Latest news with #SingaporeEconomicDevelopmentBoard
Economic Times
18 hours ago
- Business
- Economic Times
How foreign investors can secure permanent residence in Singapore
Agencies Singapore has positioned itself as a top destination for wealthy and experienced foreign entrepreneurs through its Global Investor Program (GIP), which offers a route to permanent residency. The initiative is designed for investors who wish to live, work, and contribute to the country's economy by starting businesses or making substantial investments. Successful applicants can expect to obtain permanent residence status within nine to twelve months. The program is part of the Singaporean government's broader aim to attract global talent and strengthen its business environment. Applicants must meet strict eligibility requirements and choose from three investment options, each tied to job creation or capital deployment in Singapore. Investment options under the program Applicants can select one of the following investment paths:1. Option A: Invest SGD 10 million (including paid-up capital) into a new or existing business in Singapore and employ at least 30 staff, half of whom must be Singaporean citizens. For existing businesses, 10 employees must be new hires.2. Option B: Invest SGD 25 million in a fund approved by the Singapore Economic Development Board, which invests in Singapore-based companies.3. Option C: Set up a single family office in Singapore with assets under management of at least SGD 200 million. At least SGD 50 million must be deployed in approved investments such as listed companies, qualifying debt securities, licensed funds, or private equity in local businesses. The office must employ at least five additional professionals over five years, including three Singaporean citizens. Application process and eligibility The program is open to established business owners, next-generation business leaders, founders of fast-growing tech firms, and family office principals with significant entrepreneurial must submit an e-application, a personal profile, and a detailed investment plan, along with hard copy supporting documents. After an interview and assessment, eligible applicants receive an Approval in Principle, valid for six months. The investment must be completed within this period. Permanent residence status must be formalized within a year of final and children under 21 can be included in the application. Male dependents must serve national service. Parents and unmarried children over 21 are not eligible but can apply for a five-year long-term visit pass. Benefits of Singaporean Permanent Residence Permanent residents in Singapore enjoy several advantages, including political and economic stability, low crime rates, and a high standard of living. The country offers world-class education, healthcare, and public transport systems, alongside advanced business infrastructure and a favorable tax a population of around six million and English and Mandarin as main languages, Singapore maintains a multicultural society. Its territorial taxation system means individuals are generally taxed only on income sourced within the country, a factor that appeals to foreign investors. Re-entry permits and citizenship path Once permanent residence is formalized, investors receive a five-year re-entry permit (REP), allowing them to travel without losing residency status. REP renewal requirements vary by investment option and may include meeting business targets or maintaining physical presence in two years as a permanent resident, individuals may apply for Singaporean citizenship, which is granted on a single-citizenship basis. The Singapore passport is currently ranked the world's strongest, offering visa-free or visa-on-arrival access to 193 destinations, including Europe's Schengen Area, the USA, and Singapore's ban on dual citizenship means applicants must be prepared to renounce their existing nationality if they seek citizenship. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre As 50% US tariff looms, 6 key steps that can safeguard Indian economy Stock Radar: JSPL forms Ascending Triangle pattern on weekly charts, could hit fresh 52-week high soon Nifty and business are different species: 5 small-cap stocks from different sectors with upside potential of up to 30% F&O Radar | Deploy Bear Put Spread in Nifty to play index's negative stance amid volatility Wealth creation: Look beyond the obvious in some things; 10 fertilizer sector companies worth watching
Straits Times
2 days ago
- Business
- Straits Times
Visa Singapore: Powering payments, driving innovation
