Industry News

Cushman & Wakefield has announced the sale of a rare freehold mixed-use development site located at Bukit Timah Road and Duke’s Road in Singapore. The property, offered at an indicative price of $118m, is available through an Expression of Interest exercise closing on 5 May 2026.

The existing 4-storey development is fully occupied, featuring popular tenants such as Atlas Coffeehouse and The Assembly Place. The site, recently expanded to 1,719.80 sqm, is zoned for commercial and residential use with a gross plot ratio of 3.0. It has received permission for a new 5-storey development, including six strata commercial units and 30 residential units.

Located in District 10, the property is just 300 metres from the Botanic Gardens MRT Interchange and is surrounded by prestigious schools and amenities. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, highlighted the scarcity of new retail and F&B developments in the area, noting that older strata developments have traded at $4,000 – $5,000 per square foot.

Poh emphasised the site’s potential, stating, “The owner has already unlocked substantial value by securing adjacent land and obtaining redevelopment permissions.” This offers a unique opportunity for purchasers to establish a presence in a sought-after area or retain the property as an income-generating asset.

RHB Bank’s latest Global Economics and Market Strategy Report, authored by Group Chief Economist Barnabas Gan, maintains a cautious stance on Singapore’s industrial production (IP) growth, projecting a 4% increase for 2026. The report highlights potential risks from global geopolitical tensions, particularly in the Middle East, which could impact Singapore’s economic growth and trade in the first half of 2026.

The report notes that Singapore’s IP experienced a slight decline of 0.1% year-on-year in February, following a significant 12.9% surge in January. This performance defied Bloomberg’s forecast of a 14.1% year-on-year increase. The month-on-month seasonally adjusted figure also fell by 7.2%.

Gan emphasises the importance of monitoring external risks, including ongoing tariff-related challenges, which could further influence Singapore’s economic trajectory. Despite these concerns, the report maintains a GDP growth forecast of 3% for the year, alongside a similar projection for non-oil domestic exports (NODX).

The report serves as a reminder of the volatile nature of global markets and the need for strategic caution in economic planning. As geopolitical tensions continue to evolve, Singapore’s economic outlook remains subject to change, with potential implications for trade and industrial production.

Singapore’s high-net-worth individuals (HNWIs) are leading the way in legacy planning across Asia and the Middle East, according to HSBC’s inaugural High-Net-Worth Legacy Planning Survey. The survey, which included over 900 HNWIs from nine markets, found that 45% of Singapore respondents have formal legacy plans, surpassing the 41% average across other regions.

The survey highlights a significant gap between intentions and actions, as more than half of the respondents are still in the early stages of planning. This is particularly crucial as Asia experiences one of the largest intergenerational wealth transfers in history. Singaporean HNWIs prioritise building a financial foundation for their families, with 40% emphasising this aspect in their planning.

Concerns about potential mismanagement and disputes are prevalent, with 50% and 37% of respondents, respectively, citing these as key issues in wealth planning. Professional advice plays a crucial role in decision-making, with financial advisers being the most influential for 47% of participants.

The survey also reveals that life insurance is now as mainstream as wills in legacy planning strategies, with 49% of respondents incorporating it. Privacy emerges as a significant differentiator, with 71% of Singaporean HNWIs valuing it in their planning processes.

As Singapore’s HNWIs continue to outpace their regional peers in legacy planning, the emphasis on professional advice and privacy is expected to shape future strategies.

Condo resale prices and transaction volumes in Singapore experienced a notable rebound in February 2026, according to the latest 99-SRX Media Flash Report. Prices increased by 1.4% month-on-month, with the Rest of Central Region (RCR) leading the gains at 2.8%. This recovery follows a seasonal slowdown in January, indicating a return of demand as the year progresses.

The report highlights a 17.5% rise in transaction volumes from January, with 954 units resold in February. Although volumes remain 6.2% below the same month last year, they are 6.7% above the five-year average for February, suggesting a healthy market recovery. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the increase likely reflects pent-up demand rather than a surge in new interest.

In terms of regional performance, the Core Central Region (CCR) and Outside Central Region (OCR) saw price increases of 0.5% and 1.5%, respectively. Year-on-year, prices rose by 4.3%, with the RCR experiencing the highest annual growth at 6.4%.

