Industry News

The Singapore Institute of Directors (SID) has announced the appointment of Emily Poon as its new Chief Executive Officer (CEO), following an extensive search process. Poon will join as CEO-designate on 1 March and officially take over from Terence Quek on 1 May.

Poon brings over 20 years of experience to the role, having previously served as President, Asia Pacific, at Ogilvy Public Relations. Her extensive background includes shaping governance standards across corporate, academic, and public sectors. She is actively involved with the Industry Advisory Council at the National University of Singapore, the Families for Life Council, and the executive committee of Singapore Management University’s Leading Executives and Directors Alumni Group.

SID Chair Yeoh Oon Jin expressed enthusiasm about Poon’s appointment, stating, “We were looking for someone with the right attributes to take SID forward: industry experience across geographies, passion about our mission, and a firm commitment in the belief that SID has an important role to play in raising standards of governance here and in the region.”

Poon, who has been a member and Accredited Director of SID, said, “I look forward to working with the Council and team at the Singapore Institute of Directors to further our mission at a time when the role of directors is transforming and becoming even more critical in a rapidly changing world.”

During Quek’s tenure, SID’s membership grew from 3,300 to over 5,500, and several initiatives were launched, including the SID Accreditation Programme and SID Board Academy. Quek remarked on his time at SID, highlighting the organisation’s growth and expressing confidence in Poon’s leadership.

Poon aims to build on the foundation laid by Quek, focusing on supporting SID members and expanding the institute’s influence both locally and internationally.

Singapore has been ranked second globally for real estate resilience, according to WiredScore’s inaugural Global Cities Resilience Index. The report, released today, evaluates cities based on digital, cyber, and physical resilience, drawing on data from over 1,650 buildings worldwide. Singapore’s strong performance is attributed to its advanced digital infrastructure and cybersecurity measures, which have been embedded into buildings from the outset.

The index, which places Chicago first, followed by Singapore, Dubai, Madrid, Hong Kong, and Bangkok, underscores the importance of resilience in attracting global occupiers. Tommy Crowley, VP Asia Pacific at WiredScore, stated, “Sophisticated asset owners across Singapore’s real estate market have recognised that resilience is not just about backup power or physical robustness. It’s about secure, adaptable digital foundations that keep buildings operational under pressure and protect occupiers from growing cyber risk.”

Singapore’s high ranking is further bolstered by its coordinated approach to digital infrastructure and cybersecurity, including a nationwide fibre network and the Infocomm Media Development Authority’s standards for robust telecommunications infrastructure. This alignment between public policy and private sector execution has accelerated the translation of resilience standards into real-world building performance.

The report warns of the increasing vulnerability of smart buildings to cyberattacks, with global cybercrime costs projected to reach $23t by 2027. Despite the demand for automation, only 5% of occupiers have successfully deployed AI at scale due to building-level constraints. As digital connectivity becomes essential, Singapore’s example sets a precedent for future-ready buildings globally.

CapitaLand Ascendas REIT (CLAR) reported a 1.4% increase in distributable income for the financial year ending 31 December 2025, reaching S$678.3m. This growth was attributed to strategic acquisitions in Singapore and the United States, alongside effective management of operating and interest expenses. However, the increase was partially offset by divestments completed in 2024 and 2025.

Despite an enlarged unit base from equity fundraising in June 2025, CLAR’s distribution per unit (DPU) decreased slightly to 15.005 Singapore cents from 15.205 cents in the previous year. Unitholders can expect a 2H 2025 DPU of 7.528 cents, payable on 13 March 2026. The REIT’s distribution yield for FY 2025 stands at 5.3%, based on a closing unit price of S$2.83.

Gross revenue and net property income rose by 1.0% and 1.7% respectively, supported by a 0.4% reduction in property operating expenses. The portfolio’s valuation increased by 8.6% to S$18.2b, driven by new acquisitions and redevelopment completions. The portfolio includes properties in Singapore, Australia, the US, and the UK/Europe.

Chairman Beh Swan Gin highlighted the REIT’s disciplined growth strategy, noting a 33% portfolio increase over five years. CEO William Tay emphasised the REIT’s resilience amid economic uncertainty, citing a 12.0% positive rental reversion and strong leasing commitments for redevelopment projects.

Looking ahead, CLAR plans to continue its portfolio rejuvenation strategy, focusing on developed markets with robust fundamentals. The REIT maintains a healthy leverage ratio of 39.0% and a high level of green financing, reflecting its commitment to sustainable growth.

Singapore’s Budget 2026, set to be unveiled by Prime Minister and Finance Minister Lawrence Wong on 12 February, will be the first under the new Cabinet following the May 2025 General Elections. This budget arrives amidst significant global shifts, including rising geopolitical tensions and the challenges posed by AI-driven economic changes. UOB Global Economics and Markets Research anticipates a fiscal surplus of S$8.1b (1.0% of GDP) for FY2026, driven by robust revenue collections.

