Singapore Business Review (October - December 2024)
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FROM THE EDITOR
The housing market is experiencing its toughest slump in 16 years, prompting savvy investors to seek opportunities in other sectors, such as industrial and retail spaces. These investments are driven by growing demand from manufacturing and tourism booms, making these assets ideal for capitalizing on emerging trends. Learn more on page 28.
Meanwhile, Singapore’s ultra-wealthy are reigniting interest in iconic shophouses. With their colonial charm and strong return potential, these heritage properties are back in focus. See why on page 32.
On another front, Singapore’s new architectural strategy tackles brain drain by prioritising innovation and sustainability. This blueprint aims to retain top talent and could influence other sectors. Learn more on page 38. Meet the notable architects and rising real estate agents under 40 shaping their industries. Their stories are on pages 33 and 39.
Lastly, with influencers and celebrities entering interior design, confusion grows about designers' roles. We explore how the field is evolving. Read more on page 50.
Read on and enjoy.
Tim Charlton
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Singapore’s architecture blueprint spurs push to tackle brain drain in other sectors
SingPost pivots from mail to logistics as e-commerce demand drives growth
SIDS fights misconceptions in interior design with accreditation, education
debt rules to boost appeal of Singapore REITs
Changes in expat salary thresholds expected to affect fewer companies
How TikTok powers cross-border shopping for Singapore retailers
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MOST READ
Asian collectors embrace newer artists, contemporary art to diversify
Younger and fresher names are gaining prominence in the art scene as Asian collectors brush past their comfort zones, shifting their gaze from Western values to a wider spectrum of artists and themes. Some of the top performing lots in auction house Phillips’ Spring sales were works by younger Asian artists like Teppei Takeda and Sun Yitian.
MOST READ COMMENTARY
For higher success with startups, bring independent directors on board
BY Eugene Kang
Startups are vital engines of innovation and value creation. But they face daunting odds, and the low startup success rates reflect this reality. Effective startup governance can be one way to turn the tides. Experts believe that more attention should be paid to the boards of startups to avert value erosion.
SG banks turn to upskilling as hiring sentiment turns ‘cautious’
The number of bankers and staff employed by Singapore banks mostly remained at the same level as in 2022, although most lenders chose to incrementally hire a few more people in their headcounts. Of the “Big 3” banks, UOB recorded the highest proportion of new hires, with its headcount expanding 9.69%.
Healthcare sector sees renewed interest from corporate buyers
Corporate buyers are increasingly returning to the healthcare sector to acquire bolt-on targets as valuations cool amidst a persistently challenging private equity exit environment, such as Fullerton Health’s sale to Far East Drug Co. and the acquisition of Eu Yan Sang by Japan’s Mitsui and ROHTO Pharmaceutical.
Building a foundation for ethical AI
BY Deepak Ramanathan
With all the hype around AI, they have the greatest potential to harness this technology due to their access to vast amounts of data and extensive resources. Yet, amongst government entities, the adoption of AI so far seems to be uneven and typically trails behind the private sector.
Lack of diversification and no contingency plan can be catastrophic in today’s world
BY Carol Grunberg
All this tech-enabled progress, however, has come at a price, which was felt by all earlier this summer. The Crowdstrike outage was a stark reminder of how essential payments infrastructure is for everyone’s daily lives and for economies at large, highlighting the need for contingency planning for all financial services industry players.
Here's why longer taxi lifespans won't put more cabs on the road
Adecade ago, Singapore’s taxi fleet was double its current size. To curb the industry's shrinking numbers, the government eased regulations, extending the statutory lifespan of vehicles from eight years to ten and reducing mandatory inspections to once a year.
However, an expert told Singapore Business Review that these changes are insufficient — it is likely to halt the exit of existing taxi drivers, and not attract new transport service contractors.
“The main problem is that we cannot find enough Singaporeans who want to be a taxi driver and this is a cultural problem,” said Associate Professor Raymond Ong from the Department of Civil and Environmental Engineering at the National University of Singapore (NUS) College of Design and Engineering.
Whilst getting foreign workers to do the job is an option, Ong cited how the city state also subscribes to a quota system that limits the number of foreigners allowed in the labour workforce.
“We still need to have a substantial amount of local taxi drivers, but in this industry, unfortunately, it’s a tall call because there are so many better opportunities, especially for our younger population,” he said. “There’s also a perception-based issue of having our younger population move into the taxi industry as a driver.”
Ong emphasised that whilst extending the statutory lifespan of taxis and easing vehicle inspection frequency will help reduce costs for drivers and potentially retain them, current drivers may still choose to leave the industry. This is either because they no longer find it profitable, or for older drivers, they might prefer to retire rather than adapt to new adjustments.
The NUS expert added that the measures are “unlikely” to drastically increase taxi driver numbers in Singapore.
Saving street-hail services
In the short-term, however, the easing of the regulatory regime will help the current situation, since it is stemming the outflow of drivers, said Ong.
In the long term, transitioning to an autonomous fleet will help revitalise the dwindling taxi market.
What will be challenging, as per the NUS expert, is the medium-term transition, as Singapore might struggle to attract enough drivers whilst not fully transitioning to an autonomous taxi industry.
“[We have to] carefully deal with [the issue] in the medium term. The next three to seven years will be extremely critical,” he said.
“This is a very fluid phase that we need to be very carefully working on. Even if, let’s say, pay taxi drivers a very competitive salary, this will still become a business cost to the taxi operators and the cost will eventually be transferred to the consumer because the taxi industry is not like the public bus or railway industry, where the government subsidise all the infrastructures,” he added.
Competitive compensation
The NUS expert said a fundamental re-examination of operating systems is necessary to attract younger drivers, as offering competitive salaries may not suffice.
He said that if driver salaries or incurred rates were the real problem of the lack of supply, then they would have been addressed or solved many years ago.
“It is likely a perception issue, which is the main problem we need to tackle. If this issue cannot be resolved, autonomous taxis will eventually have to take over because no one wants to be a driver,” Ong said.
The professor underscored that Singapore needs to save its taxi industry.
“The reality is that in many situations, we will still have a segment of the population that will still need to have street hailing services, despite many of the population are already using apps. What kind of population are we talking about? Mainly the elderly,” Ong said.
“The elderly may not be able to be as tech-savvy as the younger generations, and they may have a fear of technology. So, think of it like when we implement a new technology, our grandparents may not be very comfortable with it, and they’ll just say, ‘Hey, why not I just flag or I just go to a dropoff point and wait for a taxi.’ This service is important because there are always cases that we'll still need [it],” Ong explained.
The main problem is that we cannot find enough Singaporeans who want to be a taxi driver, and this is a cultural problem
Many drivers prefer to retire rather than adapt to new adjustments
How improved worker dorms offer relief but still lack support
Singapore is implementing stricter standards for migrant worker dormitories to improve health and living conditions, but concerns remain over unresolved issues such as limited access to essential services, inadequate transport options, and poor food quality.
Under the Dormitory Transition Scheme (DTS), dormitories can only have less than 12 residents per room, and beds should have more than one-metre spacing between each other. Previously, there was no limit on residents per room and no requirement for spacing between beds. The DTS now mandates that
Singapore will need 41,000 additional tech jobs by 2028 to support its economic growth, according to a report by ServiceNow.
The International Monetary Fund expects Singapore's economy to grow at an annual rate of 2.5% between 2023 and 2028.
As of 2023, Singapore's tech workforce headcount across all industries is 163,000.
Looking at specific tech jobs, ServiceNow said Computer and Information Systems Managers will have the biggest growth in Singapore, with headcount increasing by 2,760
each resident in the dormitories must have at least 3.6 sqm of living space, a slight adjustment from the previous 3.5 sqm. The interim standards are to be followed by a more comprehensive set of standards by 2040.
These new standards will require dormitories to offer enhanced communal areas and ventilation, WiFi connectivity, and improved living spaces to better serve their tenants. For employers, the improvement schemes mean consistently high rental prices; for dormitory operators, it likely means that even with higher standards, dormitory operations remain profitable. For migrant workers, however, it means enduring
in 2028. Software application developers and data analysts will also see growth, increasing by 1,550 and 1,400 by 2028, respectively.
Software Application Developers & Data Analysts roles, on the other hand, are set to decline by 2028.
ServiceNow also found that their Telecommunications, Media & Technology will see the most growth in workforce headcount by 2028 among industries, expect an additional 33,400 people. Overall, Singapore needs 89,000 additional workers by 2028.
the current living conditions of the dormitories for a while longer.
Confinement over comfort
Despite these planned upgrades, several key concerns will still go unaddressed. Due to the remote locations of worker dormitories, migrant workers are forced to live and work apart from the rest of the resident population.
“Dormitories create a situation where life for workers typically consists of only the dorm and the worksite, with little access to other areas to socialise and mingle where they're not surveilled or confined. In effect, they are excluded because of distance and lack of public or dedicated transport to and from the dormitories” Debbie Fordyce, president of TWC2, said.
Workers have little access to other areas to socialise and mingle where they're not surveilled or confined
Worker dormitories are by design situated far from public bus stations and MRT stations. Migrant workers thus face significant restrictions in accessing essential services, such as ATMs, remittance facilities, healthcare and grocery shopping, let alone leisure activities and entertainment. Their abilities to purchase products and meet their individual needs are limited.
“This would not require new MRT lines, it just means having buses to service those dormitories and popular spots such as Little India at certain times and days, particularly on Sundays when most workers are off work," Fordyce recommended.
THE CHARTIST: HOW MANY TECH JOBS DOES SINGAPORE NEED BY 2028?
Being far from bus stations and MRT lines limits workers' access to essential services
Tech workers' impacts on Singapore's labour force
Source: ServiceNow
Debbie Fordyce
HR & EDUCATION
RELOCATING FAMILIES DRIVE UP SINGAPORE’S HOUSING PRICES
The influx of families from other countries to Singapore is driving housing and utility costs higher, making the island nation the most expensive place to live in Southeast Asia, a report shows.
In the cost of living index by the loan matchmaking platform ROSHI, Singapore scored 85.9, surpassing its SEA neighbours.
The most economical choice is an HDB flat or public housing for those seeking property ownership in Singapore, averaging $532,768.
In the higher-end market, houses average $2,080,533, while condos average $1,100,000. Meanwhile, renting a home in Singapore costs around $2,600.
Higher cost of living
The relocation of families from the Mainland to Singapore has boosted demand for higher education services, likely leading to increased costs.
“In the past 20 years, the cost of receiving a higher education in Singapore has increased by nearly 74.7%, leading to an inflation rate of approximately 2.83% each year. Today, the average cost of a four-year college program in Singapore is estimated at $38,250,” ROSHI reported.
Whilst the influx of overseas families contributes to Singapore's rising cost of living, ROSHI also attributes the increase to limited resources.
“Singapore’s island location makes it more challenging to keep up with the demand for resources, especially food and household items. This issue has been exacerbated by global supply chain problems that have continued to plague the international marketplace since the pandemic,” ROSHI said.
“For example, more than 90% of Singapore’s food supply, including clean, drinkable water, is imported from external sources. Government officials are seeking to control these rising costs by maintaining strong relationships with neighbouring nations like Malaysia.
Why investors are shifting to US tech stocks
MARKETS & INVESTING
Singaporean investors are directing a growing amount of capital towards foreign markets, with the United States being a top destination.
Data from Moomoo Financial Singapore revealed that their profitable clients allocated 75% of their equity portfolio to the US market and only 20% to Singapore stocks.
Gavin Chia, CEO of Moomoo Singapore, said investors are channelling their funds into US tech names to boost returns by tapping into major growth markets and sectors. He underscored that companies based in the US saw exponential growth during the first half of the year.
"At the same time, they are also taking advantage of the higher-forlonger interest rate environment by putting their money in money market funds, given their relative safety and attractive returns," Chia added.
Another overseas market to consider is Japan, according to Hiroki Kawai, senior executive officer at Japan Exchange Group.
Kawai urged investors to engage
in Japan's stock market, stating that now is an opportune moment for retail investors to participate. "Our corporate transformation initiatives and increased shareholder returns are catalysts for growth," Kawai said.
He highlighted the strategic restructuring of market segments and the government's push for asset-based income growth as pivotal elements driving this momentum.
They are also taking advantage of the higherfor-longer interest rate environment by putting their money in money market funds
Within Singapore, Chia said investors are allocating their capital towards real estate investment trusts (REITs) and exchange-traded funds (ETFs).
"Interest rates have somewhat peaked, and there is a revived interest in REITs. For example, the latest Fraser Centerpoint Trust placement was 2.5 times oversubscribed, signalling strong investor confidence. This surge in demand indicates a renewed confidence in the stability and income-generating potential of REITS," Chia said.
New HDB cooling measures may fail to curb price rises
The government’s latest measures to cool the HDB resale market will only slow demand for flats “temporarily,” said a real estate expert.
Lee Sze Teck, senior director for Data Analytics at Huttons, said the slowdown will result from buyers weighing the impact of the new measures but added that "demand will return and prices will continue to rise" over time.
“In 2025, an estimated 7,000 flats will reach their MOP. This is even lower than 2024’s estimated 12,000 flats fulfilling the minimum occupation period (MOP). HDB resale prices may continue to rise in 2025,” the Huttons expert said.
“The changes may not achieve the intended cooling effect on the HDB resale market,” added Lee. Lee said the measures will not affect the private residential, Build-to-Order (BTO) and executive condominium (EC) markets.
“There is likely no impact on the 4-room and larger flats market, and these owners tend to make up the bulk of HDB upgraders,” Lee said.
Similar to the private market, Lee said the EC market
will unlikely be impacted by the measure as “HDB upgraders do not need to sell their flat when they purchase a new EC.
Regarding the BTO market, Lee said: "As the purchase is on a deferred payment scheme, any shortfall is mitigated by the time buyers collect their keys to the BTO flat."
Moomoo CEO Gavin Chia
Cultivating thriving workplaces: Empowering holistic employee well-being with TELUS Health
As today's fast-paced work strains employee well-being, TELUS Health explores strategies for healthier, more productive workplaces through solutions focussing on employee needs and organisational success.
The modern workplace is a dynamic landscape, constantly evolving to meet the demands of a globalised, digitalised world. Amidst this transformation, one crucial element remains constant: the need for a healthy, engaged, and productive workforce.
The urgency for action is undeniable.
TELUS Health's Mental Health Index paints the picture: Singaporean employees report significant mental health strain, with increased stress sensitivity (49%) compared to before the pandemic. There is also a growing desire (two in five employees) for better well-being support over a 10% increase in salary.
“This is a wake-up call for employers to proactively take care and prioritise their employees’ health and wellness,” TELUS Health stated.
Amidst these concerns, TELUS Health offers a comprehensive suite of solutions to empower organisations to prioritise employee well-being and cultivate a thriving workplace culture.
A holistic approach to employee well-being TELUS Health tackles these challenges head-on with a 24/7/365 digital workplace wellness platform. This platform goes beyond traditional wellness programmes, offering a flexible, confidential, and easily accessible ecosystem of support. Virtual, in-person, and on-site care options ensure employees have immediate access to the resources they need, fostering a culture of proactive well-being.
Investing in employee well-being is not just the right thing to do; it is a strategic
imperative. By having healthy employees, organisations can expect higher productivity and increased retention.
“If an organisation wants to tackle poor mental health, it needs a well-being strategy. That doesn’t mean asking HR to roll out fitness classes or free fruit bowls; it means putting resources and processes in place and training managers on how to talk to struggling employees,” TELUS Health stressed.
Its modern, digital-first Employee Assistance Program (EAP) is at the heart of TELUS Health's offering. This programme provides unlimited 24/7 access to personalised mental health care through phone, video, and in-person appointments, whether for psychological counselling or assistance in other aspects of well-being.
It is intended to be a preventative, shortterm measure for issues such as stress, anxiety, and burnout. The accessibility of EAPs is crucial, as it removes barriers and encourages employees to seek help early, preventing problems from escalating. It improves engagement and retention by helping promote a healthy work-life balance.
The impact of this programme extends beyond individual well-being. Studies show that strong mental health support can improve employee engagement and retention, with 86% of HR professionals believing better mental health support can
improve retention, whilst 89% of workers at companies that support well-being efforts are more likely to recommend their company as a good place to work.
