Industry News

Wee Hur Holdings has secured a contract from Nanyang Technological University (NTU) to design, build, finance, operate, and maintain a 1,398-bed purpose-built student accommodation (PBSA) at NTU’s Yunnan Campus. This facility, primarily for postgraduate students, is set to become Singapore’s largest privately developed student accommodation within an autonomous university campus.

The construction of the PBSA is scheduled to begin in the third quarter of 2027, with operations expected to start by the 2029/30 academic year, pending necessary approvals. The project will be the first Y Suites-branded asset in Singapore, marking Wee Hur’s entry into the local student accommodation market. The development will be managed through a special purpose vehicle, with Wee Hur overseeing the entire process from design to operations.

The PBSA will be located within NTU’s main campus, offering easy access to academic buildings. The site spans approximately 6,000 square metres, with an initial 20-year land lease and options for two five-year extensions. This project extends Wee Hur’s regional student accommodation platform, which already includes markets in Australia and Hong Kong.

Goh Chengyu, CEO of Wee Hur Property, stated, “The award of this project is testament to the capabilities we have built across the Group.” Goh Wee Ping, CEO of Wee Hur Capital, added, “Bringing Y Suites home to Singapore marks an important step in our ambition to build a regional PBSA platform across Asia Pacific.”

This development is expected to provide a long-term recurring-income stream for Wee Hur, further expanding its Y Suites operating platform across the Asia Pacific region.

The Urban Redevelopment Authority (URA) has issued a warning regarding the increasing trend of unauthorised modifications in strata-titled residential units. This announcement follows a significant number of reports concerning illegal constructions, such as lofts or mezzanines exceeding 5 square metres, and unauthorised enclosed structures on private terraces. The URA received 147 reports in 2024, 148 in 2025, and 116 in the first nine months of 2026. Approximately 90% of these cases involved unauthorised works, leading to enforcement actions in several instances.

As the URA continues to monitor unauthorised works, potential buyers and developers are reminded of the importance of adhering to regulations.

In other residential news, the URA reported a surge in new private home sales in September 2026, with 296 units sold, nearly double the 153 units sold in August. This figure also represents a 16.1% increase compared to the same period last year. The Rest of Central Region led sales with 131 units, followed by the Outside Central Region with 125 units, and the Core Central Region with 40 units.

Meanwhile, UOL Group and CapitaLand Development are preparing to launch Thomson Reserve, a new residential project on Bright Hill Drive. The development will feature 1,268 units, with prices starting at S$2,608 per square foot. The project includes a mix of two, three, and four-bedroom units, spread across six towers.

These developments highlight the dynamic nature of Singapore’s property market, with ongoing regulatory oversight and new projects shaping the residential landscape.

Food Innovators Holdings (FIH) has reported a significant increase in its Food Retail Business (FRB) gross profit, which rose by 32.4% year-on-year to S$2.4m for the first half of 2027. This growth comes despite a 5.8% decline in overall revenue to S$22.5m, primarily due to the divestment of ten mature properties in its Restaurant Leasing and Subleasing Business (RLSB) in Japan.

The company, which operates Japanese dining concepts across Asia, is focusing on expanding its FRB across Southeast Asia. This includes acquiring Malaysia-based partner Daruma Syokudo Sdn. Bhd., expected to positively impact earnings. FIH plans to open two new restaurants by the end of 2026 and a third in January 2027 under its partnership with Yaruki.

FIH’s strategic shift aims to build a sustainable, high-margin earnings base. The company is also optimising its RLSB portfolio in Japan, seeking to generate stable recurring rental income. The acquisition of One Grip is set to enhance talent sourcing capabilities, supporting both directly operated restaurants and tenant customers.

President and CEO Kubota Yasuaki commented, “Our overall performance was impacted by lower contributions from our Restaurant Leasing and Subleasing Business following the divestment of mature properties. Nevertheless, we expect our existing portfolio to continue generating recurring rental income.”

Looking ahead, FIH is committed to expanding its halal-certified HONOLU ramen and KANBE brand, particularly in Malaysia. The company is also exploring the use of artificial intelligence to improve operational efficiency amidst rising labour costs.

Deluge Corporation Limited, Singapore’s leading fire detection and protection firm, has announced that its initial public offering (IPO) was oversubscribed by 3.86 times ahead of its debut on the Singapore Exchange (SGX) Main Board. The IPO, which closed on 14 October, saw significant interest from both public and institutional investors.

The public offer of 800,000 shares was oversubscribed by 11.97 times, whilst the 14,800,000 placement shares attracted 3.42 times the interest. Prominent institutional investors such as Lion Global Investors and UOB Asset Management were among those who participated in the placement. Other notable investors included Amova Asset Management Asia, Avanda Investment Management, and Maybank Securities.

