Industry News

Cushman & Wakefield Singapore has unveiled its latest report, “Rethinking Facility Management,” coinciding with World FM Day on 13 May 2026. The report explores the evolving landscape of facility management (FM) in Singapore, emphasising a shift towards integrated, technology-enabled, and outcome-based models to meet rising operational demands and tenant expectations.

The report identifies a significant opportunity for property owners and service providers to adopt these advanced FM strategies. Natalie Craig, Chief Executive of Cushman & Wakefield Singapore, stated, “World FM Day is a timely opportunity to recognise the role facility management plays as a strategic driver of value across the built environment.” She highlighted the increasing collaboration and focus on measurable results within the industry.

Outcome-based integrated facility management (IFM) is seen as the next evolution in FM, aligning remuneration with tangible outcomes like energy efficiency. According to the report, this approach can reduce total costs by 5–15% compared to traditional models. Frost & Sullivan’s data supports this trend, projecting the IFM sector in Singapore to grow from 32.5% of the outsourced market in 2024 to 33.3% by 2030.

Technology is pivotal in this transformation, enabling real-time oversight and predictive maintenance. The report notes that technology upgrades have led to an 11.1% reduction in energy consumption. As Singapore advances towards a sustainable built environment, FM will play a crucial role in shaping efficient and people-centric spaces.

The report underscores the importance of integrating people, places, and processes to create environments that support businesses and communities effectively.

Singapore Airlines (SIA) reported a 7.0% year-on-year increase in group passenger traffic for April 2026, surpassing the 6.3% rise in passenger capacity. This led to an improved passenger load factor (PLF) of 88.4%, up by 0.5 percentage points from the previous year. SIA and its low-cost subsidiary, Scoot, achieved monthly PLFs of 87.7% and 91.0% respectively, carrying a combined total of 3.6 million passengers, marking a 7.5% increase from April 2025.

The cargo sector also saw growth, with loads increasing by 3.7% year-on-year, outpacing a capacity expansion of 2.3%. This resulted in a cargo load factor rise of 0.8 percentage points to 57.9%. The SIA Group attributed part of this growth to spillover passenger traffic and cargo loads, particularly on routes to Europe and the Americas, as capacity through Middle East hubs remained limited due to ongoing regional conflicts.

As of 30 April 2026, the SIA Group’s passenger network spanned 134 destinations across 35 countries and territories, with SIA serving 77 destinations and Scoot 82. The cargo network covered 137 destinations in 36 countries and territories. This expansion reflects the group’s strategic efforts to enhance connectivity and service offerings amidst global challenges.

Residential leasing transactions in Singapore increased by 4% in the first quarter of 2026, reaching 20,862, according to Savills’ latest report. Despite this growth, market feedback suggests leasing activity remains relatively subdued. Tenants are increasingly accepting higher renewal rents and opting for shorter leases due to economic uncertainties and job security concerns.

In the high-end segment, rents have consistently grown, with Savills’ index for non-landed homes rising 1.7% quarter-on-quarter to S$6.15 per square foot. This marks the sixth consecutive quarter of increases, with prime rents recovering by 7% since Q3 2024. Notably, Normanton Park and Marina One Residences led leasing activity with median rents of S$6.19 and S$6.49 per square foot, respectively.

Supply growth was limited, with 911 private residential units receiving Temporary Occupation Permit status, primarily in Outside Central Region (OCR) projects like The Botany at Dairy Farm and Sceneca Residence. Consequently, total islandwide stock increased marginally by 0.2% to 424,165 units.

Vacancy rates varied across sub-markets. The Core Central Region (CCR) saw a tightening, with vacancy rates easing to 8.2%, whilst the Rest of Central Region (RCR) and OCR experienced slight increases to 6.3% and 5.2%, respectively. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted that despite global economic challenges, the rental market’s resilience should maintain stable conditions throughout 2026, with an additional 5,371 units expected to be completed by year-end.

Ever Glory United has announced the acquisition of approximately S$230m in new contracts, boosting its total order book to over S$900m. This development provides the company with earnings visibility extending through 2027 and beyond. The newly secured projects span various sectors, including public transport infrastructure, integrated resorts, and commercial and office developments.

The company’s CEO and Executive Director, Xu Ruibing, expressed confidence in the firm’s competitive edge across diverse sectors. “These new awards are a further affirmation of the Group’s ability to compete and win across a diverse range of sectors — from national transport infrastructure to world-class hospitality,” he stated. With the order book now exceeding S$900m, Xu highlighted the strong revenue foundation that allows the company to continue executing projects with discipline and delivering value to stakeholders.

Xu also emphasised Ever Glory United’s focus on its robust pipeline of opportunities. “We remain focused on our robust pipeline of opportunities and are well-positioned to secure further significant projects in the coming months,” he added. The company’s integrated capabilities and proven track record in project delivery are seen as key differentiators as it pursues the next phase of growth.

The announcement underscores Ever Glory United’s strategic positioning and potential for future expansion, with significant projects anticipated in the near future.

The Civil Aviation Authority of Singapore (CAAS) and the National Trades Union Congress (NTUC) have unveiled two initiatives to bolster early career support for Singaporeans entering the aviation industry. Announced on 18 May 2026, the NTUC Aerospace and Aviation Cluster Youth Chapter and the S$2.6m OneAviation Early Careers Mentorship Programme are designed to address the sector’s growing demand for skilled professionals as Singapore Changi Airport prepares to expand.

The NTUC Aerospace and Aviation Cluster Youth Chapter is the first sector-level youth chapter under a union cluster, targeting individuals aged 35 and below. It aims to foster a sense of belonging among young professionals, provide career navigation support, and empower future leaders through structured training. This initiative will work closely with unions and sector agencies to tailor programmes to the needs of young aviation workers.

The OneAviation Early Careers Mentorship Programme, funded by CAAS and managed by NTUC LearningHub, will offer structured mentorship to 2,200 early career workers over the next five years. This programme, the first of its kind at a sector-wide level, seeks to enhance job satisfaction and retention by integrating mentorship into human resource systems. Companies like SATS and SIA Engineering Company are already participating, with plans to involve more aviation employers.

These initiatives are part of a broader effort to strengthen Singapore’s aviation workforce, which employs over 60,000 people. The collaboration between CAAS, NTUC, and industry players underscores a commitment to developing a resilient and skilled workforce as the sector evolves with technological advancements.

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.