The shift to remote work has introduced new challenges for employee well-being. Despite this, EAPs are well-positioned to address these challenges. The flexible and accessible nature of TELUS Health's platform, for instance, ensures remote employees have the support they need, regardless of location. The programme's focus on mental health and work-life balance is crucial for mitigating the stress and isolation accompanying remote work.
Data-driven decisions for optimal well-being programmes
TELUS Health has a robust data and analytics platform that empowers organisations to make data-driven decisions about their employee well-being programmes. Employers can assess programme effectiveness and ensure initiatives align with employee needs by tracking participation rates, engagement levels, and health outcomes. This datadriven approach allows for continuous improvement and optimisation, maximising the return on investment.
TELUS Health's solutions and EAP deliver tangible benefits for organisations and employees. The first of these benefits is reduced presenteeism and absenteeism. Presenteeism, working whilst unwell, and absenteeism cost organisations dearly. EAPs can significantly reduce these issues, improving productivity and cost savings. With the help of EAPs, employers are more likely to attract job seekers. Specifically, TELUS Health’s EAP enables employers to take proactive action to reduce the issues that lead to absenteeism, demonstrating their commitment to employee well-being.
Organisations can expect a boost in workplace productivity amongst employees. TELUS Health's platform empowers employees to take charge of their well-being, leading to improved performance and overall satisfaction.
If an organisation wants to tackle poor mental health, it needs a well-being strategy
Telus Health’s digital-first Employee Assistance Program (EAP)
STARTUP
BUILDING & ENGINEERING
CIVILS.AI SIMPLIFIES CONSTRUCTION WORKFLOWS WITH AI TOOLS
Artificial intelligence (AI) has found its place in the construction industry, mainly in document handling. Major construction projects often face significant delays due to the manual management of critical documents like PDFs and CAD files, leading to rework and human errors.
Recognising these inefficiencies, construction AI startup Civils.ai is leveraging AI to transform the industry, helping players save 10% to 20% in costs by efficiently automating complex documentation.
“What we’re trying to do in the long term is to eliminate all the rework that [is] due to manual activity on design,” Mirko Vairo, COO and co-founder of Civils. ai, told Singapore Business Review. “The impact of these reworks is huge in the industry. Sometimes one structure or infrastructure can go billions over the budget.”
When Vairo, an AI expert, met his co-founder Stevan Lukic — a former civil engineer and web developer — Lukic pointed out numerous inefficiencies in his engineering work. These were mainly related to the document sets they needed to analyse for the project, which most of the time are on hard formats.
“We said, okay, why don’t we try to use AI to automate some of these processes of extracting data, finding information, and eventually start designing the structure directly with the support of AI,” Vairo recalled.
With Civils.ai, project documents are collected from construction companies and analysed and sorted by AI to help engineers easily extract data. This eliminates the need to spend time on documents, allowing engineers to focus more on the design of the project instead.
AI in construction
Vairo pointed out that in the current AI construction scene, different solutions can be classified along two axes. One axis represents the main scope of the tool, including information storage systems and information analysis systems. The other axis represents the target users, which include technical and non-technical teams.
“The information storage systems are the most famous ones: Autodesk Cloud, Procore. These [are] big names within construction, providing services [for a long] time. [But] you have the new players incoming, trying to provide some vertical service for the industry on some specific topic,” he said.
“The other axis is the target users which include the non-technical teams, [These are] people that do not work on the design and the implementation of the calculations and everything. And on the other side, you have people that are more technical, like the engineers or the architects,” he added.
AI flags fraud before failure
Startup Transparently.AI has developed a pioneering technology that detects accounting manipulation and fraud using artificial intelligence (AI), predicting the risk of corporate collapse almost instantly.
This can help a bank make informed decisions about a loan application, an asset manager to evaluate their portfolio risk, or an investor to prevent financial losses by shunning a business that is about to fold soon.
“Imagine if you could predict the collapse of Enron or Wirecard three years before it happened,” Mauro Sauco, chief technology officer (CTO) and co-founder of Transparently.AI, told Singapore Business Review. “Imagine having models that could tell you that — that’s what we do.”
Transparently.AI’s Manipulation Risk Analyzer performs what a forensic accounting team normally takes at least a month to do — analyse the financial risk of a company for any year and generate highly accurate reports down to a few seconds.
The AI’s machine learning algorithm combines the power of advanced data science techniques and big data to unearth accounting red flags that the human eye might miss.
Regulators can also use the tool to monitor corporate governance and
Partior
Fintech firm Partior expects its ties with three venture capitalists that put in US$60m in Series B funding in the fintech startup in July to expand its reach in major markets.
“The involvement of Peak XV, Jump Trading Group, and Valor Capital Group enhances our reach and influence in key markets,” Partior CEO Humphrey Valenbreder told said in an interview with SingaporeBusinessReview
The trio would complement the global presence already established by the Singapore startup’s existing investors, he pointed out.
Partior, backed by industry giants DBS, J.P. Morgan, Standard Chartered, and Temasek, offers a unified ledger technology driven by decentralised finance principles that gives corporates instant liquidity, minimises counterparty risks, and eliminates
enforce remedial actions or rescue plans to strengthen their regulatory environment and avoid reputational damage.
“Our goal is to detect these issues much earlier, more efficiently, and reduce potential losses from accounting manipulation,” said Sauco, who worked as a technical director for the Office of the CTO at Google for six years until April 2023.
Transparently.AI gives subscribers access to more than 80,000 listed stocks domiciled and traded in public markets globally. For smaller enterprises, the platform features a self-service portal that grants access to a curated network of data sets from one or two countries.
“We have built a huge array of models that are designed to replicate the behaviour of forensic accountants, short sellers, credit analysts, equity analysts and more,” Transparently.AI CEO and cofounder Hamish Macalister said.
the need for reconciliation.
The global cross-border payment market faces growing challenges due to rising complexity and costs. Large sums moving across different currencies and countries often lead to operational inefficiencies, including delays, settlement risks, and liquidity uncertainties.
Founders Mauro Sauco and Hamish Macalister
CEO Stevan Lukic and COO Mirko Vairo
Humphrey Valenbreder, Partior CEO
Meet the student entrepreneurs who turned ideas into real-world solutions
Singapore students are showing that young people can balance academics and personal life whilst launching businesses to solve everyday challenges. Singapore Business Review spotlights seven student entrepreneurs from top schools like SMU, SJI International, Milton Academy, and SUTD who are using education and technology to drive their ventures forward.
Founder: Hugo Eechaute
Startup: StockSense
Founders: Tenor James Reilly and Ian Cheng
Startup: Augment Education
High School: SJI International
When they were 16 and 17, Tenor Reilly and Ian Cheng founded Augment Education to revolutionise learning. Their mission? To democratise education and enhance accessibility. Recognising the challenges faced by IB students—limited quality resources, tedious marking processes, and inconsistent revision tools—they developed an innovative solution to address them. Augment Education, an AI-powered platform, offers personalised, dynamic learning experiences to over 1,000 students across Southeast Asia. Utilising advanced deep-learning algorithms, it generates unlimited IB-style questions tailored to the IB syllabus, providing precise feedback and real-time performance insights. With spaced repetition algorithms and subject proficiency tracking, Augment Education optimises the learning process, empowering students to take charge of their educational journey.
High School: UWC Dover, later Milton Academy (Currently serving National Service)
Hugo Eechaute, founder and CEO of StockSense, is on a mission to tackle income inequality through financial literacy. Growing up in Singapore, Hugo was inspired by the gap in financial education and sought to make it accessible to all. Whilst attending boarding school Milton Academy in Massachusetts, he launched StockSense, a youth-led platform designed to teach students financial concepts through interactive tools like games and a virtual wallet. With over 10,000 users, StockSense advocates for integrating financial literacy into school curricula worldwide. Now serving in the Singapore Armed Forces, Hugo continues to champion the importance of financial education for future generations.
Founder: Dominic Yuan
Founders: Lwin Maung Maung Thaw, Kumaraguru Sanmugam, Johnny Lin Startup: Osiris University: Singapore Management University
Lwin, a second-year Information Systems student at SMU, teamed up with classmates Kumaraguru Sanmugam and Johnny Lin to co-found Osiris, a cloud-based IoT platform aimed at transforming urban farming. Incubated in SMU’s BIG programme in January 2024, Osiris leverages AI for disease prediction and pest detection, helping urban farmers maximise yields and reduce waste, promoting sustainability and efficiency in modern agriculture.
Startup: Parka University: Singapore Management University
Dominic, a final-year Business Management student at SMU, combined his passion for music and entrepreneurship to found Parka, a hybrid music company supporting Asian indie pop artists. Drawing on his diploma in music production, Dominic aims to nurture talent and expand their global reach. Inspired by 88 Rising, Parka promotes artists from Singapore and Malaysia, gaining traction as part of SMU’s Business Innovations Generator.
Founders: Lim Han Yang and Htet Myat Ko Ko
Startup: Glance Technologies Singapore University: Singapore University of Technology and Design
Han Yang and Koko combine their passion for technology and entrepreneurship, with Han Yang specializing in IT and Koko in startups and education. Together, they bring innovation to every project they tackle. Their venture, Glance.sg, is a student-run freelance talent platform backed by Enterprise Singapore, connecting employers with local talent across industries. Glance empowers freelancers and enhances business efficiency with flexible, cost-effective solutions.
Singapore Institute of Technology’s Punggol campus is an eco-tech wonder
The borderless campus features an abundant space for engagement and interaction.
The Singapore Institute of Technology (SIT) is preparing its students for the digital economy not just by enhancing its curriculum for academic year 2024, but also through its newly opened eco-campus in the Punggol Digital District that promises to become an innovation hub. A borderless campus without gates and fences, it was designed to foster community spirit and a holistic student life, featuring an abundant space for engagement and interaction.
The campus can house 12,000 SITizens, nearly double the combined capacity of its six campuses. “This consolidation under one roof will provide our
students with a full university learning environment and experience,” Gerry Wee, associate vice president for Estates at SIT, told Singapore Business Review.
The campus comprises two plots — the SIT Campus Court and SIT Campus Heart. The first, the one that opened last month, houses teaching facilities and laboratories, administrative offices, and communal spaces such as multi-purpose sports halls and an auditorium. The SIT Campus Heart, which is targeted to be ready by early 2025, features academic blocks, the Ngee Ann Kongsi Library, an innovation hub, the Hatchery, makerspaces, and communal spaces for students and industry collaboration.
1 SIT's Punggol Campus has nearly double the capacity of its six other campuses combined.
2 The SIT Campus Court features high-tech labs and interactive spaces for digital learning.
3 A wide variety of cuisines are offered at the campus food court.
4 SIT is designed to reduce energy consumption and carbon emissions.
5 The Campus Court Garden offers students a space for relaxation and collaboration.
6 The SIT Campus Court includes teaching facilities, laboratories, offices, and communal spaces.
Gerry Wee
Billionaire clans may fuel Singapore’s future private equity buyout wave
The city-state’s 1,650 single-family offices are helping drive a private capital rebound.
Singapore’s push to become a global hub for the superrich is expected to boost its private equity market (PE), as family offices help drive a global resurgence in private investment dealmaking, analysts said.
Many of these fortune managers based in the city-state have been providing capital for some of the year’s biggest acquisitions, Neha Singh, chairwoman and managing director at Tracxn Technologies, said in an interview with Singapore Business Review.
Diversifying portfolios
Singh said family offices, which manage the wealth of the ultra-rich, are likely joining forces with private equity firms to diversify their investment and benefit from higher returns. “PE firms have diversified portfolios, and such partnerships potentially create more investment opportunities for family offices,” she said.
“Such partnerships could also limit the risk and liability for single-family offices, whilst providing them access to the expertise of seasoned professionals in the PE landscape,” the Traxcn expert added.
Single-family offices in Singapore have ballooned to 1,650 as of August from just 400 in 2020, according to Chee Hong Tat, minister of Transport and second minister of Finance. The number is expected to pass 1,700 by year-end, he said at an industry summit on 16 September.
These family fortune managers, which enjoy tax breaks, could fuel the city-state’s private equity market that Statista projects to grow at a compound annual growth rate (CAGR) of 27.27% in the next year to US$980m ($1.3b).
Family offices are showing themselves ready and willing to move into new and emerging opportunities
The Hamburg-based online global data platform expects about 50 deals in 2025.
"We can see deal activities returning and increasing,” Andrew Thompson, partner and head of Private Equity at KPMG Asia-Pacific, told Singapore Business Review, adding that many of these involved familyowned businesses.
“What we're going to continue to see are these family group-linked transactions. [These] will continue to be very important [in 2025],” he added.
Citi’s Global Family Office 2024 survey released on 18 September found that more than 40% of family offices globally are increasingly putting their money in private equity — both those with assets under management below and above US$500m ($646m).
In Southeast Asia, family offices account for a third of limited partners, 77% of which were investing in private equity as of June 2024, up from 66% in 2020, according to London-based Preqin Ltd.
Technology deals
Family offices have provided capital to private Singaporean companies such as Syfe, which raised US$27m in August, and Rider Dome, which raised S$2.3m in a seed funding round in February.
In January, Singapore-based family office Praesidium Capital took part in the $200m Series B funding round for local semiconductor company Silicon Box.
Sectors like crypto financial services, electric vehicles (EV), space tech, agritech, and gaming tech have also received funding this year, according to Singh.
Neha Singh
Andrew Thompson
Retailers told to step up as RTS link with Johor Bahru looms
Shops should add value and cut costs to battle their lower-priced rivals.
Retailers in Singapore should step up their game including offering value-added services, as a rapid transit system with Johor Bahru that is expected to start operating in 2026 pits them against their lower-priced counterparts in Malaysia’s second-largest city.
“Try not to hold back consumers from what is going to be, ultimately, normal behaviour in the future,” Mário Braz de Matos, co-founder and managing partner at ad agency Flying Fish Lab, told Singapore Business Review. “We’re not going to prevent people from going over to Johor. We have to live with it.”
He said Singaporean retailers could remain competitive by enticing consumers, whether Johoreans or locals, with additional services.
“What I think businesses have to do is to think from a challenger mindset perspective,” de Matos said. “If you’re selling apparel, you can’t compete with the prices in Johor, but you can provide advice to customers.”
DBS expects Singaporean retailers to lose as much as 4% of their sales
— equivalent to $2.1b in 2023 — as more citizens make more trips to Johor Bahru for shopping.
Food and beverage sales could drop by as much as 5% or $620m as the Johor Bahru–Singapore Rapid Transit System Link goes online, it said. Supermarkets may face $45m in potential losses.
Januel Koh, digital marketing and branding lecturer at Singapore Polytechnic, said it is impossible for Singapore to compete with Johor Bahru on price. But it can leverage the value of its goods and services because consumers don’t choose based on price alone.
He cited the case of Chinese hot pot chain Hai Di Lao, which is not the most budget-friendly option, yet it still attracts long queues in Singapore every weekend. “The main reason for that is because people are buying experience,” Koh said.
“Consumers look at the quality of value that exceeds their expectation of perceived value than just purely prices. They want to buy something worth it and not just buy cheap stuff,” the expert added.
As an analogy, De Matos noted that a car enthusiast would buy a BMW but go for a $2 chicken rice. He noted that in Africa, people buy expensive phones not because they can afford these but because of the value they get from them.
“It’s down to the value delivered,” he said. “It’s not so much about the price… Because it delivers so much value, they’re willing to put in months of effort to acquire that.”
“I think this is an issue we’re still struggling with in Singapore, the mindset where value is about price and it’s not. It’s about what you give me in exchange for my dollars, and if you’re giving me a lot, I can put a lot of money towards that,” De Matos said.
Cost-cutting
DBS analysts Geraldine Wong and Zheng Feng Chee have said Singaporean retailers, especially food and beverage establishments and supermarkets, should sell premium products and enhance service quality to stay in the game.
Malls in Singapore could onboard Johor Bahru-famous eateries for those curious but hesitant about the commute, they added. Meanwhile, supermarkets should focus on premium brands to appeal to less price-conscious shoppers.
