Industry News

Alipay has reported a remarkable increase in both inbound and outbound spending during the 2025 Chinese New Year, with Singapore emerging as the top destination for Chinese travellers. Alipay transactions by outbound Chinese tourists across its global merchant network rose by 30% year-on-year, while spending in Singapore increased by 56%, making it the most popular destination. Other destinations with significant growth included Japan, Malaysia, Hong Kong SAR, and South Korea.

The surge in spending is attributed to Alipay’s exclusive Chinese New Year campaign, which leveraged its cross-border mobile payment solutions. This allowed users of 35 e-wallets in Asia and Europe to make payments across 66 markets without currency exchange or cash.

Inbound travel spending in China also saw a substantial rise, with a 150% year-on-year increase in the first five days of the holiday. The number of inbound travellers using their home e-wallets supported by Alipay+ nearly doubled during the first four days. Visa-free policies and new payment options have been instrumental in attracting international visitors to experience Chinese New Year traditions.

Alipay’s partnerships with major payment networks like Visa and Mastercard have facilitated seamless payments for international travellers in China. This has led to a 200% increase in spending from visa-free origins.

The growth in Alipay transactions highlights the increasing demand for digital payment solutions and the appeal of personalised travel experiences. As Alipay continues to expand its global merchant network, it is poised to further enhance the travel experience for Chinese tourists and international visitors alike.

Perennial Holdings Private Limited and Far East Organisation have announced the unveiling of Aurea, a new 45-storey residential tower in Singapore’s Golden Mile.

This development, featuring 188 exclusive homes ranging from two- to six-bedrooms, is set to redefine city living by blending modern luxury with the iconic architectural heritage of The Golden Mile. Prices for these residences start at $1.92m, with the development expected to be completed in the second quarter of 2029.

Aurea’s design pays homage to The Golden Mile’s Brutalist architecture whilst incorporating modern tropical elements. The tower offers a variety of living spaces, including the Prestige, Signature, and Sky Villa Collections, each designed to maximise light and space. The Sky Villa Collection includes duplex and triplex penthouses with private pools and panoramic views.

Ms Shaw Lay See, Chief Operating Officer of Far East Organisation’s Sales & Leasing Group, highlighted Aurea’s unique appeal, stating, “Aurea presents an exceptional opportunity for homebuyers to own a residence that melds modern luxury with a sense of history.”

The Aurea sales gallery will open for previews by appointment from 22 February 2025, with the official launch on 8 March 2025. Situated in the Downtown Core, Aurea offers prime connectivity to key destinations and is part of a broader revitalisation effort in the area. The development promises a lifestyle enriched with curated facilities, including infinity pools, a gym, and dining pavilions, all seamlessly connected to The Golden Mile.

Singapore Management University (SMU) has announced the establishment of the Margaret Chan-Lien International Exchange Scholarship, funded by a generous $3m gift from philanthropist Margaret Chan-Lien.

Starting in August 2025, the scholarship will provide financial support to 20 undergraduates annually, enabling them to participate in international student exchange programmes. This initiative aims to broaden students’ global perspectives and enhance their future career opportunities.

The scholarship, part of SMU’s 25th-anniversary celebrations, will offer eight scholarships valued at $5,000 each for exchanges in Asia and 12 scholarships valued at $10,000 each for exchanges outside Asia. It is open to Singapore citizens and permanent residents with financial needs and good academic standing. The funds will cover expenses such as air travel, accommodation, and living costs.

SMU President, Professor Lily Kong, expressed gratitude for the donation, highlighting its alignment with the university’s mission to nurture globally-minded leaders. Chan-Lien, inspired by her own experiences, hopes the scholarship will foster independence and cultural awareness among students.

SMU, known for its commitment to global exposure, has over 220 partner universities worldwide. The university’s needs-blind admission policy ensures that financial hardship does not hinder deserving students from accessing education. In 2024, SMU allocated over S$10 million in financial aid, and the new scholarship further strengthens its support for students’ international experiences.

Singatac Engineering Pte Ltd, a prominent subsea fabricator in Singapore, has announced a strategic investment in Aligned Energy Pte Ltd, a pioneering green diesel manufacturer also based in Singapore. This undisclosed investment marks a significant step towards sustainable energy solutions, reinforcing Singapore’s leadership in the global green fuels market.

Singatac Engineering’s investment aligns with its commitment to environmental sustainability, supporting the development of renewable energy sources. Aligned Energy’s green diesel, derived from cultivated biomass, offers a cleaner alternative to fossil fuels, potentially reducing carbon emissions. “Our investment in Aligned Energy underscores our commitment to fostering innovative solutions that not only meet the demand for greener liquid fuels but also restore depleted land,” said Torben Fong, Managing Director of Singatac Engineering.