From left: Jack Forestell, Visa's Chief Product & Strategy Officer; Png Cheong Boon, Chairman, Singapore Economic Development Board; and Stephen Karpin, Regional President for Visa Asia Pacific at the grand reopening of Visa's Innovation Centre in Singapore. Visa's 2024 annual report opens with a powerful message: it all began with a simple yet revolutionary idea – to connect buyers and sellers through seamless, secure digital payments and uplift everyone, everywhere by being the best way to pay and be paid. Since establishing operations in Singapore in the 1980s, Visa has brought that vision to life and taken it even further. From daily essentials like buying groceries and meals to taking public transport and enabling tourists to pay like locals, Visa has made digital payments a natural part of our everyday life. Fast forward to 2025, Visa continues to redefine the way individuals and businesses transact in today's digital-first economy by enabling payments to be made faster, more secure and smarter. But Visa's journey doesn't stop here. Visa is committed to future-proofing payments by driving innovation. As part of its long-term vision, Visa is investing in infrastructure, cybersecurity, and inclusive financial tools. To explore its journey in Singapore and what lies ahead, we posed 10 questions to Adeline Kim, Visa's Country Manager for Singapore and Brunei. As Singapore celebrates 60 years, what does this milestone mean to Visa Singapore? Singapore at 60 is more than a national milestone – it's a moment to reflect on how far we've come together. I see our role here not just as a payments company, but as a long-term partner in progress. Over the decades, we've supported Singapore's digital ambitions from helping to lay early payment infrastructure to accelerating contactless and QR adoption. But what excites me most is how future-ready Singapore continues to be. Top stories Swipe. Select. Stay informed. Singapore Luxury items seized in $3b money laundering case handed over to Deloitte for liquidation Singapore MyRepublic customers air concerns over broadband speed after sale to StarHub Singapore Power switchboard failure led to disruption in NEL, Sengkang-Punggol LRT services: SBS Transit Singapore NEL and Sengkang-Punggol LRT resume service after hours-long power fault Business Ninja Van cuts 12% of Singapore workforce after 2 rounds of layoffs in 2024 Singapore Hyflux investigator 'took advantage' of Olivia Lum's inability to recall events: Davinder Singh Singapore Man who stabbed son-in-law to death in Boon Tat Street in 2017 dies of heart attack, says daughter Singapore Man who stalked woman blasted by judge on appeal for asking scandalous questions in court Looking back, what were some of the pivotal moments? Singapore has always held a special place in Visa's global journey. While our formal presence here spans more than two decades, our connection goes back to the early 1980s, when Visa established our Asia Pacific operations centre in Singapore. That decision reflected our belief in Singapore's long-term potential as a global financial hub, and it's a belief that continues to hold true today. Over the years, we've had the privilege of working alongside partners across the public and private sectors to shape the future of payments. In 2006, we launched one of the first multifunction cards in Singapore – a step toward more integrated, everyday commerce. By 2014, we saw strong momentum in contactless payments, and partnered with NTUC FairPrice and McDonald's to make Visa payWave, now known as contactless payments, be a part of Singaporeans' daily lives. A major turning point came in 2019 with the launch of SimplyGo, where commuters could tap their Visa card to ride public transport. That initiative wasn't just about convenience – it reflected how digital payments could simplify and enhance daily routines. More importantly, it supports urban mobility and promotes the government's broader objectives to make Singapore a more digital nation. Visa has played a key role in driving contactless payment adoption in Singapore. What were the initial challenges and how did Visa overcome them? Every payment shift, even one as seamless as tap-to-pay, starts with a mindset change. In the early days of contactless, one of our biggest challenges was building confidence: for consumers to feel comfortable tapping instead of inserting a card, and for merchants to trust the speed and security of the transaction. Education played a big role. We spent a lot of time working with banks, merchants, and industry partners to demonstrate that contactless wasn't just faster, but reliable, secure, and better for business. Today, Singapore has one of the highest penetration of contactless transactions in Asia Pacific, at over 99%! Another challenge was building everyday relevance. We knew that to change behaviour, we had to meet people where they already were – in supermarkets, fast food outlets, and on public transport. They helped bring contactless payments into daily routines in a very tangible way. Singapore is one of Visa's four global innovation centres. What kind of solutions are being tested here, and how do they scale globally? The Singapore Innovation Centre has always been a space for turning ideas into action – and with its recent transformation, it's now even more focused on helping partners across Asia Pacific build what's next in commerce. What makes this facility unique isn't just the technology – it's the way we collaborate. We bring together banks, fintechs, retailers and startups to co-create solutions that solve real payment challenges, often ahead of market demand. We had programmes such as Visa Everywhere Initiative and Visa Accelerator programme, which were designed to foster collaboration and co-creation with