Koh said Singapore retailers could “lock” their customers through different marketing strategies, including free membership for customers and discounts.
“We can have strategies such as giving consumers a 10% discount on their fifth visit, or when they purchase $100 worth of products, they get a free membership,” he added.
De Matos said Malaysian competition can present opportunities for Singaporean retailers.
For one, Singaporean sellers can split the production of goods and services between the two borders, creating supply chains that cut overall costs, he said.
He cited the case of Gleneagles Hospital, which performs the consultation part in Singapore, while any backend work happens on the Johor Bahru side.
“This is a natural integration that will happen as communication and movement across countries and borders is made easier,” he added.
The new RTS Link will be connected to the Woodlands North Station
Januel Koh
Mário Braz de Matos
INDUSTRY INSIGHT: SHIPPING & MARINE
Worst port congestion in years leads to berth delays
Ships now wait one to two days to berth due to the Red Sea attacks.
Congestion at Singapore’s container port, which is at its worst since the COVID-19 pandemic, is expected to persist until year-end due to ship rerouting to avoid Houthi attacks in the Red Sea, analysts said.
Some shipping lines have started using alternative ports including Klang and Tanjung Pelepas in Malaysia to cut delays, though the bottlenecks caused by the global ocean shipping disruptions have also been affecting other Asian and European ports.
“Our estimation is we'd see it through to the end of the year, possibly through until the Chinese New Year,” Andrew Coldrey, vice president for the Asia-Pacific region at C.H. Robinson, told Singapore Business Review on Aug. 26.
He said shipping lines have had to wait for one to two days to berth in Singapore. The port congestion has also pushed up freight rates.
“By the middle of 2024, the
shipping costs increased to a level comparable to the peak during COVID-19,” Yuma Ito, partner and head of Singapore at Arthur D. Little Southeast Asia, said in an interview.
Vessels are now taking longer routes around Africa to avoid the Red Sea, where Yemen’s Houthi group has been attacking ships since November, throwing ship schedules into disarray.
As a result, ships are unloading more cargoes at once at big transshipment hubs like Singapore, where shipments are offloaded and reloaded on different vessels for the last leg of their voyage.
Global port congestion is at a two-year high, maritime data firm Linerlytica said this month. Singapore’s queue-to-berth ratio was 0.2 as of 4 September, with 45 ships at port and nine waiting at anchorage.
On a global scale, 783 ships were at port, whilst 614 remained at anchorage. As of 5 September 2024, the global average freight rate per 40ft container was US$4,775, 54%
below the previous pandemic peak of $10,377 in September 2021, but more than triple the average 2019 (prepandemic) rate of $1,420, according to Drewry Shipping Consultants data.
The 5 September average is almost three times the year-ago rate of US$1680.73.
Shipping lines like the Mediterranean Shipping Company (MSC) have started “omitting Singapore in favour of other regional ports,” according to a report from the container trading and leasing platform Container xChange.
“MSC has diverted some transshipment operations to Indian ports, whilst carriers like OOCL are discharging Singapore-bound cargo at Port Klang in Malaysia,” the report said. “This shift is putting additional pressure on these alternative ports, exacerbating regional congestion and delays.”
Other transport methods
But calling at neighbouring ports with capacity may not be as easy because some of them lack connectivity, said Jayendu Krishna, director and deputy head of Maritime Advisors at Drewry Shipping Consultants.
Ito said shipping lines are taking the Cape of Good Hope and Arctic Northern Sea Route as alternative routes amidst the Red Sea attacks. Some have used the Northern Sea Corridor, according to Krishna.
The Cape of Good Hope route could add eight to 10 more days to the shipping lead time, said Goh Puay Guan, an associate professor from the Department of Operations and Analytics at NUS Business School.
Ito said there is also the Arctic Ocean route, but it is only available during the summer season when Arctic ice begins to melt.
Shipping and logistics companies have also been using other transportation methods where necessary, Goh said. “Companies may use air, freight, rail, or truck. It doesn’t move the same volume of [goods], but it can provide alternative routes to get cargo to the customer,” he added. A number of companies had used multi-modal transportation to move goods during the pandemic, he pointed out.
Some shipping lines now opt to skip the Port of Singapore and discharge their cargo at Port Klang in Malaysia
Andrew Coldrey
Yuma Ito
Jayendu Krishna
INDUSTRY INSIGHT: HOTELS & TOURISM
Singapore must find more sparks to keep tourists enchanted beyond concerts
An expert said the Eras Tour packages thrived on popularity and ticket scarcity.
Taylor Swift’s Eras Tour lit up Singapore, turning the city into a love story for Swifties and proving the fearless power of concert tourism on the economy.
But as the final note faded, Benjamin Cassim, senior lecturer at Temasek Polytechnic, warns that relying on concerts alone could leave Singapore’s tourism stuck in a blank space, urging a shift to year-round entertainment.
“In the case of Singapore, several sport-related events qualify as entertainment. The Singapore F1 Grand Prix comes to mind and in this case, supporting events already includes live concerts featuring topdraw artistes,” Cassim added.
Dr. Guy Llewellyn, an assistant professor at EHL Hospitality Business School - Singapore campus, concurred, highlighting that hotels and businesses should diversify their focus to maintain steady revenue between concerts.
He also believes that sporting events like the F1 Grand Prix, the annual Singapore Marathon and the World Aquatics Championship in 2025 can be lucrative.
“Hotels can partner with F1 to offer VIP packages, including prime seats, access to after-parties, and transportation to and from the event,” Llewellyn shared.
“For those running in the marathon, hotels can offer a special menu designed for the athletes and post-race spa massage treatments,” he added.
Additionally, hotels can capitalise on conferences, expositions, and gallery openings in museums to boost their revenue.
For example, they could offer package deals for conference participants, including accommodation, entry tickets, transportation, food and beverages, and complimentary access to an executive floor.
For gallery openings, Llewellyn said hotels can design themed rooms reflecting the artist's style or the gallery theme, incorporating suitable lighting, music, and artwork. Hotels can also add private gallery tours with the curator or artist.
Lessons from Taylor Swift Cassim suggested that hospitality and tourism-related businesses can use the strategies used during the Taylor Swift Eras Tour series in Singapore could be applied to other entertainment events.
“The base offering, mainly applicable to overseas attendees, would be the accommodation and concert ticket combination. Valueadds would then extend to exclusive dining experiences, spa or wellness sessions, and even entry tickets to visitor attractions,” Cassim shared.
The two experts highlighted Marina Bay Sands Singapore's efforts during the Eras Tours as a prime example of how to leverage pop-culture and artist branding effectively.
Event packages from the hotel included concert tickets, suite stays, dining experiences, and official concert merchandise.
“Integrated travel operators also offered packages which combined airfare, accommodation and concert tickets,” Cassim shared.
Llewellyn said the hotel “adeptly capitalised on this opportunity” by offering packages that ensured “guests could enjoy a luxurious, allencompassing experience beyond the concert.”
The EHL expert also lauded efforts by The Fullerton Hotels and Resorts, saying the hotel showcased how effectively popular culture and artist branding can be leveraged in creating packages.
“By naming the packages after Swift’s hits, the hotel created a direct emotional connection with the guests, further enriching their experience,” Llewellyn said.
Swifties from all over Southeast Asia flock to Singapore for the Eras Tour
Guy Llewellyn
Benjamin Cassim
more than 410 projects 95% MABR market share
across 5 contients
World’s Highest Altitude MABR + MBR system
Largest High Altitude MABR WWTP World First MABR wastewater treatment in Nuclear Power Plant
INDUSTRY INSIGHT: WORKPLACE WELLNESS
Can Singapore employers use office wellness to fight employee burnout?
Companies must provide more than a well-stocked pantry to deal with extreme exhaustion.
The price of success is nowhere more evident than in Singapore, where people work long hours to enjoy one of the highest living standards in Asia.
But Singaporeans are also one of the most stressed out in the world, with many citizens struggling to balance work and family life amidst state efforts to raise the official retirement age each year.
Three of five Singaporean workers are experiencing burnout, according to recruitment platform Employment Hero’s 2024 Wellness at Work report. The 61% burnout rate is only slightly better than the 62% in 2022. The cutthroat work environment, plus the stigma of seeking help for mental issues make it harder to deal with depression and anxiety.
“Workplace wellness comes in two forms — tangible and intangible,” Kong Wan Long, co-founder and chief commercial officer at JustCo, told the Singapore Business Review. “But beyond tangible amenities that support and enhance wellness at work, fostering a welcoming work culture also has a huge positive impact on employees' well-being,” he said.
Wellness in the office
In Singapore, more than half of SME employees consider productivity and well-being amongst the top five priorities when choosing a job, according to a survey commissioned by JustCo and conducted by Milieu Insights. One in three workers have cited the lack of wellness facilities as a workspace challenge.
In response to this trend, many businesses, including co-working space provider JustCo, are investing more resources to foster a conducive environment where workers can be well looked after, Kong noted.
Wellness amenities in the workplace have become a priority for professionals working for small and medium enterprises, which employ about 70% of Singapore’s workforce, he added.
A well-stocked pantry and nap rooms or relaxation areas are
Wellness at work goes beyond simply going for team bonding with colleagues or having a good coffee break
amongst workers’ most preferred wellness amenities at 47% and 37%, according to JustCo. They also prefer ergonomic furniture such as chairs.
A separate survey for JustCo found that 80% of its employees appreciate its commitment to enhancing the work experience, prompting the company to focus on improving the intangible aspects of wellness.
“Employees want to work in better workplaces that have a more positive work environment,” Ooi Sze Jin, founder of A Kind Place, a Singapore-based psychology clinic, said. These may include positive messages from their bosses, flexible work arrangements, and management showing care for its workers, she said.
“They also want to work at a place where they can get along with their colleagues and feel safe at work,” said Ooi, who is a psychologist.
She noted that sometimes, a burnt-out worker might have to undergo therapy sessions to help them manage their emotions better, set better boundaries at work, and manage their panic attacks.
“Wellness at work goes beyond simply going for team bonding with colleagues or having a good coffee break,” Kong said.
‘Two-pronged approach’ Whilst physical comfort boosts employee productivity and well-
being, their needs do not end there. More employees are now openly discussing their mental health struggles which are largely driven by work-related stress.
As the demand for work-life balance grows, addressing mental health becomes even more crucial.
Ooi said that through counselling, employees could be encouraged to speak up and demand fair treatment from their employers. “Many of our clients were able to find the strength to set better boundaries at work, ask for better working arrangements, or choose to leave their workplace for greener pastures.”
A Kind Place provides counselling and assessment services to companies and people with anxiety, depression, and burnout. The clinic also supports clients with ADHD who face difficulties with motivation, procrastination, selfdoubt, and feelings of shame.
“Workplaces can start small,” Ooi told Singapore Business Review. “Instead of just engaging external organisations such as ourselves for talks and workshops, they can engage us for an organisational ‘check-up’ to find out how their employees are doing and what changes they can make.”
Management should do a selfawareness check and know that they can help create a healthier and happier workplace, she added.
Three out of five Singaporean workers are experiencing burnout
Kong Wan Long
Ooi Sze Jin
People are at the centre of what we do at the Lee Kong Chian School of Medicine (LKCMedicine).
Within the walls of the LKCMedicine, our faculty and staff are the lifeblood, and for them, the institution has, in the past year, made many efforts to invest in their wellbeing and development. On many occasions, we took the opportunity to recognise and award their dedication and commitment to the LKCMedicine DNA of excellence.
To signal our commitment to creating a workplace culture that prioritises physical, mental, and emotional wellbeing, the LKCMedicine Cares initiative was set up - in the midst of the COVID-19 pandemic.
It focuses on wellbeing beyond physical health and includes activities on social wellbeing and mental health to better support the needs of the LKCMedicine staff and faculty, especially during the COVID period when there was reduced in-person social interaction.
The programme has since taken off. Staff could participate in a wide spectrum of events and activities, including mindfulness workshops, psychological first aid, fitness classes, health screening, coffee chats, and other social events. Plans for a network of peer helpers for colleagues who may need support are in the pipeline.
As a testament to its success, the LKCMedicine Cares team received the Singapore Business Review (SBR) Management Excellence Awards 2023 for the Health & Wellness Initiative of the Year (Education category).
Factory and retail spaces shine as housing heads for worst market slump in 16 years
Its manufacturing and tourism rebound will spur demand for industrial and high-street shops.
by Noreen Jazul
Investors are buying industrial estates amidst a manufacturing revival in Singapore, analysts said, as new home sales in one of the world’s most expensive housing markets fall to the lowest this year since the 2008 global financial crisis.
Among industrial assets, logistics properties remain the most soughtafter, Chua Yang Liang, head of Research and Consultancy for Southeast Asia at Jones Lang LaSalle, Inc., told Singapore Business Review.
There is also renewed interest in the city-state’s retail sector, thanks to a global tourism revival and with more Asians getting rich, he added.
“Retail and logistics assets will continue to be in focus, with alternatives such as multi-family, data centres, and infrastructure drawing more attention from investors as well,” Chua said.
Industrial property deals rose 6.1% in the second quarter to $320m from a quarter earlier, according to
Colliers
International Group, Inc.
The property consultant expects the trend for this sector to continue, projecting a 10% increase in the fullyear volume to $2.7b.
Singapore's notable real estate deals this year include two from the industrial segment, such as BDx's buyout of OneTen Paya Lebar for $140m in March and Ho Bee Land's sale of a 49% stake in Elementum for $134m in August.
In the second quarter, BHL factories were sold for $74m and Kian Ann Building for $63m. There were also two separate sale and leaseback deals involving British American Tobacco and Singapore Asahi Chemical & Solder Industries for their factories, valued at $53.2m and $36m, respectively.
“More sales and leaseback deals are expected as companies look to free up capital, while investors look for higher-yielding assets,” Colliers said.
Apart from high yields, the
industrial sector is particularly attracting investor interest as more businesses reconfigure their supply chains amid the US-China trade war.
In contrast, Singapore’s new home sales in August plunged 47.2% year on year to 208 units, according to the Urban Redevelopment Authority, amidst government cooling measures and expectations that interest rates will soon go down.
This brought the eight-month figure to fewer than 2,700 units — a 48.6% year-on-year decline — forcing CBRE Group, Inc. and JLL to cut their full-year forecasts.
Knight Frank LLP said Singapore posted the highest six-month yearly rental growth in logistics property rent in the Asia-Pacific region at 10.8%. “International manufacturers continue to see the island as a potential manufacturing location to expand operations,” it said in a report.
Manufacturing halted two quarters of contraction in the quarter ended June, rising 0.5% from a year earlier thanks to a global tech rebound.
Among industrial estates, data centres and life sciences are also popular amongst investors, Jeremy Lake, managing director of investment for Sales and Capital Markets at Savills Singapore, told Singapore Business Review.
Retail interest
Like the industrial segment, retail also remains a bright spot, said Wong Xian Yang, head of Research for Singapore and Southeast Asia at Cushman & Wakefield, Inc., noting that retail assets could “provide positive cash on cash returns.”
Retail property deals hit $1.4b in the first half, surpassing 2023’s full-year total of $1.3b, according to the US-based commercial property consultant.
Wong said suburban prime retail assets have performed well, with rents increasing by 1% year on year in the first half. Rents in this segment are projected to grow as much as 4% this year, outpacing the 1.7%
Ho Bee Land sold its stake in Elementum for $134m in August
Chua Yang Liang
and Median Rentals
growth in 2023. “Suburban retail malls are underpinned by strong fundamentals, with low vacancy rates and rising rents,” Wong said.
“Some malls have seen doubledigit rental reversions for some units as leases signed during the pandemic come up for renewal," he added.
Major deals in suburban retail malls include the sale of The Seletar Mall for $550m in March.
Apart from suburban retail malls, shophouses, which serve as a dwelling and retail space in one structure, have also been seeing a pickup in investment, Lake said.
Chua said the retail property sector is underpinned by the continued growth in regional tourism and rising affluence in Asia. “Over 90 million people are expected to join the middle-income bracket, which could drive increased demand for tourism and consumption in the region,” he added.
