Industry News

The Urban Redevelopment Authority (URA) has announced the results of the government land sales tender for Media Circle Parcel A, located in the one-north precinct of the Rest of Central Region. The site, which can accommodate approximately 325 private residential units and 400 square metres of commercial space, received a moderate response with three bids. The highest bid, amounting to S$315m, was jointly submitted by Qingjian Realty, Forsea Holdings, and Hoovasun Holding, translating to a land rate of S$1,037 per square foot per plot ratio (psf ppr).

This bid is notably lower than the S$1,191 psf ppr achieved for a nearby site, set to become Bloomsbury Residences, awarded to Qingjian Realty and Forsea Holdings in February 2024. Wong Siew Ying, Head of Research and Content at PropNex, noted that the distance from the nearest MRT station and the lack of nearby primary schools might have contributed to the measured interest from developers.

Despite these challenges, the thriving research and development sector in one-north and government plans to enhance biosciences and medtech infrastructure could bolster housing demand in Media Circle. The Budget 2025 announcement of new state-of-the-art facilities aims to attract more companies and workers, potentially increasing homebuying and leasing interest.

Looking ahead, developers are expected to remain cautious in their site acquisition strategies, focusing on key locational attributes. The tender for Media Circle Parcel B, which could yield 500 residential units, is set to close in April 2025. The projected average selling price for developments on Parcel A is anticipated to exceed S$2,500 psf.
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The recent Urban Redevelopment Authority (URA) tender for Media Circle Parcel A, a residential site with commercial space on the first storey, concluded with a cautious response from developers. Despite a strong performance in January’s new launches, only three bids were submitted for the 325-unit plot, reflecting developers’ selective approach amidst economic uncertainties and rising costs.

The top bid of S$315m, or S$1,037 per square foot per plot ratio (psf ppr), was placed by a consortium of Qingjian Realty, China Communications Construction Co., and Siong Construction & Engineering Pte Ltd. This bid was 13% lower than the adjacent Media Circle site, which was awarded at S$1,191 psf ppr in February 2024. The top bid also surpassed the next highest offers from EL Development and Sing-Haiyi by 6% to 7%.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that developers are likely cautious due to the availability of more attractive sites under the Government Land Sales (GLS) programme, coupled with heightened construction and financing costs. The location’s appeal is further limited by its distance from the nearest MRT station and lack of comprehensive amenities, making it less attractive to local owner-occupiers.

The one-north area, known for its strategic R&D hub, appeals more to expatriates and young professionals. However, the ample new supply and potential competition from upcoming projects like Bloomsbury Residences and unsold inventory at nearby developments may also deter developers. The future launch price for the Media Circle project is expected to be around S$2,350 to S$2,450 psf, lower than nearby projects closer to the MRT station.
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SC Capital Partners, a Singapore-based private equity real estate firm, has announced the successful sale of a student accommodation asset in Sydney to UNSW Sydney. The property, located at 159-171 Anzac Parade and 1 Lorne Avenue Kensington, was sold at a significant premium to its acquisition price and a 19% premium to its current book value. The asset, which includes 233 student beds and a commercial podium, is strategically situated within 600 metres of the UNSW Kensington Campus.

The student accommodation, fully leased to UNSW, benefited from a 20-year master lease secured by SC Capital Partners in 2019, enhancing its income profile and valuation. Since its acquisition in 2016, the Sydney student accommodation market has seen substantial growth due to increased enrolments, highlighting the robust demand for such living assets in Australia.

Suchad Chiaranussati, Chairman and Founder of SC Capital Partners, stated, “This high-profile asset has delivered excellent value and return for our investors. As an investment manager committed to key investment thematics with strong demographic driven tailwinds, we were an early mover in the highly sought after student accommodation sector.”

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DBS has launched a new service, DBS SecureFX, enabling small and medium-sized enterprises (SMEs) to lock in foreign exchange rates up to one month in advance. This service, a first for a Singapore bank, allows SMEs to secure rates for up to US$1m across five currency pairs without requiring credit lines or incurring additional costs. The initiative is part of DBS’ efforts to support SMEs as they expand into global markets.