the startups community. What's developed here is shaped by the needs of the region, but it doesn't stop here. Because Singapore sits at the intersection of global and local innovation, the ideas we test often scale outward, influencing how payments evolve in other fast-growing markets as well. Visa is also at the forefront of developing the future of payments. Tell us more about Visa Pay? Visa Pay is an innovative solution designed to enhance the interoperability and convenience of digital payments. It allows consumers to use their local digital wallets and account-to-account (A2A) payment apps to make payments at Visa-accepting merchants worldwide. Visa Pay delivers a seamless cross-border payment experience, making it easier for consumers to transact globally. When we talk about helping travellers pay like locals, we're talking about removing friction and replacing it with familiarity, flexibility, and control. Whether it's shopping, dining, or moving across borders, travellers want payment experiences that feel as seamless as what they're used to at home. Visa recently launched a card that allows users to toggle between credit and debit. What's the value of this for consumers and financial institutions? The way people manage their money is changing. Consumers today want more control, more visibility, and more flexibility – not just in how they pay, but in how they plan. That's where Visa Flexible Credential comes in. An average Singaporean carries more than five cards in their wallets. Instead of carrying separate cards for debit, credit, or even different currencies, consumers can now switch between funding sources using a single card. For financial institutions, it's about meeting customers where they are in their financial journey. And that's ultimately the kind of innovation that sticks – because it works for the user, not just the system. Visa has also been exploring stablecoins and digital currencies. How does this align with Visa's broader strategic direction? Visa's approach to digital currencies has always been about enabling real-world utility. We are expanding our stablecoin capabilities in Singapore and the Asia Pacific region, partnering with companies like DCS Singapore, dtcpay, and StraitsX to enable stablecoin-backed cards. These partnerships allow users to buy stablecoins with fiat and spend them at Visa-accepting merchants, effectively bridging digital and traditional finance. We aim to make it easier for users to access and utilise stablecoins for everyday purchases, blurring the lines between traditional payment methods and digital assets. This is also part of a broader shift we're seeing, where consumers are looking for payment tools that are transparent, flexible, and frictionless. Visa Intelligent Commerce is an exciting platform for businesses. How does it support innovation for banks and merchants? AI is fundamentally changing the way consumers discover, decide, and ultimately pay – and Visa Intelligent Commerce is about helping our partners stay ahead, while maintaining the trust that underpins every transaction. The platform enables a future where AI agents can shop and transact on behalf of users, helping with everything from product discovery to post-purchase management. But it's not just about automation – it's about doing it in a way that's secure, transparent, and personalised. For banks and merchants, this opens up a new frontier of customer engagement. And because Visa sits at the intersection of security, scale, and innovation – with over 4.8 billion credentials and 150 million merchants globally – we're uniquely positioned to embed these capabilities safely and at scale. What role will Visa play in shaping Singapore's next 60 years? If there's one thing we can be sure of, it's that technology will keep changing how we live, travel, and pay. Visa's role is to make that change feel intuitive, secure, and accessible for everyone. Security is paramount in the digital payment landscape, and Visa plays a crucial role in ensuring that transactions are safe and secure. By implementing advanced security measures and continually innovating, Visa helps build consumer confidence in digital payments. This trust is essential for the widespread adoption of new payment technologies. Visa remains committed to driving these pillars by providing robust fraud protection, seamless transactions, and a secure payment environment for consumers and businesses alike. Dedication to security and consumer confidence is what makes Visa a trusted leader in the global payments industry. So as we look toward the future, it's not just about the technologies themselves, it's about designing them to be innovative and secure. And Singapore, with its openness to innovation and high expectations around experience, will continue to be one of the places where that future is shaped first. Finally, if you had to define Visa's partnership with Singapore in one word or phrase, what would it be – and why? 'Domestically relevant and purposeful.' These words guide the way we run the Singapore business and speaks to the spirit of our partnership, grounded in trust, guided by intention, and always focused on creating meaningful progress.