Founded in 2024, Aligned Energy focuses on producing advanced biofuels, with its technologies enabling efficient conversion of biomass from ex-bauxite mining sites in Indonesia into high-quality fuels. Jean-Jacques Lavigne, co-Founder and CEO of Aligned Energy, stated, “Partnering with Singatac Engineering presents a tremendous opportunity for us to implement and scale up our plans more swiftly.”

The collaboration aims to create synergies by combining Singatac’s engineering expertise with Aligned Energy’s technological innovations, enhancing the scalability and decentralisation of green diesel production. This partnership is expected to generate economic and environmental benefits, including job creation and reduced greenhouse gas emissions.

Both companies share a vision for a sustainable future, with plans to expand green diesel production in Indonesia and distribute it via Singapore, an efficient energy trading hub.

PARKTOWN Residence, Singapore’s largest integrated residential and lifestyle development, will open for public previews on 7 February 2025, with sales bookings commencing on 22 February. Developed by UOL Group Limited, Singapore Land Group Limited, and CapitaLand Development, this ambitious project is strategically located at Tampines Street 62 and features 1,193 residential units.

The development is a 99-year leasehold and offers a range of flat sizes, with prices starting at $1.07m for a one-bedroom plus study. PARKTOWN Residence is directly connected to a retail mall, the future Tampines North MRT station, a bus interchange, and a green boulevard, enhancing its appeal as a one-stop lifestyle hub.

UOL Group Chief Executive Liam Wee Sin highlighted the project’s unique integration of upscale living with high-quality amenities, stating, “PARKTOWN Residence is a fully integrated development that enfolds a green boulevard where you can feel the immensity of space within a five-hectare site.”

The development’s design draws inspiration from Tampines town’s leaf-like shape, incorporating interconnected roads, rail lines, and cycling paths. Residents will have access to a variety of facilities across four thematic zones, including two 50-metre infinity lap pools, a hydrotherapy pool, co-working lounges, and child-friendly spaces.

CLD (Singapore) CEO Tan Yew Chin emphasised the project’s vision of a nature-inspired home, noting its convenience and connectivity. The launch comes amid Singapore’s economic rebound, with UOL General Manager Anson Lim anticipating strong demand due to the area’s last private residential launch occurring in March 2019.

PARKTOWN Residence promises to be a vibrant community hub, offering an active, eco-conscious lifestyle with easy access to Pasir Ris, East Coast Park, and the Round Island Route.

The luxury non-landed property market in Singapore concluded 2024 robustly, as detailed in Huttons’ Prestige Report for the fourth quarter of 2024. Despite a stringent 60% Additional Buyer’s Stamp Duty (ABSD) on foreign buyers, the market saw 187 resale transactions, closely mirroring the 193 deals in 2023. However, new sales were notably lower due to a lack of launches and dwindling supply.

Skywaters Residences made headlines with a penthouse sale at $47.3m, or $6,100 per square foot (psf), marking the highest psf price since 2011. The Ritz-Carlton Residences Singapore Cairnhill also saw significant transactions at $5,397 psf, the highest since its 2007 launch. The total value of luxury non-landed homes sold in 2024 was $1.65b, a 29.1% decrease from 2023’s $2.33b.

The Good Class Bungalow (GCB) market rebounded with 36 sales in 2024, up from 21 in 2023. This resurgence was driven by improved economic conditions and interest rate cuts, leading to a total sales value of $1.4 billion, an 80% increase from the previous year. Notable transactions included a $93.9m GCB in Tanglin Hill, achieving a record $6,198 psf on land.

Looking ahead, the luxury non-landed homes market is poised for a strong start in 2025, with early sales in Park Nova reaching near-record highs. The market anticipates more launches and increased transactions, as more affluent individuals and new citizens establish roots in Singapore.

CapitaLand Integrated Commercial Trust (CICT) is set to bolster its portfolio by upgrading assets and exploring acquisitions, according to S&P Global Ratings. The Singapore-based real estate investment trust (REIT) aims to maintain its competitive edge, particularly in challenging markets like North Sydney, Australia. This strategy includes ongoing projects at the IMM Building in Singapore and Gallileo in Frankfurt, Germany, slated for completion in the second half of 2025.

CICT’s financial health appears robust, with a forecasted funds from operations (FFO) to debt ratio of 7.6%-8.0% in 2025, an improvement from 6.8% to 7.2% in 2024. The REIT’s aggregate leverage decreased to 38.5% by the end of 2024, following the sale of 21 Collyer Quay in Singapore. This positions CICT to potentially increase its debt by $660m before reaching its target leverage of 40%.

The REIT’s revenue is expected to grow by 3%-8% annually over 2025-2026, driven by its 50% stake in ION Orchard and contributions from Gallileo. CICT’s net property income margin rose to 72.7% in 2024, supported by positive rental reversions and high occupancy rates across its portfolio. Retail properties reported an 8.8% rental reversion, whilst Singapore office properties achieved an 11.1% increase.

