Industry News

Singapore Post Limited (SingPost) has unveiled a new initiative, SingPost@MyBlock, aimed at bringing postal services closer to home. The trial, launched on 19 October 2025, is set to be officiated by Deputy Prime Minister Gan Kim Yong. This initiative will allow residents to post and return mail directly from their residential letterbox nests, with dedicated slots or additional boxes clearly marked for ease of use.

The trial begins in the Punggol Northshore District, covering 27 housing blocks, and will expand to 226 blocks across five districts, including Punggol, Marine Parade, Upper Boon Keng, Bukit Panjang, and Bukit Batok. Running until the end of December 2025, the trial aims to assess the feasibility of a full island-wide rollout.

SingPost’s strategy focuses on enhancing community convenience by expanding its service touchpoints to over 2,500 locations. This expansion ensures that 80% of Singapore’s population can access a SingPost touchpoint within 10 minutes. The initiative is part of SingPost’s broader effort to adapt to changing consumer demands and improve its national delivery infrastructure.

The success of the SingPost@MyBlock trial could lead to a comprehensive implementation across Singapore, significantly enhancing the accessibility and convenience of postal services for residents.

The launch weekend for Faber Residence and Penrith saw robust sales, with 342 and 447 units sold respectively, according to Huttons Asia CEO Mark Yip. The projects, located in Faber Hills and Queenstown, attracted significant interest due to a lack of new supply in these areas for nearly eight years. The recent rate cut by the US Federal Reserve, which lowered local borrowing rates to below 2%, has further spurred investor interest in the property market.

Faber Residence, the first development in Faber Hills since 2014, offers waterfront living and proximity to educational institutions like Nan Hua Primary School. The project saw high demand for compact units, with all 2-bedroom units sold out and only a few larger units remaining. The appeal of the area is enhanced by its educational facilities, allowing families to remain in the area as their children grow.

Penrith, situated in the mature Queenstown estate, benefits from excellent connectivity, including access to the AYE and Queenstown MRT station. The project attracted a mix of HDB upgraders and private property owners, with Queenstown’s record of million-dollar flat transactions providing liquidity for upgrades. The development’s larger units, particularly the 3-bedroom and 4-bedroom types, were in high demand, with only a couple of 4-bedroom units left.

The strong sales reflect a combination of pent-up demand, economic resilience, and ample liquidity in Singapore. The government may consider increasing land supply in the first half of 2026 to meet ongoing demand and moderate land prices.

Faber Residence, a riverfront development in Clementi, achieved impressive sales over its launch weekend, selling 344 out of 399 units, according to PropNex CEO Kelvin Fong. The project, which marks the final launch in Singapore’s Outside Central Region (OCR) for the year, sold units at an average price of $2,160 per square foot (psf).

The robust sales performance highlights the enduring demand for mass-market housing in Singapore. Fong attributed the success to the project’s competitive pricing and attractive location. The average selling price of $2,160 psf is below the year’s average of $2,275 psf for new non-landed private homes in the OCR, making it appealing to buyers. Two-bedroom units started at $1.28m, whilst three-bedroom units began at $1.57m, both falling within the preferred price range for many households. Notably, all 80 two-bedroom and 199 three-bedroom units were sold.

Faber Residence’s location offers several appealing features, including proximity to the future Jurong Town Hall MRT station and the Jurong Lake District. It is also near educational institutions, enhancing its attractiveness for families. The project’s riverfront setting by Sungei Ulu Pandan and its position within an exclusive landed home enclave further add to its allure.

The limited supply of new private homes in the area, with the last project launched in 2014, likely contributed to the strong demand. The OCR sub-market has shown robust performance this year, with new launches generally experiencing high demand, driven by factors such as accessible pricing and interest from Singaporeans and HDB upgraders.

The newly launched Penrith condominium project in Margaret Drive has achieved remarkable sales success, with 447 out of 462 units sold over the weekend. This represents a 97% take-up rate, according to Kelvin Fong, CEO of PropNex. The project, located in the Rest of Central Region, follows the successful launch of Skye at Holland and is the fifth new project this year to exceed a 90% sales rate during its launch.

The larger units at Penrith have been particularly popular, indicating strong demand from families and owner-occupiers. The absence of one-bedroom units further underscores its family-focused design. Most buyers are Singaporeans, reflecting robust local demand in the primary market.