The Asia-Pacific region had recovered 86% of pre-pandemic tourist numbers by July, whilst Singapore's tourist arrivals rose 17.3% year on year to 1.54m in August, according to the United Nations World Tourism Barometer report. Meanwhile, Henley & Partners ranked Singapore sixth globally for centi-millionaires, forecasting their number to more than double in the next 15 years.
Wong said interest in the retail sector is partly due to a pullback in office investments amidst a global office slump, with large office occupants continuing to face capital constraints.
“Many have chosen to delay decision-making and renew over the short term,” he said. “Given still-low vacancy rates in the office market, the balance of power remains with the landlords. Central business district (CBD) Grade A office rents
have continued to edge higher.”
Tight office asset yields and high interest rates have also turned off investors, Chua said. Investment income from core CBD premium and Grade A offices hit 3.59% in the second quarter, according to Colliers. Still, he remains positive about the office segment, saying it could recover once interest rates go down.
2025 outlook
Wong expects property deals for Singapore’s overall market to grow in 2025, led by the commercial market. He said the market’s good operating performance and constrained supply would continue to attract institutional investors.
“Additionally, there could be more institutional-grade assets on the market as asset owners deleverage and recycle their capital by divesting their non-core assets,” he said. “A fall in interest rates would lead to a more conducive investment environment and with more stock coming into the market, this should support investment volumes.”
Some malls have seen doubledigit rental reversions for some units as leases signed during the pandemic come up for renewal
Alan Cheong, executive director of Research & Consultancy at Savills Singapore, projects property deals to hit $27b to $29b in 2025, above Savills’ forecast of $22b to $23b for 2024.
“With the US Federal Reserve’s easing cycle, interest in the Singapore property market would likely grow as investors gain a “clearer picture of where the cost of capital is moving,” Chua said.
Jeremy Lake
Wong Xian Yang
BDx acquired OneTen Paya Lebar, a hi-tech industrial building at the city fringe, from Hwa Hong Corporation
The Seletar Mall was sold for $550m
Industrial Leasing Volume
Source: Knight Frank
INDUSTRY INSIGHT: REAL ESTATE
HDB resale portal unlikely to cut out property agents
The portal enables sellers to list their units themselves.
The new HDB Resale Flat Listing (RFL) service may encourage do-it-yourself (DIY) buying and selling amongst Singaporeans, potentially sidelining real estate agents.
Through the RFL service, sellers can list and market their HDB units independently. To list flats, sellers must have a valid Intent to sell, whilst buyers will need a valid HDB Flat Eligibility (HFE) letter to access the full suite of features of the RFL service.
Mark Lim, associate group director of OrangeTee & Tie, said the portal will affect real estate agent's role to "some extent" given that it gives direct access between sellers and buyers.
"The house hunting process is the most tedious part of the search process. With the possibility of marching the seller and the buyer, it literally takes away the job of an agent, quite drastically," Lim told Singapore Business Review.
"The initial part of sourcing properties, marketing of properties, looking for buyers to match sellers, that is the part that, in my opinion, an agent's role will be reduced to some extent," Lim added.
With the portal likely leading a shift to DIY amongst sellers, Lim said agents must uplift their role as professional advisors.
The supply of genuine and qualified buyers is the greatest advantage of the portal
the exposure of the flat for sale to more potential buyers," Lee said.
Lim also sees the HDB RFL as a positive addition to the market, saying it will allow for "a more transparent supply and demand.
"The portal eliminates the false impression of plentiful of salelistings available when some sellers engage multiple agents to “test market” or when some agents fail to remove listings of properties that are already sold," Lim said.
"Likewise, sellers whose properties have not obtained minimum occupation period (MOP) will not be listed on the portal too," Lim added.
Vulnerabilities
Although both experts agreed the portal enhances the buying and selling process, they said it has some vulnerabilities and could use additional features.
"We need to act in good faith of a client's interest and ensure that selling objectives are met. In addition, [we as] agents need to upgrade ourselves constantly too, to stay relevant, to render the right advice and assistance to our clients with the right attitude and a wealth of knowledge," Lim said.
Upgrading services
Whilst Lee Sze Teck, senior director of Data Analytics at Huttons Asia, acknowledges the portal's minimal impact on agents, he said it won’t affect their business practices, especially their role as consultants.
"For straightforward cases where it is a simple buy and sell, some buyers may choose to DIY similar to the insurance industry where simple products can be purchased off the shelf," Lee said.
"However, many cases involve much more. There could be contra, extension of time, divorce and other complicated cases. It will be better for consumers to speak to a professional who will guide them rather than DIY," the Huttons expert added.
Despite its potential downsides, the portal can offer agents a valuable platform to reach a larger audience for their clients' properties, according to Lee.
"The free-to-use RFL may increase
"Perhaps an auto-matching feature for the buyers when essential parameters are sufficiently provided, eg the price range, unit level, number of bedrooms, sellers’ requirement whether extension of stay after sale completion is needed," Lim said.
Lee, on the other hand, identified a vulnerability in the portal's prompt for sellers if the listing price for a new unit exceeds 10% above recent transacted prices in the area.
"The guide, whilst well-intended, may lead to sellers using that as a yardstick without due consideration to other aspects like age, condition of flat, floor level, facing, size and so on. It may lead to an upward spiral in transacted prices," Lee said.
Despite some concerns, agents consider the portal a useful tool for Singapore’s real estate market, especially in resolving duplicate listings, an issue that led to the establishment of the Alliance for Action (AfA) on Accurate Property Listings in 2021.
"The supply of genuine and qualified buyers is the greatest advantage of the portal," Lim said.
"As listings here will be automatically removed when a seller issues Option to a buyer, we can also be sure that listings are valid and available, unlike 3rd party property portals where listings are sold but the marketing agents do not remove it from postings," Lim said.
The portal can offer agents a platform to reach a larger audience for their clients' properties
Lee Sze Teck
Mark Lim
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Singapore’s 20 most notable real estate agents under 40 REAL ESTATE LUMINARIES
In search of the best agents under 40, Singapore Business Review reached out to more than 30 property firms in the country.
After rigorously reviewing nominations from the firms, four women and 16 men made it to the final cut.
Agents on this year’s list come from Colliers, Savills, Huttons, Mindlink Groups, OrangeTee & Tie, and Edmund Tie & Company. Leading the pack is Huttons, with six representatives. The youngest on the list is from Colliers.
Realtors in the mixed-used market took the lead, taking six spots.
This year’s awardees are million and billion sellers and have handled big clients such as Warner Bros, Citi, DBS, OCBC, and UOB.
Notable transactions by this year's awardees include a record milliondollar sale in Serangoon and a saleleaseback in Jurong Industrial Estate.
Here are this year’s awardees:
Charles specialises in tenant representation. In just 2.5 years with Colliers, he has advised clients on more than 50 transactions, including transactions worth over S$30m and spaces exceeding 50,000 square feet (sqf). Notably, he managed a complex relocation for a renowned F&B brand, future-proofing their office and implementing new ways of working. His track record of success, particularly with high-profile clients, highlights his significant contribution to the real estate industry in Singapore.
During her four years at Savills Investment Sales & Capital Markets, Dayna has successfully transacted over 40 deals totaling S$861.4m across diverse asset classes, including Good Class Bungalows, shophouses, and industrial units. Notably, she brokered $28.02mworth of commercial properties in Bishan, achieving record prices. Trusted by clients like Warner Bros. Discovery, Dayna provides strategic real estate capital market advisory, assisting family offices, high-net-worth individuals, and developers.
Swan, a top producer at Huttons, has quickly risen in the private residential property market, despite being in the industry for less than two years. He is a consistent Platinum Award winner in 2024 with over $100k monthly in commissions. Swan also recently achieved Huttons Rising Millionaire status for 1H 2024, an outstanding feat. As a Huttons trainer, Swan excels in communication, sharing his insights and research with colleagues, further showcasing his dedication to the field.
Baven, co-leader of ECOLINK at Mindlink Groups, has been a key player in Singapore's real estate market since 2019. He facilitated a record million-dollar sale in Serangoon in 2024. His division offers fixed-rate services, saving sellers significant costs: $1688 for HDB, $4888 for condos, and $8888 for landed properties. Baven's attention to detail, client-focused approach, and strong communication have earned him a loyal
Shawn Chang specialises in tenant representation. With over 100 successful transactions, he has earned the trust of marketleading clients across diverse industries. Key achievements include managing the relocation of a major legal firm into a new 27,000 square feet office, as well as representing a technology company in their lease renegotiation with a contract value of more than $5m. Shawn was recently promoted to Operations Lead for the Tenant Representation team.
clientele.
1 Charles Lim 27, Colliers International
2 Dayna Ang 28, Savills Pte. Ltd.
3 Swan Htet Oo 28, Huttons
4 Baven Tan Zong Wei 29, Mindlink Groups Pte Ltd
5 Shawn Chang 31, Colliers International
6 Aloysius Lim 33,
Aloysius, a real estate consultant with nine years of experience, is a top performer at Huttons Group, managing extensive property portfolios and leading a team of nearly 80 agents. Known for his keen market analysis and financial acumen, he excels in maximising client returns through strategic property investments. Aloysius' client-centric approach, integrity, and leadership have established him as a trusted advisor in the real estate industry.
9 Ganesh Kunasehkaran 35, Colliers International
Ganesh specialises in the industrial sector. In just two years, he has completed significant deals, including leasing transactions up to 127,000 sqf and sales valued between S$3m and S$36m. Notable achievements include a sale and leaseback in Jurong Industrial Estate and securing a 10-year bloc lease in a business park. Ganesh's expertise in managing complex industrial transactions and his client-focused approach have solidified his reputation as a dynamic and results-driven professional.
7 Nick
REAL ESTATE LUMINARIES
Nick Chan, a Senior Manager at Savills Investment Sales & Capital Markets, is highly regarded by clients as astute, accountable, and affable. He provides valuable investment advice on transaction structure, asset management, and financial analysis to a diverse clientele, including institutions, property funds, and family offices. Nick's impressive track record includes notable transactions like 110 Paya Lebar data centre (S$140m), Solitaire on Cecil Office Floor (S$51m), and Thiam Siew Avenue residential site (S$815m).
10 Shah Marican 35, Huttons
Shah Marican, a Huttons trainer with a Bachelor's in Finance, specialises in HDB and private residential properties. Known for his significant sales achievements and strong client trust, he actively engages in the Woodlands area. Shah leverages his previous CPF Board experience to guide clients, building lasting relationships through innovative approaches and a focus on impactful asset planning.
8 Jim Tay 34, Orange Tee &
Jim is a distinguished leader in real estate with a decade of experience. He excels in maximizing clients' property assets, ensuring financial stability and a secure retirement. His extensive experience spans public sector HDBs, private residential, commercial properties, and investment deals. Jim’s track record as a consistent top achiever reflects his commitment to excellence. His dedication and innovative approach have solidified his reputation as a trusted advisor, making him a true asset to OrangeTee & Tie.
11 Rachel Lee 36, Edmund Tie & Company
With over a decade of experience, Rachel has specialised in the real estate auction sector, expertly handling the disposal of diverse property types primarily through auctions and private treaties. She has successfully transacted over S$200m worth of properties, including residential and industrial assets. Rachel's strong network includes financial institutions like Citi, DBS, OCBC, and UOB. Known for her ability to build strong client relationships, she is becoming a recognised talent in the real estate auction market.
Huttons
Chan 34, Savills Pte. Ltd
Tie
REAL ESTATE LUMINARIES
Bryan is a dedicated real estate professional with over 13 years of experience, consistently ranking among his company's top achievers. As a valued member of the Luxe team he expertly manages high-end clients with precision. Known for his diligence, promptness, and proactive approach, Bryan receives high praise from clients for his exceptional service in rentals. His impressive track record and commitment to excellence make him a standout leader in the industry, inspiring growth and success within his team.
Ying Ying, a top producer since starting her real estate career in 2017, has transacted various properties, including HDB flats, condos, landed houses, and commercial units. Known for her strategic vision and integrity, she aligns clients' property moves with their long-term asset plans. Ying Ying's leadership inspires her team, and her innovative approach enhances client satisfaction, making her a respected leader and role model in the real estate industry.
Dixon is a seasoned real estate professional with nearly 15 years of experience across a broad spectrum of industry sectors. Specializing in residential and high-end properties, Dixon has earned his clients' trust, leading to frequent referrals and repeat business. His achievements include ranking No. 5 in his company in 2023, being among the top 1% from 2020 to 2023, and earning two consecutive SEAA Salespersons Achievement Awards (Platinum) in 2023 and 2024. Dixon leads a dynamic team with a hands-on,
Lawrence, a leasing agent specialising in Singapore's commercial real estate, blends engineering, finance, and brokerage expertise to deliver bespoke solutions. With a strong grasp of regulatory requirements and market trends, he excels in negotiating complex lease agreements. Since joining Savills less than two years ago, Lawrence has secured exclusive mandates from global financial institutions, legal firms, and tech companies. Known for his client-focused approach, he aims to drive growth in Singapore's real estate landscape.
Jiaojiao, Huttons' rising star, joined in February 2024 and quickly excelled, earning Top Rookie eight times and securing 1st position as Top Producer and Diamond Achiever in May 2024. She has successfully transacted diverse properties, including HDB flats, high-end condos, and commercial units. Known for her professionalism and dedication, Jiaojiao values her clients' trust and is committed to helping them find their perfect homes.
Pamela, a standout in Singapore's real estate market, achieved the Millionaire Award in 2021 and Rising Millionaire titles in 2022 and 2023. Consistently ranking among Huttons' top 40 agents, Pamela excels in client relationships and market navigation. As an Huttons RTD Excel Trainer, she advocates for innovation and mentors peers, exemplifying leadership and a commitment to elevating industry standards. Her forward-thinking vision drives her ongoing success.
12 Bryan Seah 36, Orange Tee & Tie
13 Cheng Ying Ying 36, Huttons
14 Dixon Poon 37, Orange Tee & Tie
15 Lawrence Teo 37, Savills Pte. Ltd.
16 Cheng Jiaojiao 38, Huttons
17 Pamela Lua 38, Huttons
REAL ESTATE LUMINARIES
Han Long, Deputy Branch Associate Director, brings nearly two decades of real estate experience to the table. Armed with a Diploma in Enterprise Management, he has honed his expertise across both residential and industrial sectors. As a highly respected project IC, he is known for his strong leadership and strategic insights, consistently delivering impressive project outcomes that exceed expectations. Han Long's ability to close deals in both residential and commercial properties further highlights his versatility and skill.
Roland, Division Associate Director at OrangeTee, has been a standout in the real estate industry since 2009. His consistent excellence has earned him prestigious titles like Top Associate Group Director and Super Gold Awards, as well as recognition among the Top 50 and Top 10 Achievers. Specialising in residential and new home projects, Roland has built lasting trust with homeowners across communities. He provides customized property strategies, empowering clients to make informed decisions.
With over 14 years of experience in industrial property transactions, Kiat has developed a niche clientele and garnered endorsements from asset owners and occupiers. Specializing in food-related industries, he has been a valuable resource to venture capitalist and fund managers seeking real estate opportunities spanning across R&D, Manufacturing and Cold Chain Logistics. Fluent in Mandarin, Kiat also services regional investors and facilitates wider planning mandates for Developers and Delegates.
18 Tan Han Long 39, Orange Tee & Tie
19 Roland Ong 39, Orange Tee & Tie
20 Boon Kiat Tang 39, Savills Pte. Ltd.
Learn More
REAL ESTATE OUTLOOK
Millionaires eye a piece of Singapore’s rich colonial era
The country's remaining 6,500 shophouses are in high demand amongst the ultra-rich.
The ultra-rich are in a buying frenzy for shophouses in Singapore as they crave for a slice of the country's colonial history, with a potential for solid returns.
With only 6,500 shophouses — most of them built between the 1840s and 1960s to serve as a dwelling and retail space in one structure — remaining, they are in high demand.
“Going by the logic of supply and demand, the supply is limited, it is finite, and the demand for it is very high,” Kevin Chia, assistant associate manager at OrangeTee & Tie, said. "So that makes it rare to actually have it, and people are willing to pay good money for that.”
