-ups, and visionaries to push the boundaries of food innovation. Key upgrades include an expansive culinary suite, a modern kitchen inspired by quick-service restaurants, and a vibrant Chocolate Academy.

John Fering, Group President of Food APAC at Cargill, stated, “Our upgraded Innovation Centre in Singapore will deliver faster and better outcomes for customers by co-creating products that respond to local consumer tastes and diverse competitive landscapes across the region.”

The Asia Pacific foodservice market is projected to grow significantly, driven by an expanding middle class and the rise of online food shopping. Cargill’s recent Southeast Asia Indulgence consumer study highlights that flavour and sensory experiences are key purchase drivers, with consumers willing to pay more for unique tastes and innovative flavours.

Michelle Tan of the EDB emphasised the centre’s role in advancing next-gen foods and reinforcing Singapore’s position as a hub for food innovation. The centre’s transformation reflects Cargill’s commitment to developing new food technologies and solutions that anticipate future food trends across the region.
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Workplace discrimination in Singapore has surged by 8% over the past year, with 33% of workers experiencing bias in 2024, according to ADP’s People at Work 2025 report. This increase reverses the progress made in 2023 when discrimination levels dropped from 52% in 2022 to 25%. Singapore now surpasses the Asia Pacific average of 19%, underscoring the urgent need for improved workplace inclusion and equality.

The report reveals that discrimination extends beyond ethnicity and gender, affecting age and seniority. More than half of ethnic minority workers in Singapore (55%) face discrimination, whilst 27% of women and 34% of men report similar experiences. Globally, younger workers aged 18-26 are twice as likely to report discrimination compared to those aged 55-64.

Yvonne Teo, Vice President of HR, APAC at ADP, emphasised the detrimental impact of discrimination on employee morale and productivity. “Discrimination erodes employee morale and productivity, directly undermining business results and growth in the long term,” she stated. Teo advocates for embedding inclusion into every process, from recruitment to performance reviews, to address biases and foster a more inclusive culture.

In response to these findings, Singapore’s government introduced a Workplace Fairness Bill in early 2025 to promote fair and harmonious workplaces. As Teo noted, “Singapore’s Workplace Fairness Bill sets the stage; Now, employers must turn compliance into meaningful culture change.”

The report also highlights career barriers in Singapore, with a lack of personal drive and limited workplace support hindering career advancement. Despite these challenges, Singapore’s workforce prioritises pay for performance, with 23% citing it as the most important reason for staying with a company.
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Cushman & Wakefield has announced the sale of a unique 6-storey industrial building located at 10 Tampines Industrial Avenue 3, Singapore. This property, featuring cleanroom facilities and ancillary office space, is being marketed by Cushman & Wakefield as an exclusive opportunity for potential buyers. The building boasts a substantial land area of approximately 997,330 square feet and a gross floor area of about 1,905,831 square feet, with an unutilised plot ratio offering further development potential.

The property stands out with its 34-year remaining land tenure, a significant advantage over typical industrial leases of 20 to 30 years. Key features include a dual-source 50 MVA power supply, water cooling systems, vibration control, and ample loading bays, making it ideal for manufacturing operations. Its proximity to Singapore’s wafer fabrication parks and semiconductor companies enhances its appeal to businesses in these sectors.

Strategically positioned near major expressways and just 15 minutes from Changi Airport, the building is easily accessible and conveniently located near Tampines MRT station. Singapore’s robust infrastructure and strategic advantages have made it a hub for global semiconductor companies, with the electronics sector driving significant fixed asset investment in 2024.

Brenda Ong, Executive Director of Logistics & Industrial Markets at Cushman & Wakefield, highlighted the property’s appeal: “This trophy asset offers appealing plug-and-play solutions for occupiers who are looking to lower upfront costs and shorten downtime resulting from construction and regulatory approval processes.”

The property is available for sale via private treaty, with an indicative price of $380m. Interested parties are encouraged to contact Cushman & Wakefield for further enquiries and to schedule a viewing.
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Savills Singapore has announced the sale of two freehold strata-titled shophouses located in Singapore’s culturally rich districts. The properties, 6B Keong Saik Road and 290G Joo Chiat Road, are being marketed exclusively by Savills as a rare investment opportunity.

The shophouse at 6B Keong Saik Road is situated on the third floor within the Bukit Pasoh Conservation Area. It boasts excellent accessibility to Tanjong Pagar, Outram Park, and Maxwell MRT stations. Currently leased to an established tenant, this unit will be sold with the tenancy in place, offering immediate rental income. The guide price for this property is S$4.48 m.

Meanwhile, 290G Joo Chiat Road is a ground floor unit with a flexible layout, suitable for various uses such as F&B takeaway shops, medical, or wellness centres. This property, priced at S$5.08m, is located in a thriving enclave known for successful takeaway ventures like Petit Pain and Olsen Bakehouse.

Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the appeal of these properties, stating, “Freehold shophouses remain one of the most coveted asset classes among investors and buyers. This portfolio offers a rare and compelling entry point into Singapore’s tightly held shophouse market.”

Interested parties can acquire the shophouses individually or collectively and are invited to submit bids through an Expression of Interest exercise closing on 8 May 2025. With strong rental upside and long-term capital appreciation potential, these properties represent a unique opportunity in Singapore’s real estate market.
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