Penrith’s appeal is bolstered by its proximity to Queenstown MRT station, several schools, and a variety of retail and dining options, including the Margaret Drive Hawker Centre and IKEA Alexandra. The project’s location in Queenstown, which has not seen new condo launches since 2018, has likely contributed to the pent-up demand.

Competitive pricing and the recent easing of interest rates, with the 3-month compounded SORA at 1.4% as of 17 October, have made the project more affordable. Additionally, a rally in the stock market and positive economic growth in Singapore may have increased buyer confidence.

Looking ahead, upcoming projects like Zyon Grand and The Sen are expected to maintain interest in the Rest of Central Region, appealing to HDB upgraders and those seeking a balance of accessibility, location, and value.

GuocoLand’s latest development, Faber Residence, located in the exclusive Faber Walk enclave in Clementi, achieved impressive sales during its launch on 18 October 2025. Out of 399 units, 344 were sold, marking an 86% take-up at an average price of $1,580 (S$2,160) per square foot. Prices began at $936,000 (S$1.28m) for a 646 sq ft two-bedroom unit.

Faber Residence, comprising nine five-storey blocks, saw all 80 two-bedroom and 199 three-bedroom units fully sold. More than half of the larger four- and five-bedroom units were also snapped up. The majority of buyers are Singaporeans and permanent residents, primarily owner-occupiers drawn to the development’s strategic location, riverfront setting, and proximity to schools like Nan Hua Primary School.

Dora Chng, Residential Director at GuocoLand, noted, “Many of our buyers expressed that they appreciate the serenity they can enjoy in an entirely private estate, which is very rare in Clementi.” The development’s connectivity and access to the Ulu Pandan Park Connector were also significant attractions.

The condominium offers excellent transport links, with the Ayer Rajah Expressway and Pan Island Expressway nearby, and several bus routes providing direct services to Marina Centre. Faber Residence is also close to Jurong East and Clementi MRT stations, with future connectivity to the Cross Island Line and Jurong Region Line.

Jointly developed with TID Pte. Ltd. and Hong Leong Holdings Limited, Faber Residence is expected to be completed in 2029.

PT TransNusa Aviation Mandiri, known as TransNusa, is set to launch a new international flight route from Bali to Singapore, commencing on 17 November. The airline began selling tickets for this route on 17 October, with prices starting at $79 (S$109). This new service is part of TransNusa’s strategy to expand its international presence, catering to the significant demand from Singaporean tourists visiting Bali.

Initially, TransNusa will operate three weekly flights on Mondays, Fridays, and Sundays, with plans to increase to daily flights from 30 November. The flights will depart Bali’s I Gusti Ngurah Rai International Airport at 7:30 am, arriving at Singapore Changi Airport at 9:55 am. The return flight will leave Singapore at 10:55 am, landing in Bali at 1:30 pm. The airline will utilise its Airbus A320, which accommodates 174 passengers, for this route.

TransNusa’s CEO, Datuk Bernard Francis, highlighted the importance of this route, stating, “The Bali-Singapore international route is significant to TransNusa as Singaporeans are one of ASEAN’s top tourists for Bali.” The airline offers various service packages, including SEAT, SEATPLUS, and FLEXIPRO, which provide benefits such as additional baggage allowance and flexible booking options.

TransNusa, established three years ago, has rapidly expanded its network, becoming the first Indonesian airline to introduce several new routes. The airline continues to focus on providing affordable yet premium services, aiming to enhance travel experiences for its passengers.

Malaysia and Singapore have announced the development of two new interconnections to facilitate cross-border electricity trade. This initiative, revealed on 17 October, aims to enhance energy security and sustainability for both nations. The interconnections will allow for the exchange of up to 100 megawatts of electricity, significantly increasing the capacity for energy trade between the two countries.

The new infrastructure is expected to be operational by 2025, marking a significant step in regional energy cooperation. The interconnections will not only bolster energy security but also support Singapore’s transition towards a low-carbon energy future. By integrating more renewable energy sources, both countries aim to reduce their carbon footprints and contribute to regional sustainability goals.

A spokesperson from the Ministry of Trade and Industry highlighted the importance of this development, stating, “These interconnections will enhance the resilience of our power systems and support our climate change commitments.”

The project underscores the growing trend of regional collaboration in energy markets, as countries seek to optimise resources and improve energy efficiency. The increased capacity for electricity trade is expected to provide economic benefits, including potential cost savings for consumers and businesses.

