Industry News

Singapore’s residential property market is experiencing a surge in demand, particularly in suburban areas, according to Morgan Stanley’s latest ASEAN Property Pulse report. The report highlights that the strong take-up rates this year could encourage developers to launch more projects, although sales performance may vary across different locations.

The recent launch of Parktown Residences saw an impressive 87% take-up rate, with units selling at a rapid pace of one every two minutes, as reported by developer UOL. This success, along with the strong sales of City Development’s The Orie, is expected to boost developer confidence in launching new projects throughout the year.

However, the report cautions that sales performance could be inconsistent, especially for projects located closer to the Central Business District (CBD), where investor interest appears to be waning. In contrast, suburban developments such as The Orie, Emerald Of Katong, and Norwood Grand are witnessing stronger demand.

UOL expressed concerns that whilst suburban projects are thriving, launches in the CBD might face challenges due to a muted appetite from residential investors. This trend underscores a shift in buyer preferences towards suburban areas, likely driven by a combination of affordability and lifestyle considerations.

As the year progresses, the property market’s trajectory will depend on how developers respond to these dynamics. The potential for new launches remains high, but the success of these projects will hinge on their location and the evolving preferences of buyers.
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The Singapore Institute of Purchasing and Materials Management (SIPMM) has released the February 2025 Purchasing Managers’ Index (PMI), revealing a contraction in the manufacturing sector. The PMI, a key indicator of economic health, fell to 49.8, down from 50.1 in January, marking a shift into contraction territory.

The decline in the PMI suggests a slowdown in manufacturing activity, which is critical for Singapore’s economy. A PMI reading below 50 typically indicates a contraction in the sector, whilst a reading above 50 signifies expansion. The February figure reflects challenges faced by manufacturers, including supply chain disruptions and fluctuating demand.

The SIPMM report highlights that the contraction was driven by decreases in new orders, production output, and inventory levels. These factors have contributed to a more cautious outlook for the manufacturing industry in the coming months. The report also notes that employment levels in the sector have remained stable, despite the overall downturn.

The PMI is a vital tool for policymakers and businesses to gauge economic trends and make informed decisions. As Singapore navigates these economic challenges, the manufacturing sector’s performance will be closely monitored for signs of recovery or further decline.

Looking ahead, the SIPMM emphasises the importance of addressing supply chain issues and adapting to changing market conditions to support the sector’s recovery. The next PMI release will provide further insights into the trajectory of Singapore’s manufacturing industry.
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Great Eastern has announced a significant initiative to support families in Singapore as part of the SG60 Family initiative, celebrating the nation’s 60th birthday. The insurer will provide S$400 in complimentary gift credits per child, including newborns, and free family insurance coverage throughout 2025. This initiative is in collaboration with the Ministry of Social and Family Development’s Large Families Scheme, introduced during the Singapore Budget 2025.

Families with children aged 16 and below in 2025 can claim S$400 gift credits for each child, with no cap on the total amount. These credits can be used to offset 10% of premiums for various insurance plans, including protection, savings, lifestyle, home, motor, and travel insurance from Great Eastern.

Colin Chan, Managing Director for Group Marketing at Great Eastern, emphasised the importance of financial planning, stating, “Through our SG60 Family initiative, we want families to prioritise financial planning by taking action to build multiple nest eggs that they can count on at different life stages to fulfil their goals and aspirations.”

The initiative aims to enhance financial security for families, allowing them to save for children’s education, upgrade homes, and celebrate significant life milestones. Ishak Ismail, Chairman for Families for Life Council, praised the initiative, noting that financial security enables families to focus on bonding and quality time together.

Great Eastern, a homegrown insurer, has been part of Singapore’s financial landscape since 1908. The company plans to launch more initiatives in 2025 to support communities and strengthen Singapore. Families can register for the SG60 Family initiative to access gift credits, insurance coverage, and exclusive offers.
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Manulife Singapore has launched “Journey To Better,” a campaign inviting Singaporeans and permanent residents to share their personal stories of overcoming critical illnesses. This initiative aims to create a supportive community by highlighting the courage and perseverance of those on the path to recovery. Participants can submit their stories on Manulife’s Facebook or Instagram pages, or on their own profiles using the hashtag #JourneyToBetterSG, until 16 March 2025.

The campaign seeks to foster a conversation about health and longevity in Singapore, as noted by Mark Czajkowski, Chief Marketing Officer of Manulife Singapore. “Journey To Better” is designed to support not only financial health but also physical and mental wellbeing. Czajkowski stated, “By sharing these journeys of recovery, we aim to inspire hope and remind everyone that they are not alone in their battles.”

