Industry News

Singapore-headquartered ComfortDelGro, a prominent multi-modal transport operator, has initiated a two-year pilot programme to deploy commercial robotaxi services in Guangzhou, China. This collaboration with Pony.ai, a leader in autonomous driving technology, aims to refine autonomous vehicle (AV) technology operations and fleet management, with aspirations for large-scale deployment in China and other international markets.

The pilot programme is a significant step for both companies in the commercial deployment of robotaxi services. Cheng Siak Kian, Managing Director and Group CEO of ComfortDelGro, emphasised the importance of autonomous vehicle technology in addressing global driver shortages and enhancing mobility. “Autonomous technology can complement the human driver workforce by increasing ride availability during off-peak hours and in underserved areas,” he stated.

Pony.ai’s CFO, Leo Wang, highlighted the company’s expertise in autonomous driving technology and the importance of strong partnerships for global expansion. “I am impressed by ComfortDelGro’s years of expertise in large-scale fleet management and believe both teams will learn fast and well from each other through this fruitful collaboration,” Wang remarked.

This initiative is part of ComfortDelGro’s broader strategy to explore autonomous transport solutions. In 2022, the company established a S$30m Autonomous Vehicle Centre of Excellence to develop capabilities in AV operations and fleet management. The pilot programme not only represents a technological advancement but also aligns with ComfortDelGro’s commitment to sustainable transport solutions.
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Singapore’s non-oil domestic exports (NODX) are projected to grow by 2% year-on-year, according to RHB Bank’s latest Global Economics and Market Strategy Report. The report, attributed to Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, highlights the benefits of a resilient global economy and easing monetary conditions on Singapore’s export sector.

In February 2025, Singapore’s NODX expanded by 7.6% year-on-year, recovering from a 2.1% decline in January. This growth, however, fell short of the market consensus of a 9.7% increase. Month-on-month, seasonally adjusted figures showed a 2.6% rise.

Despite the positive outlook, RHB remains cautious due to potential challenges posed by US trade protectionist policies and the risk of escalating global tariff conflicts. These factors could potentially impact Singapore’s export performance in the coming months.

Gan noted the importance of monitoring these developments closely, stating, “We maintain our forecast for NODX to grow by 2.0% YoY with exports set to benefit from a resilient global economy and easing monetary conditions.”

The report underscores the need for vigilance amidst global trade uncertainties, even as Singapore’s export sector demonstrates resilience. Looking ahead, the potential impact of international trade policies will be a key factor to watch in determining the trajectory of Singapore’s NODX growth.
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Singapore’s property market witnessed a significant surge in February 2025, with a record 603 new suburban homes sold for at least S$2m, according to the Urban Redevelopment Authority (URA). This marks the highest number of such transactions in a single month since 1995. The increase follows a strategic release of new projects post-Chinese New Year, with developers capitalising on renewed buyer interest.

New home sales, excluding executive condominiums (ECs), rose to 1,575 units in February, a 45.4% increase from January’s 1,083 units. Including ECs, the sales reached 1,604 units, reflecting a 45.3% rise. This surge is attributed to the launch of major projects like Parktown Residence and ELTA, which collectively accounted for a significant portion of the sales.

Parktown Residence emerged as the top performer, selling 1,041 units at a median price of $2,363 per square foot. Its appeal lies in the amenities of the Tampines North area, including new transport links and retail options. ELTA, located in Clementi, sold 326 units, attracting young families and investors due to its proximity to employment hubs and limited housing supply in the area.

The demand for luxury homes remained subdued, with only three non-landed homes sold for over S$10m. However, the overall market outlook remains positive, with new projects like Aurelle of Tampines Executive Condominium and One Marina Gardens expected to sustain the momentum. Analysts predict a moderate price increase of 2% to 4% for private residential properties this year, with 7,000 to 9,000 new homes anticipated to be sold.
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Developers in Singapore experienced a significant boost in property sales in February 2025, with a 45.4% increase compared to January, reaching 1,575 units sold. This surge was largely attributed to the successful launches of two major projects, ELTA and PARKTOWN Residence, which together accounted for 86.8% of the month’s total sales.

