Industry News

Singapore’s office market is experiencing a bullish phase, with Q3 2025 marking the third consecutive quarter of rental growth, according to CBRE Research. Gross effective rents for Core CBD (Grade A) offices increased by 0.8% quarter-on-quarter to $12.20 per square foot per month, driven by strong occupier demand and a tightening supply.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, highlighted the market’s resilience despite global economic uncertainties. Vacancy rates in the Core CBD have decreased from 5.9% in Q1 2025 to 5.1% in Q3 2025, indicating sustained leasing momentum. The IOI Central Boulevard development, the last major Grade A completion until 2028, achieved approximately 90% commitment by Q3.

Neighbouring submarkets such as Marina Centre and Beach Road/City Hall are also performing well, with less than 3% of space available. David McKellar, CBRE Head of Office Services, noted that sectors like banking, finance, and government are leading occupier activity. Outside the CBD, Paya Lebar Green is fully occupied following Visa’s relocation, reducing vacancy rates in decentralised locations from 7.9% in Q2 to 6.5% in Q3.

The market recorded a net absorption of approximately 510,000 sq. ft. from Q1 to Q3, with office rents growing 2.1% year-to-date. Looking ahead, the supply pipeline remains limited, prompting occupiers to secure quality space swiftly. CBRE maintains its 2025 rental growth forecast of around 3%, with potential upside as interest rates ease.

In the investment market, Q3 2025 office deals surged seven-fold to $1.794b, with the largest transaction being the 55% stake sale of CapitaSpring for $1.045b. Michael Tay, CBRE Deputy Managing Director, noted the sector’s positive sentiment, driven by rent growth and limited future supply. Investment momentum is expected to remain strong through the year.

Ampace, a global leader in energy storage solutions, made a notable appearance at Data Centre World Asia 2025, held on 8–9 October at Marina Bay Sands, Singapore. The company showcased its PU200 battery series, designed for Uninterruptible Power Supply (UPS) systems, and previewed its next-generation semi-solid-state battery technology, aiming to address the power challenges faced by modern data centres.

The PU200 Battery Series is engineered to provide mission-critical reliability with a 15-year float service life and high-power density, allowing data centre operators to optimise space and reduce total cost of ownership. Alongside this, Ampace revealed its advanced semi-solid-state battery technology, promising enhanced safety and increased energy density. This innovation underscores Ampace’s commitment to leading the industry towards more secure and efficient energy storage solutions.

The Ampace booth attracted numerous visitors, including data centre operators and engineers, facilitating discussions on the evolving energy landscape. A senior representative from Ampace stated, “Our presence here with both the commercially ready PU200 and our developmental semi-solid-state technology demonstrates our dual focus—delivering proven performance for current needs whilst investing in foundational technologies for a more resilient and sustainable digital future.”

Ampace continues to push the boundaries of energy technology, leveraging its strong research and development capabilities to accelerate the transition to a sustainable future.

HitPay, a leading payments platform in Singapore, has partnered with Triple-A, a licensed crypto payment solutions provider, to introduce stablecoin payments to over 20,000 local businesses. This collaboration, regulated by the Monetary Authority of Singapore (MAS), allows merchants to accept stablecoins and receive instant fiat settlements, eliminating the risks associated with digital currency volatility.

The partnership leverages HitPay’s expertise in merchant acquisition and checkout processes with Triple-A’s crypto payment technology. This integration provides a seamless and compliant solution for businesses aiming to tap into the growing digital currency market. Both companies are regulated by MAS, ensuring compliance and security for consumers and businesses alike.

Aditya Haripurkar, CEO of HitPay, stated, “Our merchants are always looking for ways to reach new customers without adding operational risk. By partnering with Triple-A, we make stablecoin acceptance as simple as any other payment method.” Eric Barbier, CEO of Triple-A, added, “Together, we enable businesses to reach crypto-native consumers whilst removing volatility and keeping compliance straightforward.”

The demand for digital currency payments is surging in Singapore, with a recent survey indicating that 60% of businesses plan to accept crypto payments within the next two years. In the second quarter of 2024, local merchant services received nearly $1b in crypto payments. This trend is part of a global shift, with blockchain transaction volumes expected to exceed $27t in 2025.

This partnership marks a significant step in integrating digital currencies into everyday transactions, providing a model for other regions to follow.