As the project progresses, both governments will continue to work closely to ensure the successful implementation and operation of the interconnections. This collaboration sets a precedent for future cross-border energy projects in Southeast Asia, promoting a more integrated and sustainable energy landscape.

RHB Bank has upgraded Singapore’s Gross Domestic Product (GDP) growth forecast to 3.0% for 2025, buoyed by a robust performance in the country’s non-oil domestic exports (NODX). According to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, the NODX is expected to grow by 2.0% in 2025, aligning with the official forecast range of 1–3%.

The September NODX figures revealed a significant 6.9% year-on-year increase, with a month-on-month seasonally adjusted rise of 13.0%. This performance was notably driven by a 30.4% year-on-year surge in electronics exports, whilst non-electronics exports saw a modest 0.4% increase. These results exceeded Bloomberg’s consensus forecast, which had anticipated a 2.1% year-on-year decline.

Despite the positive outlook, Gan cautioned against premature celebrations, highlighting unresolved trade-related issues, particularly concerning tariff risks. These uncertainties are underscored by an upcoming US Supreme Court hearing on 5 November, which will address the legality of certain tariffs.

The recent report from RHB Bank underscores the resilience of Singapore’s export sector, particularly in electronics, which continues to bolster the nation’s economic prospects. As the global trade environment remains uncertain, Singapore’s ability to navigate these challenges will be crucial in sustaining its economic momentum.

Singapore has emerged as the top global destination for tourism spending growth in 2025, driven by a surge in digital payments, according to Alipay+, Ant International’s global wallet gateway. The use of SGQR, Singapore’s unified payment QR code, has increased by more than 1.7 times year-on-year, now accounting for one-third of all cross-border transactions. This trend is significantly benefiting local small and medium-sized enterprises (SMEs) as inbound tourism rises.

During the recent Golden Week holiday, Chinese travellers flocked to Singapore, leading to a 3.5-fold increase in SGQR transactions compared to the previous year. Douglas Feagin, President of Ant International, stated, “Travel has a significant impact on local economies, and we believe that mobile wallets can be a catalyst for growth, connecting travellers and businesses in more ways than ever.”

Alipay+ has identified key trends shaping tourism, including a preference for short-haul, value-conscious travel and a demand for authentic local experiences. To meet these needs, Alipay+ has expanded its ecosystem, now supporting over 100 markets and 1.8 billion users through 40 international payment partners.

The Singapore Tourism Board has collaborated with Alipay+ to enhance the visitor experience, promoting seamless payment options and supporting local businesses. Oliver Chong, Assistant Chief Executive of the International Group, remarked on Singapore’s success in driving tourism growth through innovative products and experiences.

As mobile payments become the norm, the expansion of Alipay+ is set to further empower global merchants and the tourism industry, fostering inclusive growth and connectivity.

Ibraco Berhad, a Sarawak-based property developer, has signed a Memorandum of Agreement with Health Management International (HMI Medical) to establish a new private specialist hospital in Kuching, Sarawak. The Regency Hospital Kuching, set to open in 2029, will be a 300-bed facility located within The NorthBank township, designed to address the increasing demand for advanced healthcare services in the region.

HMI Medical, a Singapore-headquartered healthcare provider with a strong presence in Malaysia, Singapore, Indonesia, and Vietnam, will fully own and operate the hospital. The project is part of HMI Medical’s commitment to enhancing healthcare access and quality in Southeast Asia. “With the strong growth of Sarawak, its increasing international connectivity and growing demand for advanced healthcare services, we are excited to establish the Regency Hospital Kuching,” said Chin Wei Jia, Group CEO of HMI Medical.

To facilitate the hospital’s development, Ibraco has agreed to sell its 100% equity interest in NorthBank Specialist Hospital Sdn. Bhd. to Kuching Health Holdings, a subsidiary of HMI Medical, for $190,000 (RM900,000). This transaction is expected to conclude within six months, after which the hospital will acquire 4.2 acres of land for construction.

The new hospital is anticipated to create over a thousand jobs and offer cross-training opportunities for clinical professionals. Datuk Chew Chiaw Han, Ibraco’s Group Managing Director, expressed pride in contributing to Sarawak’s healthcare sector and broader economic progress. The announcement was made during the Sarawak Mega Fair 2025 in Singapore, marking a significant step in the region’s healthcare development.