Industry News

The Urban Redevelopment Authority (URA) has initiated the tender for two government land sales (GLS) plots located at Berlayar Drive and New Upper Changi Road. PropNex’s Head of Research and Content, Wong Siew Ying, expects these sites to attract significant interest from developers, driven by a strong demand for new private homes and the need to replenish land inventory.

The Berlayar Drive site, situated in the Greater Southern Waterfront precinct, is anticipated to receive four to six bids. This site offers a manageable development size with the potential for 415 new units. The area benefits from improved buyer sentiment and proximity to the Telok Blangah MRT station, VivoCity mall, and future developments in HarbourFront. Wong noted, “The Berlayar Drive GLS site may potentially attract four to six bids, with the top bid price ranging from $1,350 to $1,450 psf ppr.”

Meanwhile, the New Upper Changi Road site could provide up to 1,010 new homes and is conveniently located near the Bedok integrated transport hub. Despite its large size, which may require developers to form consortiums, the site is expected to be popular due to its accessibility and the strong demand for mass-market homes. Wong projected that this site might garner two to four bids, with top bids ranging from $1,250 to $1,350 psf ppr.

These developments are poised to meet the needs of HDB upgraders and other prospective homebuyers, reflecting the ongoing demand for well-located residential projects in Singapore.

Singapore’s developer sales in April 2026 reached 1,548 units, marking a 19.1% rise from March and more than doubling the 675 units sold in April 2025. This surge, reported by Knight Frank Singapore, indicates a robust start to the year with 3,561 sales in the first four months, setting the pace for an annual target of 8,000 to 10,000 units.

Despite global uncertainties, including tensions in the Middle East and volatile energy prices, Singapore’s private residential market remains resilient. Leonard Tay, Head of Research at Knight Frank Singapore, noted that “primary sales activity in the private residential market continues to chug along unflinchingly.” New launches, particularly Tengah Gardens Residences and Vela Bay, were significant contributors, accounting for 79% of April’s sales.

Tengah Gardens Residences nearly sold out, with 855 of 863 units purchased, whilst Vela Bay sold 370 of its 515 units. This strong performance suggests buyers are eager to invest when projects meet their expectations in terms of pricing, liveability, and growth potential. Tay highlighted that “buyers are willing to commit decisively when a project aligns with expectations.”

The median price for non-landed new sales in April was S$2,210 per square foot, significantly higher than the S$1,771 per square foot for resale units. This price disparity is expected to drive price growth throughout 2026. With potential interest rate hikes on the horizon, the current favourable borrowing conditions are likely to spur further interest in upcoming launches. Developers remain vigilant, balancing the strong buyer sentiment with global uncertainties.

Fullerton Fund Management and Temasek Shophouse have unveiled the latest edition of Farmers’ Market @ Temasek Shophouse, a sustainability initiative set to take place on 23 May 2026. Located in the bustling heart of Orchard Road, this market aims to promote sustainable living by showcasing over 30 local growers, artisans, and eco-conscious brands.

The market, hosted within Temasek Shophouse and the Community Farm by Fullerton Fund Management, offers visitors a chance to engage directly with local producers. Shoppers can explore a diverse range of fresh produce, including leafy greens and herbs, alongside innovative products crafted from food by-products and upcycled ingredients.

In addition to shopping, the market will feature educational programmes such as sustainability-themed workshops and, for the first time, a guided tour of the community farm. This 45-minute tour promises an immersive farm-to-market experience, enhancing public understanding of urban farming and sustainable consumption.

Cynara Tan, Managing Director of Marketing & Corporate Sustainability at Fullerton Fund Management, expressed the initiative’s goal: “By bringing local growers, makers and visitors together for a single day, we hope to make sustainability feel personal and practical.”

The market also provides small-scale growers and sustainable businesses with a high-footfall venue to reach consumers interested in local and sustainable products. Yvonne Tay, CEO of Temasek Shophouse, highlighted the market’s role in fostering community connections and promoting environmental impact through conscious consumer choices.

The public and media are invited to attend the Farmers’ Market @ Temasek Shophouse to explore and connect with Singapore’s local sustainable community.

The Monetary Authority of Singapore (MAS) has concluded its consultation on enhancing Product Highlights Sheets (PHS) and streamlining the framework for complex products. The changes aim to provide retail investors with more flexibility and better access to information, allowing them to opt in or out of financial advice for complex products, except for those needing additional protection.