Business Times
05-08-2025
- Business
- Business Times
SG60: Running Singapore on innovation – brains, bytes and billion-dollar growth engines
AS AT mid-2025, Singapore secured more than 40 AI centres of excellence, attracting both digital-native and industrial firms to research and develop various forms of artificial intelligence (AI) solutions here, including those related to proprietary generative AI (GenAI). GenAI is a type of AI that can create new content – such as text, images, audio and video – based on the data it has been trained on. Last year, Singapore also launched three new accelerators that nurtured more than 50 promising locally based ventures. This is attributable to Digital Industry Singapore, a joint office formed in 2019 by the Singapore Economic Development Board (EDB), Enterprise Singapore (EnterpriseSG) and Infocomm Media Development Authority. The government has been working with industry players to set up sectoral-based centres of excellence to look at use cases that can be applied widely and build domain-specific capabilities in key economic sectors. For instance, the Sectoral AI Centre of Excellence for Manufacturing, which was launched in September 2024, supports industry partners and companies in the adoption of GenAI and machine learning in areas such as quality assurance and predictive maintenance. This is to enhance the manufacturing value chain. AI is just one aspect of Singapore's economic evolution. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up EDB chairman Png Cheong Boon said EDB will continue to attract investments that are knowledge and innovation-intensive, aligned with the Republic's transition to a low-carbon economy, and that have high growth potential. 'We are targeting high-value investments that create good jobs requiring deep capabilities and that entail regional or global responsibilities; and where companies have a strong focus on the training and development of employees,' he noted. These would include manufacturing and services projects in sectors such as aerospace, semiconductors, biopharmaceuticals, medical technology and specialty chemicals, besides new growth areas such as precision medicine, AI and sustainable products and services. With sustainability being a priority, global companies see it as a plus that Singapore partners them in their low-carbon transition, added Png. These range from adopting renewable energy to increasing energy efficiencies in existing processes. Today, there are more than 150 carbon services and trading firms – double the number from 2021. Besides renewable energy services and the bio-economy, an area that Singapore is actively looking at is low-carbon technologies. The Republic is home to the world's largest sustainable aviation fuel production facility by capacity, operated by Neste, and is developing a cross-border carbon capture and storage hub led by ExxonMobil and Shell to support domestic decarbonisation. Singapore is home to the world's largest sustainable aviation fuel production facility by capacity, operated by Neste. PHOTO: NESTE Brains behind the economy's transformation A walk through history will find that EDB has been a catalyst for Singapore's competitiveness for decades. It cultivated labour-intensive industries such as manufacturing in the 1960s to address high unemployment and jump-start the economy, before shifting in the 1970s to skills-intensive industries such as precision engineering and electronics. In the 1980s, EDB turned towards capital-intensive and higher-technology industries including computers, machinery and pharmaceuticals. For example, the Republic welcomed its first semiconductor wafer fabrication plant and the first petrochemical complex in Asia at this time. By the 1990s, Singapore was on its way to becoming a knowledge-based economy as EDB laid the groundwork for the transition through innovation, research and development (R&D), and technopreneurship. Along with manufacturing, EDB invested in services as a second growth engine, and developed the biomedical sciences, aerospace and modern services sectors, so that workers had the relevant skills and experience. The transformation signalled the reimagining of the traditional petrochemicals sector and a move to develop infrastructure such as Jurong Island and industrial estates, to support heavy shipping and manufacturing industries. A key theme that can be found across different industries is the push to innovate and conduct R&D. In the past five years, Singapore has invested about S$28 billion or 1 per cent of its gross domestic product annually to strengthen its research ecosystem and encourage more companies to deepen their innovation footprint here. Png explained that EDB's role goes far beyond just helping businesses set up here. It guides companies through their entire growth journey in the region – from facilitating collaborations with local companies and suppliers in Singapore to connecting them with the right partners to explore regional expansion. 