Industry News

The landed housing market in Singapore experienced a slowdown in the first half of 2026, with transaction volumes declining due to uncertainties stemming from the Middle East conflict that began on 28 February. PropNex Research reported 869 landed home transactions worth a combined $5.4b, a decrease from 1,009 transactions valued at $5.78b in the same period last year.

In the Good Class Bungalow (GCB) segment, only 10 transactions totalling $304m were recorded, a significant drop from 18 transactions in the second half of 2025. This decline is attributed to a mismatch in price expectations between buyers and sellers, as well as broader economic concerns.

Despite the overall market slowdown, the prestige landed homes segment showed resilience. PropNex defines this segment as properties valued over $10m. In the first half of 2026, 82 transactions were recorded, amounting to nearly $1.2b, marking a 19.3% year-on-year increase from $990m in 1H 2025.

Looking forward, PropNex anticipates that the landed housing and GCB markets will remain stable in the latter half of 2026. Whilst macroeconomic uncertainties may continue to affect transaction activity, factors such as limited supply, rising affluence, and Singapore’s reputation as a safe-haven destination are expected to support demand and maintain property values in the long term.

Xiaomi is set to open its largest store in Singapore at VivoCity on 27 June 2026, marking a significant milestone in its expansion across the island. The new store, spanning 221 square metres, is part of Xiaomi’s plan to have over 20 stores in Singapore by the end of the year. Alongside VivoCity, a new store will also open at White Sands Mall, bringing the total number of Xiaomi stores in Singapore to 18.

The VivoCity store will offer nearly 500 Stock Keeping Units, allowing customers to experience a wide range of Xiaomi’s products, from smartphones to smart home devices. To celebrate the grand opening, Xiaomi is offering special promotions, including discounts on the Xiaomi 17T Series and AIoT products. Notably, the Xiaomi Pad 7 Pro will be available for S$419, down from its usual price of S$ 699, but limited to one unit per person.

Additional promotions include a free REDMI Pad 2 with the purchase of select Xiaomi 17T models and discounts on other products like the Xiaomi Robot Vacuum H50 Pro and the Xiaomi Mini LED Gaming Monitor. Customers spending over S$200 will receive discount vouchers for future purchases, and those spending more than S$50) can enter a lucky draw with prizes such as a Xiaomi TV A Pro 55.

The opening of the White Sands store will provide residents in the eastern part of Singapore with convenient access to Xiaomi’s innovative product ecosystem. Both stores will host opening ceremonies on 27 June, with VivoCity’s event scheduled for 2pm.

RHB Bank has announced it will maintain its full-year industrial production (IP) forecast for Singapore at 7% for 2026. This decision is driven by expectations of continued strength in the electronics sector, which is set to benefit from a global technology upcycle and strong demand driven by artificial intelligence (AI). This trend is expected to bolster export growth and manufacturing activity in the near term, according to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank.

In May, Singapore’s IP grew by 13% year-on-year, although it experienced a slight month-on-month decline of 0.7% on a seasonally adjusted basis. This growth rate aligns closely with RHB’s forecast of a 13.6% year-on-year increase, despite a downward revision from April’s 16.5% rise.

Gan highlighted several key observations from the current IP data: the electronics and precision engineering sectors are likely to remain supported, whilst the biomedical engineering sector is expected to experience further softness in the second half of 2026. Additionally, there is a continuous moderation in the chemical cluster.

The report underscores the importance of the electronics sector in driving Singapore’s industrial production, as it continues to leverage global technological advancements and AI-driven demand. As these trends persist, they are expected to play a crucial role in sustaining Singapore’s manufacturing and export growth throughout the year.

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have released the findings of Phase 1 of their PayNow Generation 2 (Gen2) study. This initiative seeks to evaluate and enhance Singapore’s instant payments system by benchmarking it against leading global systems and identifying key areas for improvement.

The study, which involved engagement with 37 organisations, including banks, payment service providers, and government agencies, highlighted the need for advanced consumer user experience capabilities and expanded business-to-business (B2B) payment flows. The findings suggest that PayNow could benefit from features such as preauthorised and recurring payment flows, pull payments, and deeper merchant integration.