The introduction of DBS SecureFX comes as SMEs increasingly engage in cross-border transactions. According to DBS’ Business Pulse Check Survey, 70% of SMEs plan to allocate capital towards regionalisation. In 2024, over 80% of SME customers conducted foreign exchange transactions for cross-border payments. With the recent spike in volatility for currencies like the Euro, Japanese Yen, and British Pound, DBS SecureFX offers a solution for managing cash flow and foreign exchange risks.

Eileen Chia, Regional Head of Corporate Advisory, Global Financial Markets at DBS, emphasised the bank’s commitment to supporting SMEs: “SMEs form the bedrock of Singapore’s economy and contribute around half of our country’s GDP. As a purpose-driven bank with our roots as the Development Bank of Singapore, we are committed to supporting our SMEs as they expand into regional markets to capture new opportunities across Asia.”

DBS SecureFX is currently available to SME and selected corporate customers in Singapore through the DBS IDEAL platform, with plans to extend the service to other corporate customers. The bank has been recognised for its innovative approach to foreign exchange services, having been named Most Innovative Bank for Foreign Exchange and Singapore’s best foreign exchange bank by Global Finance in 2025.
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Huttons Asia has provided insights into the recent enhancements to the Silver Housing Bonus (SHB) and the increase in the Fresh Start Housing Grant, which aim to improve retirement adequacy and support home ownership for families with children. The changes allow seniors to retain cash proceeds whilst using refunded CPF monies to qualify for the SHB, potentially encouraging them to downsize to smaller flats.

This could increase the supply of larger resale flats and alleviate market tightness by 2025, although demand for smaller units may rise.

The SHB is now extended to private property owners with an annual value up to S$31,000 who choose to downsize. However, Huttons notes that the annual value threshold is low, limiting the number of private property owners who can benefit. Consequently, the impact on both the private residential and HDB resale markets is expected to be minimal.

Additionally, the Fresh Start Grant has been increased to S$75,000 for second-timer families with children living in public rental flats. These families can now purchase flats with flexible lease terms ranging from 45 to 65 years, provided the lease covers the youngest applicant until age 95. Whilst this offers families a permanent home, it may limit their ability to monetise the flat for retirement due to the decaying lease.

Huttons anticipates that the number of families benefiting from the Fresh Start Grant will be small, with negligible effects on the resale market.
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The Housing Development Board (HDB) is set to launch its first Build-To-Order (BTO) project at Mount Pleasant in October 2025. This development is expected to attract significant interest due to its prime location, situated close to Mount Pleasant MRT station and less than 1km from Toa Payoh. Nearby educational institutions include CHIJ Primary (Toa Payoh) and Singapore Chinese Girls’ School (Primary).

The Mount Pleasant BTO may be classified as a Prime BTO, given the high resale flat prices in the mature estate of Toa Payoh, which boasts one of the highest numbers of million-dollar resale flats. Consequently, the government might need to offer additional subsidies to ensure these flats remain affordable and accessible to potential buyers.

Pricing for a four-room flat in this development is anticipated to start at S$525,000. The project will feature blocks exceeding 40 storeys, with top-floor units potentially offering unblocked views of the city and commanding prices above $700,000.

Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, commented on the project’s appeal, noting its strategic location and the potential for high demand. As the launch approaches, prospective buyers are likely to keep a keen eye on the details of this coveted BTO project.
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European multinational corporations are set to engage with Singapore’s young talent through the European Career Connect: Business Open House Week, spearheaded by the European Chamber of Commerce (EuroCham) Singapore. Scheduled from 24 to 28 March 2025, this initiative will provide local undergraduates, postgraduates, and early-career professionals with the chance to explore career opportunities within leading European firms.

The event is organised in collaboration with five major Singaporean universities: National University of Singapore, Nanyang Technological University, Singapore University of Technology and Design, Singapore Management University, and Lee Kuan Yew School of Public Policy. This partnership aims to offer students from diverse academic backgrounds invaluable industry exposure.

Participants will have the opportunity to gain first-hand experience working with European companies, exploring their innovations and activities. The initiative also promises insights into workplace culture, career opportunities, and company operations. This exposure is expected to enhance the participants’ understanding of the professional landscape within European firms.