Whilst shophouse sales in the former British colony continued to slow in the first half of 2024 to 40 units worth $354m from 79 units worth $728.9m a year earlier, according to Knight Frank, they remain attractive investments.
“We see a lot of law firms, audit firms, and IT (information technology) firms coming to shophouses to use them as an office… because of the flexibility in terms of operating hours,” said Jeremy Lim, executive group district
director at Huttons Asia.
He noted that shophouses are part of the city-state’s heritage and are conserved by the Urban Redevelopment Authority, making them premium real estate.
Every five years, government authorities check up on the buildings to make sure that they are properly maintained. End-users are barred from doing illegal alterations on the buildings, and any renovations inside and outside the property must be state-approved.
“There is prestige in owning shophouses, and most of them are located at very ideal locations.” Lim said, adding that they are likely to hold their value much longer.
Their popularity is also spurred by famous people acquiring shophouses in Singapore.
The wife of Chinese billionaire Jack Ma bought three adjoining shophouses at Duxton Road, Mingtiandi reported in February. Zhang Ying paid $45m to $50m, it said, citing public records.
“There are tycoons all over the world like Ricardo Portabella and [investor] Ray Dalio, and they have bought shophouses,” Chia said.
“A lot of times, these things are reported in the news elsewhere in the world. And when foreigners see that, they also want to get a taste of it. [They think] ‘They must be doing something or know something that I don’t,’” he added.
Because shophouses are commercial properties, foreigners need not pay an additional buyer’s stamp duty. Singapore banks also offer better loan deals for these properties.
“Banks are more willing to lend for Singapore properties, interest rates are definitely more favourable than places like Malaysia and Indonesia, and the Singapore dollar has been very stable in recent years, more so than neighbouring currencies,” said John Bin, director of Capital Markets and Investment Services at Colliers.
But high interest rates in recent years have forced some of these rich people to pay in cash, he pointed out. Most of them invest in shophouses for their investment potential and to preserve capital, he added.
True value
Bin said investing in shophouses could be quite low-yielding at first, and could even lead to a shortfall after interest payments. “So in terms of cash flow, it may not be that attractive, but it's more for capital preservation and increased value down the line.”
Chia said the main investment motivation for ultra-rich people who are into shophouses is the investment potential. “There is a small number [who] buy [shophouses] as a trophy [and] they are not worried about how much return they get. Most people would be more concerned about the dollar and cents.”
Shophouses in Singapore were once overlooked and undervalued.
"Ten years ago, they weren’t as popular because foreigners and locals who [were] not active in this market would think, ‘Why does a shophouse cost $30m, $40m, $50m, or even up to $80m, [costing] more than a GCB (good class bungalow), when it's much smaller?’” Lim said.
Shophouses in Singapore were once overlooked and undervalued
Jeremy Lin
Kevin Chia
John Bin
ARCHITECTURE LUMINARIES
Singapore’s 20 most notable architecture professionals under 40
In search of the best architecture professionals under 40, Singapore Business Review reached out to more than 25 architecture firms in the country.
After rigorously reviewing nominations from the firms, nine women and 11 men made it to the final cut. Agents on this year’s list come from Swan & Maclaren Architects, SAA Architects, Surbana Jurong, RSP, DP Architects, DCA Architects, ONG & ONG, and CPG Consultants. Leading the pack is RSP, with six representatives. The youngest on the list is from Swan & Maclaren Architects.
This year’s awardees designed and managed large-scale projects like Woodlands Health Campus, Mercure ICON Singapore City Centre, Pasir Ris Mall, CapitaSpring, Changi Airport Terminal 4, One Holland Village, and the restoration of the Tanjong Pagar Railway Station. One of the awardees is managing the residential strata for the CanningHill Piers project, the tallest residences along the Singapore River.
This year's list also includes four Green Mark Accredited Professionals (GMAP).
Here are this year’s awardees, arranged from youngest to oldest.
Chris is respected for his expertise in innovative design and urban planning. He has led large-scale projects with values ranging from SG$70mi to SG$450m. Chris was responsible for the conceptual design, tender documentation, and contract administration for projects like Tampines Green Emerald, Punggol Point Cove, and Bukit Merah Ridge. His sensitive approach to the urban context works towards creating vibrant communities, as demonstrated in his role as Lead Design Architect for the Tengah Plantation Edge and Matilda Riverside residential projects.
Cheska holds a Master in Architecture and Sustainable Design from the Singapore University of Technology and Design. At Swan & Maclaren Architects, Cheska plays a key role in projects such as Bedok and Keppel public housing developments and the Katho Temple that won the Bronze and Luminary awards for Best in Public Space Design from the Society of Interior Designers Singapore. Cheska is involved in international projects at Swan & Maclaren, including Thailand medical centres and office towers in Bangladesh.
Graduated with a Master of Architecture from the National University of Singapore,Samantha is a Registered Architect known for her balance of innovation and user-centric design. She seamlessly integrates regulatory requirements whilst prioritising sustainability and inclusivity. Her experience with EPIC Homes, where she built homes for Orang Asli families, deepened her commitment to community-focused architecture. Her key projects include Grand Park City Hall and Mandai Bird Paradise.
Kenny is a Young Leader in BCA's BuildSG LEAD programme, with skill sets rooted in architectural design and research. His early experience as a commercial graphics entrepreneur has equipped him to manage stakeholder demands and diverse teams competently – valuable capabilities that now support his work on large-scale projects. These include the 34-storey Labrador Tower and the award-winning HomeTeamNS Bedok Reservoir Clubhouse, which have been recognised for their green design features.
Soh Yong is a registered member of the Singapore Board of Architects. She specialises in healthcare design across Singapore and the ASEAN region. Soh Yong has previously played an important role as Healthcare Planner for Woodlands Health Campus, where she coordinated design and implementation. Currently, she oversees project execution and coordination for the Tanjong Katong Nursing Home development as Project Architect. Soh Yong constantly works to emphasise compassionate, user-centered design in healthcare environments.
3 Chris Cheng Wai Look, 32, Surbana Jurong Pte. Ltd
4 Samantha Wong 35, RSP
5 Soh Yong LAU 36, SAA Architects
Amitabha Communal Centre
Bird Paradise
Labrador Tower
Tanjong Katong Nursing Home
Bukit Merah Ridge
ARCHITECTURE LUMINARIES
Since joining SAA in 2015, Caroline has designed and managed major projects like the Sengkang Grand mixed-use development and Woodlands Health Campus. Her analytical skills and keen awareness of social, environmental, and economic factors have led to wins in master planning competitions for Ulu Pandan East, Jurong Lake District, and Hougang Nursing Home. Registered with the Singapore Board of Architects, she has also worked on JTC Bulim and ExxonMobil Jurong New Building, ensuring strict safety and design standards in these industrial developments.
Matthias, a Taylor’s University Architecture graduate, excels in collaborative design, integrating architects and engineers for project success. With a Green Mark Accredited Professional (GMAP) certification, he has worked on diverse sectors including institutional and residential developments. Key projects include the Dunearn 386 residential project, Angel Playing Cards Factory, and the National Archives Singapore. Matthias remains committed to advancing the architectural field through meticulous planning and innovative problem-solving.
Zi Hua is a registered architect who is passionate about sustainability. Her portfolio includes both architectural and interior design along with community impact assessment and behavioral research. Zi Hua is currently managing the residential strata for the CanningHill Piers project, a luxury development in collaboration with Bjarke Ingels Group (BIG), and would be the tallest residences along Singapore River. At DP Architects, she is pushing for automation in residential design processes for greater efficiency.
A registered member of the Singapore Board of Architects, Clarence has most recently completed seven years of work on the Woodlands Health Campus, Singapore's largest integrated healthcare facility. He excels in detail-oriented problem-solving and stakeholder management, evident by how he skillfully integrated complex systems on the award-winning Changi Airport Terminal 4 project and navigated numerous healthcare and stakeholder requirements in Woodlands Health Campus. Clarence's experience enhances his design and project skills.
Jocelyn, with a Master’s in Architecture from the University of New South Wales and over a decade of experience, has shaped awardwinning projects like the SIT Punggol Campus Court with Super Low Energy buildings. Her portfolio includes Mercure ICON Singapore City Centre, Alexandra Hospital Healing Campus, and Lions Home for El-ders. Inspired by her childhood in under-resourced elder care, Jocelyn is dedicated to revolutionizing healthcare design. She employs advanced technologies to create eco-friendly and community-focused spaces.
Chee Kean, a Registered Architect with a Master’s from the National University of Singapore, has been active in the architectural consultancy field since 2014. He has been working on Pasir Ris 8 and Pasir Ris Mall, an integrated development featuring residential, civic, community, and healthcare spaces. As a Green Mark Accredited Professional, Chee Kean advocates for sustainable design and serves on the Singapore Institute of Architects' Fire Safety and Security Sub-Committee.
6 Caroline Law Xiu Ying, 36, SAA Architects
7 Tan Zi Hua 36, DP Architects
8 Jocelyn Yong 36, RSP
9 Matthias Fabian Alexander, 37, RSP
10 Clarence Foo 37, SAA Architects
11 Lim Chee Kean 37, DCA Architects
CanningHill Piers
Woodlands Health Campus
SIT Punggol Campus Court
Pasir Ris Mall
Jurong Lake District Central Park
National Archives Singapore
ARCHITECTURE LUMINARIES
Jenabi, a registered architect with DP Architects since 2013. He specialises in transport projects, focusing on station optimisation and spatial planning to reduce environmental impact. His experience includes elevated and underground MRT stations and the expansion of Kim Chuan Depot, recognised as the world’s largest underground train depot. He has been working on the Cross Island Line’s Teck Ghee and Elias MRT Stations, and the Jurong Region Line’s Enterprise and Tukang MRT Stations.
Qin You has refined her design skills through diverse projects, from high-end residential to large-scale commercial ventures. She now leads significant commercial and civic addition and alteration projects. She had a pivotal role in CapitaSpring, an iconic project that showcases her proficiency in blending innovative design with functional excellence. Qin You is dedicated to understanding how the built environment influences interpersonal dynamics, viewing design as a transformative force that shapes lifestyles and communal interactions.
Wei Sheng has contributed to projects like St Joseph's Church and the Old Tanjong Pagar Railway Station. With experience across various typologies, including hospitals, community centers, and conservation projects, he excels in translating design concepts into reality. Wei Sheng emphasises the importance of clear communication through drawings and models to convey architectural ideas. Committed to continuous learning and adaptability, he aims to explore architectural education in the future, enhancing the field's relevance and impact.
Caijin, is a seasoned architect with over 15 years of experience. She joined CPG Consultants in 2010 after earning her Master of Architecture from NUS and became a Qualified Person (QP) in 2015. She has led significant projects like JTC Summit, Ng Teng Fong General Hospital, and Mandai Rainforest Park. Passionate about functional and inclusive design, Caijin focuses on enhancing communities through meaningful spaces, particularly in schools and parks, and is dedicated to mentoring future architects.
With over a decade of experience, Eugene specialises in diverse projects including academic, healthcare, commercial, retail spaces. His recent work focuses on infrastructure of the Cross Island Line (CRL). He also leads two station projects for Bangkok's MRT Purple Line South and will oversee three stations along the city’s MRT Orange Line West. Eugene's passion for architecture is driven by its impact on socioeconomic development of countries and the everyday commuter. In his spare time, he volunteers as a camp teacher.
Jeffrey excels in residential and mixed-use design, having contributed to projects across Singapore, China, and Malaysia with SAA since 2010. He has led major developments like Sky Green Condominium, Commonwealth Towers, and the award-winning Eastlink I & II @ Canberra. He is presently one of the design leads for Ulu Pandan Banks, a public housing project known for its thoughtful contextual design. Jeffrey’s versatility extends to largescale projects such as Woodlands Health Campus, Changi Airport Terminal 4, and Penang's Marriott Hotel.
12 Jenabi Ling 37, DP Architects
13 Tan Wei Sheng 37, ONG & ONG
14 Eugene Fong 38, DP Architects
15 Chin Qin You 38, RSP
16 Huang Caijin 39, CPG Consultants
17 Jeffrey GonzalesCalayo, 39, SAA Architects
St Joseph's Church
Ng Teng Fong Hospital
Bangkok's MRT Purple Line South
Ulu Pandan Banks
Cross Island Line’s Teck Ghee MRT Station
CapitaSpring
ARCHITECTURE LUMINARIES
With over a decade of experience, Lim Huijuan is a dependable and driven architect, whose notable works include the Cyan condominium, Pavilion Park landed housing, One Holland Village mixed development, and MINDEF Annex. Huijuan excels in managing resources and delivering projects on time and within budget, always considering the end-user's perspective to enhance design and functionality. Outside
A registered architect with 13 years of experience, Kai Loong’s diverse portfolio includes educational facilities, public spaces, commercial offices and hospitality projects. Since joining DP Architects in 2019, he has planned, designed and developed the new CMPB, a landmark project with sustainability strategies and integrated communal spaces, awarded with the Green Mark Platinum Super Low Energy certification. Kai Loong's
Shaziran is a creative and accommodating architect known for fulfilling client visions while navigating budget and site challenges. His project management excels in clear communication, using precise emails and graphical notes to ensure effective collaboration with consultants, contractors, and clients. Shazi skillfully analyses projects to prioritise tasks and manage timelines, contributing to major projects like Funan, One
18 Huijuan Lim 39, RSP
19 Tay Kai Loong 39, DP Architects
20 Md Shaziran Bin Md Shahabdeen, 39, RSP
CMPB
Funan
One Holland Village
ARCHITECTURE OUTLOOK
Singapore’s architecture blueprint spurs push to tackle brain drain in other sectors
Paying the country's architects just right will hopefully stop the brain drain.
Aframework issued by Singapore’s architecture body in May to address low pay, brain drain and falling fees has spawned a similar push in other industries, including engineering and consultancy, as they try to retain young talent spooked by scope creep.
“The public sector and government agencies are also considering the blueprint as a way to articulate fair fees,” architect Melvin HJ Tan, president of the Singapore Institute of Architects (SIA), told Singapore Business Review.
“Scope creep can happen in small amounts and large scales,” he said, noting that when an architectural firm lands a client, the architect in charge must attend every single meeting with every other subconsultant. “Automatically, the time that we put out or get involved with increases manyfold.”
Tan said architects now get a quarter of what they used to earn two or three decades ago even if architectural work has become more complex and work-heavy. SIA issued the framework to guide architects in pricing their services more accurately and ensure they are paid correctly.
Retaining architects, especially the younger ones, has become harder in recent years given an unhealthy work culture, where clients expect
them to be on call almost 24 hours a day — without the extra pay. The average monthly salary of an architect in Singapore is $4,500 to $7,000, according to Jobstreet.
Only seven in 100 architecture graduates plan to stay in the profession in the long term, a survey by the institute in 2022 showed.
The new structure has made it easier for architectural clients to “understand and appreciate project scopes and costs,” Jireh Lee, an associate at DP Architects, told Singapore Business Review.
“The greater transparency and clearer standards have allowed them to better recognise the added value of some of our services in terms of quality and sustainability, eventually justifying the higher fees,” he added.
Lee said DP Architects has had a structured project management framework to streamline their workflow even before SIA came out with the guidance. “The blueprint reinforces some of these workflows but also allows us to fine-tune others which could have been outdated,” he added.
SIA’s so-called value articulation framework lets architects define the scope of work for each project, whilst also documenting their liabilities, responsibilities, and duties. A firm can assign the person who will estimate
the project cost and another who will evaluate the site for feasibility.
“The blueprint outlines all the tasks we are expected to perform and identifies what has or has not been provided,” Tan said. He also said they hope to prevent fee-diving, where firms or architects quote well below market rates to win a project.
Low wages equal brain drain
“Architects today are competing on price,” the SIA president said. “At any point in the competition, you will find that sometimes we have to make sacrifices and decide to just win a job.”
“But going ahead, we hope that architects will be empowered through the blueprint to be able to stand firm on the kind of fees they need, not to profiteer, but to ensure that [everybody] downstream is paid well,” he added.
Tan said getting paid right means having the budget to train staff properly. “The first sacrificial lamb is always the training of your staff. Now, if fees go up, we’re able to then develop our staff, especially competencies that would eventually allow the firm to compete on quality,” he added.