PayNow, launched in 2017, has become a widely adopted payment method in Singapore, with over 90% of Singaporeans and 350,000 businesses registered. However, evolving payment demands and innovations necessitate further development. The study’s recommendations focus on enhancing customer payment experiences, software-enabled business payments, and network coverage.

Phase 2 of the study will prioritise these enhancements, evaluating them against user experience, security, and cost-effectiveness. MAS and ABS will collaborate with industry partners to operationalise these improvements, supported by proof-of-concept demonstrations to assess their impact on user experience and market adoption.

The study underscores the importance of evolving PayNow into a future-ready national payments infrastructure, ensuring it remains competitive and meets the needs of both consumers and businesses in an ever-changing global payments landscape.

Singapore’s leading retail banks have launched a collaborative effort to address the banking needs of the country’s ageing population. The Association of Banks in Singapore (ABS) unveiled a playbook titled “Banking a Longevity Society,” outlining 20 initiatives under the SERVE framework to ensure seniors remain safe, enabled, resilient, valued, and engaged.

Among the key initiatives, banks will ensure that by the end of 2027, an ATM, branch, or cashpoint will be located within 500 metres of every Housing Development Board (HDB) block. This move aims to maintain cash accessibility for seniors who may not fully embrace digital payments. In the interim, these facilities will be available within 500 metres of key public amenities such as transport hubs and supermarkets.

To ease the burden on families during legacy planning and bereavement, banks will streamline processes related to Lasting Power of Attorney and estate administration by the first quarter of 2027. This includes clearer guidance and simplified procedures to support families in managing financial matters during difficult transitions.

Additionally, the banking sector is working with the Agency for Integrated Care to enhance support for seniors with cognitive decline. By 2027, banks will implement guidelines and protocols to help staff identify and assist vulnerable customers, ensuring they receive the necessary support.

This initiative marks the first industry-wide effort of its kind in Asia, reflecting a commitment to evolving banking services in line with the needs of an ageing society. ABS Director Ong-Ang Ai Boon emphasised the importance of addressing seniors’ needs holistically, whilst Professor Paulin Straughan from the Centre for Research on Successful Ageing praised the collaborative approach for empowering seniors and easing family responsibilities.

Singapore’s Grade A office market has recorded its sixth consecutive quarter of rental growth, with Core Central Business District (CBD) rents rising by 0.8% in Q2 2026 to S$12.50 per square foot per month, according to CBRE Research. This growth comes amidst ongoing economic uncertainty and geopolitical tensions.

The first half of 2026 saw a cumulative rental growth of 1.6%, with CBRE maintaining its forecast of approximately 5% year-on-year growth for the full year. Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, highlighted the structural undersupply in the market, noting that the vacancy rate has compressed from 7.8% in Q4 2024 to a record low of 3.3%.

The completion of Shaw Tower, the last major new supply for 2026, marks a significant milestone. With no further significant completions projected through 2027, landlords retain significant pricing power. Shaw Tower’s anchor tenants include Allianz, Adyen, Sanofi-Aventis Singapore, and The Great Room, offering alternatives to the constrained Core CBD stock.

Occupier demand remains diverse, with notable activity in the Alexandra and Paya Lebar submarkets. David McKellar, CBRE Head of Leasing, observed a broad demand base, including financial services and AI businesses transitioning to permanent office spaces. This shift indicates a commitment to Singapore for the medium to long term.

As quality space becomes scarce, occupiers are acting with urgency. Pre-commitment activity for developments slated for 2028 and beyond is increasing. McKellar advises occupiers with medium-term needs to engage the market promptly, as conditions favour landlords. CBRE anticipates potential rental growth should global conditions improve in H2 2026.

Harilela Hotels has announced plans to open The Hari Singapore in spring 2027, marking the brand’s third location following successful ventures in London and Hong Kong. The new hotel will replace the Holiday Inn Singapore Orchard City Centre, transforming it into a luxury 326-bedroom establishment featuring a rooftop pool, executive lounge, and a variety of dining and wellness experiences.

British designer Tara Bernerd, known for her work on The Hari London and The Hari Hong Kong, will lead the design of the Singapore property. Her approach will blend contemporary elegance with a local flair, creating interiors that are both sophisticated and welcoming, reflecting Singapore’s vibrant cultural character.

