Bert Templeton
Singapore, a gleaming city-state renowned for its economic prowess, cultural diversity, and forward-thinking policies, remains a focal point of global attention. With its 60th anniversary of independence on the horizon and a pivotal general election looming by November, the nation is navigating a blend of celebration, economic strategy, and societal evolution. From Prime Minister Lawrence Wong’s first budget to high-profile political trials, technological controversies, and a flourishing culinary landscape, Singapore’s latest developments paint a picture of a nation balancing tradition with innovation. This expanded news brief delves deeper into these stories, offering a comprehensive view of the Lion City’s current narrative.
Political Developments
Pritam Singh’s Perjury Case
The political spotlight in February 2025 has been firmly fixed on Pritam Singh, the Leader of the Opposition and secretary-general of the Workers’ Party (WP). On February 17, Singh was convicted on two counts of perjury for lying to a parliamentary committee investigating a 2021 incident involving a former WP member’s false statements. The court fined him SGD 14,000 (approximately USD 10,500), a penalty that spared him jail time or disqualification from parliament—a relief for his party as the general election approaches. Singh, Singapore’s first Indian-origin opposition leader, framed the verdict as a broader commentary on the nation’s political maturity, urging citizens to reflect on the need for a more pluralistic system. Outside the State Courts, flanked by supporters, he emphasized resilience, stating, “This is not the end but a call to strengthen our democracy.” The case has polarized opinions: government supporters see it as upholding parliamentary integrity, while critics argue it exemplifies the ruling People’s Action Party’s (PAP) dominance over dissent. With the Electoral Boundaries Review Committee already formed in January, signaling the countdown to GE2025, Singh’s case adds intrigue to an already charged political season.
Budget 2025 Unveiled
On February 18, Prime Minister Lawrence Wong, doubling as Finance Minister, delivered his maiden Budget speech, titled “A Budget for All Singaporeans,” in Parliament. Timed with Singapore’s 60th anniversary and an election year, the SGD 143.1 billion budget blends immediate relief with long-term vision. Key measures include:
- SG60 Vouchers: Every household will receive SGD 800 in CDC vouchers in July 2025, with additional payouts of SGD 600 for adults aged 21-59 and SGD 800 for those over 60. This SGD 2 billion initiative celebrates national progress while easing cost-of-living pressures.
- Tax Relief: A 60% personal income tax rebate, capped at SGD 200 for the 2025 assessment year, targets middle-income earners, complementing a projected SGD 20.2 billion in personal tax revenue—an increase driven by 2024’s wage growth.
- Changi Airport Expansion: A SGD 5 billion injection into the Changi Airport Development Fund will accelerate Terminal 5’s construction, aiming for completion by the mid-2030s. This move, Wong noted, “cements Singapore’s role as Asia’s aviation gateway.”
- Fiscal Outlook: Despite increased spending (up 6.6% from 2024), Wong forecasted a SGD 6.8 billion surplus (0.9% of GDP) for FY2025, following a SGD 6.4 billion surplus in FY2024, bolstered by a 5% GDP growth in Q4 2024.
Wong’s speech emphasized inclusivity, stating, “When Singapore thrives, every citizen benefits.” The budget also allocates SGD 7 billion for marriage and parenthood initiatives in FY2026, including subsidies for housing and education, reflecting concerns over declining birth rates. Political analysts view this as a populist yet strategic move, positioning the PAP favorably ahead of the polls.
Stock Market Revitalization
On February 21, Singapore launched a SGD 5 billion (USD 3.74 billion) initiative to rejuvenate its equities market, accompanied by a 20% tax rebate for primary listings. Stemming from a February 13 review group report, the plan addresses a decade-long decline in blockbuster IPOs and trading volumes, which have lagged behind regional competitors like Hong Kong. Measures include streamlining listing processes, incentivizing tech firms, and enhancing market liquidity. Finance Minister Wong highlighted the goal: “We aim to restore Singapore’s edge as a financial powerhouse.” Early reactions are mixed—analysts applaud the ambition, but some question whether it can reverse entrenched trends in a volatile global economy.
