Industry News

PARKTOWN Residence, a major residential development in Tampines, saw a remarkable sales performance during its launch weekend, with over 87% of its 1,193 units sold. UOL Group Limited and CapitaLand Development reported that 1,041 units were snapped up, primarily by Singaporeans seeking homes for personal use and investment purposes.

The development’s appeal lies in its status as a fully integrated residential and lifestyle hub. It boasts direct connections to a retail mall, the upcoming Tampines North MRT station, a bus interchange, a green boulevard, a community club, and a hawker centre. This comprehensive connectivity and convenience have made it a prime choice for prospective homeowners.

A spokesperson for UOL and CLD highlighted the development’s strategic location and the allure of its upscale, spacious flats. “With its prime location and upscale, spacious flats, PARKTOWN Residence stands out as a highly desirable choice for homeowners seeking both convenience and quality,” they stated.

The successful launch of PARKTOWN Residence underscores the strong demand for integrated living spaces in Singapore, particularly in well-connected areas like Tampines. As the first major property launch of the year, it sets a positive tone for the real estate market in 2023. Future developments in the area, such as the completion of the Tampines North MRT station, are expected to further enhance the attractiveness of this residential project.
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AsiaMedic Limited and Sunway Group have unveiled a new medical diagnostic imaging centre at Royal Square in Novena, Singapore. This collaboration marks a significant expansion in AsiaMedic’s capacity, nearly doubling its diagnostic imaging capabilities. The centre spans close to 6,000 square feet and offers advanced imaging services, including computed tomography (CT) and magnetic resonance imaging (MRI).

The centre is equipped with state-of-the-art technology, such as the SIGNA™ Hero 3T MRI scanner, which provides faster scans and clearer images, and the Revolution™ Apex Elite CT scanner, known for its high-resolution imaging with low-dose radiation. These advancements aim to improve patient comfort and diagnostic accuracy.

Located in Singapore’s premier medical hub, the centre enhances accessibility and patient experience, addressing the increasing demand for medical imaging services. Arifin Kwek, CEO of AsiaMedic, stated, “The launch of AsiaMedic Sunway Imaging reflects our mission to detect early illnesses to achieve positive experiences and clinical outcomes for our patients through advanced diagnostic imaging.”

This strategic partnership between AsiaMedic and Sunway Group, a leading Southeast Asian conglomerate, represents a milestone in bringing integrated healthcare expertise to regional and international markets. Sarena Cheah, Deputy Executive Chairman of Sunway Group, emphasised the importance of this collaboration in setting new benchmarks for comprehensive medical care.

The launch of the new centre aligns with AsiaMedic’s growth strategy and commitment to innovation, positioning the group to capture opportunities in Singapore’s specialist healthcare sector. Sunway Group continues to advance its healthcare services, with its flagship Sunway Medical Centre in Kuala Lumpur recognised among the top 250 hospitals globally.
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Huttons Asia has announced that the launch weekend for ELTA and ParkTown Residence attracted significant interest, with over 3,000 buyers leading to the sale of 1,369 units. This strong performance has prompted Huttons to revise their full-year sales forecast for 2025 to between 7,500 and 8,500 units, up from an earlier estimate of 7,000 to 8,000 units.

ParkTown Residence, located in Tampines, achieved a remarkable feat by selling 1,041 units, or 87%, during its launch weekend. This success is attributed to the project’s fully integrated development and the appeal of the Tampines 5-year masterplan, which includes the nearby Tampines Boulevard Park. The development is a joint venture by three experienced developers and offers a range of amenities including an MRT station, bus interchange, retail mall, hawker centre, community club, covered plaza, and park.

The project has drawn interest from HDB upgraders and investors alike, thanks to its proximity to major employment hubs such as Tampines Regional Centre, Changi Business Park, and Punggol Digital District, as well as international schools like UWCSEA East Campus. The most popular units were the 2- and 3-bedroom types, with the 2-bedroom units nearly sold out.

Huttons Data Analytics estimates that developer sales in February 2025 will exceed 1,500 units, with total sales for the first two months of the year estimated between 2,500 and 2,700 units. This represents 39% of the total sales of 6,469 units in 2024. Prices in the property market are expected to grow between 4% and 7% in 2025, barring unforeseen circumstances.
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The recent launch of ELTA in Clementi and Parktown Residence in Tampines over the weekend of 22-23 February has seen a remarkable response from homebuyers, with both developments achieving impressive sales figures. This surge in demand highlights a resurgence in buyer confidence within Singapore’s private residential market.

ELTA, a 99-year leasehold project located along Clementi Avenue 1, sold approximately 65% of its 501 units. This marks the first new private condominium launch in Clementi since December 2020, indicating pent-up demand in the area. The development’s diverse unit layouts, particularly the 1- and 2-bedroom types priced below $2.2 million, attracted a mix of investors and HDB upgraders. The project’s proximity to educational institutions and employment hubs further boosted its appeal.