ELTA, located along Clementi Ave 1, sold 326 units, capitalising on its status as the last available parcel for condominium development in the area. Buyers were eager to invest, anticipating potential capital appreciation due to the limited supply. Meanwhile, PARKTOWN Residence in Tampines achieved a remarkable 1,041 units sold, marking it as the first mega project since 2015 to sell over 1,000 units during its launch weekend. This reflects the growing popularity of fully integrated developments and confidence in the Tampines 5-year masterplan.

In terms of market segments, the Outside Central Region (OCR) dominated with 92.2% of total sales, whilst the Rest of Central Region (RCR) and Core Central Region (CCR) accounted for 6.2% and 1.6%, respectively. Singaporeans made up 92.4% of the buyers, with permanent residents and foreigners comprising the remainder.

Looking ahead, March 2025 is expected to continue the momentum with three new launches: Aurea, Aurelle of Tampines (EC), and Lentor Central Residences. These projects have already seen strong sales, with Lentor Central Residences selling 93.3% of its units. Huttons Data Analytics anticipates that developer sales in Q1 2025 will exceed 3,200 units, the highest since 2021, driven by rising wealth and lower interest rates. The property market is projected to grow between 4% and 7% in 2025.
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Private new home sales in Singapore soared by 45.4% in February 2025, reaching 1,575 units compared to 1,083 units in January, according to CBRE Research. This marks a significant increase from February 2024’s 153 units and represents a 13-year high for the month since February 2012.

The surge in sales is attributed to attractive new launches and improved buying sentiment, bolstered by lower mortgage rates. February saw the debut of two major suburban projects: Parktown Residence in Tampines and Elta in Clementi. Parktown Residence, an integrated development, sold 1,041 of its 1,193 units, whilst Elta moved 326 of its 501 units.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted, “The key draw for Parktown Residence was its unique status as an integrated development with direct access to amenities including a retail mall and the future Tampines North MRT station.”

The Outside Central Region (OCR) dominated sales, accounting for 92.2% of February’s transactions, driven by the success of Parktown Residence and Elta. The Rest of Central Region (RCR) and Core Central Region (CCR) contributed 6.2% and 1.6% of sales, respectively.

Looking ahead, CBRE Research forecasts 7,000 to 8,000 new homes will be sold in 2025, with private residential prices expected to rise by 3-6%. The market remains cautiously optimistic, with attractive pricing and a robust pipeline of launches anticipated to sustain momentum.
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Singapore’s non-oil domestic exports (NODX) experienced a modest increase of 2.3% year-on-year in January and February. This growth, however, marks a slowdown from the previous quarter’s 2.4%, primarily due to a deceleration in electronics exports, which rose by 8.2% compared to 14.2% in the fourth quarter of 2024, according to a report by UOB Global Economics and Markets Research.

The report highlights that the electronics sector, a significant component of Singapore’s exports, saw a decline in integrated circuits and PCB assembly, although this was partially offset by improvements in personal computers and telecommunications equipment. Electronics non-oil re-exports also showed a slight increase to 17.1% year-on-year, indicating continued front-loading of exports amidst escalating trade tensions.

UOB’s analysis suggests that the peak in electronics NODX growth has likely passed, with a further moderation observed in February. The report attributes this to the broader regional electronics cycle, which has also peaked in key markets like South Korea and Taiwan.

The uncertainty surrounding trade policy has reached unprecedented levels, as measured by the Trade Policy Uncertainty index. This rise in trade tensions is expected to impact consumer and business confidence, particularly in the United States. UOB maintains its forecast for a 1.5% growth in NODX for 2025, factoring in a potential slowdown in export momentum in the second half of the year due to tariff impacts. This forecast aligns with the official projection range of 1.0% to 3.0% by Enterprise Singapore.
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Singapore’s non-oil domestic exports (NODX) experienced a significant rebound in February 2025, growing by 7.6% year-on-year.