Economic and Business News
Singapore Airlines’ Record Revenue
Singapore Airlines (SIA) announced a record-breaking quarterly revenue on February 20, 2025, fueled by a travel boom in late 2024. The SIA Group, including Scoot, carried over 10 million passengers in Q4, with a 15% year-on-year increase in passenger numbers for January 2025. Load factors improved across Asia-Pacific, Europe, and the Americas, though capacity growth slightly outpaced demand, softening yields. SIA’s reinstatement of Premium Economy on Dubai flights from March 30, using Boeing 777-300ERs, introduces enhanced seating (38-inch pitch) and a “Book the Cook” service, signaling confidence in luxury travel demand. CEO Goh Choon Phong credited “strategic fleet upgrades and Singapore’s hub status” for the success, though he cautioned about rising fuel costs and geopolitical risks.
Gold Exports to the US Surge
A surprising economic highlight emerged on February 18 when Enterprise Singapore reported an 11-ton gold shipment to the US in January 2025—the highest since March 2022. Valued at USD 800 million, this 27% jump from December reflects arbitrage opportunities amid volatile gold prices. Historically, Singapore’s gold trade flows eastward to China and India, making this westward shift a rarity. Analysts link it to US market dynamics, including inflationary pressures and a weaker dollar, prompting traders to redirect bullion. The move underscores Singapore’s role as a nimble player in global commodity flows, though it raises questions about sustainability given shifting trade policies under the new US administration.
Nvidia GPU Sales Discrepancy
A February 18 DeepSeek report unveiled a striking anomaly: Nvidia recorded USD 7.7 billion in Q4 2024 revenue from Singapore—28% of its global total—yet only USD 600 million in GPUs were shipped there. This gap has fueled speculation of Singapore serving as a conduit for smuggling AI chips to China, banned under US export controls. Second Minister for Trade and Industry Tan See Leng swiftly responded, pledging full cooperation with US investigations and reinforcing Singapore’s commitment to compliance. The controversy has rattled the tech sector, with some fearing reputational damage to Singapore’s status as a trusted tech hub, while others see it as an isolated enforcement issue unlikely to derail broader investments.
Technology and Innovation
OPPO Find N5 Launch
On February 20, OPPO unveiled its Find N5 foldable smartphone at a glitzy Singapore event, filling a void left by OnePlus’s decision to skip a 2025 foldable release. Building on the Find N3’s success (rebranded globally as the OnePlus Open), the N5 boasts a slimmer design, enhanced hinge durability, and AI-driven camera upgrades. Priced competitively at SGD 1,799, it targets Asia’s growing foldable market, with a global rollout planned, including India by March. Industry observers laud Singapore as OPPO’s launchpad, citing its tech-savvy populace and strategic location. The event, attended by regional influencers, underscores the city’s rising prominence in consumer electronics.
Telcoin Bank’s Milestone
Though based in Nebraska, Telcoin Bank’s conditional approval on February 19 to become the US’s first digital asset bank reverberated in Singapore’s fintech circles. With its robust digital finance ecosystem—home to over 200 blockchain firms—Singapore sees parallels in Telcoin’s hybrid model of traditional banking and cryptocurrency services. Local experts speculate this could inspire similar ventures in Singapore, where regulators have cautiously embraced crypto innovation while tightening anti-money laundering rules. Discussions at a February 20 fintech forum highlighted Singapore’s potential to lead Southeast Asia in this space.
Society and Culture
Singapore Card Show 2025
From February 21-23, the Singapore Card Show at OTC Café draws collectors of trading card games (e.g., Pokémon, Yu-Gi-Oh!), sports cards, and figurines. Featuring rare card auctions, cosplay contests, and vendor booths, the event—now in its third year—expects 5,000 attendees, up from 3,800 in 2024. Organizers note a surge in younger participants, reflecting a global collectibles boom. A highlight is the SGD 10,000 prize for the top Pokémon TCG tournament winner, cementing Singapore’s niche in this subculture.
