Industry News

Aaron Tan has been appointed as the Director of Culinary at The Hari Singapore, set to open in January 2027. With over 25 years of experience, Tan, a specialist in Cantonese cuisine, will oversee all dining operations at the new hotel, including four restaurants and bars, banqueting, and in-room dining.

Tan’s culinary philosophy emphasises flavour, presentation, and nurturing a talented kitchen team. “For me, food has to look good and taste even better, with flavour always first,” Tan stated. His approach aims to earn diners’ trust “plate by plate, visit by visit.”

General Manager Andreas Kraemer expressed confidence in Tan’s ability to shape the hotel’s dining experience, highlighting his respect for tradition and innovative spirit. “Aaron has a deep respect for tradition, but he’s never afraid to bring something new to the table,” Kraemer said.

Tan’s previous roles include Executive Sous Chef and Executive Chinese Chef at Frasers House, where he elevated the profile of its Cantonese restaurant, Man Fu Yuan. His notable achievements include introducing the Manchu-Han Imperial Feast to Singapore and leading a collaboration with The Ritz-Carlton, Bangkok.

Tan’s career began under Hong Kong master chefs in Singapore, expanding into Western, Asian, and fusion cuisines. He has held senior positions at several prestigious hotels and has been recognised with numerous culinary awards, including the 2016 Lee Kum Kee International Young Chef Chinese Culinary Challenge.

The Hari Singapore, located on Cavenagh Road, will be the third hotel from The Hari, following its London and Hong Kong establishments. The hotel will feature 326 rooms, a rooftop pool, and interiors inspired by Singapore’s culture and climate.
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Realion (OrangeTee & ETC) Research has released its “Industrial Market Outlook 2027 – The Big Picture,” forecasting significant trends in Singapore’s industrial sector.

The report identifies a sustained demand for high-specification spaces as industrialists prioritise quality facilities due to technological advancements and sustainability needs. This shift is expected to be driven by the artificial intelligence (AI) boom, which could create new opportunities for specialised properties supporting high-tech manufacturing and semiconductor production.

Older industrial assets face the necessity of enhancement to meet new technological and structural requirements. These enhancements are anticipated to renew interest from industrialists, although some older properties may still attract tenants seeking affordable space.

The report also notes that an additional 12.3 million square feet of gross floor area is expected to be completed in 2027, potentially exerting pressure on the market, particularly on older properties. Despite this, industrial leasing volumes are projected to remain steady, with 12,500 to 15,500 units expected in 2027, similar to the 13,000 to 15,000 transactions forecasted for 2026. Rental growth is anticipated to stabilise between 1% and 3%, whilst prices may see a moderate rise of 2% to 4%.

Realion’s analysis underscores the resilience of Singapore’s industrial market amidst evolving demands and increased supply, highlighting the importance of adapting to technological advancements and market shifts.
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Digital Core REIT, a prominent data centre real estate investment trust listed in Singapore, has announced the recasting of its (US$818m) credit facilities. The newly structured facilities include a $254.1m (US$197m) senior unsecured multicurrency term loan maturing in 2030, a $446.3m (US$346m) term loan maturing in 2032, and a $354.8m (US$275m) revolving loan maturing in 2031, with options for two six-month extensions.

The recast aims to refinance existing $923.6m (US$716m) term loans and revolving credit facilities, as well as support working capital and other corporate needs. Notably, the maturity dates have been extended by approximately two and a half years, providing Digital Core REIT with enhanced financial flexibility. The $446.3m (US$346m) loan includes tranches in Japanese Yen and Singapore Dollars, aligning with the REIT’s global asset base.

Dave Craft, CFO of Digital Core REIT Management, expressed satisfaction with the refinancing, stating, “We are pleased to achieve this significant milestone, amending and extending our credit facilities with strong support from world class lenders.” He acknowledged the roles of Citigroup, BofA Securities, and DBS Bank as lead arrangers and bookrunners in the process.

The recast facilities also allow for an increase of up to $645m (US$500m), offering further borrowing capacity. This strategic move underscores the confidence of lending partners in Digital Core REIT’s financial health and operational strategy. The REIT, sponsored by Digital Realty, aims to maintain a diversified portfolio of mission-critical data centre facilities worldwide.
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Institutional investors in Singapore have adjusted their positions in response to global market volatility, particularly in technology and financial sectors. Last week, the Singapore Exchange (SGX) reported a net institutional outflow of $57m, significantly lower than the year-to-date weekly average of $100m. This shift comes amid a global sell-off in technology stocks, driven by concerns over artificial intelligence (AI) spending and regulation following the US midterm elections.