'As the firms achieve critical mass, EDB encourages them to deepen their presence by establishing regional headquarters and centres of excellence, so that high-value activities are embedded in Singapore, in turn creating higher-value jobs,' he added. Indeed, the Ministry of Manpower's (MOM) labour market second-quarter report released in September 2024 showed that about 20 per cent of firms here are foreign-owned, yet they employ 60 per cent of Singapore residents in high-earning jobs. MOM said foreign-owned firms employ an outsized share of those who earn a gross monthly income of above S$12,500 and fall into the top 10 per cent of income distribution. Strengthening Singapore's core The foresight in the early years meant that Singapore's manufacturing and services sectors had time to become sophisticated, supported by excellent infrastructure, a skilled workforce and a conducive business climate. It is how and why the city-state now accounts for 10 per cent of global chips output and roughly 20 per cent of global semiconductor equipment output. In the healthcare space, eight out of the top 10 pharmaceutical companies conduct manufacturing or R&D here. EDB is now responsible for more than 35 per cent of Singapore's annual GDP in the manufacturing and tradeable services sectors. Manufacturing alone makes up nearly one-fifth of the country's GDP. Under Singapore's Manufacturing 2030 plan, the sector's value-add is to be raised by 50 per cent from 2020 to 2030. The goal is to ensure a diverse range of manufacturing activities and attract companies with specialised capabilities that will allow the country to remain an essential part of global value chains. Singapore has five best-in-class advanced manufacturing facilities that are part of the World Economic Forum's Global Lighthouse Network, including those by Coca-Cola and Infineon Technologies. In aerospace, major players such as Rolls-Royce and Pratt & Whitney have deepened their operations here. Singapore is now a leading aerospace hub in the Asia-Pacific region with more than 130 aerospace companies that contribute to 10 per cent of global maintenance, repair and overhaul output. Efforts to turn the Republic into a hub for the region have also paid off. Earlier this year, Amazon Web Services (AWS) and German specialty chemicals firm Munzing opened their Asia-Pacific headquarters in Singapore with plans to grow the software engineering team and invest in local R&D, respectively. In May, the Republic took the fourth spot out of 118 countries in the 2025 Global Startup Ecosystem Index by research platform StartupBlink, behind Israel, Britain and the US. 'We want to attract activities that ensure we remain a critical part of global value chains which play to Singapore's strengths, that would be hard for others to replicate and would continue to be relevant to the global economy in future. 'Riding on fast-growing sectors and those with high growth potential enables Singapore to plug into global economic growth and the growth potential of the immediate region,' said Png, who added that EDB is also encouraging experienced founders to scale their next ventures from Singapore, through the Global Founder Programme. To stay ahead, EDB is cognisant that the local workforce must also be able to keep up with the needs of businesses. Besides the national programme that funds upskilling, EDB has also rolled out various targeted training programmes to help workers. In 2024, EDB partnered Oracle to upskill up to 10,000 local workers and tertiary students in GenAI by 2027. There is also AWS' flagship AI programme, AWS AI Spring, where it will collaborate with universities, polytechnics and the Institute of Technical Education on AI learning. The aim is to train 5,000 individuals over three years, from 2024 to 2026. EDB, Oracle, AWS and Databricks have also rolled out digital training schemes in areas such as cybersecurity, cloud computing and data management. EDB, Oracle, AWS and Databricks (above) have rolled out digital training schemes in areas such as cybersecurity, cloud computing and data management. PHOTO: REUTERS In addition, EDB invests in leadership development – through programmes such as the Global Business Leaders Programme and Singapore Leaders Network – to better support Singaporeans to take on leadership roles in key companies. Building a resilient and connected ecosystem In today's volatile and fragmented world, it is important to ensure that the Republic's supply chain ecosystem and regional connectivity deliver unmatched value to global businesses. Therefore, initiatives such as the Johor-Singapore Special Economic Zone can not only help strengthen ties with neighbouring economies, but also complement the city-state's extensive global network of 28 free trade agreements. These efforts will go a long way in ensuring the Republic's supply chain resilience and seamless regional integration, so that Singapore is an indispensable hub for multinational corporations (MNCs) navigating geopolitical uncertainties. Beyond that, EDB is also committed to reinforcing Singapore's supportive business ecosystem. For instance, it works with JTC to provide the right infrastructure to companies. To spur greater collaboration between MNCs and local enterprises, EDB and EnterpriseSG have the Partnerships for Capability Transformation scheme that provides funding support for capability training, internationalisation, corporate venturing, supplier development and co-innovation. 'These are win-win partnerships that strengthen supply chain resilience for global businesses while helping our local companies build new capabilities,' said Png. He added that, over time, this would make businesses here more competitive and improve Singapore's economy.