The European Career Connect: Business Open House Week represents a significant effort by EuroCham Singapore to bridge the gap between education and industry, providing a platform for young Singaporeans to connect with potential employers and explore future career paths. As the event unfolds, it is anticipated to foster stronger ties between European businesses and Singapore’s emerging workforce, potentially leading to increased employment opportunities and collaborations in the future.
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F5 and StarHub have signed a Memorandum of Understanding (MoU) to enhance multicloud security, networking, and digital experiences for enterprises in Singapore and the Asia-Pacific region. Announced at the Mobile World Congress 2025 in Barcelona, this five-year partnership focuses on co-developing solutions to address the complexities of multicloud environments, ensuring security, performance, and operational efficiency.

The collaboration will see StarHub bolster its Cloud Infinity programme by integrating F5’s advanced cloud-based application security and delivery solutions. This move comes as organisations increasingly adopt hybrid and multicloud strategies, facing challenges such as fragmented security and operational complexity.

Key areas of focus include strengthening multicloud networking, enhancing security and observability, simplifying cloud operations, and supporting digital transformation. By optimising traffic and securing applications, F5 empowers StarHub to deliver a seamless, high-performance cloud experience.

Ayush Sharma, Chief Technology Officer at StarHub, stated, “Our partnership with F5 strengthens StarHub’s Cloud Infinity programme by integrating advanced security, networking, and application delivery capabilities.” Ahmed Guetari, General Manager of the Service Provider Business at F5, added, “This partnership will deliver integrated security solutions that address the growing need for secure, multi-environment connectivity whilst significantly reducing operational complexity.”

The partnership aims to extend F5’s expertise in simplifying cloud workload management and enhancing application security, helping organisations manage complex hybrid and multicloud environments effectively.
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The Housing Development Board (HDB) resale market in Singapore experienced a 0.9% increase in prices in February 2025 compared to the previous month, according to the latest SRX Media Flash Report. This rise in prices comes alongside a 9.7% decline in transaction volumes, with 2,104 flats changing hands.

The report highlights that prices in Mature Estates rose by 1.5%, whilst Non-Mature Estates saw a 0.4% increase. Among room types, 3-room, 5-room, and Executive flats saw price hikes of 2.2%, 1%, and 3.1%, respectively, whereas 4-room flats experienced a slight decrease of 0.2%. Year-on-year, overall prices surged by 9.8%, with all room types recording increases: 3-room by 11.4%, 4-room by 9.5%, 5-room by 9.2%, and Executive by 7.7%.

Despite the price increases, the number of transactions fell. February’s resale volumes were 1.4% lower than the same month last year. Notably, 58.5% of these transactions occurred in Non-Mature Estates, with the remainder in Mature Estates.

The month also saw 121 flats sold for at least US$735,000 (S$1,000,000), up from 119 in January. These million-dollar transactions accounted for 5.8% of the total resale volume. The highest price recorded was Us$1,145,000 (S$1,558,000) for a 5-room flat in Toa Payoh, whilst the top price in Non-Mature Estates was US$808,000 (S$1,100,888) for an Executive flat in Yishun.

As the market continues to evolve, these trends indicate a robust demand for HDB resale flats, particularly in Mature Estates and among larger room types.
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Singaporeans lost an estimated S$590m to hidden fees in international payments in 2023, according to a recent study by Edgar, Dunn & Company. This financial leakage is primarily due to undeclared exchange rate markups, which many consumers are unaware of. The situation is expected to worsen, with projections indicating losses could reach S$1.03b by 2029.

The study highlights a significant gap in consumer understanding. Although 70% of Singaporeans who make international payments believe they understand the costs involved, only 14% are aware of hidden fees. This misunderstanding is exacerbated by the lack of transparency from many financial service providers in Singapore, who do not clearly disclose the full breakdown of fees.

Small and medium enterprises (SMEs) are particularly affected, having lost S$5.66b in 2023 alone due to these hidden fees. Larger enterprises also suffered, with losses amounting to $142 million. The study suggests that regulatory intervention, such as banning foreign exchange markups or mandating full fee disclosure, could alleviate the financial burden on consumers and businesses.

Banks remain the most popular method for transferring money overseas, used by 63% of Singaporeans, followed by PayPal at 31% and Western Union at 24%. However, 44% of bank users are unsure or do not believe their bank makes it easy to understand international transfer costs. Among these users, 68% expressed that they would better understand the fees if transparency improved.

The findings underscore the importance of transparency in international payments, as 36% of consumers prioritise exchange rates and fees when transferring money. Singaporeans deserve to know the exact costs involved in sending money overseas to make informed financial decisions.
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