Industry News

Singaporeans are increasingly concerned about their financial security in retirement, with 78% planning to rely on personal savings despite fears of outliving their money, according to Manulife Singapore’s Asia Care Survey 2026. The survey highlights a significant gap between the desire for financial independence in later life and the actions taken to secure it.

The survey, which interviewed 1,074 Singaporeans, found that whilst many adults recognise the need for diversified income sources, only 52% plan to invest for retirement. Among those seeking financial security, 43% intend to diversify across asset classes, and 34% are shifting towards income-generating investments. The primary motivations include the need for steady income to cover living expenses and the desire for independence in retirement.

Benoit Meslet, CEO of Manulife Singapore, noted, “Many are supporting families, building their own lives, and thinking about their future at the same time. This comes with real trade-offs, and it is unsurprising that many feel that their long-term planning is delayed or out of reach.”

The survey also revealed that younger adults face significant challenges, with 81% of those aged 18 to 24 and 75% of those aged 25 to 34 reporting that family responsibilities impact their financial planning. Additionally, 73% of respondents aged 18 to 24 have delayed medical care due to caregiving duties.

Despite these pressures, 92% of Singaporeans aim to remain self-sufficient in their later years, valuing privacy, autonomy, and access to quality care. However, only half undergo annual health screenings, and less than 40% maintain a consistent exercise routine.

The findings underscore the need for comprehensive financial and health planning to ensure long-term wellbeing as life expectancy in Singapore rises to 83.9 years.

Huttons Asia has announced the launch of Balestier Centre for collective sale at a guide price of $180m. The freehold mixed-use development, located at 560-568 Balestier Road, offers a land rate of approximately $1,495 per square foot per plot ratio (psf ppr), with no land betterment charge required for redevelopment.

The site spans approximately 40,133 square feet and is zoned for “Commercial & Residential” use under the Master Plan, allowing a maximum gross floor area of about 120,400 square feet. The existing development includes commercial units on the ground floor and 20 residential flats above, with a built-up area of around 47,400 square feet.

Stephen Tan, Senior Group District Director of Huttons Asia, highlighted the site’s potential: “Balestier Centre is a rare freehold mixed-use redevelopment opportunity in the established city-fringe locale of Balestier, anchored by an exceptional 81-metre frontage along the main road.”

The proposed redevelopment, subject to Urban Redevelopment Authority approval, envisions a 14-storey mixed-use landmark with commercial and residential facilities. The site benefits from its proximity to amenities such as Shaw Plaza, Zhongshan Mall, and HealthCity Novena, as well as excellent connectivity via multiple MRT stations and expressways.

The public tender for Balestier Centre’s collective sale closes on 28 July 2026 at 3:00 p.m. This sale presents a significant opportunity for developers seeking a well-located freehold plot in Singapore’s city fringe.

MetaOptics Ltd, a semiconductor optics company based in Singapore, has commenced the shipment of evaluation units of its metalens-integrated 5G smartphones and AI smart glasses to customers in Europe, Japan, and the Philippines. This initiative allows consumer electronics brands, telecommunications operators, and original design manufacturers to test MetaOptics’ glass-based metalens optical modules within their own development environments.

The metalenses, which replace traditional bulky lens stacks with a single ultrathin optical layer, offer a more compact and heat-resistant solution. MetaOptics can mass-produce these metalenses on its 4-inch and 12-inch platforms, providing scalable solutions for next-generation products in smartphones, AR/VR wearables, and automotive sensing.

Executive Chairman Thng Chong Kim stated, “Shipping evaluation units to customers is a defining step in our journey from showcase to mass adoption.” The company received positive feedback at CES 2026 and aims to refine its products based on customer evaluations.

The MetaOptics 5G smartphone features a bump-free back cover, a VGA colour camera, and a 3D biometric fingerprint module powered by the Qualcomm Dragonwing QCM6490 platform. Meanwhile, the AI smart glasses include a colour metalens camera system for gesture-based control, supported by the Qualcomm AR1 Snapdragon platform.

Looking ahead, MetaOptics plans to expand its evaluation programme to more markets and customers, with updates on commercialisation progress to follow. The company will showcase its next-generation 12MP colour metalens camera module at CES 2027.

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.