Business Times
27-07-2025
- Business
- Business Times
Balancing premium growth with market inclusivity in Singapore's office sector
[SINGAPORE] The Republic's 60-year economic journey is visible in its evolving skyline. What was once a manufacturing hub has transformed into a high-value economy, creating a gleaming testament to growth and Asia's premier business hub. Amid this skyline remain the older commercial buildings which are increasingly dealing with the winds of change. This duality of new and old presents Singapore with its next great challenge: balancing high-value economic ambition with market inclusivity. The strategic ascent Singapore's economic strategy has been deliberate and effective. Recognising limited land and labour resources, authorities have encouraged companies to locate sophisticated operations within Singapore. Over the years, more labour-intensive functions have moved elsewhere in the region. Recent tightening of immigration policies and higher minimum salary thresholds for work visas have increased hiring costs. This has prompted companies to base regional back-end staff in lower-cost South-east Asian countries while maintaining high-value functions in Singapore. This approach supports Singapore Economy 2030, aiming to increase the Modern Services cluster's value-add by 50 per cent by 2030. Focusing on finance, professional services and IT creates roles requiring advanced digital skills, strategic thinking and innovation capacity. These high-value activities maximise economic output per square foot of precious Singapore real estate. According to the Singapore Economic Development Board (EDB), the average value-added per worker in Singapore has increased by approximately 35 per cent over the past decade. Corporate evolution in action The corporate landscape in Singapore's Central Business District (CBD) tells this story clearly. Standard Chartered Bank maintains its regional headquarters (HQ) in Marina Bay Financial Centre Tower 1, having relocated processing and call centres to Malaysia and India. Its Singapore office now focuses on complex financial products, wealth management and fintech innovation, generating higher revenue per employee. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Pharmaceutical giant GSK maintains sophisticated biomedical manufacturing operations in Singapore, having moved basic production offshore. Its Singapore operation now serves as HQ for its global general medicines business and regional HQ for Greater China and emerging markets. It focuses on complex biologics production and research and development, rather than basic tablet manufacturing which has shifted to Thailand and India. Even manufacturing companies have adapted. Tetra Pak recently closed its packaging production facility in Jurong. The company consolidated manufacturing across the region. It retained core functions such as business management, IT, finance and marketing in Singapore. Its move from Jurong to Labrador Tower shows a shift from industrial operations to knowledge-based work. Office market patterns and the 21-year itch This economic evolution has created a growing split in Singapore's office market. JLL's review of 87 tenant moves to four recently completed premium buildings – IOI Central Boulevard Towers, Guoco Midtown, CapitaSpring and Keppel South Central – shows a pattern of an emerging market transformation. Growth trumping uncertainty is perhaps the most revealing trend with 49 per cent of these relocations being expansion-driven despite global economic headwinds. Financial powerhouses are among companies that have relocated. With Morgan Stanley having secured spaces exceeding 107,000 square feet, it signals strong business confidence in Singapore's future. The '21-year itch' phenomenon is evident as companies exit ageing buildings. Those relocating to the four Grade A developments are leaving facilities averaging more than 21 years old. This flight to quality was the primary motivation across all four buildings – from 24 per cent of tenants at IOI Central Boulevard Towers to 100 per cent at Keppel South Central. JLL's data also shows a shift from flex spaces to permanent ones. Some 15 per cent of new premium tenants are graduating from flexible workspaces to permanent offices. Fintech firms such as Coinup and AppLovin lead this trend, suggesting Singapore's high-growth startup ecosystem is maturing. Cluster power is evident as clear industry specialisations emerge in specific buildings. IOI Central Boulevard Towers has become a magnet