Regional News

Malaysian property developer Gamuda Land has announced its acquisition of a prime site on Marshgate Lane, Stratford, for its inaugural self-developed student housing project in the UK. This 321-bed purpose-built student accommodation (PBSA) will be the closest private facility to University College London (UCL) East, signifying Gamuda Land’s transition from joint ventures to full-cycle project delivery in the UK.

The development, strategically located near UCL East and the London College of Fashion, is set to be completed by the 2028/29 academic year. It aims to address London’s significant shortfall of over 100,000 student beds, amidst a growing demand for quality accommodation. The project is part of Gamuda Land’s rapidly expanding UK PBSA portfolio, which now includes 1,232 beds across London and Glasgow.

In just 18 months, Gamuda Land has established a strong presence in the UK, with projects such as Press House in Woolwich and City Wharf in Glasgow. “This step towards self-sufficiency is a natural evolution for us,” said Niall Farmer, Head of Gamuda Land United Kingdom. “Marshgate demonstrates our ability to manage the full lifecycle in the UK.”

The company remains committed to ESG principles, aligning its developments with best practices. Its £1.2b redevelopment of 75 London Wall is targeting BREEAM, WELL, and NABERS certifications. Gamuda Land continues to seek growth through disciplined acquisitions and strategic partnerships, aiming to collaborate with institutional investors who share its sustainable outlook.

Bikram Sen has rejoined the Bank of Singapore as the Market Head for Global South Asia and International, effective 21 October 2025. Sen, who previously worked at the bank from 2013 to 2021, returns from UBS, where he successfully led the migration of the Credit Suisse NRI business. Based in Singapore, he will report to Zubin Dabu, Market Group Head for Global South Asia and International.

Sen brings over 20 years of experience in private banking and asset management, having held senior roles at Credit Suisse, Coutts, Standard Chartered, and UBS. His expertise is expected to enhance the bank’s strategy and growth in the Global South Asia and International markets, which are key client segments served from offices in Dubai, Singapore, and London.

Ranjit Khanna, Head of Private Banking Europe & Middle East and Chief Executive of the DIFC Branch at Bank of Singapore, expressed enthusiasm about Sen’s return. “We are delighted to welcome Bikram back to the Bank of Singapore family. His return speaks to the strength of our platform and the exciting growth journey that we are on,” Khanna stated.

Sen’s appointment is anticipated to sharpen the bank’s focus on its Global South Asia and International strategy, accelerating growth in these regions. His leadership and broadened perspective are seen as pivotal in driving the bank’s ambitions forward.

Ecube Car Rental, a prominent car leasing provider in Singapore, has expanded its fleet with a variety of new models to cater to the increasing demand for rental vehicles. This strategic move aims to provide customers with more options and flexibility, particularly as car ownership becomes more expensive in the city-state.

Unlike traditional rental companies, Ecube employs a customer-first procurement model, focusing on long-term leases of at least one year. This approach targets a diverse clientele, including private-hire drivers, families, and corporate clients, who seek reliable mobility without the financial burden of owning a vehicle. Notably, Ecube offers a no restrictions policy, sourcing specific makes or models upon customer request.

The newly acquired fleet includes family-friendly multipurpose vehicles like the Toyota Noah and Voxy, premium models such as the Toyota Alphard and Vellfire, and practical choices like the Kia Niro and Honda Freed. Luxury options, including the Mercedes-Benz GLB 200 and CLA series, as well as the BMW X2 and 4 Series Gran Coupé, are also available. Most vehicles are hybrids, with petrol and electric alternatives, featuring modern amenities like solar window films, recording cameras, and Android-based infotainment systems.

Allen Lim, Director of Ecube Car Rental, highlighted the impact of soaring car prices in Singapore, which has led many to reconsider car ownership. “With our services, customers will no longer have to deal with the hassles of ownership such as yearly inspections, insurance, road tax, or unexpected breakdowns,” Lim stated. Ecube provides 24-hour assistance and replacement cars in case of accidents or breakdowns, ensuring a hassle-free experience.

Ecube Car Rental continues to offer competitive leasing rates and tailored rental options, reinforcing its commitment to customer satisfaction. For more details on their latest fleet additions, visit their website.

DBS Bank has partnered with Mastercard to introduce Singapore’s first rewards redemption programme tailored for gamers. This initiative allows DBS/POSB cardholders to convert their DBS Points into gaming credits for popular titles such as EA Sports FC, Call of Duty, and platforms like Steam and Xbox, using the DBS PayLah! app or DBS Rewards online.