The expected surplus for FY2025 has been revised upwards to S$7.6b (1.0% of GDP), surpassing the initial projection of S$6.8b (0.9% of GDP). This adjustment is attributed to stronger corporate income tax, stamp duty, and Vehicle Quota Premiums. Despite higher-than-expected expenditures, the fiscal outlook remains positive.

Budget 2026 is likely to focus on three primary themes: targeted support for low-income households, fostering an AI-ready economy through skills and innovation, and enhancing market access for SMEs and MNCs. These initiatives aim to address the K-shaped economic recovery, where benefits from a tech-led market may not be evenly distributed, and to mitigate AI-related job displacement concerns.

The budget will also consider long-term challenges such as rising healthcare costs due to an ageing population and the need for increased defence spending amid heightened geopolitical tensions. The Net Investment Returns Contribution continues to play a crucial role in supplementing operating revenues, highlighting the government’s commitment to fiscal prudence.

As Singapore navigates these complex challenges, Budget 2026 will be pivotal in securing the nation’s future economic stability and growth.

Primer Group has partnered with Mastercard to launch PrimerStar, a pioneering loyalty and payment application, at Funan in Singapore. This marks the Asia-Pacific region’s first deployment of Mastercard’s Next Generation Point-of-Interaction (NGP) experience, which combines digital and in-store shopping into a unified, secure journey.

PrimerStar allows shoppers to use a single app across brands like Hydro Flask and Toms, offering instant checkout and loyalty rewards. The app uses dynamic QR codes to identify membership profiles, apply rewards, and process payments securely with encrypted digital tokens. Transactions are authenticated using biometric passkeys, ensuring both security and convenience.

Jimmy Thai, CEO and President of Primer Group, stated, “At Primer, we are reimagining the way we work with partners like Mastercard to better cater to customer demands and putting digital innovation at the forefront.” Safdar Khan, Division President of Southeast Asia at Mastercard, added, “This collaboration with Primer Group demonstrates how next-generation acceptance capabilities can be deployed in a live retail environment.”

To celebrate the launch, the first 100 shoppers spending $200 or more via the PrimerStar app at Funan will receive a limited-edition Hydro Flask. This offer is valid until March 2026 or whilst supplies last.

Following its Singapore debut, PrimerStar is set for regional expansion, starting with the Philippines and Malaysia. This strategic rollout highlights Primer Group’s commitment to enhancing the retail experience through innovative and secure digital solutions.

Liberty, part of Liberty Mutual Insurance Group, has announced the appointment of Jimmy Tong as the Chief Executive Officer of its Singapore operations, effective 27 April 2026, pending regulatory approval. Tong, a seasoned executive with over 25 years of experience in the insurance sector, will lead the newly unified Liberty Singapore, reporting to Matthew Jackson, President of Asia Pacific.

Liberty Mutual has consolidated its two distinct businesses in Singapore—Liberty Insurance and Liberty Specialty Markets—under a single insurance licence as of 1 January 2026. This strategic move aims to create a more streamlined and robust organisation for customers and partners in the region. “In Asia Pacific, our goal this year is to operate as one Liberty in each market,” said Jackson, highlighting the importance of the consolidation and Tong’s leadership.

Jimmy Tong is well-regarded within Singapore’s insurance and business communities, having previously led Great Eastern’s General and Group Insurance for a decade. His leadership is expected to drive Liberty’s unified Singapore business, which ranks among the top three general insurers in the country.

Following the unification, former Liberty Insurance CEO Yasar Fistikci has transitioned to the role of Chief Product Officer for Singapore. Meanwhile, Nicole Lim, the current CEO of Liberty Specialty Markets, will be leaving the company at the end of April to pursue other opportunities.

The newly branded Liberty in Singapore will offer a comprehensive range of general insurance and reinsurance products, catering to personal, commercial, and bespoke needs for major construction projects, corporate clients, and government entities.

Eaton, an intelligent power management company, unveiled its latest aerospace innovations and strategic partnerships at the 2026 Singapore Airshow, held from 3 to 6 February. The event underscored Eaton’s commitment to delivering top-tier aerospace solutions and enhancing regional support for customers across the Asia-Pacific region.

At the airshow, Eaton showcased a wide array of advanced technologies for both commercial and military aviation, designed to meet stringent performance standards and evolving customer needs. Matt Norman, Vice President of Aftermarket and Commercial Services at Eaton’s Aerospace Group, stated, “Through reinforced regional capabilities and business presence, we remain focused on delivering customer-centric solutions and driving operational excellence.”

Eaton also highlighted its two regional joint ventures that provide aftermarket repair services to airlines and Maintenance, Repair, and Overhaul (MRO) providers. This expansion reflects Eaton’s dedication to offering tailored, cost-effective solutions for regional customers.