A recent study by Airwallex, a global financial platform, has highlighted the financial burden faced by Singaporean employees due to delayed reimbursements. The survey of 500 workers found that more than half spend up to $3,650 (S$5,000) annually on business-related expenses out of pocket, with some incurring costs exceeding $14,600 (S$20,000) before being reimbursed.

The hospitality and leisure sector is particularly affected, with 15% of employees reporting expenses above $14,600 (S$20,000). Manufacturing and education sectors follow closely. The study also revealed that 19% of respondents wait three to four weeks for reimbursement, and 8% wait over a month, despite 28% of employees believing payments should be made within five days.

Financial strain is a significant issue, with 41% of employees experiencing stress due to reimbursement delays. Younger workers, aged 18-34, are most affected, with 28% resorting to personal savings to cover costs. Additionally, 52% use credit cards for business expenses, risking debt if reimbursements are delayed.

The study suggests that implementing corporate cards and instant reimbursement platforms could alleviate financial pressure and improve workplace satisfaction. Lionel Tan, Director of Account Management at Airwallex, stated, “We’re focused on helping businesses remove unnecessary friction from day-to-day financial operations.”

As businesses face economic uncertainty and talent retention challenges, improving expense management processes could be crucial for supporting employee well-being and financial stability. The findings underscore the need for modern tools to create a more supportive and efficient workplace.

Salesforce, the global leader in AI Customer Relationship Management (CRM), has partnered with Singlife to introduce an artificial intelligence (AI) agent designed to enhance customer service. Announced at Dreamforce 2025, this collaboration marks Singlife as the first insurer in Singapore to implement Salesforce’s Agentforce platform, which aims to elevate human potential rather than replace it.

The AI agent, integrated with Salesforce’s Data Cloud, will enable Singlife’s customer service executives to provide real-time, accurate responses to a wide array of product-related enquiries. This innovation is expected to significantly improve response times and service quality by allowing representatives to access information instantly, rather than manually searching through extensive materials.

Romil Sharma, Group Head of Technology and Operations at Singlife, highlighted the strategic importance of AI in their operations, stating, “Collaborating with Salesforce allows us to bring AI into the hands of our customer service executives in a practical way, helping them respond faster and with greater confidence.”

Salesforce’s Executive Vice President & Managing Director for South and Southeast Asia, Arun Kumar Parameswaran, expressed enthusiasm about the collaboration, noting that the integration of Agentforce and Data Cloud is set to redefine customer engagement in the insurance industry.

Singlife plans to extend the use of the AI agent to its network of financial adviser representatives, aiming to provide them with timely and reliable information to better address customer needs. This initiative is part of Singlife’s broader strategy to institutionalise AI across various business functions, including underwriting, claims, and distribution.

Hyundai Motor Group, in collaboration with Nanyang Technological University (NTU) and the Agency for Science, Technology and Research (A*STAR), has inaugurated the Corporate Lab at the Hyundai Motor Group Innovation Centre Singapore (HMGICS). This pioneering initiative in Singapore’s automotive manufacturing sector is set to drive advancements in artificial intelligence (AI), robotics, and smart manufacturing.

Situated within HMGICS, the Corporate Lab serves as a hub for research and development (R&D) and proof-of-concept activities. It aims to integrate cutting-edge technologies directly into factory operations, thereby accelerating innovation cycles. “The Corporate Lab marks an important milestone in bringing this vision to life,” stated Juncheul Jung, Executive Vice President at Hyundai Motor Group.

The collaboration combines Hyundai’s automotive expertise with NTU’s research capabilities and A*STAR’s deep-tech knowledge. The lab will focus on developing AI for smart manufacturing, robotics to enhance production efficiency, and 3D printing for auto parts. It also aims to improve defect detection and inspection accuracy through intelligent robotic systems.

Hyun Sung Park, CEO of HMGICS, emphasised the lab’s role in fostering talent development and creating high-value jobs. By engaging local small- and medium-sized enterprises (SMEs), the lab seeks to bolster Singapore’s R&D ecosystem and advance the Group’s Software-Defined Factory (SDF) vision.

The Corporate Lab is expected to set a new benchmark for industry-academia-government collaborations, strengthening local R&D capabilities and training the next generation in advanced manufacturing technologies.

Singapore’s economy experienced a modest expansion of 1.3% in the third quarter of 2025, according to advance estimates released by the Department of Statistics. This growth, measured on a quarter-on-quarter seasonally-adjusted basis, marks a slight deceleration from the 1.5% growth recorded in the second quarter of the year.