for legal firms, Guoco Midtown attracts luxury retailers and pharmaceuticals, while CapitaSpring has become the destination for financial services. These movements have created two distinct market segments: premium buildings commanding ever-higher rents and ageing buildings facing increasing vacancy and pressure to redevelop. The balancing act ahead These market trends create opportunities and challenges for Singapore's commercial real estate landscape. The flight to quality concentrates demand in newer buildings, allowing landlords to maintain pricing power despite JLL Research reporting five consecutive quarters of modest growth for Singapore office rents. A widening rent gap between older Grade B or B+ buildings and premium Grade A developments is emerging, presenting a significant market challenge. While high-value companies willingly pay premium rents for sophisticated spaces, mid-tier firms that contribute significantly to Singapore's diverse business ecosystem often lack the resources to compete for top-tier space. Older buildings now face what we call the addition and alteration imperative. JLL's data shows that tenants demonstrate a clear willingness to pay substantially more for modern amenities and sustainability features. Building owners must either undergo significant upgrades or risk obsolescence in an increasingly bifurcated market. This market division shows remarkable resilience against economic uncertainty. In previous cycles, uncertainty depressed the entire office market. Today, the concentration of strategic functions in Singapore creates a stable demand base for premium spaces. The Amazon Effect illustrates this shift, with the tech giant's consolidation from four scattered locations to a massive 369,000 sq ft space signalling a broader corporate strategy where maximum efficiency in landmark buildings trumps distributed footprints. European financial institutions further reinforce this trend, establishing strategic footholds in Singapore. Credit Agricole, VP Bank and Unicredit have all moved into premium office spaces, positioning Singapore as the bridge between Western capital and Asian opportunity. A sustainable path forward How the market responds to this bifurcation will determine Singapore's commercial real estate's future. For building owners, differentiation strategies become crucial. While government schemes may offer incentives, market-driven solutions will likely prove most effective. Innovative asset repositioning strategies, going beyond cosmetic upgrades to deliver genuine value enhancement, will separate winners from losers. For tenants, especially mid-tier companies, alternative location strategies and flexible space solutions offer viable pathways. The Flex-to-Perm Revolution seen among fintech firms suggests that a new tenant journey emerging. This creates opportunities for landlords to develop growth pathways within their portfolios. The pull factor shown by the four buildings analysed by JLL is fuelling the cluster power where specific buildings become magnets for particular sectors. This organic shift creates value opportunities for both landlords and tenants. IOI Central Boulevard Towers' emergence as a legal sector hub and CapitaSpring's appeal to technology-forward financial services demonstrates how strategic positioning can create premium value even within the Grade A segment. Long term, Singapore's commercial real estate market appears positioned for resilience. Despite potential short-term fluctuations, the structural shift towards higher-value activities creates a foundation for sustained rental growth in the prime Grade A segment. This rental dynamic reinforces Singapore's market positioning as a regional command centre, attracting premium rents for high-value business functions while more cost-sensitive operations relocate regionally. As Singapore celebrates its remarkable six-decade journey, its economic transformation stands as perhaps its greatest achievement. By recognising its constraints early and deliberately moving up the global value chain, Singapore has created a template for sustainable economic development. The next challenge will be ensuring that this model remains inclusive and adaptable. Singapore must create space for businesses at all stages of growth while continuing to attract high-value functions. If Singapore can successfully navigate this balancing act, it will secure its continued prosperity and offer valuable lessons to cities worldwide facing similar constraints. Tahlil Khan is executive director, leasing advisory, and James Short is senior director, leasing advisory, at JLL Singapore