The highest resale transaction in February was a unit at Leedon Residence, sold for S$16.3m. The overall median capital gain for resale condos was S$422,000, up by S$47,000 from January, with District 20 posting the highest median gain.

The data suggests a market regaining momentum, with buyers showing renewed intent and sellers maintaining firm pricing. As the year progresses, the market is expected to continue stabilising, supported by underlying demand for condo properties.

FWD Singapore has celebrated its 10th anniversary, highlighting a decade of strategic growth from a digital-first challenger to a multi-channel insurer. The company reported profitable growth in FY2025, driven by investments in technology-enabled distribution and customer experience. A pivotal moment in FWD’s journey was in 2020, when it invested in the Financial Adviser (FA) channel to meet the rising demand for comprehensive financial planning. Today, FWD collaborates with over 40 financial advisory partners and issues more than 600,000 travel policies annually.

As FWD enters its second decade, it is focusing on structural growth areas such as retirement and longevity planning, critical illness solutions, and high-net-worth legacy planning. The company plans to launch new products and initiatives throughout 2026 to build on its momentum. Adrian Vincent, CEO of FWD Singapore, stated, “Our first decade in Singapore has been defined by intentional choices. We recognised that as planning needs become more sophisticated, customers would need advice, not just access.”

FWD’s strategic priorities are shaped by demographic and economic shifts. The company aims to enhance its offerings through AI and digital capabilities, helping customers navigate uncertainty with confidence. In July 2025, FWD Group was listed on the Hong Kong Stock Exchange, providing a solid foundation for future growth. As FWD continues to evolve, it remains committed to delivering personalised financial planning solutions to meet the needs of its diverse customer base.

Singapore’s import and export price indices experienced notable increases in February 2026, according to the latest data from the Department of Statistics. The Import Price Index rose by 1.2% compared to January, driven largely by a 5.0% increase in oil prices. Non-oil imports also saw a modest rise of 0.2%, with machinery, transport equipment, and miscellaneous manufactured articles contributing to the uptick.

The Export Price Index similarly climbed by 1.1% in February, reversing a 0.4% decline in January. This increase was bolstered by a 3.1% rise in oil prices, alongside a 0.7% increase in non-oil exports. Key contributors to the non-oil export growth included machinery, transport equipment, and chemicals.

Year-on-year, however, both indices showed declines. The Import Price Index fell by 1.4%, with oil prices dropping 11.3% over the year. Conversely, the Non-oil Import Index rose by 1.6%, thanks to higher prices in miscellaneous manufactured articles and machinery. The Export Price Index saw a more significant annual decrease of 4.3%, with oil prices plummeting 14.1% and non-oil exports slipping by 2.0%.

These fluctuations highlight the ongoing volatility in global commodity markets, particularly in the oil sector, which continues to impact Singapore’s trade dynamics. The data underscores the importance of monitoring price trends as they influence the cost of goods and economic stability.

The Singapore Manufactured Products Price Index and Domestic Supply Price Index both experienced significant growth in February 2026, rising by 3.0% and 3.1% respectively compared to January 2026. Excluding oil, the indices saw increases of 2.9% and 2.5%, according to data from the Department of Statistics, Ministry of Trade & Industry.

The rise in the Manufactured Products Price Index was primarily driven by higher prices in the Machinery & Transport Equipment and Chemicals & Chemical Products sectors. This increase reversed the previous month’s decline of 0.3%. The Oil index notably surged by 3.7%, contrasting with a 1.0% decrease in January.

Similarly, the Domestic Supply Price Index saw a 5.1% rise in the Oil index, following a 0.2% drop in the previous month. The Non-oil index’s growth was led by the Machinery & Transport Equipment sector, alongside increases in Chemicals & Chemical Products, Crude Materials, and Food & Live Animals.

Despite these month-on-month gains, both indices showed year-on-year declines. The Manufactured Products Price Index fell by 2.0% from February 2025, with the Oil index dropping 11.5%. The Domestic Supply Price Index decreased by 2.9% over the same period, with a similar 11.0% decline in the Oil index.