The enhanced PHS will now clearly outline the key features and risks of complex products, such as structured notes and derivatives, to aid investors in making informed decisions. Investment-Linked Policies (ILPs) will also require a PHS, reflecting their complexity. Pre-transaction alerts will be introduced to remind investors to assess the suitability of products for their financial circumstances.

MAS’s proposals received broad support, with respondents welcoming the shift towards a disclosure-based regime. The finalised PHS templates and distribution safeguards incorporate feedback from the consultation. Assistant Managing Director of Capital Markets, Lim Tuang Lee, stated, “These measures foster an accessible and dynamic market,” acknowledging the sophistication of self-directed investors whilst catering to those needing additional support.

The detailed response to the consultation and final measures are available on the MAS website. Legislative amendments to implement these changes will be consulted on at a later date.

PFPFA Pte Ltd has announced the launch of its PFP Signature Centre at Ngee Ann City, Singapore, marking a significant development in the financial advisory landscape. This centre, located in the bustling Orchard Road retail district, is designed to facilitate personalised conversations around wealth planning, protection, and legacy considerations for individuals and families.

The PFP Signature Centre is one of the first dedicated wealth centres established by a financial advisory firm in Singapore’s premier retail area. It aims to support clients with complex financial planning needs by providing a private environment for exploring long-term strategies related to wealth preservation, succession, and life planning. PFPFA operates on a multi-provider advisory platform, allowing advisers to collaborate with multiple insurers and financial institutions to offer tailored solutions based on client needs.

The firm has been recognised for its growth and service standards, being named among the Financial Times High-Growth Companies Asia-Pacific 2026 and ranking in the Top 5 of the Best Financial Services category in Singapore at the Expat Living Readers’ Choice Awards 2026. As part of the SingWealth Ecosystem, PFPFA benefits from complementary capabilities in wealth advisory and estate planning, enhancing its ability to support clients across different life stages.

Jeffrey Chow, CEO of PFPFA, stated, “As financial planning evolves, clients increasingly value deeper conversations around their long-term goals, family priorities, and legacy intentions. The PFP Signature Centre was created to provide a dedicated environment where these discussions can take place in a more considered and meaningful way.”

The opening of the PFP Signature Centre marks a milestone in PFPFA’s growth journey, now in its fifth year of operations. The firm continues to expand its advisory capabilities and strengthen its presence within SingWealth Holdings, with operations extending to Hong Kong and Malaysia.

Vincent Yang, cofounder and Chief Business Officer of Obita, participated in the Future Economy Conference 2026, hosted by the Singapore Business Federation on 13 May. During the Leaders Lens session, moderated by Roy Tan, Head of Enterprise Banking International at OCBC, Yang shared insights on enterprise internationalisation and strategic partnerships.

Obita emphasised the importance of adapting strategies to different markets, suggesting a phased approach to international expansion. Initially, companies should adopt a light-touch strategy to gauge market demand. As opportunities solidify, they can transition to a medium-depth model by collaborating with local partners to integrate into the ecosystem and build market trust. For strategic markets, a heavy-lift approach involving deeper localisation and long-term investment is recommended.

Yang noted that Singapore’s mature financial system and regulatory environment make it an ideal hub for internationalising companies. “Singapore helps companies build business credibility and connect efficiently with regional resources and global opportunities,” he said, highlighting its role as a base for cross-market operations.

The conference provided Obita with a platform to share its experiences and strengthen connections within Singapore’s business ecosystem. Obita, a global payment service provider, focuses on delivering efficient financial solutions to support businesses in managing global collections and cross-border payouts. The company aims to facilitate sustained business growth through strategic international expansion.

NetLink NBN Management Pte. Ltd., the Trustee-Manager of NetLink NBN Trust, has announced a 1.1% increase in its distribution per unit (DPU) for the financial year ending 31 March 2026 (FY26), reaching 5.42 Singapore cents. The company reported a revenue increase of 1.6% to $413.4m, driven by higher ancillary project revenue, although its EBITDA fell by 1.8% due to rising operating expenses.

The core fibre business of NetLink remained resilient, with stable Regulated Asset Base (RAB) revenue. However, the company faced challenges with a 12.6% decline in profit after tax, amounting to $83.3m. This decrease was attributed to higher depreciation, amortisation, and finance costs, partially offset by increased income tax credits.