Md Shaziran Bin Md Shahabdeen, a senior architect at RSP Architects, said architects are not paid as high as their peers in other industries.
“It’s a bit demoralising for younger architects or fresh graduates who are in the industry,” Shaziran, one of Singapore Business Review’s outstanding architects under 40 this year, said. “The issue of low fees cascades down to low wages and eventually leads to brain drain.”
He said the SIA blueprint is a welcome move even if his firm already has a robust framework in place that adopts best practices in fee structures.
Lee urged his fellow architects to continue giving feedback to ensure the blueprint is fine-tuned to deal with the industry’s evolution. SIA’s Tan, for his part, said the institute would continue updating it so it remains relevant.
Only seven in 100 architecture graduates plan to stay in the profession in the long term
Md Shaziran Bin Md Shahabdeen
Jireh Lee
Melvin HJ Tan
INDUSTRY INSIGHT: ENERGY & OFFSHORE
Singapore needs SEA neighbours to power renewable energy transition
Experts favour Malaysia and Indonesia as renewable energy import sources.
More often than not, Southeast Asian nations turn to Singapore for assistance with development initiatives. However, the dynamics shift in the context of energy transition, where Singapore’s progress heavily depends on its neighbours.
Ember, an independent global energy think tank, emphasised that for Singapore to decarbonise its power sector, meet its net-zero goals, and improve its energy security, it will need a diversified mix of renewable energy (RE) sources.
“Diversification of renewable energy sources would help Singapore to double its renewable import capacity to be on track with a net-zero power sector goal by 2045,” Dinita Setyawati, senior electricity policy analyst for Southeast Asia at Ember, told the Singapore Business Review.
At present, Singapore only has 0.2 gigawatts (GW) of low-carbon imports, according to Robert Liew, director, APAC power and renewables research at Wood Mackenzie, a global provider of data and analytics for the energy transition.
Still on track Liew, however, noted that with the Energy Market Authority's (EMA) conditional approval of 4.2 GW of projects, Singapore is still on track to achieve its goal of having low-carbon electricity make-up of 30% of its supply by 2035.
Once Singapore achieves its 2035 target, its power emissions could drop by 10% from 2023 levels, said Liew.
Although Singapore is on track to achieve its target, Setyawati emphasised that the nation must increase its ambitions for renewable energy imports, not only to meet the International Energy Agency’s (IEA) net-zero power sector emissions (IEA NZE) milestones but also to significantly reduce its per capita power sector emissions, which are almost five times higher than the average amongst Southeast Asian nations.
Should Singapore align with the IEA’s NZE milestones, it will be able to cut its per capita power sector emissions between 2022 and 2035 by 52% to 58%.
To achieve the IEA NZE milestones, the global energy think tank said Singapore will need 8.1 GW of renewable electricity import capacity by 2035 and 16 GW by 2045.
Best bet
Neighbouring countries that Singapore has already tapped for renewable energy sources include Lao PDR, Thailand, Malaysia, Indonesia, Cambodia, and Vietnam.
Amongst these markets, Wood Mackenzie said Malaysia would be the cheapest to import from. “This is largely because of the distance between the countries where Malaysia is nearer than Indonesia, which is helping to bring down the costs of interconnectors between the countries,” Lim Jia Liang, power analyst at Wood Mackenzie, said.
From Malaysia, Singapore could import solar from Peninsular and hydropower from Sarawak. Indonesia is also a good option for Singapore for solar energy as
it also requires “less transmission investments.”
Using Indonesia and Vietnam as basis, Setyawati said Singapore will need to invest US$51b-US$66b to import 14 GW of wind and 17 GW of solar energy by 2035 and align with the IEA NZE milestone.
“This budget would cover the construction and operation of wind and solar power facilities, which would be broken down into smaller, manageable projects,” Setyawati said.
Should Singapore solely import wind, it must invest US$64bUS$100b to acquire 36 GW from onshore and offshore farms.
If Singapore opts for an exclusive solar energy strategy, it would need US$40b to set up and run solar power plants of 28 GW capacity. Setyawati underscored that the figures she gave “do not include transmission costs or the wheeling charges paid to the countries involved.”
When looking at most resourcerich countries, Thailand stands out for solar energy, with an untapped potential of 10,522 GW, followed by Myanmar (7,716 GW), and Cambodia (3,197 GW).
Importing solar energy from Peninsular Malaysia requires less transition investments
Dinita Setyawati
Robert Liew
Lim Jia Liang
SingPost pivots from mail to logistics as e-commerce demand drives growth
It is banking on e-commerce to drive its logistics unit, which accounts for 69% of revenue.
Singapore Post Ltd (SingPost) is shifting its focus to e-commerce and logistics as demand for traditional mail continues to decline.
Domestic letter volumes fell to 260 million in 2022 amid a global coronavirus pandemic, from about 490 million letters in 2015, Li Yu, CEO for SingPost’s international business, told Singapore Business Review.
“The group thus strategically shifted our focus to logistics, in line with our belief of staying adaptive to market dynamics and harnessing emerging trends,” he said.
Logistics accounted for 69% of SingPost’s revenue for the fiscal year ended March 2024, or $1.17b out of a total $1.69b, according to a statement posted on its website. The group’s full-year net profit more than doubled to $81.5m from a year earlier, even as revenue fell to $1.69b from $1.87b due to lower sea freight revenue.
“By orienting ourselves to capitalise on the [e-commerce logistics] sector’s growth, we are aiming to create market leadership to generate long-term shareholder value,” Yu said. “Our transformation will position us well to scale our logistics ambitions and deliver sustainable growth.”
Global e-commerce sales rose to US$5.8t in 2023 from US$3.4t in 2019, just before the COVID-19 pandemic, and is likely to hit US$8t by 2027, according to Statista.
“With such a large and growing opportunity, this expansion isn’t just about value,” Yu said. “It reflects changing consumer behaviour. As more people buy diverse products online through various channels, supply chains have to adapt.”
In the shift toward becoming a logistics-centric company, SingPost has partnered with postal services globally, such as Lithuania Post and Kazakhstan’s QazPost, to extend its reach into the Baltics and Middle Corridor, respectively.
Last year, it bought Border Express, Australia's sixthbiggest pallet and parcel distribution operator, through unit Freight Management Holdings Pty Ltd, to build its presence there. “Revenues generated overseas now contribute over 85% of our total revenue,” Yu said.
Beyond expanding its network, the group has strengthened its logistics capabilities by offering return management and customised delivery options, which Yu said have become common.
An easy return policy for unwanted products is a big plus for consumers, and it is important to offer the service to online sellers, Yu said. “That may be a firm factor behind consumers’ buying decisions.”
Technology-driven
The company has also expanded its courier delivery services to include pick-up and drop-off points and real-time tracking, not only in Singapore but in its other markets.
Having these points helps strengthen SingPost International’s reverse logistics capabilities and return management, which are keys to a successful shift to e-commerce, the CEO said. Technology has also been a key lever for the company’s transition, he added.
Having these points helps strengthen SingPost International’s reverse logistics capabilities and return management, which are keys to a successful shift to e-commerce, the CEO said. Technology has also been a key lever for the company’s transition, he added.
SingPost has invested in optimisation algorithms, Internet of Things-enabled tracking systems, and data analytics using generative artificial intelligence (genAI), which all help optimise SingPost International’s delivery routes. The company also uses Document AI to convert handwritten data into structured formats, reducing human error.
SingPost’s digital transformation efforts are as much about investing in its people as they are about advancing technology.
To help employees better understand the applications of the technologies that SingPost International has invested in, the company launched a digital upskilling initiative called “Future of Work.”
The group strategically shifted our focus to logistics in line with staying adaptive to market dynamics and harnessing emerging trends
“This ongoing skill upgrading program at SingPost aims to enhance employees’ proficiency in services and projects within their respective roles,” Yu said.
The company is upskilling its workers and leveraging technology to improve the way they work to support SingPost’s transformation into a technology-driven logistics enterprise, he added.
SingPost has more than 4,900 employees and serves customers in more than 220 global destinations. It has offices in 14 markets worldwide.
Li Yu, SingPost International CEO
TRANSPORT & LOGISTICS
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CEO INTERVIEW
IHH’s proton therapy takes aim at tumours with precision and low risk
The facility offers accurate tumour targeting with minimised damage to healthy tissue.
Leaving surrounding organs at risk during cancer treatment might become a thing of the past. Proton therapy may allow oncologists to focus on tumors with surgical precision, possibly reducing complications and improving patient outcomes.
This technology is now being implemented at the new Mount Elizabeth Proton Therapy Centre, where doctors are beginning to utilize its minimally invasive precision to treat a range of complex and hard-to-treat cancers.
To ensure the treatment’s effectiveness, IHH Healthcare Singapore CEO Peter Chow touted the centre’s use of a compact singleroom Intensity Modulated Proton Therapy (IMPT) system called the Proteus®ONE solution.
“It also contains Ion Beam Applications’ latest Pencil Beam Scanning (PBS) technology to target tumours precisely with an accuracy level of +/=0.2mm, along with isocentre volumetric imaging (Cone Beam CT), and stereotactic x-ray imaging capabilities for more accurate patient positioning before starting treatment,” Chow said.
The new centre has enabled us to improve their quality of life during and post-treatment
Moreover, the facility takes on a patient-centric approach to care, equipped with features such as an open gantry for easier access, prompt imaging technology for comprehensive image verification, and ambient surroundings to relieve anxiety whilst providing comfort.
“The new centre has enabled us to not only provide patients and their families more hope but also improve their quality of life during and posttreatment,” Chow said.
Diverse patient range
Having treated over 100 patients since its opening in May 2023, the centre’s demographic includes a wide age range, varying from 18 months to 85 years, and diverse geographical origins.
“(About) 28% of patients to date have been female, and 72% male, with more than half from Singapore, whilst 35% of patients came from Southeast Asia,” Chow said.
The CEO noted that an additional 14% of their patients came from the US, Canada, and the UK.
Meanwhile, he cited some statistics on the specific cancer types the facility has treated and how it
underscores their approach to care.
“About 40% of cases treated were related to head and neck cancers, 20% to brain cancer, another 20% to prostate cancer, with the remaining 20% treating other cancer types,” Chow said.
An advanced cancer care team
Another key element IHH upholds in maintaining quality cancer care services is its skilled team of doctors, nurses, medical physicists, and radiation therapists who are supported by modern technology.
“Our medical teams have been providing radiotherapy services for more than 30 years in our system by using linear accelerators, TomoTherapy, Gamma Knife, and brachytherapy to help cancer patients achieve their treatment goals,” Chow said.
He also emphasised that during the centre’s preparation phase, the IHH’s proton therapy team underwent extensive training in the US and Europe to enhance their knowledge and skills in the said treatment.
“They were trained by institutions including the University of Pennsylvania’s Abramson Cancer Centre, the University of Florida’s Health Proton Therapy Institute, and Aarhus University Hospital’s Danish Centre for Particle Therapy,” Chow noted.
Furthermore, the centre’s core team continues to engage in international conferences to exchange learnings with other experts and keep up with the latest advancements in proton therapy.
Meanwhile, the CEO expressed enthusiasm when asked about IHH’s future plans, aiming to expand their treatment range by exploring new technologies and investments.
“We will continue to see how we can enhance the scope and quality of cancer care for the benefit of our patients and residents in Singapore and the region,” Chow added.
CEO Peter Chow shows the open gantry, which helps relieve the patients’ anxiety and discomfort (Photo from IHH Healthcare)
Peter Chow
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SIDS fights misconceptions in interior design with accreditation, education
The organisation is setting up a digital platform to speed up accreditation from 6 to 2 months.
There is a troubling misconception about the scope of work of interior designers in Singapore. It is such that practically anyone — even celebrities from renovation programmes or influencers who have built their own homes and gained a following — can seem to pose as one.
The Society of Interior Designers Singapore (SIDS) has decided to blow the whistle and rightfully elevate the profession through accreditation and education programmes.
Under the accreditation programme of the SIDS, interior designers are evaluated and certified based on their work experience portfolio and academic qualification. The professionals can be accredited in three different tiers, with the first tier being the highest.
Through the programme, SIDS aims to distinguish qualified professionals from untrained individuals. This is particularly important since interior designers, unlike registered architects, do not undergo a formal registration process.
More stringent accreditation
In an interview with the publication, SIDS President and Founder and Managing Director of the Spirit Of Design Analogy (SODA) Tung Ching Yew said the organisation plans to expand the accreditation criteria as the industry progresses, making it more stringent.
“This expansion of accreditation criteria may cover other areas of expertise within the interior design field. This is to ensure that our scheme remains relevant and comprehensive when we are assessing the applicant,” Tung told Singapore Business Review
To speed up accreditation, SIDS has been working on setting up a digital accreditation platform that will streamline the application and review processes.
“Right now, it takes a longer time to do the assessments, so some designers may have to wait up to six months to receive their accreditation status, but with this digital platform we hope to reduce the reviewing process to two months,” the interior design expert added.
Since its introduction in 2021, the SIDS accreditation programme, SIDAS (Singapore Interior Designers Accreditation Scheme), has significantly elevated the profession and increased public confidence in professionals in the field, he said.
“Homeowners and businesses are now more confident working with accredited interior designers because they know these designers have gone through the evaluation from SIDS. And we have a very stringent criteria,” Tung said.
Demonstrating the programme’s impact, one of the SIDS-accredited designers received and closed at least five inquiries. “That five projects have led to more referrals and expanded the designers’ whole business in less than two years,” Tung said.
He is hopeful that more players in the private and public sector recognise the SIDS accreditation framework. In this regard, what they can do is incorporate the accreditation
This will ensure that only qualified and accredited interior designers are considered for projects
framework as part of their preferred requirement for standard submissions in tenders.
“This will ensure that only qualified and accredited interior designers are considered for projects. This way we can uphold the standards and credibility of the profession,” Tung said.
In the residential space, he told Singapore Business Review that he hopes more homeowners prioritise engaging accredited interior designers for their renovation.
“This will ensure that they are working with professionals who have been thoroughly vetted and possess the necessary qualifications and expertise, so they can have peace of mind and be guaranteed high-quality design solutions,” he said.
Education
and awareness
Another misconception that the accreditation helps to quash is on the professional roles of interior designers.
According to Tung, a lot of end users perceive interior designers as the contractor as well. Some contractors also attempt design work, which risks the profession, especially if they fail to complete projects, which damages the reputation of the interior design industry.
“Professionally, contractors are builders who are an integral part of the design ecosystem, but they are managed and instructed by interior designers. It’s important to have this distinction between contractors and the designers. The builder should not adopt the professional titles as an interior designer,” Tung said.
As of now, SIDS has been working on educating the public on the visionary nature of interior design, saying that the profession goes beyond space planning and choosing materials. SIDS has been embarking on a campaign to educate the public about the true scope and depth of the interior design profession.
Tung Ching Yew, Society of Interior Designers SIngapore (SIDS) President
Income Insurance seeks to fill billion-dollar financing gap in climate transition
The region skimmed its carbon intensity by 2.8%, far below the 17.2% needed.
In recent years, climate transition financing has become a critical focus for financial institutions worldwide, with only a fifth of the region’s financing gap having been filled with billions of dollars more to reach net zero.
However, this also comes with substantial challenges. One of the primary hurdles is the diverse and evolving nature of frameworks and standards across different jurisdictions.
“The various standards across jurisdictions can create difficulties in establishing a common standard to evaluate all $40b of assets we manage. Some standards may work in certain markets while others may not be as applicable,” David Chua, chief investment officer at Income Insurance told Singapore Business Review in a recent interview.
Aiming high
Income Insurance has set ambitious targets to invest SG$100m (US$74.6m) in community initiatives by 2030 and S$1b (US$746m) towards climate transition financing. This investment aims to drive decarbonisation efforts and promote environmentally resilient practices.
“We also work with other global fund managers who have developed various ways to integrate ESG into their investment processes. Some are more targeted towards climate transition, others towards Asia, and so on. We engage with them actively to ensure they are doing what they claim, being mindful of issues like greenwashing,” Chua said.