The latest figures highlight a continued, albeit slower, economic recovery as Singapore navigates global economic uncertainties. The marginal drop in growth rate suggests that whilst the economy is still on an upward trajectory, challenges remain in maintaining the momentum seen earlier in the year.

As Singapore continues to adapt to changing economic conditions, the focus will likely remain on sustaining growth whilst addressing potential headwinds.

Singapore’s GDP growth decelerated to 2.9% in the third quarter, down from 4.5% in Q2, as trade momentum waned, according to Market Analyst Zavier Wong from eToro. The economy expanded by 1.3% on a quarter-on-quarter basis. This slowdown reflects a broader global economic shift, with Singapore’s Prime Minister Lawrence Wong describing the world as “fractured, uncertain, and disrupted.”

The latest data highlights a stagnation in manufacturing, a softening in construction, and a decline in wholesale trade, attributed to the diminishing impact of export front-loading earlier in the year. As the US increases tariffs and China limits rare-earth exports, Singapore, which relies heavily on both nations, must navigate these changing trade dynamics. Despite these challenges, the services sector showed resilience, growing by 3.5%, indicating a shift towards services-driven growth.

Wong suggests that investors should interpret the GDP figures not as a mere slowdown but as a signal of a more volatile external economic cycle, marked by retaliation rather than recovery. Singapore’s future growth will depend on the robustness of its service sectors and institutional credibility. The Monetary Authority of Singapore (MAS) has opted to maintain its current policy stance, prioritising stability over tightening, given the moderated growth and contained inflation. Wong emphasises that Singapore’s best strategy in a divided world is to remain open whilst others build barriers.

ABC Impact, an impact investment firm backed by Temasek, has collaborated with DBS and UOB to introduce a sustainability-linked subscription loan facility worth $110m (S$142m). This innovative financial instrument transforms a conventional loan into one that is linked to measurable sustainability performance targets, aiming to channel funds towards projects with significant social and environmental outcomes.

The facility, designed for ABC Impact Fund II, which began in August 2023 and will close in March 2025, boasts assets under management exceeding $600m (S$712m). This is double the size of its inaugural fund, with backing from prominent investors such as Temasek, the Asian Development Bank, and Mapletree Investments.

Under the loan’s terms, portfolio companies must meet targets related to reducing greenhouse gas emissions and benefiting key sectors like agriculture, healthcare, and education. Sugandhi Matta, Chief Impact Officer at ABC Impact, highlighted the significance of this development, stating, “This sustainability-linked loan marks an important milestone in ABC Impact’s journey.”

Simon Ong from DBS noted the partnership’s role in unlocking capital for businesses that deliver both financial and social returns. Meanwhile, Edmund Leong of UOB emphasised the facility’s role in setting a new standard for financing that supports both commercial success and societal progress.

This collaboration sets a new benchmark in the financial sector, integrating sustainability considerations into conventional fund financing and reinforcing the commitment to addressing pressing challenges in Asia.

LingoAce, a leader in online education, has announced that its 120-hour Online Teaching English as a Foreign Language (TEFL) Certification Course has been accredited by the International TEFL Accreditation Council (ITEFLAC). This accreditation, awarded on 10 October 2025, underscores LingoAce’s dedication to high-quality teacher training and English learning experiences. ITEFLAC, based in London, is renowned for its stringent evaluation criteria, which LingoAce’s programme excelled in, particularly in teaching quality, learner support, and course structure.

The accreditation signifies more than just a seal of approval; it is a commitment to providing families and learners with globally standardised education. Hugh Yao, founder and CEO of LingoAce, stated, “Earning ITEFLAC accreditation is more than an endorsement of our English programme; it’s a promise to families and learners that every LingoAce teacher has been prepared to meet global standards.”

For educators, the programme offers a comprehensive 120-hour curriculum across 23 modules, blending theory with practical simulations. It is designed for flexibility, requiring only 20 study hours per week, and is entirely online. Graduates receive an internationally recognised certificate, enhancing their credentials and opening doors to global ESL teaching opportunities. Top graduates are invited to join LingoAce’s teaching team, benefiting from a diverse student base and long-term career growth.

Following its profitability in 2024, LingoAce continues to invest in curriculum innovation. With over 5,000 certified teachers and operations in more than 100 countries, LingoAce remains committed to fostering confident global citizens through education.