Social Media Highlights
A February 18 viral video of Spotty, a golden retriever, traveling in SIA’s business class charmed netizens worldwide. Clad in a bowtie, Spotty’s poised demeanor—sipping water from a glass—earned praise as “Singapore Airlines’ best passenger.” Meanwhile, Zerodha co-founder Nikhil Kamath’s X post claiming Singaporeans rarely cook at home ignited a cultural debate. Locals countered with pride in their hawker centres, contrasting them with India’s home-cooking tradition and highlighting Singapore’s unique food identity.
Housing Concerns
On February 20, a viral X post—“HDB prices really siao liao”—captured widespread frustration among young Singaporeans over soaring public housing costs. A three-room flat in mature estates now exceeds SGD 500,000, pricing out many first-time buyers. Coupled with reports of joblessness since May 2024, these pressures prompted Budget 2025’s housing focus, including plans for 50,000 new flats by 2027 and shorter wait times. Sociologists warn of growing discontent among millennials, a demographic critical to the election.
Culinary and Dining News
Singapore’s culinary scene, a cornerstone of its cultural fabric, continues to evolve in February 2025 with new openings, cultural showcases, and dining trends.
New Restaurants Flourish
- Modu: Located in Mandarin Gallery, Modu debuted in early February as Singapore’s first specialty samgyetang (Korean ginseng chicken soup) restaurant. Helmed by Chef Kim Ji-hoon, it offers a modern twist on the traditional dish, using organic chickens and 48-hour broths (SGD 32). Its sleek interiors and health-focused menu have drawn foodies and K-drama fans alike.
- CHEFLAM’S: Sichuan maestro Chef Lam Shan opened CHEFLAM’S at Guoco Tower on February 1, marking his first overseas venture. With 40 years of expertise, Lam’s menu features Gold Medal Kung Pao Chicken (SGD 16.80) and collagen-rich Dongpo Pork (SGD 18.90). A weekend promotion (50% off signature dishes until February 16) saw queues stretching around the block.
- L’Antica Pizzeria Da Michele: This Naples icon landed in Singapore on February 10, bringing its 150-year pizza legacy to Orchard Road. Its SGD 22 Margherita, baked in a wood-fired oven, has been hailed as “authenticity on a plate” by local critics.
Chingay Parade 2025 Culinary Showcase
On February 7-8, the Chingay Parade returned with the theme “Joy,” spotlighting food as a cultural unifier. The Vietnamese community dazzled with stalls offering pho (SGD 8), banh mi (SGD 6), and rice paper rolls, drawing thousands to Marina Bay. Ambassador Nguyen Thi Bich Thao praised the event as “a bridge between Vietnam and Singapore,” with 10,000 bowls of pho sold over two days—an all-time record.
Dining Trends
Singapore’s dining landscape reflects broader shifts. Hawker centres, buoyed by Budget 2025’s SGD 100 SG60 credits for hawkers, report a 20% uptick in footfall, sustaining affordable eats like chicken rice (SGD 3.50). Meanwhile, fine dining surges with Latido, a Latin American venture by Chef Fernando Arévalo, opening on February 15. Its ceviche tasting menu (SGD 120) blends Colombian heritage with local ingredients like barramundi, earning early Michelin buzz. Social media trends also highlight a “selfie over photocard” fad, where diners jokingly caption food pics with “thank god you’re not a collectible,” merging culinary and pop culture humor.
Regional and International Context
Relations with Malaysia
On February 20, The Independent Singapore News spotlighted Malaysian billionaire Ong Beng Seng’s latest property moves, amid Malaysia’s healthcare woes. Singapore’s stability—evident in its SGD 143 billion budget—contrasts sharply, reinforcing its regional leadership. Joint initiatives, like the Johor-Singapore Special Economic Zone, remain on track, with new trade talks slated for March.
Global Aviation and Trade
SIA’s gains and Changi’s expansion contrast with global incidents like a Delta crash-landing in Toronto on February 18. Meanwhile, gold exports and the Nvidia probe tie Singapore to US-China tensions, with Trump’s trade policies looming as a 2025 wildcard. Enterprise Singapore projects a modest 1-3% growth in non-oil domestic exports, aligning with cautious optimism.