As an anchor investor in the Fullerton Carbon Action Fund, Income Insurance is actively working to achieve decarbonisation in its portfolio companies as it pursues attractive risk-adjusted returns for its investors.
The company has also set an interim goal to reduce absolute greenhouse gas emissions in its public assets portfolio by 20% by 2025. This will be achieved through active engagement with external fund managers (EFMs) to target the top 20 carbon emitters within its portfolio.
Stringent investment criteria have been established, preventing new investments in companies deriving significant revenue from thermal coal and oil sands production.
To address its operational carbon footprint, particularly in data centres which account for approximately 7% of Singapore’s total electricity consumption, Income Insurance has adopted a cloud-first strategy.
The company implemented an energy monitoring system to enhance real-time energy utilisation efficiency. It also prioritised the use of Green Mark-certified materials in office renovations, recognising that buildings contribute to about 20% of Singapore’s carbon emissions. Income Insurance’s efforts extend to promoting sustainable practices amongst its customers and the broader community.
Income Insurance introduced a three-year roadmap to develop insurance products tailored for electric vehicle (EV) owners, supporting the acceleration of vehicle electrification in Singapore. Its usage-based motor insurance offers flexibility for EV owners, encouraging lower mileage and reduced carbon emissions.
“On the product front, we recently launched a global income sustainable fund, and we’ll continue developing products like these to meet market demands. In underwriting, a core aspect of our business as the top motor insurer in Singapore, we're developing a product roadmap for electric vehicles. Whilst EV adoption in Singapore differs from the Philippines (for example), we aim to provide insurance solutions that encourage and incentivise more sustainable behaviour among motorists,” Chua said.
The company has enhanced its capabilities to assess environmental risks, particularly in flood-prone areas, enabling proactive risk management for high-risk customers.
To support sustainable investments, Income Insurance launched the JPMorgan Global Income Sustainable Fund, focusing on lowering carbon footprints whilst providing longterm capital growth.
The various standards across jurisdictions can create difficulties in establishing a common standard to evaluate all $40b of assets we manage
Income Insurance’s social commitment is underscored by its substantial community investments. In 2023, the company invested S$7.9m (US$5.89m) through its Income OrangeAid platform. These funds supported various initiatives, including education for underprivileged children and youths, senior well-being, and environmental causes.
The company’s approach to insurance has led to the introduction of a new suite of products. In 2023, Income Insurance launched the Complete Cancer Care policy, extending guaranteed post-cancer protection, a first in Singapore. This initiative supports cancer survivors as survival rates improve. Additionally, the SNACK Self Care Pack, Singapore’s first standalone mental wellness insurance plan, addresses the growing need for mental health support.
David Chua, chief investment officer at Income Insurance
When there’s a will, there’s a way: ASEAN’s future as a sustainability leader
By Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered
As the world’s fourth-largest energy consumer and home to one-tenth of the global population, ASEAN has an important role to play in global efforts to tackle climate change. According to the Southeast Asia’s Green Economy 2024 report by Standard Chartered in partnership with Bain & Company, GenZero, and
Temasek, ASEAN saw a 20% rise in green investments in 2023, and eight of the 10 ASEAN nations have set net zero targets.
Despite different priorities and strengths amongst ASEAN markets, they have in common intent and determination –acknowledging the need to balance growth and costs of a green and sustainable transition.
Singapore is a pioneer in innovative green financing; Vietnam is making a clear push towards renewable energy; Indonesia is seeking to retire coal-fired power plants early; and Malaysia is guiding financial sector players to develop taxonomies and progress on climate risk initiatives. In addition, several countries are discussing a potential crossborder green energy grid.
For ASEAN to meet its needs of an additional US$1.5t to support its transition, scaling innovative finance mechanisms like blended finance, carbon credits, and project financing will be crucial.
Driving ASEAN's sustainability journey
As the only international bank with a presence across all ASEAN markets, Standard Chartered plays an important role in facilitating capital to support corporate emission reduction efforts. It is committed to mobilising US$300b in sustainable finance by 2030 and directing capital and climate solutions. The bank’s long-established relationships with governments, companies and investors means Standard Chartered also adds value by bringing them together.
Acting now and collaborating to build momentum will give the best chance at achieving climate goals. When there’s a will there’s a way, and across ASEAN, there is no shortage of will.
That’s why ASEAN has a bright future as a sustainability leader.
Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered
How OCBC PartnerCare gives full-time benefits to over 20,000 property agents
Agents can access preferential home loan rates and salary bonus rates.
BANKING
Yeena Liew has worked as a property agent in Singapore for 8 years, but funding and promotion never got easy.
“Being self-employed property agents, it can be difficult to manage business expenses such as advertising, especially with irregular income flows,” Liew said, noting that newcomers to the industry are particularly susceptible to burnout due to these problems.
Liew is one of over 35,000 property agents across 1,090 agencies in Singapore, according to data from the Council of Estate Agencies (CEA). Classified as independent contractors, property agents often do not have the same access to benefits as a full-time employee, such as a regular salary, company budget, and health benefits.
OCBC says that it has the answer
to bridge this gap: its newlylaunched OCBC PartnerCare. Services offered by OCBC PartnerCare are valued at up to S$5,000 per year, per agent.
One perk for property agents is that they will have a chance to work together with an OCBC specialist to help agents pick the right loans for their customers, Tok Geok Peng, head of Consumer Secured Lending at OCBC, said in an interview with Singapore Business Review.
“Our mortgage specialists work closely with property agents to assist customers in need of a home loan,” the OCBC expert added.
As of press time, OCBC PartnerCare is already available to at least 20,900 agents in Singapore. The bank had earlier announced a partnership with the Singapore Estate Agents Association and various property agencies in the city
to onboard their agents. Amongst the first agencies to adopt OCBC PartnerCare are PropNex Realty and ERA, the two largest property firms by number of agents with 11,999 agents and 8,891 agents in their workforce, respectively.
Bonus rates
Agents who avail of OCBC PartnerCare can offer their clients a preferential home loan rate that is up to 0.07% lower than the standard OCBC home loan rate.
Agents are also given a bonus interest on their OCBC 360 account as well as home loan referral fees when they successfully onboard property buyers to OCBC.
Property agents who receive OCBC home loan referral fees of at least $1,800, and which are directly credited to their OCBC 360 account, will qualify for the salary bonus interest for that month.
This amounts to an additional effective interest rate of 2.5% a year for the agent for the first $100,000 they put in the account. This is separate to the base interest rate of 0.05% a year on their total account balance, Tok said.
Not all perks are related to rates: one work-related perk offered by OCBC PartnerCare is access to dedicated client meeting areas at select OCBC branches.
OCBC will also hold seminars, where experts will offer market insights through seminars on market outlook and macroeconomic trends, Tok said.
Personal wellness
Apart from work-related perks, OCC PartnerCare also has a “personal wellness” side and offers insurance discounts of up to 45% off for select Great Eastern General insurance plans.
Plans available to agents include the Great PA Insurance, Explorer Travel Insurance, and Great Home Insurance.
Property agents are paired with OCBC specialists to pick the right loans for their customers
Tok Geok Peng
OUE REIT CEO outlines sustainable growth powered by Barbell Strategy
CEO Han Khim Siew discussed their strategic focus on income, value, and sustainability, as well as how OUE REIT navigated rising interest rates and economic challenges.
OUE Real Estate Investment Trust (“OUE REIT”) is known for its Singaporecentric diversified portfolio. 92.5% of its SG$6.3b assets under management are situated in Singapore, spanning across office, retail, and hospitality sectors. The REIT’s strategic focus on income resilience, value creation, and sustainable growth underscores its commitment to delivering attractive and stable returns to its investors amidst an increasingly complex economic landscape.
In an exclusive interview, Mr Han Khim Siew, CEO of OUE REIT, shed light on OUE REIT’s strategic vision and how it continues to thrive despite elevated interest rates as well as economic challenges.
OUE REIT owns iconic office buildings such as OUE Bayfront, One Raffles Place, OUE Downtown Office, as well as prominent hotels like Hilton Singapore Orchard and Crowne Plaza Changi Airport. What are the benefits of maintaining such a diversified portfolio?
Han: OUE REIT’s strength lies in our "Barbell Strategy." Approximately half of our revenue
is generated from the office segment, whilst the other half comes from our retail and hospitality properties. This balanced portfolio offers a defensive yet attractive proposition, especially during challenging economic conditions. Our commercial assets provide revenue resilience through stable leases, whilst our hospitality assets benefit from dynamic pricing in a growing economy.
The strength of a diversified portfolio served us well—our office assets generated stable income during the pandemic whilst our newly acquired hospitality and retail segments gave us a welcome boost in revenue driven by post-pandemic travel.
We also focus on investing in prime assets strategically located in core areas. These prime locations have ensured resilience through economic cycles and capitalised on the "flight to quality" trend, where tenants and investors increasingly seek high-quality, well-located properties.
Most REITs in Singapore have been impacted by the elevated interest rate environment. What did OUE REIT do to mitigate the impact?
Han: Like many others, OUE REIT has not been immune to rising interest rates over the past two years. However, we have proactively strengthened our capital structure and reduced our cost of debt, positioning us well to capitalise on any potential interest rate cuts.
In particular, we leveraged the growing demand for sustainability-linked loans and investment-grade green notes to increase our financial flexibility. As an example, during the issuance of our first investment-grade green notes in June this year, we managed to tighten the spread to just 97.3 basis points over the
3-year Singapore Overnight Rate Average Overnight Indexed Swap (SORA-OIS) as of the launch date, setting a strong precedent for future debt issuance. Importantly, 74% of the final allocation came from institutional investors. Of these, more than 65% were from green investors.
We are pleased to share that we have no refinancing need in 2024, with only 14.4% of our total debt due in 2025. As of 30 June 2024, only 61.0% of our debt is on fixed rate. Assuming a 25 ppt decrease in interest rates, OUE REIT’s DPU would increase 0.04 Singapore cents per unit.
OUE REIT this year celebrated its 10 years of listing. What are some future plans for OUE REIT for the rest of this year and into the next?
Han: In light of the softening economy, our focus this year will be on optimising the operational performance of our two newly refurbished hotels and sustaining occupancy in our commercial assets. With most of our assets located in Singapore, we remain confident in our full-year performance. Meanwhile, we also aim to further optimise our balanced portfolio to deliver attractive potential returns. This year, we have set a medium-term goal to increase revenue contribution from the hospitality segment to 40%. We are also closely monitoring portfolio reconstitution and acquisition opportunities to unlock and create value from our existing portfolio. Our focus is to remain resilient and seize accretive growth opportunities as they arise.
"Our focus is to remain resilient and seize accretive growth opportunities as they arise"
Mr Han Khim Siew, CEO of OUE REIT
Hilton Singapore Orchard
OUE Bayfront
Eased leverage rules open new growth opportunities for Singapore REITs
The central bank has proposed to relax the aggregate leverage limit for all REITs to 50%.
Real estate investment trusts (REITs) in Singapore may soon be able to tap into more growth opportunities following proposals to ease leverage requirements and relax the financial thresholds related to their ability to manage debt payments.
In a consultation paper published on July 24, the Monetary Authority of Singapore (MAS) proposed setting a minimum interest coverage ratio (ICR) threshold for all REITs at 1.5 times and maintaining an aggregate leverage limit of 50%.
Currently, the ICR threshold is set at 2.5 times and is only required for REITs which intend to increase their aggregate leverage from 45% to 50%.
The easing of the aggregate leverage limit to 50% is a positive move for REITs since it will provide them “more headroom for growth through higher debt,” said Wong Xian Yang, head of research for Singapore and Southeast Asia at Cushman & Wakefield.
“Singapore REITs will have more flexibility to pursue growth and they're able to refinance debt easier with the relaxation of leverage requirements, which is pertinent given the current heightened cost of debt,” C&W told the magazine.
Wong added that the average aggregate leverage of Singapore REITs is 39%, which is below the proposed limits. As a result, Wong expects the relaxation to eventually lead the market to adopt higher gearing, enabling REITs to pursue more growth opportunities.
“I think the proposed changes are a positive step for Singapore REITs and will allow them to grow [their] assets under management (AUM). They also have more flexibility in a capital structure and will be more competitive with the other REIT markets in the [Asia-Pacific] region,” Wong said.
Greater financial stability
Ron Cheng, head of Investment Funds at Drew & Napier, also views the proposed leverage requirement changes as “a prudential measure” which would “have a positive effect on the broader investment market.”
“Greater financial stability of REITs may foster greater investor confidence and increase its appeal as an investment product. REIT managers will have to demonstrate greater sensitivity to market fluctuations and headwinds,” Cheng told Singapore Business Review
The relaxation of the ICR threshold is also beneficial, as REITs won’t have to worry as much about breaching the ICR floor if their earnings drop or if interest and borrowing costs rise, the investment expert added.
ICR, which measures a REIT’s ability to cover interest payments on its debt, is calculated by dividing the trailing 12 months' earnings before interest, tax, depreciation, and amortisation (EBITDA) by the trailing 12 months' interest expenses, borrowing-related fees, and distributions on hybrid securities, according to Cheng.
The ICR requirement, however, may pose challenges for some REITs that maintain an aggregate leverage of 45% or less, as they were not subject to any limit prior.
“These REITs may have to recalibrate their borrowing
arrangements or risk breaching the new minimum ICR. Since REITs typically rely on debt financing, the imposition of a minimum ICR will make them more sensitive to market fluctuations and heighten the need to maintain stable earnings,” Cheng said.
For REITs with an aggregate leverage of above 45%, Cheng there won't be substantial changes in their or their managers' basic duties.
Still, Cheng believes the proposal "comes at an opportune time for REITs," as the current environment of high interest rates, elevated finance costs, and, in some cases, reduced earnings or valuations, is impacting their performance.
In a report, DBS analysts Derek Tan, Dale Lai, and Geraldine Wong, said the measure will benefit mostly Singapore REITs (S-REITs) whose financial ratios are trending closer to the current 2.5x floor and 45% leverage ratio. These S-REITs include Lendlease Global Commercial REIT, Keppel REIT, Suntec REIT, and Mapletree Pan Asia Commercial Trust.
Although the rule has key beneficiaries, the DBS analysts said it will still result in positive sentiment among S-REITs.
"These newly revised rulings will introduce more financial flexibility for S-REITs in a higher and longer-than-expected interest rate environment," the DBS analysts said.
They added that the measure would enable S-REITs to be more competitive in the pursuit of acquisitions compared to other bidders that are more leverage-based buyers when the interest rate environment turns more conducive.
Preparation
Should the proposed changes be implemented, Cheng said REIT managers should obtain and analyse the data related to their managed REIT’s trailing 12 months adjusted EBITDA and existing debt obligations to ensure that the minimum ICR floor can be met.
“REIT managers should also ensure that their existing technology and accounting infrastructure allows for the convenient retrieval and analysis of such information on an ongoing basis,” Cheng added.
The measure will benefit mostly Singapore REITs like Lendlease whose financial ratios are trending closer to the current 2.5x floor
Ron Cheng
Wong Xian Yang
Changes in expat salary thresholds expected to affect fewer companies
The new guidelines favour locals by raising minimum qualifying salaries for foreign workers.
Singapore’s higher salary thresholds for foreigners will have a limited impact on the payroll of most companies, either because they are already paying more than the new rates or have few foreign employees, amidst stiff job competition from locals.
“Assuming the benchmarking is correct, then the lower two-thirds of professionals, managers, executives, and technicians should not be affected by this at all, and the higher one-third should not be any more affected than they would have been when salaries were generally at a lower level,” Ian Lim, a partner at TSMP Law, told Singapore Business Review
One of the world’s most open economies is trying to balance its desire to lure the world’s best and brightest to boost its workforce, and the need to assure its citizens that the system works for them, too.
The Ministry of Manpower has tweaked that balance in favour of locals by raising the minimum qualifying salary for foreign workers to $5,600 from $5,000 for general employment passes effective 1 January 2025, and to $6,200 from $5,500 for those in the financial service sector. The difference in minimum qualifying salaries between the financial services sector and other sectors reflects the higher prevailing wage norms in financial services.
The salaries, which will cover new applications and renewals, are benchmarked to the top one-third of local professional, manager, executive, and technician wages.