The brand’s founder, Aron Harilela, expressed enthusiasm about the expansion, stating, “This hotel, like our sister properties in Belgravia and Wan Chai, will embody relaxed elegance punctuated by eccentricity, wit, culture and genuine heartfelt hospitality.” He emphasised Singapore’s strategic importance in The Hari’s ambition to grow in major international destinations.

The Hari Singapore will continue the Harilela family’s tradition of exemplary hospitality, celebrating culture, design, and impeccable service. The Harilela Group, established in 1959, owns 15 properties across Hong Kong, China, Asia, Europe, and the US, and remains wholly owned by the Harilela family.

SingSaver has launched an innovative “Guess and Win” World Cup 2026 Campaign, offering Singapore residents the chance to win a share of a S$30,000 cash pool. Participants can enter by predicting the World Cup champion and exploring financial products such as credit cards, personal loans, and online brokerages. The campaign runs until 28 June 2026.

The prize pool is divided equally among three product categories, with S$10,000 allocated to each. Participants must apply for a selected product and correctly predict the tournament winner to qualify for a share of the prize. Ayush Goyal, Country Manager at SingSaver, stated, “With this campaign, we wanted to bring that same energy into personal finance by giving consumers a more engaging way to discover products that may suit their needs, whilst also rewarding them for taking that step.”

The campaign includes daily flash deals and social media challenges, such as the Golden Ticket and Golden Play, to engage participants. Major financial institutions like Citibank, DBS, and HSBC are involved, providing a wide range of eligible products.

Open to Singapore residents aged 21 and above, including those with EP, S Pass, or work permits, participants must have a PayNow account for prize disbursement. Winners will be announced after the World Cup concludes on 19 July 2026. For more details, visit SingSaver’s website.

Yealink, a leader in Unified Communications and Collaboration solutions, has inaugurated its Global Operational Headquarters and Customer Experience Centre (CEC) in Singapore. This move underscores Yealink’s commitment to enhancing its global operations and local service capabilities, leveraging Singapore’s strategic location and robust infrastructure.

The opening ceremony, attended by key figures such as Jay Liu, Executive Vice President of Yealink, and Ng Ming Liang from the Singapore Economic Development Board, highlighted the significance of Singapore as a strategic hub for Yealink’s global operations. Jay Liu stated, “Singapore represents more than a regional office for Yealink. It is an important operational hub that supports our global service capabilities, trusted operations, and localised customer engagement.”

The new headquarters will facilitate various strategic functions, including market enablement, operational coordination, and cloud service management. The CEC will offer hands-on product demonstrations and training programmes, enhancing local customer engagement and collaboration with Singapore’s business ecosystem.

Yealink’s decision to expand in Singapore is driven by the city-state’s mature operational capabilities and stringent data protection regulations, making it an ideal location for the Yealink Management Cloud Service. This expansion marks a new chapter in Yealink’s global journey, focusing on trust, innovation, and long-term partnerships.

With over 25 years in the industry, Yealink continues to be a trusted global technology partner, serving customers in more than 140 countries. The Singapore expansion reinforces its commitment to customers and partners across Southeast Asia and the Asia-Pacific region.

Maybank has announced a strategic partnership with Evooq to launch an AI-powered advisory platform, Advisor Assist, aimed at bolstering its wealth management services across Southeast Asia. This collaboration seeks to integrate advanced technology with human expertise to provide personalised and insightful financial advice to clients.

Advisor Assist, developed on Evooq’s technology, will equip Maybank’s relationship managers with intelligent insights, portfolio risk analytics, and next-best-action recommendations. This will enable them to better understand client needs, identify opportunities, and engage in more meaningful conversations. Alice Tan, Head of Group Wealth Management at Maybank, stated, “Through our partnership with Evooq, we are enhancing our ability to serve our clients across the region with more personalised advice and helping them better understand and manage the risks within their portfolios.”

Evooq’s platform will offer a unified view of client portfolios and investment opportunities, supporting Maybank’s wealth management teams across key markets. Gery Dachlan, Managing Director of Evooq, remarked, “This partnership not only reflects the strength of our platform but also reinforces our commitment to support leading financial institutions in the region as they accelerate their digital transformation.”

This initiative underscores Maybank’s ambition to lead in wealth management within Southeast Asia, aligning with its strategy to humanise financial services. Evooq, meanwhile, continues to expand its presence in the Asia Pacific, delivering scalable, AI-driven solutions for modern investors.