In addition, Eaton participated in the Singapore Aerospace Technology and Engineering Conference (SATEC) 2026, where Armen Baronian, Director of Power Systems and Engineering Technologies, presented on emerging trends in aerospace technologies.

During the airshow, Eaton celebrated significant milestones, including a Memorandum of Understanding with Satair to distribute Eaton-repaired OEM-quality Used Serviceable Material in China. This collaboration aims to deliver safer and more efficient solutions to the Chinese market. Furthermore, Eaton entered a two-year pricing agreement with ST Engineering’s Commercial Aerospace business, covering MRO services starting in 2026.

Eaton continues to expand its regional aftermarket network, reinforcing its role as a leader in aerospace innovation and support.

CapitaLand Integrated Commercial Trust (CICT) has announced a robust performance for the second half of 2025, with a 9.4% increase in distribution per unit (DPU) to 5.96 Singapore cents. This growth, reported on 6 February 2026, was attributed to strategic asset management and portfolio reconstitution, despite an enlarged unit base from a private placement in August 2025.

CICT’s distributable income rose by 16.4% year-on-year to S$449m, bolstered by contributions from ION Orchard, the acquisition of CapitaSpring’s commercial component, and improved performance from existing properties. However, this was partially offset by the divestment of 21 Collyer Quay. The Trust’s gross revenue increased by 4.7% to S$831.5m, whilst net property income grew by 6.8% to S$609.9m.

The portfolio’s property value saw a 5.2% uplift to S$27.4b, primarily due to the enhanced performance of the Singapore portfolio. Teo Swee Lian, Chairman of CICT Management Limited, highlighted the Trust’s commitment to maintaining a high-quality, Singapore-centric portfolio, with 94% of its property value anchored in the city-state.

CEO Tan Choon Siang noted the disciplined execution of CICT’s reconstitution strategy, which has strengthened the portfolio’s quality and earnings resilience. The Trust plans to redeploy capital from the sale of Bukit Panjang Plaza into new growth opportunities, including the development of a commercial component at Hougang Central.

Looking ahead, CICT aims to continue enhancing asset performance and pursuing growth opportunities, whilst maintaining strong financial discipline. The Trust is poised to benefit from a lower interest rate environment and remains agile in navigating market conditions.

City Developments Limited (CDL) has secured the Tanjong Rhu Road Government Land Sales (GLS) site with a top bid of $1,455 per square foot per plot ratio (psf ppr), outbidding competitors by approximately 2.5%. This bid, which is 4.8% higher than the recent Bayshore Road GLS, highlights the developers’ confidence in the Tanjong Rhu area, according to Mark Yip, CEO of Huttons Asia.

The Tanjong Rhu site, the first GLS offering in the area since 1997, attracted five bidders eager to capitalise on its prime location. Situated near Katong Park and Tanjong Rhu MRT station, the site offers convenient access to the Central Business District and Changi Airport. Additionally, the East Coast Parkway and Marina Coastal Expressway are less than a five-minute drive away, enhancing its appeal.

Despite its advantages, the site presents challenges, including potential construction complexities due to reclaimed land and a height restriction limiting buildings to 100 metres. This constraint may cap developments at 30 storeys, aligning with nearby Housing Development Board (HDB) projects. The estimated selling price for properties on this site could start from $2,900 psf.

CDL’s acquisition of the Tanjong Rhu site adds to its recent GLS wins at Lakeside Drive, Senja Close, and Woodlands Drive 17, ensuring a steady pipeline for its property development business over the next three years.

Grab Finance, the financial services division of Southeast Asia’s leading superapp, has significantly enhanced credit access in the region by implementing over 22 decision workflows across six countries. This initiative, powered by the FICO Platform, has increased credit offer eligibility rates by nearly 50%, benefiting more than 46 million consumers, as well as millions of merchants and drivers within the Grab ecosystem.

The FICO Platform utilises behavioural and transactional data, such as ride frequency and merchant revenues, to provide automated, pre-approved credit offers. This approach helps expand credit access for users lacking traditional credit histories by offering a comprehensive view of creditworthiness whilst managing risk effectively.

Andre Tan, Regional Head of Lending Risk Platforms at Grab Finance, stated, “Grab saw a strategic opportunity to make financing in Southeast Asia more accessible by leveraging our superapp ecosystem and behavioural data.” This strategy enables Grab to deliver real-time credit offers, expanding financial inclusion for underserved users.

Southeast Asia, home to over 700 million people, faces challenges with a large underbanked population. Grab Finance’s initiative addresses data scarcity issues by using in-app behavioural signals to develop alternative risk models. The project, completed in under eight months, involved 22 decision workflows across Grab’s customer portfolios, including driver-partners, passengers, and merchant-partners.