Manulife Singapore will reward the most inspiring stories with shopping vouchers. The prizes include three grand prizes of $2,200 (S$3,000) each, 12 merit prizes of $220 (S$300) each, and 100 qualifying prizes of $37 (S$50) each. Selected stories may also be featured on Manulife Singapore’s social media channels.

This campaign underscores Manulife Singapore’s commitment to supporting its customers beyond financial security, emphasising the importance of emotional resilience and community support. For more details, participants can visit the campaign website.
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Singtel has partnered with Palo Alto Networks to introduce two innovative solutions aimed at enhancing cybersecurity for enterprises and consumers. The Unified Secure Access Service Edge Convergence and 5G Security-as-a-Slice are designed to address the growing need for robust security in an increasingly digital world.

The Unified SASE Convergence, powered by Palo Alto Networks’ Prisma SASE, combines Software-Defined Wide Area Networking (SD-WAN) and SIM-based authentication to secure IoT devices and verify user identities on Singtel’s network. This solution is crucial as many IoT devices lack end-point security, posing vulnerabilities for businesses and consumers alike.

Additionally, Singtel’s 5G Security-as-a-Slice, enhanced with Palo Alto Networks’ Next Generation Firewall, offers protection for roaming customers against foreign network vulnerabilities and cyber threats. This service employs AI to detect and block malicious websites, applications, and emails, ensuring a safer digital environment.

These solutions are part of Singtel CUBΣ, a suite of AI-powered network services designed to modernise digital infrastructure. Singtel’s CEO, Ng Tian Chong, emphasised the importance of these advancements, stating, “With our strong network and security capabilities, we’re ensuring a zero-trust architecture that offers our customers an unparalleled level of security and performance.”

The integration of 5G capabilities into these solutions allows enterprises to strengthen access controls, gain insights into IoT assets, and monitor internet traffic in real-time. Since its launch, Singtel’s Mobile Protect has safeguarded over 20,000 customers, blocking thousands of cyber threats daily.

As Singtel continues to expand its 5G network, these innovations are set to drive growth and innovation across various sectors, providing secure and efficient digital solutions.
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Deloitte Southeast Asia has unveiled the Amplify Programme, a graduate internship initiative designed to equip new workforce entrants with essential skills for a career in professional services. Commencing in 2025, the programme will host two intakes, welcoming up to 1,000 interns across Indonesia, Malaysia, Singapore, and Thailand. At least 100 of these positions will be based in Singapore.

Participants will receive curated training and practical experience in fields such as accounting, business design, and cyber security. The programme is open to graduating university students from all disciplines and recent graduates with less than three years of work experience. Successful candidates must commit to a 12-week internship, which includes leadership training and networking opportunities.

Eugene Ho, CEO of Deloitte Southeast Asia, stated, “Amplify aims to empower individuals to define for themselves a purposeful career that makes an impact in today’s dynamic work environment.” Upon completion, up to 200 interns demonstrating exceptional capabilities may be offered full-time positions at Deloitte.

The Amplify Programme complements Deloitte’s existing recruitment strategies, including the Inspires and FasTrack programmes. Shariq Barmaky, Country Managing Partner of Deloitte Singapore, emphasised the importance of talent development, saying, “Investing in talent development not only strengthens our capabilities, it also helps ensure the long-term vibrancy of the professional services sector.”

Applications for the programme, which aligns with Deloitte’s global WorldClass ambition to empower 100 million people by 2030, are open until 30 March 2025.
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Singlife has announced the appointment of Justin Ho as the new Chief Executive Officer of Singlife Financial Advisers (SFA), effective from 1 March 2025. This appointment follows regulatory approval from the Monetary Authority of Singapore (MAS). Ho will be tasked with steering the strategic direction of SFA, enhancing service offerings, and expanding the firm’s market presence.

With more than two decades of experience in the financial services industry, Ho has a robust track record in business development and performance management. His previous roles at Singlife and Aviva Singapore focused on distribution and sales development, where he played a pivotal role in opening new channels and driving production for Singlife products.

Ho’s career began as a financial consultant at Prudential Singapore, and he holds a Bachelor of Engineering degree from the National University of Singapore. His extensive experience in various insurance companies in Singapore positions him well to lead SFA in its next phase of growth.