Meanwhile, Parktown Residence, an integrated development in Tampines Avenue 11, achieved an impressive 87% sales rate, moving 1,041 of its 1,193 units. This performance set a new record for the highest number of units sold over a launch weekend, surpassing the previous record held by Emerald of Katong. The development’s integration with the future Tampines North MRT station and its on-site retail offerings contributed to its popularity among buyers.

Collectively, ELTA and Parktown Residence sold over 1,300 units during the launch weekend, exceeding the total number of new private homes transacted in January. This strong sales momentum is expected to continue into March, signalling a promising start for the primary market in 2025.
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Honeywell, in collaboration with the Singapore Economic Development Board (EDB), has announced the establishment of a Centre of Excellence in Singapore. This initiative, powered by the Honeywell Forge IoT platform, aims to deploy AI and machine learning technologies to help building owners and operators reduce carbon emissions from commercial buildings. The centre supports the Singapore Green Plan 2030 and the nation’s target of achieving net-zero emissions by 2050.

The Centre of Excellence will utilise the Honeywell Forge IoT platform, a predictive maintenance and energy management solution, to provide a comprehensive view of a building’s life cycle and energy use. This integration will enable building decision-makers to enhance their visibility into energy management, optimisation, and predictive analytics, ultimately improving maintenance needs.

Buildings contribute to over 20% of Singapore’s carbon emissions, according to the Building and Construction Authority. Honeywell’s centre aims to collaborate with building owners and operators to deploy solutions that align with the Singapore Green Plan’s carbon-reduction goals. Nigel Brockett, President of Asia Pacific at Honeywell, stated, “Buildings represent a significant opportunity for carbon reduction, particularly when owners can effectively monitor and optimise energy use to manage their environmental impact.”

The centre is expected to commence operations in 2025, initially focusing on Singapore-based sectors such as healthcare, data centres, and education. By 2026, Honeywell plans to extend its services to other Southeast Asian nations, addressing their specific sustainable building goals. Lim Tse Yong, Senior Vice President at EDB, expressed optimism about the centre’s potential, stating, “We look forward to the impactful solutions this Centre will develop for Singapore and the wider region.”

This partnership with EDB aligns with Honeywell’s focus on automation and sustainable solutions, reinforcing its commitment to addressing global environmental challenges.
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Knight Frank Singapore has announced the successful sale of River Valley Flats for $41 million (S$56 million), marking the first collective sale site sold in 2025. The property, located in the desirable River Valley neighbourhood in district 10, was sold through a tender process that concluded on 18 February. A Singapore family office purchased the site with plans to convert it into serviced flats.

The sale price equates to a land rate of approximately $1,191 (S$1,622) per square foot per plot ratio, inclusive of a nominal land betterment charge. The freehold property, zoned as ‘Residential’ under the Urban Redevelopment Authority’s Master Plan 2019, spans 1,152.7 square metres. It has received outline permission for serviced flats.

Chia Mein Mein, Head of Capital Markets at Knight Frank Singapore, noted the property’s appeal due to its prime location and potential for development into niche residences or serviced flats. “The tender for River Valley Flats attracted very keen interest,” she said, highlighting the property’s strategic position near Great World MRT Station and various amenities.

The sale is significant as it is the first residential collective sale in a prime district since May 2023. Jerry Tan, Chairman of the River Valley Flats Collective Sale Committee, expressed satisfaction with the outcome, stating, “The expertise of the Knight Frank team has enabled us to find success at our first tender attempt.”

The 24-unit development’s owners will receive sale proceeds ranging from $1.49 million (S$2 million) to $1.94 million (S$2.6 million) per unit. This transaction underscores the growing interest in co-living and serviced flats in Singapore, particularly post-pandemic, as young professionals seek alternative housing options.
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Dr Lillyn Teh has made a significant contribution to Singapore Management University (SMU) with a $2m donation, following her initial gift of $3.14m in April 2024. This new donation, announced on 21 February, coincides with SMU’s silver jubilee and aims to expand the Lillyn Teh Endeavour Study Award and launch the Lillyn Teh Global Endeavour Grant, reinforcing SMU’s commitment to breaking financial barriers and enriching student experiences.

The latest gift will provide 25 additional non-bonded Study Awards, each valued at $40,000, to be disbursed in the academic year 2025–26. Additionally, 250 students will benefit from a $4,000 Global Endeavour Grant, enabling participation in overseas exposure activities such as international exchange programmes and global internships. This initiative aligns with SMU’s policy of mandatory global exposure for students, supported by a network of over 220 partner universities worldwide.