The technology sector in Singapore mirrored global trends, with the FTSE ST Technology Index declining 10% and experiencing a net outflow of $71m. Financial services also saw substantial outflows, with DBS, OCBC, and UOB collectively losing $98.4m in institutional investments. In contrast, Real Estate Investment Trusts (REITs) and industrials attracted net inflows, with REITs gaining $95m and the iEdge benchmark rising by 2%.

Notably, S-REITs demonstrated resilience, with 34 out of 39 trusts recording positive returns. CapitaLand Ascendas REIT and Keppel DC REIT were amongst those attracting significant institutional inflows, at $46.4m and $9.9m, respectively. Despite these gains, many trusts still show negative year-to-date returns.

The week’s market movements highlight a partial recovery for some sectors, though technology and financial services remain under pressure. As global uncertainties persist, Singapore’s market dynamics continue to reflect broader economic trends, with defensive sectors like REITs offering some stability amidst the volatility.
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Tampines Mall has completed a $24m asset enhancement initiative, marking a significant transformation for the 31-year-old suburban shopping centre. The revamp introduces 21 new brands, including 15 making their debut in the East, alongside refreshed stores and upgraded facilities, aiming to meet evolving consumer expectations in the face of rising online shopping trends.

The mall’s transformation includes the East’s largest beauty cluster, featuring 14 brands such as Aesop, CHANEL, and Sephora. These boutiques offer more than just products, providing personalised skin analysis, facial treatments, and beauty consultations. Additionally, new dining concepts like Charlie’s Tea and Casa Vostra are making their debut in the East, enhancing the mall’s culinary offerings.

Decathlon returns with an expanded 18,000-square-foot Experience Store, offering over 6,000 sporting essentials and dedicated product test zones. This reflects a broader shift in suburban retail, where malls are refining their tenant mix to offer more differentiated beauty, dining, and active lifestyle options.

With the festive season approaching, shoppers can earn $35 in eCapitaVoucher with a minimum spend of $350 at participating stores until 31 December 2026. The top spender will receive $4,000 in eCapitaVoucher, whilst five runners-up will each win an OSIM uDiva SOFA Massage SOFA worth $3,999.

This transformation positions Tampines Mall for the next chapter of physical retail in the East, adapting to changing shopper expectations and enhancing its appeal as a destination beyond convenience-led shopping.
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Industrial demand in Singapore has become increasingly selective, according to Savills’ Q3 2026 briefing. Whilst factory and warehouse leasing volumes have seen a slight uptick, the overall occupied space has declined as businesses remain cautious amidst rising operating costs.

The report highlights that factory vacancy rates have increased due to weaker absorption, whereas warehouse vacancy has eased following a reduction in stock. Despite JTC’s rental indices showing an upward trend, Savills notes a decline in prime factory and warehouse rents as occupiers become more cost-conscious.

Strata industrial prices have shown resilience, supported by demand for more affordable, shorter-tenure assets, even as sales activity softens. Meanwhile, prime business park and high-spec industrial rents have outperformed, driven by a continued flight to quality, though older business park clusters face higher vacancy rates.

Savills anticipates that limited new supply will keep JTC’s rental indices stable throughout 2026. However, performance is expected to diverge based on asset quality, with prime locations likely to fare better. The report underscores the importance of asset quality in navigating the current industrial landscape.
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CBRE has announced the sale of two freehold single-storey bungalows at 15 and 15A Camden Park, located in Singapore’s prestigious District 11. The properties are being marketed individually with guide prices of $26m and $27m, respectively, or as a combined purchase, offering a unique opportunity for buyers seeking a larger estate. The Expression of Interest exercise will close on 20 January 2027.

The bungalows, situated within the Camden Park Good Class Bungalow Area (GCBA), provide potential buyers with a chance to own a more manageable landholding in a highly sought-after residential enclave near the Singapore Botanic Gardens. Each property, held under separate freehold titles by the same owner, features a single-storey detached bungalow on predominantly level land. The sites offer the potential to develop bespoke family residences, subject to planning approvals.