The revised guidelines are not expected to affect foreign workers at “higher level positions,” Lim said. “The proportions should remain the same, and we won't see more foreign workers at higher level positions."
The salary threshold rises progressively based on age, extending from 23 years old up to 45 and beyond. For instance, a 30-year-old applicant faces a salary threshold of $7,223 for a general EP and $7,409 for those in financial services. The rates for next year are $10,700 for employees in their mid-40s and $11,800 for those in their mid-40s in the financial service sector.
Singapore had 1.55 million foreign workers as of June 2024, about 202,000 of which were highly skilled employment pass holders, according to the ministry.
Industry effect
Some companies in the country do have a problem with renewals, Averill Chow, an associate at Baker McKenzie Wong & Leow, told Singapore Business Review. She explained that employers who could not renew the Employment Passes for these affected individuals who also did not have sufficient S Pass quota to change their pass type were forced to either terminate their employment or relocate them to their home country or another country where they qualify for a work pass.
On the flip side, in terms of costs, Lim said that increasing salaries across the board, whether for Singaporeans or foreigners, is essential to keep up with inflation and rising costs in general.
This could be a problem for Singapore, whose small population of 6.04 million and status as a regional financial hub point to a wide talent gap. Michael Page’s 2024 Talent Trends Report found that 41% of organisations in Singapore struggle to find the right talent.
Singapore’s total employment grew by 11,300 in the second quarter, more than double the increase a quarter earlier, according to government data. Non-residents (12,000) accounted for all the increase, while resident employment fell by 600.2.
Lim noted that despite the higher thresholds, Singapore would continue to rely on expatriates to plug its workforce gap. “Of course, Singapore has to rely on foreign talent. The government and the authorities have been quite clear on that as well that in order to maintain our standing as a global hub, we have to attract foreigners. But we want to make sure we attract the right kind of foreigners at the right level of positions,” he said.
The tighter salary rules are expected to ensure that Singaporeans remain the priority for local jobs. “There shouldn't be a situation whereby the job could have been offered to a local worker who was more qualified than the foreign worker, and yet the position still went to the foreigner,” Chow said. “That is not supposed to happen.”
The proportions should remain the same, and we won't see more foreign workers at higher level positions
Moreover, Lim highlighted that Singapore’s Complementarity Assessment Framework (COMPASS) ensures there is not an excessive concentration of foreigners from any one country within a company and that there is a sufficient level of Singaporeans employed as well.
‘If the government needs further insight from the industry, as to what the balance is supposed to be, then the government might consider requesting such information from time to time. The government does require employers in Singapore to fill in surveys, and the government might want to add in additional questions if they wanted to know what the balance should be,” Chow said.
EP salary thresholds will soon be raised to a minimum of $5,600 and $6200.
Averill Chow
Ian Lim
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How TikTok powers cross-border shopping for Singapore retailers
The yellow basket feature allows viewers to purchase items directly during livestreams.
Singaporean retailers are harnessing the power of TikTok to reach more customers across the globe — mostly young adults who thrive on funny moments and pranks — using short-form videos from influencers.
With more than a billion active users worldwide and a unique algorithm that gives small content creators a better chance of going viral, TikTok can help brands get seen without having to pay more famous TikTokers top dollars.
“Unlike the marketing of yesteryear which tended to focus more on celebrities or big names, the everyday influencer is more relatable and has a much stronger influence on the current generation of social media consumers,” Chenhao Zhu, co-founder of SpoonX Marketing Agency, said in an interview with Singapore Business Review
“Influencer marketing can be very powerful in starting trends and effectively growing strong demand for products in markets very far away from their initial home market or target audience,” he added.
Influencer marketing
The influencer marketing industry is estimated to grow to $24b by year-end, with 63% of brands planning to use artificial intelligence (AI) to execute their influencer campaigns, according to Influencer Marketing Hub.
TikTok, which has been downloaded 4.92 billion times and is used by 69% of brands that use influencer marketing, is by far the most popular influencer marketing channel, now well ahead of Instagram (47%), YouTube (33%), and Facebook (28%), it said. Zhu said retailers are on the right track by focusing on Singaporeans in the 25-34 age group, as this demographic is known to have a strong attachment to TikTok.
Brands can also gain consumer trust and brand reputation since social media allows people to freely share opinions on a product and hold brands accountable when needed. Influencer marketing can either make or break a brand’s image. “Retailers cannot get away with taking the easy route of merely buying influencers to say good things about their product if it isn't a good product,” Zhu said.
TikTok had 3.38 million users aged 18 and above in Singapore at the start of 2024, according to ByteDance. One in four Singaporeans preferred TikTok when making crossborder purchases on social media platforms, according to data from fintech firm Airwallex.
One TikTok feature that can broaden audience reach is livestreaming, which Benew used to penetrate the Malaysian market. “We schedule livestreaming sessions regularly and post videos on our TikTok page often,” Benew founder Aqilah Adnan said. “This has built a stable stream of viewers from countries like Malaysia, [which] has spurred us to expand [there], driven by the encouraging support we received from Malaysian viewers.”
In addition to increasing visibility, Benew uses social media for cost-effective campaigns with a wider reach.
“One great thing about TikTok is how, with luck and a bit of thought in coming up with the right tags, our content can
With the right tags, our content can be viewed by people across the world without them having to first search for our brand name
be viewed by people across the world without them having to first search for our brand name,” Adnan said.
But TikTok also presents challenges for cross-border shopping. The platform's yellow basket feature, which allows users to buy products during livestreams, is restricted to viewers from the same region as the brand.
“Even though the yellow basket feature is only accessible to viewers in our region, we have received inquiries and interest from viewers in other regions during our TikTok lives,” Adnan said.
‘Ahead of the game’
To address this, Benew uses Instagram for international orders. “We personally contact interested viewers and direct them to our website for their purchases.”
TikTok trends also allow Singapore retailers to introduce international brands to the local market. US products such as the Stanley Cup and Prime Hydration drink, as well as Fix Chocolate from Dubai, all of which went viral on TikTok, have made their way to Singapore due to high demand.
“Local retailers such as Takashimaya have brought in the Stanley Cup, supermarkets like NTUC Fairprice have brought in Prime Hydration drinks, and shops like The SGFR Store have also brought in both the Prime Hydration drinks as well as Fix Chocolate,” Zhu said.
“The SGFR Store in particular has been great in identifying and trying to stay ahead of the game by bringing in viral products as soon as they can and doing a fantastic job at marketing them on their own TikTok channel,” he added.
However, the way TikTok reshapes the e-commerce market is far more complex than it sounds. For example, Zhu noted that products can fade just as quickly as they went viral.
“Since most retailers are still bogged down by traditionally tedious and long processes of procurement, logistics, and stocking, they might not be agile enough to respond to and take advantage of retail trends on social media,” he said.
Retailers should therefore start their own trends to stimulate sales, Zhu said. It helps that because social media is not restricted by borders, regional content may become more culturally blended and appeal to a broader audience.
Tiktok is the most popular influencer marketing channel
Chenhao Zhu
Aqilah Adnan
FREDERICK TAY, JEFFREY LIM
Medical data exchanges - a pipe dream or a nightmare?
Data exchanges promise us fruits of the future. For medical data, these exchanges are meant to accelerate innovation, speed the pathway to personalised medicine, finding cures for long dreaded diseases, extending life and the quality of life. There’s just one problem – and it’s summarised easily in one question: “Which of you would like to post your medical data for the world to see?”
Even if it meant curing cancer? No, didn’t think so.
But the promise of a medical data exchanges is real enough to want to try to solve this problem. For instance, all over the world, Singapore included, legislative and regulatory initiatives are underway to promote safe and secure data sharing.
Consider Singapore’s proposed Health Information Bill. The premise of it is promising as it is ambitious. Create a legal framework where patients and medical professionals can interact with or have access to a wider set of medical data.
But where we start “cooking with gas” is to consider the promise it holds for companies on the frontline of finding cures and medical therapies – companies in the pharmaceutical and life science industries.
We are not only referring to data for clinical trial development and clinical studies, we are also speaking of achieving more accurate value-based pricing for specific categories of patients or even individual patients. Imagine a drug regimen suited to your gut biome, medical history, family history and DNA – personalised medicine.
This promise is not lost on Singapore. The Bill is promulgated by the Ministry of Health, and is to support collaborations such as between the Ministry, the Smart Nation and Digital Governance Office (SNGDO), Government Technology Agency (GovTech) and Synapxe have jointly developed TRUST which is a health data exchange platform.
TRUST can provide access to a rich amount of data sets that comprise largely of anonymised datasets relating to population, clinical data, lifestyle data, chronic disease screening data and genomic data.
However, the TRUST Partners are currently only limited to “public sector users and researchers from Singaporean public health institutions, institutes of higher learning and publicly funded institutions”.
Beneficial to the public - must this benefit be primary?
Every application for research project that seeks to access the data held by TRUST will have to be reviewed by a data access committee (“DAC”) that will have to make an assessment from a “scientific, clinical, health value of requests before concluding if the purpose of use is beneficial to the public and can generate social benefit”. This seems to preclude project requests from private institutions that may have both commercial and social benefits or where commercial benefits are primary whereas the social benefit can be ancillary.
The review is further circumscribed by the health and human potential domain’s focus and priorities which are currently limited to cancers and neoplasms, cardiovascular, eye, infection, mental health, metabolic and
FREDERICK TAY Director
Joyce A Tan & Partners
JEFFREY LIM
Co-Managing Director
LLC
Joyce A Tan & Partners LLC
endocrine and neurological. Though a sizeable list, not all research scope will necessarily fall within the list of disease listed as priorities.
To be sure there are laws that can already provide a good framework. But the Human Biomedical Research Act 2015 functions in relation institutions with an IRB, and its ultimate governance framework is based on a licensing regime that does not necessarily apply to pharmaceutical and life science companies.
Your intellectual property or mine? How about data ownership? And then there are the debates over ownership of “property rights” in data. Unlike in the EU, where are there are database rights, property rights are less clear for row entries of data. Whilst there is usually a case for copyright to exist in data schemas, designs of databases, and interfaces, the Yellow Pages litigation shows us that the case is not as robust when it comes to data entries themselves.
Sure, one could explore rights in trade secrets but this depends on a web of interconnected protection systems, NDAs, and notices. Much work in every exchange and for every contributor.
But without proprietary rights, the licensing and financial valuation and the commercial case for contribution is less easy to see. Financial investments might stall on the lack of a proper ecosystem of returns for all stakeholders. For instance, how does one price an exclusivity period? Why risk exposing data for no financial return or ROI?
Would a data requestor be at the mercy of the data contributor if the requestor does not own any intellectual property rights over the outcome of the research? Might the contributor may be at the mercy of the requestor if the requestor chooses to execute data mining to enrich its own data sets?
The TRUST framework currently says that TRUST owns any fused datasets arising from research that is contributed to the TRUST environment and within control of TRUST. Is that a recipe to encourage contribution?
Company’s undertaking is now my undertaking
And then there is the personal undertaking a user must submit with the data request form. This is in addition to the organisational undertaking the Data Requestor provides. Leave aside the chilling effect of personal liability. Is it effective to deter abuse? Would bad acting foreign users safely outside the reach of local legal action be deterred?
Conclusion
Perhaps these are teething issues. They are not insurmountable. But to encourage private institutions to really participate in TRUST, we need open dialogue. Stakeholders such as initiators of TRUST, the pharmaceutical and life science companies (including the Singapore Association of Pharmaceutical Industries) should each be heard.
DAVID BAEY
Navigating the rise of Singapore's million-dollar HDB flats
In 2023, the number of million-dollar HDB flats in Singapore reached unprecedented heights, even amidst inflationary pressures and significant policy changes. While these eye-popping transactions represent a small percentage of the total HDB resale market, their frequency is rising, signalling a notable shift in the property landscape. January alone saw a record 74 HDB units sell for at least $1 million each, driven by a backdrop of generally climbing resale prices. By April, property analysts were forecasting that the few remaining towns without million-dollar HDB sales would soon join the ranks.
The factors fuelling this trend are obvious to the experts paying close attention to consumer profiles and buying behaviours on the ground. The first is the emergence of the buying class of upgraders—individuals transitioning from their Build-to-Order (BTO) units to resale HDB flats. These upgraders often carry substantial financial gains from their previous properties, enabling them to afford higher-priced options. Another factor is that many buyers are being priced out of BTOs due to the income ceiling. With the most recent data pointing to a continued rise in prices, we predict that million-dollar transactions are poised to become the new norm.
The case for upgraders
To assess the affordability of a million-dollar HDB flat, we must take a practical look at the financial capacity of the average Singaporean household. With the current average household income in Singapore standing at $10,869 and considering a 25-year loan with a stress test interest rate of 4.8%—the toughest bank's stress test—the affordability for HDB properties is around $760,000. This leaves a significant gap, requiring an additional $240,000 in cash to bridge the difference for a million-dollar purchase.
However, upgraders often have a distinct advantage. The gains from selling a BTO unit typically exceed $200,000, providing a substantial portion of the additional funds needed. For instance, the appreciation of a 4-room HDB unit frequently suffices to cover the $200,000 top-up required, making the leap to a million-dollar resale flat more attainable for these households.
Middle-class buyers priced out of BTOs
Middle-class buyers, on the other hand, face a different challenge. The current income ceiling for BTO eligibility is set at $14,000. For households earning this amount, assuming a 25-year loan with the same stress test rate, their affordability for HDB properties reaches $977,317. To secure a $1 million HDB flat, they would need to supplement this with $22,683 in cash—a more manageable sum for many within this income bracket.
According to Singstat, 33.1% of Singaporean households earn $14,000 or more. Given that 80% of the population resides in HDB flats, about 13% of these households are in a position to afford million-dollar units. This suggests that million-dollar resale HDBs will not only become more common but could potentially account for roughly one in ten transactions in the future.
DAVID BAEY Co-founder Mortgage Master
Implications for the wider market
Upgraders and middle-class buyers are fuelling the demand for milliondollar flats but what does this trend mean for other consumer groups – especially younger, first-time homeowners?
Obviously, increased prices put even more financial pressure on firsttime buyers who now have a tougher job in finding affordable options within their budget. This financial burden often leads to longer saving periods for down payments and higher monthly mortgage repayments, stretching their finances thin. Consequently, this group may need to adjust their expectations, considering smaller units or flats in less central locations to stay within budget, which can affect their lifestyle and convenience.
This challenging landscape also brings about greater financial stress and risk for first-time homeowners, who may be more vulnerable to interest rate fluctuations and economic downturns, increasing the risk of mortgage default or financial instability. As the property market becomes more complex and competitive, financial literacy becomes even more crucial for first-time buyers to make informed decisions and avoid over-leveraging themselves.
Empowering buyers to take charge of their housing dreams
As we navigate this evolving market, effective mortgage management is crucial. The rise of the million-dollar HDB flat is a significant trend that reflects broader market dynamics and changing buyer profiles. While the figures may seem daunting, understanding the driving factors and implementing strategic mortgage management can empower potential buyers to bridge the gap to buy the dream.
First and foremost, thorough assessment of affordability is key. Prospective buyers should conduct a comprehensive evaluation of their financial situation, taking into account current and future income stability, as well as potential financial commitments. Using mortgage calculators and seeking professional advice can provide a clearer picture of what is feasible.
Exploring various financing options is equally important. Different financial institutions offer a range of mortgage packages with varying interest rates, loan tenures, and repayment terms. Comparing these options is essential to finding the most suitable arrangement. Fixed-rate mortgages provide stability, while floating-rate mortgages might offer lower initial rates.
Other valuable strategies include contingency planning and periodic refinancing. The former involves establishing an emergency fund that covers at least six months of mortgage payments to cushion against unexpected financial setbacks. With refinancing, buyers can benefit from lower interest rates and reduced monthly repayments by regularly reviewing their mortgage terms. Refinancing can also provide additional funds for renovations or other financial needs.
Mortgage advisors and financial planners are a final industry resource to tap on, who offer tailored solutions and insights to specific situations and needs. These experts can help buyers navigate complex financial landscapes, ensuring informed decisions.