The collaboration leverages Mastercard’s Gamer Exchange, a digital solution designed to integrate seamlessly into loyalty programmes. Ananya Sen, Head of Regional Consumer Products at DBS Bank, stated, “The integration of Mastercard Gamer Exchange into our DBS Rewards ecosystem reflects our commitment to helping customers maximise the value of their spend in ways that are connected to their passions.”

With Asia home to 1.48 billion gamers, the initiative highlights the growing importance of gaming in mainstream lifestyles. Mastercard’s Kaveri Khullar noted, “Mastercard Gamer Exchange was conceived to deliver tangible value for gamers whilst addressing the disconnect between legacy loyalty programmes and modern consumer behaviour.”

The programme supports micro-redemptions, enabling cardholders to access gaming perks even with low point balances. This move aligns with the increasing gaming spend among DBS cardholders and the projected growth of the global gaming industry, expected to reach $363b by 2027.

As gaming becomes a significant cultural and economic force, DBS and Mastercard’s collaboration aims to meet evolving consumer preferences by transforming loyalty points into passion-driven experiences. The bank plans to expand this programme to other key markets, further integrating gaming into everyday financial interactions.

OUE REIT Management Pte. Ltd., the manager of OUE Real Estate Investment Trust (OUE REIT), has announced a resilient operational performance for the third quarter of 2025. Despite a year-on-year decline in overall revenue and net property income (NPI) due to the divestment of Lippo Plaza Shanghai, both metrics increased on a like-for-like basis by 1.2% and 2.0% respectively, driven by the strength of its Singapore-centric portfolio.

The commercial segment, comprising office and retail properties, saw revenue and NPI rise by 4.2% and 3.8% year-on-year, supported by prime locations in Singapore. The hospitality segment remained stable, with a slight NPI decline of 0.4% due to the rescheduling of the F1 Singapore Grand Prix. Finance costs saw a significant reduction of 19.7% year-on-year, attributed to disciplined capital management and a decrease in the Singapore Overnight Rate Average.

Chief Executive Officer Han Khim Siew highlighted the portfolio’s resilience amid economic uncertainties, noting, “Our prime commercial assets achieved positive rent reversions and sustained high occupancy.” The Singapore office portfolio recorded a positive rental reversion of 9.3% for lease renewals, whilst Mandarin Gallery, a retail asset, achieved a positive rental reversion of 5.6%.

Looking ahead, OUE REIT aims to optimise asset performance and explore value-creation opportunities. With a focus on tenant retention and proactive market engagement, the trust is well-positioned to capture trends in the Singapore office and retail markets. The issuance of S$150m in Green Notes further strengthens its financial position, extending the average term of debt and reducing future obligations.

The Singapore Department of Statistics has reported a 0.7% year-on-year increase in the Consumer Price Index (CPI) for September 2025. This marks a 0.4% rise from the previous month, indicating a modest upward trend in consumer prices.

The CPI is a critical measure of inflation, reflecting changes in the price level of a basket of consumer goods and services. The September figures suggest a steady, albeit slight, increase in inflationary pressures within the Singaporean economy. This data is crucial for policymakers and economists as they assess the economic landscape and make decisions regarding monetary policy.

These developments underscore the importance of staying informed about economic indicators, which can impact everything from household budgets to national economic policy. The CPI data will continue to be a focal point for understanding Singapore’s economic health in the coming months.

Singapore’s industrial sector demonstrated resilience in Q3 2025, according to the latest JTC Industrial Statistics. The manufacturing sector experienced a 6.1% quarterly growth, reversing previous declines, although it showed no annual growth. Leonard Tay, Head of Research at Knight Frank Singapore, highlighted the sector’s stability amidst economic volatility.

The all-industrial price index rose by 0.6% quarter-on-quarter, with significant transactions such as the sale of a data centre for S$354m and the acquisition of multiple properties by an EZA Hill-led consortium for S$329m. Despite a 9.2% drop in sales volume and a 34.1% decline in total sales value to S$1.5b, easing interest rates have attracted institutional investors back into the market.

The rental index increased by 0.5%, with occupancy rates improving slightly to 89.1%. Although leasing activity slowed, rental growth was noted in certain segments. Tay noted that “local SMEs are selectively exploring suitable premises to purchase for business continuity.”