Rowena Chan, Senior Vice President of Residential Capital Markets at CBRE, highlighted the growing interest in more manageable GCB landholdings. “A freehold site of approximately 13,000 to 14,000 sq ft offers considerable scope to still create a substantial family residence, whilst keeping the overall investment quantum more manageable,” she said.

The properties, formerly home to respected educators Earnest Lau and Kwa Geok Lian, are located less than one kilometre from the Singapore Botanic Gardens and offer convenient access to Orchard Road and the Central Business District. The area is well-connected by public transport, with the Botanic Gardens MRT Interchange Station nearby, and is surrounded by established schools and amenities. Interested parties are encouraged to contact CBRE for further information or to arrange a viewing.
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A new digital community platform, “Pulse @ Jurong,” has been launched by Jurong Point and Link Asset Management to enhance connectivity across Singapore’s West. The app, developed with input from a focus group and a closed beta of 270 local residents and workers, aims to centralise transport updates, local business offers, and community events in one accessible location.

The platform is designed to cater to the diverse needs of residents, workers, students, and visitors in the Jurong area. By integrating transport information, local dining and retail offers, and community activities, the app seeks to provide a comprehensive digital experience that extends beyond the physical space of Jurong Point mall. “Pulse @ Jurong” is positioned as a digital connector, aiming to bring everyday convenience and neighbourhood discoveries to its users.

Jurong Point serves as the launchpad for this initiative, with future features expected to be shaped by user feedback and potential expansion of the app’s portfolio. The developers hope that the app will foster a stronger sense of community by connecting people to the diversity of Jurong.

The launch of “Pulse @ Jurong” marks a significant step in digital community engagement, with the potential to expand its features based on user input. As the app evolves, it is expected to further integrate the daily lives of those living and working in Singapore’s West.

Singapore is at the forefront of adopting next-generation artificial intelligence (AI), with local businesses moving beyond basic AI experimentation to strategic deployment, as revealed by CPA Australia’s latest Business Technology Report 2026. The survey highlights that Singapore recorded the highest demand for agentic AI among all markets surveyed, indicating a significant shift towards integrating advanced AI tools to enhance productivity and competitive advantage.

The report underscores the growing momentum of AI tools across Singaporean organisations, with a focus on deeper integration, governance, and resilience. This transition marks a pivotal moment for businesses in Singapore, as they leverage AI to drive performance and maintain a competitive edge in the region.

According to the report, “Singapore businesses are moving beyond AI experimentation and focusing on how the technology can drive productivity, performance and competitive advantage.” This shift is indicative of a broader trend where AI is no longer just a tool for experimentation but a strategic asset for businesses aiming to thrive in a rapidly evolving technological landscape.

As Singapore continues to lead in AI adoption, the emphasis on governance and resilience ensures that businesses are not only equipped with cutting-edge technology but are also prepared to manage the complexities and challenges that come with it. This strategic focus positions Singapore as a leader in the race towards next-generation AI, setting a benchmark for other markets in the region.

PayPal’s latest data highlights the significant role Singapore’s gaming and fashion sectors play in driving international consumer demand. From July 2025 to June 2026, Singapore businesses using PayPal reached over 11 million international buyers, processing an average of US$245m in cross-border payments monthly. The United States, Germany, Mexico, and Australia emerged as key markets purchasing from Singapore.

The data reveals that international shoppers frequently utilised PayPal Pay Later for gaming, hotels, and digital goods purchases. PayPal’s Vice President and Head of Cross Border Trade, Matthew Lucas, noted, “International shoppers made over 135,000 transactions daily from Singapore businesses, demonstrating the connectivity that PayPal provides.”

Gaming, fashion, and digital goods were the top categories purchased from Singapore businesses. The United States, Germany, and Japan led demand for gaming, whilst Mexico, Vietnam, and the United States were prominent for fashion. Digital goods saw high demand from the United States, Germany, and Vietnam.

Xiang Shen, CTO of Century Games, praised PayPal’s support for international growth, stating, “PayPal enables us to operate with total confidence across more than 140 markets.”

PayPal’s branded checkout experience continues to facilitate cross-border commerce, powering significant volumes for gaming, digital goods, and fashion businesses in Singapore. As the year-end holiday season approaches, businesses that understand and cater to strong demand areas will be well-positioned for sustained growth.