Dr Teh, a former educator and pension fund manager, emphasised the importance of education in bridging socioeconomic gaps. “Education is the foundation for success and a means to bridge socioeconomic gaps,” she stated. SMU President Lily Kong expressed gratitude for Dr Teh’s generosity, highlighting the impact on students from disadvantaged backgrounds.

SMU, established in 2000, is recognised for its research and teaching excellence. The university offers a range of programmes across its eight schools, focusing on interdisciplinary research and collaboration with international partners. Dr Teh’s donation is seen as an investment in nurturing future leaders who are adaptable and globally competitive.
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Following the announcement of Singapore’s Budget 2025, Confluent and Coursera have expressed strong support for the government’s commitment to investing in technology and upskilling initiatives. The budget, unveiled by Prime Minister Wong, aims to bolster Singapore’s workforce by enhancing digital capabilities and providing robust support for skill development.

Confluent, a leader in data streaming technology, highlighted the importance of these investments in maintaining Singapore’s competitive edge in the global tech landscape. “The government’s focus on technology and upskilling is crucial for driving innovation and ensuring that Singapore remains at the forefront of digital transformation,” said a Confluent executive.

Coursera, a prominent online learning platform, echoed these sentiments, emphasising the role of continuous learning in adapting to the rapidly changing job market. “Upskilling is not just a necessity but a strategic advantage,” a Coursera executive stated. “The initiatives announced in Budget 2025 will empower Singaporeans to thrive in the digital economy.”

The budget’s focus on technology and skills development is expected to have far-reaching implications, potentially leading to increased job opportunities and economic growth. As Singapore positions itself as a hub for technological innovation, these investments are seen as vital to sustaining long-term economic resilience.

Looking ahead, both Confluent and Coursera are keen to collaborate with the government to further these initiatives, ensuring that Singapore’s workforce is well-equipped to meet future challenges.
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LHN Energy has expressed strong support for the recent Singapore Budget, which introduces measures to accelerate the decarbonisation of the transport sector. The Budget, announced on Tuesday, includes incentives for electric heavy vehicles and the development of charging infrastructure, which are seen as pivotal steps towards achieving Singapore’s net-zero goals.

The Heavy Vehicle Zero Emissions Scheme and the Electric Heavy Vehicle Charger Grant are designed to reduce cost barriers for businesses transitioning to electric vehicles. Jeremy Ong, General Manager of LHN Energy, highlighted that these initiatives reflect the government’s understanding of the challenges faced by fleet operators and provide practical solutions to facilitate their transition.

Beyond environmental benefits, Ong emphasised that sustainability is also an economic imperative. “By embracing electric heavy vehicles, businesses can mitigate long-term fuel costs and operational expenses whilst contributing to a greener future,” he stated. LHN Energy has long advocated for a comprehensive electric vehicle (EV) ecosystem, which includes not just vehicle adoption but also the development of a robust charging infrastructure.

The government’s co-funding approach aligns with LHN Energy’s vision of an integrated and accessible charging network, which is essential for widespread EV adoption across industries. Whilst acknowledging the introduction of the Additional Flat Component for electric heavy vehicles, Ong believes that the economic advantages of electrification will outweigh initial costs in the long run.

The Budget’s measures are seen as reinforcing Singapore’s position as a leader in green transport innovation. LHN Energy remains committed to supporting businesses in this journey and plans to continue innovating and expanding its suite of EV solutions to drive a cleaner, more energy-efficient future. With the right incentives and infrastructure, the transport sector is poised to accelerate its transformation towards sustainability.
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Singapore’s Prime Minister and Minister for Finance, Lawrence Wong, announced the Singapore Budget 2025 on 18 February, focusing on enhancing the country’s competitiveness amidst global uncertainties. Key initiatives include a 50% corporate tax rebate for the Year of Assessment 2025 and a S$3b top-up to the National Productivity Fund, aimed at reducing operational costs for businesses.

The Budget introduces several measures to support technological innovation and enterprise growth. A new Global Founder Programme will attract international entrepreneurs, whilst a S$1b Private Credit Fund will provide financing options for high-growth local enterprises. Additionally, tax incentives are set to rejuvenate Singapore’s stock market, encouraging more corporate listings on the Singapore Exchange.

Significant investments in research and development (R&D) and infrastructure are also highlighted. Over S$10b will be allocated to R&D and infrastructure projects, including a S$5b boost to the Future Energy Fund to support clean energy initiatives. The Budget also outlines plans for a new Enterprise Compute Initiative to facilitate AI adoption among businesses.

Workforce transformation is another focus, with enhancements to the SkillsFuture Workforce Development Grant and additional support for hiring seniors and former offenders. These initiatives aim to help businesses manage labour costs whilst expanding their workforce.

Overall, the Singapore Budget 2025 sets a strategic direction for the nation, addressing immediate business challenges and laying the groundwork for a resilient future.
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