These indices are crucial for monitoring price changes in locally manufactured commodities and goods retained for domestic use, providing insights into economic trends and inflationary pressures in Singapore.

Lonza, a leading contract development and manufacturing organisation, has inaugurated a Media Development Lab at its Singapore site to enhance cell culture media optimisation and facilitate a seamless transition to Good Manufacturing Practice (GMP) manufacturing. This initiative addresses the increasing costs and risks associated with late-stage reformulation and scale-up in bioprocessing.

The lab offers a systematic approach to early media optimisation, considering scalability, raw material readiness, and GMP manufacturability. By employing Design of Experiments (DOE), the service evaluates multiple variables simultaneously to identify key performance drivers, thereby accelerating development timelines and reducing unnecessary iterations. This approach combines Lonza’s proprietary media and feed libraries with manufacturability insights to develop robust, scalable formulations early in the development process.

Michael Goetter, Head of Bioscience, Specialised Modalities at Lonza, stated, “We are committed to providing customers with the services they need to reduce early-stage risk and select media formulations that are effective at a laboratory scale and simultaneously practical and reliable in manufacturing.”

The lab’s services have been operational at Lonza’s Singapore site since March, offering bioprocessing customers improved performance and reduced risk, ensuring a smooth scale-up into manufacturing. This development is crucial as organisations face accelerated timelines and increased process complexity, necessitating structured media optimisation and alignment between development and manufacturing. The new lab is set to play a pivotal role in shaping formulation strategies and creating a natural pathway into non-GMP and GMP manufacturing.

Singapore’s industrial production (IP) in February fell by 7.2% month-on-month, seasonally adjusted, and recorded a year-on-year decline of 0.1%, according to UOB Global Economics and Markets Research. This performance was below the Bloomberg consensus and UOB’s own forecast of a 0.8% monthly decline and a 14.1% annual increase. The January figures were also revised downwards, showing a 2.0% monthly increase and a 12.9% annual rise, compared to previous estimates of 5.3% and 16.6%, respectively.

The February data revealed a broad-based weakness across most sectors. Among the six major sub-clusters, only the electronics sector showed growth, albeit at a reduced pace of 13.7% year-on-year, down from 34.0% in January. This growth was primarily driven by semiconductors, which maintained positive growth due to continued demand related to artificial intelligence, though the pace slowed to 14.6% from 39.7% in January. Other electronics segments, such as info-communications and consumer electronics, also contributed positively.

Conversely, sectors like precision engineering, transport engineering, chemicals, and general manufacturing experienced contractions. The most significant decline was observed in the biomedical sector, which fell by 27.3%, impacted by reduced output in pharmaceuticals and medical technology.

Despite these challenges, UOB maintains its 2026 GDP growth forecast for Singapore at 3.6%. However, the bank notes potential downside risks, particularly if geopolitical tensions involving the US, Israel, and Iran persist, potentially affecting Singapore’s manufacturing sector and related industries. This could lead to adverse effects on external demand and further strain Singapore’s export-driven economy.

The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for the Dover Drive site, with a consortium led by Qingjian Realty securing the plot with a top bid of $951m. This translates to a land rate of $1,556 per square foot per plot ratio (psf ppr), marking the highest land price for a GLS residential site in the one-north area.

The Dover Drive site, located in the emerging Dover-Medway neighbourhood, attracted six bids. The top bid was 4% higher than the second-highest offer from a joint venture between Sunway MCL and CSC Land Group. Wong Siew Ying, Head of Research and Content at PropNex, noted that the close range of bids reflects a consensus among developers on the site’s potential and confidence in the area’s residential demand.

The site is expected to yield 625 new private homes and 3,550 sqm of commercial space, including 550 sqm dedicated to early childhood use. Its strategic location near the one-north MRT station and proximity to educational institutions and the Singapore Science Park make it attractive to families and investors alike.

Qingjian Realty and its partners have previously secured other plots in the area, indicating their commitment to strengthening their presence in one-north. The site’s appeal is further enhanced by the upcoming completion of the Circle Line, which will improve connectivity to the central business district.

Despite geopolitical uncertainties, developers are likely to focus on the site’s strong attributes and the area’s transformation plans. The potential average selling price for the project is estimated to be above $2,900 psf.