BUDGET 2025: Higher cash handouts to boost spending for supermarkets, retail REITs

Larger cash handouts are set to boost household spending.

Higher cash handouts are expected to benefit supermarket operators like Sheng Siong (SSG) and DFI Retail (DFI), along with retail REITs, CGS International said.

Larger cash handouts in the form of Community Development Council (CDC) vouchers and SG60 vouchers are set to boost household spending. CGS International noted that households will receive $800 in CDC vouchers, with $500 disbursed in May 2025 and S$300 in January 2026.

To strengthen the local equities market, tax incentives were introduced for companies listing on the Singapore Exchange (SGX).

CGS International believes these incentives will boost trading turnover, liquidity, and regional interest in Singapore’s equity market.

To maintain Singapore’s status as a hub for REIT listings, tax concessions for SREITs and REIT ETFs have been extended until December 2030.

Focusing on sustainability, the government will add $5b to the Future Energy Fund for clean energy infrastructure. CGS International expects companies like SCI and KEP to benefit from new investment opportunities in nuclear power and alternative energy.

The government will also accelerate transport decarbonisation with the Heavy Vehicle Zero Emissions Scheme and Electric Heavy Charger Grant. CGS International noted that the new road tax structure for electric vehicles will have minimal financial impact on ComfortDelGro.

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