Despite rising interest costs, with debt costs projected to near 4% in 2025, CICT’s strong operating performance is expected to mitigate these pressures. The trust’s strategic initiatives aim to ensure long-term resilience and growth in its earnings.

24/7 FITNESS, a prominent fitness brand from Hong Kong, has launched its flagship club in Singapore on Orchard Road. This marks the brand’s first venture into the Singaporean market following its acquisition of the local fitness chain GymmBoxx. With ambitions to open 40 locations across the city-state over the next three years, 24/7 FITNESS aims to become a leading choice for fitness enthusiasts in Singapore.

The newly opened 10,000-square-foot facility on Orchard Road is the largest 24/7 FITNESS club in Singapore, equipped with state-of-the-art cardio and weight-training equipment suitable for all fitness levels. The gym operates 24 hours a day, offering members the flexibility to work out at their convenience. Ingrid Wong, CEO of 24/7 FITNESS, stated, “Our goal is to redefine fitness accessibility in Singapore by providing world-class facilities and services at an affordable price.”

Currently, 24/7 FITNESS has 13 branches in strategic locations such as Ci Yuan Community Club, Keat Hong Community Club, and The Seletar Mall. Future sites include The Cathay, Jalan Besar, and Beauty World, ensuring widespread access to their facilities.

Membership starts at £98 per month, with no joining fees or prepayment required, offering a transparent pricing model. Members can access all 24/7 FITNESS locations across the Asia-Pacific region, benefiting from the brand’s extensive network. The introduction of a Smart Face Recognition Terminal further enhances convenience, allowing seamless entry without physical keys.

Founded in Hong Kong, 24/7 FITNESS operates over 200 locations in the Asia-Pacific region, including Hong Kong, Mainland China, Taiwan, and Macau. The brand’s entry into Singapore signifies a significant step in its mission to make fitness accessible and affordable, combining convenience, technology, and value for all.

SkiesFifty, a sustainable aviation investment fund based in Singapore and the UK, has announced a collaboration with UK-based Catalsys to fund a joint venture aimed at decarbonising aviation ground operations. The initiative will focus on providing carbon-free electricity and advancing research into alternative aircraft propulsion systems.

The partnership plans to utilise Catalsys’s patented generator, which is fuelled by green ammonia, alongside a portable ammonia cracker to produce off-grid green electricity at airports. This approach is expected to offer significantly lower costs compared to other zero-carbon alternatives. The generated electricity will be used for both airside and landside operations, including charging electric ground vehicles such as airfield equipment, rental cars, and buses, as well as powering ground units at aircraft stands.

Additionally, the venture will explore the conversion of green ammonia into a fuel blend compatible with jet engines. This builds on existing studies that suggest strong potential for powering both short-haul and long-haul aircraft with minimal impact on range and payload.

The agreement between SkiesFifty and Catalsys includes providing funding and resources, serving as a precursor to a substantial investment by SkiesFifty in Catalsys’s parent company, pending due diligence. This underscores their commitment to delivering impactful aviation solutions.

SkiesFifty is dedicated to accelerating aviation’s journey towards net-zero emissions, having recently partnered with Frontline BioEnergy to produce Sustainable Aviation Fuel and collaborated with GigaBlue to enhance ocean-based carbon capture. Catalsys specialises in affordable, off-grid green power solutions tailored to modern industries’ needs.

Financial compatibility is emerging as a crucial factor in relationships, according to a new study by Syfe and Coffee Meets Bagel. The “Love Meets Money” research highlights that 92% of Singaporeans now consider financial management skills an attractive quality in a partner, signalling a shift in romantic priorities.

The study also found that nearly half of Singaporeans believe financial transparency should occur by the third to fifth date, challenging traditional taboos surrounding discussions about money. This trend reflects a broader cultural shift towards openness and practicality in relationships, especially in Singapore’s high-cost, high-pressure environment.

Interestingly, the research indicates a significant change in attitudes towards financial independence among women. In 2025, 25% of female respondents expressed comfort with dating someone who earns less than them, a stark contrast to 2022 when no respondents shared this view. This shift underscores a growing acceptance of diverse financial dynamics in modern relationships.

The study suggests that singles in Singapore are increasingly prioritising shared financial goals, such as home ownership and long-term stability, as part of their romantic pursuits. This focus on financial compatibility is reshaping the landscape of modern relationships, with couples seeking alignment in financial aspirations as a foundation for lasting partnerships.

The findings offer a fresh perspective on how young couples are navigating financial discussions, with real-life case studies illustrating how Singaporeans are redefining romance through financial compatibility. As Valentine’s Day approaches, these insights highlight the evolving nature of love and money in contemporary society.