The appointment of Ho is expected to bolster Singlife’s efforts in building strong client trust and accelerating business growth. As the new CEO, Ho’s leadership is anticipated to further enhance the firm’s competitive edge in the financial services sector.
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US-based data software company Hammerspace has announced the establishment of its Asia headquarters in Singapore, marking a significant expansion into the region. This move is motivated by the increasing demand for artificial intelligence (AI), high-performance computing, and GPU-intensive applications. The company has also launched operations in Japan and China, with plans to expand further into other Asian markets in 2025.

Hammerspace’s expansion aligns with Singapore’s Smart Nation and AI initiatives, including the Budget 2025 applied AI initiative and RIE2030 research programmes. As Singapore continues to adopt AI and cloud technologies, businesses are required to enhance their data infrastructure to ensure seamless and high-performance access across hybrid cloud environments. The country’s AI market is projected to reach US$1.40bn in 2025.

The company has reported record growth in 2024, with customer adoption increasing by 32% year-on-year and revenue rising tenfold. Hammerspace’s solutions are utilised across various sectors, including finance, government, leisure, life sciences, media, technology, and retail. Notable clients include Meta, which has achieved significant cost savings and faster data access, and Blue Origin, which has realised over US$1m in cost reductions.

Hammerspace aims to create a single global data environment that spans any storage or cloud location, offering automated data orchestration, enhanced security, and seamless integration with existing infrastructure. The company will also be presenting at Supercomputing Asia from 10 to 13 March 2025, further solidifying its presence in the region.
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Tencent Cloud has announced a strategic partnership with Singapore-based Trident Digital Tech Holdings Ltd, marking a significant step in digital innovation. Trident will migrate its entire digital service operations onto Tencent Cloud’s infrastructure, incorporating advanced metaverse solutions. This collaboration positions Trident as Tencent Cloud’s pioneering Metaverse-in-a-Box customer in Singapore.

Tridentity, Trident’s flagship product, is a blockchain-based identity solution offering secure single sign-on authentication for third-party systems. It aims to enhance security features, protecting sensitive information and preventing threats. Trident plans to utilise Tencent Cloud’s infrastructure, including Cloud Virtual Machine, TencentDB, and EdgeOne, to serve millions of monthly active users by 2025, particularly in Southeast Asia and Africa.

The partnership will see Trident leveraging Tencent Cloud Blockchain as a Service for rapid deployment, ensuring a scalable infrastructure to support business expansion. Tencent Cloud’s Metaverse-in-a-Box will enable Tridentity to deliver seamless customer experiences across various sectors in Southeast Asia. This includes high-performance products like EdgeOne, which will accelerate services and protect APIs from threats.

Trident has already demonstrated its capabilities by creating a metaverse for the Singapore National Day Parade in 2024, featuring games and landmarks. With Tencent Cloud’s support, Trident scaled its infrastructure in three days, allowing thousands to enjoy the metaverse.

Ken Siow of Tencent Cloud expressed excitement about the partnership, highlighting the benefits of the Metaverse-in-a-Box solution. Soon Huat Lim of Trident emphasised the revolutionary impact on digital identity and access within their metaverse ecosystem.
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YouTrip, Singapore’s leading multi-currency digital wallet, has unveiled its latest overseas transfer feature, enabling users to send money abroad with competitive exchange rates and a transparent fee structure. This new service, launched in December 2024, aims to meet the growing demand for efficient international remittance services.

Since its phased introduction, the feature has gained traction, particularly during the Chinese New Year period, with users able to remit funds to over 40 countries, including Malaysia, Indonesia, India, the Philippines, and Australia. Transfers can be made directly to overseas bank accounts or via FAST payment methods like DuitNow, GCash, and UPI in select countries.

Caecilia Chu, Co-Founder and CEO of YouTrip, stated, “YouTrip has redefined how individuals make cross-border payments since our inception. With our new overseas transfer feature, we’re excited to offer users the ability to send money to loved ones abroad with the same ease, cost-effectiveness and security they have come to expect from YouTrip.”

The service is designed for simplicity, allowing users to specify the amount, add recipient details, and track the transfer status in real-time via the mobile app. Users can send up to S$20,000 per transaction and S$100,000 annually. To celebrate the launch, YouTrip offers a S$5 cashback for the first two transfers over S$300, valid until 31 March 2025.

Security remains a priority, with multi-layered measures such as OTP verification and biometric authentication for transactions over S$1,000. These features ensure a secure and user-friendly experience, reinforcing YouTrip’s commitment to innovation in digital finance services.
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