This follows a 2.1% decline in the previous month, highlighting a positive shift in the nation’s trade performance.

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Global law firm Hogan Lovells has announced significant leadership changes, appointing Siew Kam Boon as the new Office Managing Partner for its Singapore office, effective 1 April 2025. Siew Kam takes over from Biswajit Chatterjee, who will transition to the same role in the firm’s Dubai office.

Siew Kam joined Hogan Lovells in January 2025 as Head of Private Equity in the Asia-Pacific (APAC) region and will continue in this capacity. Recognised in Best Lawyers in Singapore for corporate law since 2020, she brings extensive experience in mergers and acquisitions (M&A), private equity, and venture capital across various sectors, including technology and healthcare. “I am keen to build on Bis’s excellent work, leading our highly talented team in Singapore and driving our strategic initiatives,” Siew Kam stated.

Biswajit Chatterjee, who has been with Hogan Lovells since July 2021, will assume his new role in Dubai, succeeding Rahail Ali. Bis, qualified in both the US and India, has a strong background in capital markets and M&A transactions. He will focus on expanding the firm’s India desk from Dubai and enhancing its presence in the Middle East. “Dubai has developed as a natural hub for the India – Middle East – Europe – Africa corridors,” Bis noted, highlighting the strategic importance of the region.

These leadership changes are poised to strengthen Hogan Lovells’ capabilities in both Singapore and Dubai, aligning with the firm’s strategic goals in highly-regulated sectors such as technology and financial services.
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The National Robotics Programme (NRP) has officially launched RoboNexus, an accelerator programme designed to fast-track promising robotics startups and small and medium-sized enterprises (SMEs) in Singapore. Unveiled on 14 March 2025 at RoboSG! 2025, Singapore’s largest robotics showcase, RoboNexus aims to provide tailored mentorship, business development support, and global market access for local startups.

The launch event, held at JTC’s Punggol Digital District, was officiated by Dr Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry. The programme has already benefitted six companies, including LionsBot and KABAM Robotics, by enhancing their product development and expanding industry partnerships.

RoboNexus is guided by an advisory board comprising leaders from government organisations, venture capital, and the global robotics industry. The programme offers customised assistance, including access to technology providers and global markets. “RoboNexus has played a pivotal role in driving dConstruct Robotics’ expansion,” said Chinn Lim, CEO and Co-founder of dConstruct Robotics.

RoboSG! 2025 showcased over 75 cutting-edge robots across 65 booths, illustrating the potential of robotics in real-world applications. The event also featured the signing of a Research Collaboration Agreement and two Memoranda of Understanding to advance robotics research and industry collaboration.

With Singapore ranking second globally in robot density, RoboNexus is set to further strengthen the country’s robotics ecosystem, empowering local startups to capture global market opportunities.
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Asia’s first adventure-based zoological park, Rainforest Wild Asia, has officially opened in Singapore on 12 March 2025. Co-designed by Grant Associates, renowned for their work on Gardens By The Bay, the 13-hectare park offers visitors an immersive experience within the Mandai Wildlife Reserve. The park aims to provide a sensory journey through naturalistic habitats where animals such as the Malayan tiger and hog deer roam freely.

Grant Associates, appointed by Mandai Wildlife Group in 2017, collaborated with CLR Design to develop the landscape vision. The design and build contract was awarded to China Jingye Engineering Corporation in 2020, with DP Architects and DP Green contributing to the project. The park features elevated walkways and various adventure activities, including harnessed tours and freefall experiences, allowing guests to explore different layers of the rainforest.

Over 7,000 native trees and shrubs have been planted to enhance the park’s natural environment. Interactive activities and educational opportunities are integrated throughout, encouraging visitors to engage with the rainforest ecosystem. Andrew Grant, founder and director at Grant Associates, expressed his excitement: “This project redefines what it means to connect with nature. Our approach has been to create a landscape that feels as authentic and immersive as possible.”

The opening of Rainforest Wild Asia marks a significant addition to Singapore’s wildlife attractions, promising to inspire a deeper appreciation for biodiversity and conservation.
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