Globe and Mail
10-07-2025
- Business
- Globe and Mail
IFF Expands Innovation Center in Singapore with New Immersive Experience Hub
IFF (NYSE: IFF)—a global leader in flavors, fragrances, food ingredients, health and biosciences—today unveiled its new Immersive Experience Hub located within its Singapore Innovation Center. The multi-sensory facility enables IFF to work alongside customers to conceptualize, test, and refine product ideas in simulated real-world environments—enhancing decision-making, shortening development timelines and improving go-to-market success. This press release features multimedia. View the full release here: 'The new space builds on IFF's $30 million investment in Singapore in 2022, strengthening our position as a strategic innovation hub for Asia,' said Ramon Brentan, site leader of the IFF Singapore Innovation Center and vice president, regional general manager for Greater Asia, Scent. 'The immersive space transforms how we engage with customers and supports our broader innovation strategy in a region expected to drive 60 percent of global economic growth by 2030¹.' 'IFF's decision to set up its Immersive Experience Hub in Singapore reflects strong confidence in our innovation ecosystem for the flavors and fragrances industry,' said Kelly Lai, vice president and head of chemicals and materials at the Singapore Economic Development Board. 'Singapore is a trusted global brand and business hub, supported by world-class talent, digital capabilities and robust R&D. We welcome partners like IFF to co-innovate with our ecosystem and accelerate the development of solutions for Asia's fast-growing consumer market.' From Insights to Innovation IFF's Immersive Experience Hub integrates 360-degree video technology with scent, taste, sound and touch to simulate real-world environments. It enables virtual tours, contextual tastings, fragrance immersion and real-time co-creation—accelerating product design alignment, reducing time to market and boosting customer confidence through lifelike, emotionally engaging experiences. The new facility complements IFF's largest dairy and beverage pilot plant in Southeast Asia, located in the same building—creating a fully integrated ecosystem that connects consumer insights to concept development, application and small-scale commercialization. Combined with IFF's proprietary trend foresight tools and consumer panels, the experience empowers customers to respond more quickly to Asia's diverse landscape and evolving consumer demands with greater precision and creativity. 'In Asia, consumer preferences are deeply diverse and shaped not just by trends, but by heritage, memory and emotion,' said Prakash MG, senior vice president of IFF Taste for Greater Asia. 'This space allows us to turn those rich insights into innovation —co-creating with our customers to bring ideas to life faster and in more meaningful ways that spark joy through food and beverages.' Celebrating SG60 with Singapore's Favorite Flavors and Scents To commemorate the launch and celebrate Singapore's 60th birthday, IFF surveyed 1,000 Singaporeans to uncover their favorite local scent, food and beverages. Inspired by the findings, IFF flavorists and perfumers developed the SG60 collection, which was showcased at the launch of the Immersive Experience Hub—a celebration of Singapore's rich heritage. The food and beverage collection includes Fragrant Orchid Chrysanthemum Tea Slushie Refreshing Coconut Milk Slushie with a hint of Kaya Toast Laksa Cupcake with Laksa Frosting Popcorn Chicken with Hainanese Chicken Rice Flavored Mayo Dip Complementing these delightful creations are equally evocative fragrance inspired by The iconic Singapore Sling cocktail The delicate national flower Orchid A tribute to the architectural marvel of Jewel Changi Airport The Singapore Immersive Experience Hub joins IFF's network of immersive spaces around the world including locations in Florida, Shanghai and Bell Works, New Jersey. Welcome to IFF At IFF (NYSE: IFF), we make joy through science, creativity and heart. As the global leader in flavors, fragrances, food ingredients, health and biosciences, we deliver groundbreaking, sustainable innovations that elevate everyday products—advancing wellness, delighting the senses and enhancing the human experience. Learn more at LinkedIn, Instagram and Facebook. © 2025 by International Flavors & Fragrances Inc. IFF is a Registered Trademark. All Rights Reserved.