NetLink’s operating cash flow remained robust, generating $258.8m, which supports its policy of distributing 100% of cash available for distribution semi-annually. Unitholders will receive a distribution of 2.71 Singapore cents per unit for the six months ending 31 March 2026, payable on 10 June 2026.

Despite the decline in profit, NetLink continues to focus on growth and network expansion, with significant investments in sustainability and operational excellence. The company has secured $120m in sustainability-linked credit facilities and issued $300 million in fixed-rate notes to enhance financial stability.

Linea Law LLC, formerly known as Vicki Heng Law Corporation, has announced its rebranding and the appointment of Rebecca Vathanasin and Sara Ng as directors. This change marks a significant step in the firm’s 13-year history, reflecting its commitment to a multi-disciplinary and client-focused legal practice.

The rebranding to Linea Law LLC symbolises the firm’s dedication to pursuing direct and aligned paths to achieve client objectives. Despite the new visual identity, the firm remains committed to its core values of integrity, empathy, and rigour.

Rebecca Vathanasin, known for her strategic approach to complex disputes, joins the leadership team with a focus on family law and landmark matrimonial cases. Her approach aligns with the firm’s “human first” ethos. Sara Ng, recognised for her expertise in high-stakes commercial disputes and private client matters, brings a wealth of experience in business conflicts and probate cases. She has been named one of Asian Legal Business’ “Asia 40 Under 40.”

Vicki Heng, Managing Director of Linea Law LLC, expressed that the addition of Vathanasin and Ng represents a shift towards a collaborative legal practice. “The addition of Rebecca and Sara is not just an expansion—it is a commitment to a new way of practising law,” she stated.

Linea Law LLC aims to provide integrated solutions across various legal needs, including commercial litigation, intellectual property, and corporate law.

Singapore Airlines (SIA) Group has reported a significant 39% increase in its full-year operating profit, reaching S$2.4b for the financial year ending 31 March 2026. This growth was driven by robust demand for air travel, improved yields, and reduced net fuel costs. However, the Group’s net profit fell by 57.4% to S$1.2b, primarily due to the absence of a one-off accounting gain from the previous year and losses from Air India.

The Group’s revenue hit a record S$20.5b, marking a 5% rise from the previous year. Passenger numbers reached 42.4 million, a 7.7% increase, with a passenger load factor of 87.7%. Cargo revenue, however, saw a slight decline of 2.1% due to reduced yields.

Despite the challenges, SIA Group maintained a strong balance sheet, reducing its debt-equity ratio from 0.82 to 0.62. The Group’s fleet expanded to 218 aircraft, with new orders placed for 11 Airbus A320neo family aircraft by Scoot.

Looking ahead, SIA plans to enhance its network, particularly in the UK, with increased flights to London and Manchester. The Group remains focused on leveraging its dual-brand strategy and digital capabilities to navigate the volatile market and enhance customer experience.

Huttons Asia has shared insights on two Government Land Sales (GLS) sites at Berlayar Drive and New Upper Changi Road, highlighting their potential appeal to developers. The Berlayar Drive site, located near the former Keppel Club, offers a rare waterfront opportunity with proximity to Telok Blangah MRT station. Mark Yip, CEO of Huttons Asia, noted the scarcity of waterfront residential sites in Singapore, making this a unique chance for developers to create properties with views of Sentosa and Labrador Nature Park. The site is expected to attract up to five bidders, with top bids ranging from $1,350 to $1,450 per square foot per plot ratio (psf ppr).

The New Upper Changi Road site, potentially the last available parcel near Bedok integrated transport hub in 16 years, is also anticipated to draw significant interest. Yip highlighted Bedok’s popularity as a mature estate well-served by public transport, expressways, and amenities. The site is expected to attract up to four bidders, with top bids between $1,100 and $1,200 psf ppr. The strategic location and demand from nearby landed estates and HDB flats are likely to enhance its appeal.

These GLS sites present valuable opportunities for developers amidst a declining supply of new homes in the Rest of Central Region (RCR), which is projected to drop from 2,407 units in 2026 to 2,048 units in 2027. The competitive bidding anticipated for these sites underscores the ongoing demand for prime residential locations in Singapore.