Transport engineering, particularly aerospace, continues to expand, driven by increasing air travel accessibility in Asia. ST Engineering’s new facility in Paya Lebar is set to double engine maintenance capacity by 2027. Additionally, the development of Tuas Port is expected to boost shipping and logistics activities, with PSA Singapore and Cosco collaborating on a new facility.

Investor interest in industrial properties is projected to remain strong, with prime logistics, data centres, and specialised manufacturing facilities attracting attention. The all-industrial price index has risen 3.6% in 2025, with factory values expected to grow closer to the higher end of the 3% to 5% range.

The Urban Redevelopment Authority has concluded the tender for a site at Upper Thomson Road (Parcel A), part of the 1H2025 Government Land Sales programme. The site, which can accommodate approximately 595 residential units and 2,000 sqm of commercial space, received five bids. The highest bid came from Wee Hur Property and GSC Holdings at S$613.939m, surpassing the next highest bid by 2.1%.

The tender’s robust participation reflects confidence in the site’s future sales potential. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted the site’s appeal due to its direct connection to the Springleaf MRT station on the Thomson-East Coast Line and proximity to green spaces like Springleaf Nature Park. “Future homes here may appeal to buyers looking for homes within a tranquil living environment and walking distance to an MRT station,” Quek stated.

The popularity of new homes in the area, including the nearby Lentor Hills, supports this optimism. The adjacent Parcel B, now Springleaf Residence, saw a 92% uptake during its launch weekend. Similarly, Lentor Modern, an integrated development, sold 84% of its units during its launch weekend in September 2022.

The rarity of integrated developments with commercial components and MRT access has heightened interest. Recent projects like Parktown Residence also demonstrated strong demand, selling over 87% of units during its launch. This trend suggests developers are eager to secure such desirable land parcels.

Singapore is set to transform its rehabilitation care landscape with the introduction of Rehability, the nation’s first postgraduate training ecosystem for allied health professionals. Developed by NHG Health and Nanyang Technological University, Singapore (NTU Singapore), with support from the Lien Foundation, this initiative aims to address the increasing complexity of rehabilitation needs due to an ageing population and a rise in chronic diseases.

Rehability offers a three-tiered training programme designed to enhance the skills of physiotherapists. The first tier focuses on community-based training, developed in collaboration with partners AWWA and SPD, to upskill healthcare workers. The second tier introduces a Residency Programme, blending classroom learning with workplace-based supervision, culminating in postgraduate qualifications. The final tier offers a Specialist Certificate in Advanced Practice Physiotherapy, enabling experienced physiotherapists to expand their practice scope.

The programme is expected to empower physiotherapists to become first contact practitioners, capable of diagnosing musculoskeletal injuries and potentially ordering X-rays in consultation with doctors. Lien Foundation has committed $2.98m (S$4.08m) to support the programme’s development and delivery.

Doreen Yeo, Co-Director of the NHG Rehabilitation Health Academic Clinical Programme, stated, “Rehability marks a pivotal moment for allied health in Singapore. We are forging a stronger and more comprehensive rehabilitation ecosystem.”

The first intake for the Residency Programme is scheduled for July 2026, with the Master of Science in Rehabilitation Health programme commencing in 2028. This initiative is poised to significantly enhance the capabilities of Singapore’s physiotherapy workforce, ensuring high-quality care for patients across the nation.

The JTC Quarterly Market Report for Q3 2025 reveals a modest increase in Singapore’s industrial occupancy rates, rising by 0.3 percentage points to 89.1% from the previous quarter. This growth is attributed to a decrease in supply due to demolitions in older JTC estates, part of ongoing land rejuvenation plans to cater to evolving business needs. The business park, single-user factory, and warehouse segments experienced occupancy increases of 0.3, 0.1, and 0.8 percentage points, respectively, whilst the multiple-user factory segment remained unchanged.

The rental index for all industrial spaces showed a moderate rise of 0.5% compared to the previous quarter, marking a 2.3% increase from the previous year. Although industrial space prices rose by 5.7% year-on-year, the quarter-on-quarter growth slowed to 0.6%, the slowest since Q3 2024.

In Q3 2025, six tenders for industrial government land sales sites closed, with all three multiple-user development sites attracting multiple bids and being successfully awarded, indicating strong market demand. By the end of September 2025, approximately 0.2 million square metres of new industrial space is expected to be completed in the last quarter of the year, with an additional 1.2 million square metres anticipated in 2026.

JTC anticipates that, barring a significant economic downturn, occupancy rates will remain stable and rental rates will continue to moderate. The organisation remains committed to monitoring the market closely and supporting the needs of industrialists.