Trading of Deluge Corporation’s shares is set to commence at 9:00 a.m. on 16 October 2026. SAC Capital Private Limited, along with Maybank Securities, served as the issue manager, joint bookrunner, and underwriter for the IPO.

The strong demand underscores investor confidence in Deluge Corporation’s market position and growth potential. As Singapore’s largest player in its industry, the company is poised to leverage its public listing to expand its operations and enhance shareholder value. The successful IPO marks a significant milestone for Deluge Corporation as it embarks on its journey as a publicly traded entity.

eFinancialCareers has partnered with the Skills and Workforce Development Agency (SWDA) to introduce the Careers and Skills Passport, a new initiative designed to bolster career development and skills enhancement within the financial sector. Announced on 13 October, this collaboration seeks to address the evolving demands of the financial industry by equipping professionals with relevant skills and career pathways.

The Careers and Skills Passport will serve as a comprehensive tool for individuals seeking to advance their careers in finance. It offers a structured framework for skill assessment, development, and career planning, tailored to meet the specific needs of the financial sector. This initiative is particularly timely, given the rapid technological advancements and shifting job requirements in the industry.

According to eFinancialCareers, the platform will provide users with access to a range of resources, including personalised career advice, skills assessments, and training opportunities. “Our collaboration with SWDA is a significant step in empowering financial professionals to navigate their career paths effectively,” stated a spokesperson from eFinancialCareers.

The partnership underscores the importance of continuous learning and adaptability in today’s job market. By leveraging the expertise of both eFinancialCareers and SWDA, the Careers and Skills Passport aims to create a more resilient and skilled workforce, capable of meeting the challenges of the modern financial landscape.

As the financial sector continues to evolve, initiatives like the Careers and Skills Passport are expected to play a crucial role in ensuring that professionals remain competitive and well-equipped to seize new opportunities.

KPay Group has been granted a Major Payment Institution (MPI) Licence by the Monetary Authority of Singapore (MAS), enabling it to expand its payments and commerce ecosystem in the city-state. This development allows KPay to offer merchant acquisition, domestic money transfer, and cross-border money transfer services. The licence is a pivotal step for KPay, which has been operating in Singapore since 2022, serving over 10,000 merchants.

The MPI licence is part of a landmark month for KPay, which has also been ranked No. 1 on LinkedIn’s Top Startups 2026 list in Singapore and received Japan’s Good Design Award 2026. These accolades highlight KPay’s commitment to regulatory compliance, local talent, and product innovation, with Singapore as a strategic hub for its Asia-Pacific growth.

KPay is enhancing its merchant services by introducing online payment capabilities and a new Point of Sale (POS) system tailored for Singapore’s food and beverage sector. This integrated approach aims to streamline payment acceptance, inventory management, and business insights, offering merchants a cohesive platform for managing operations.

Davis Chan, CEO of KPay Group, stated, “Receiving the Major Payment Institution Licence from the Monetary Authority of Singapore is a defining moment for KPay.” Keith Chen, General Manager of Singapore, added, “We are deeply honoured to receive this Licence from the Monetary Authority of Singapore.”

KPay’s expansion in Singapore underscores its dedication to supporting local businesses and its ambition to grow across the Asia-Pacific region. The MPI licence sets a standard for KPay’s operations, reinforcing Singapore’s role as a central hub for its continued expansion.

Fullerton Health and Thomson Medical have unveiled two new healthcare facilities in Singapore, Aspire Surgery Centre and The Signature Longevity & Wellness, aiming to provide a more integrated patient care experience. The Aspire Surgery Centre, a joint venture, focuses on specialist ambulatory surgery, whilst The Signature is Fullerton Health’s first centre dedicated to longevity and preventive health.

Located within the Thomson Wellness Hub at Paragon Medical Centre, these centres offer a seamless healthcare journey, from prevention and early detection to specialist consultation and recovery. Ho Kuen Loon, CEO of Fullerton Health, stated, “The launch of Aspire and The Signature reflects our commitment to building a more connected healthcare ecosystem that supports individuals across every stage of their health journey.”

Aspire Surgery Centre combines Fullerton Health’s integrated healthcare platform with Thomson Medical’s surgical expertise, offering procedures in gastroenterology, orthopaedics, and more. This collaboration aims to reduce waiting times and enhance patient convenience.

The Signature Longevity & Wellness Centre focuses on preventive health, offering personalised programmes that include advanced diagnostics and lifestyle evaluations. Derrick Chan, Managing Director of Fullerton Health, highlighted the importance of preventive health, noting that it not only improves employee wellbeing but also builds a healthier workforce.

These initiatives mark a significant step in enhancing Singapore’s healthcare landscape, providing patients with comprehensive, coordinated care and supporting healthier ageing.

The Singapore Institute of Directors (SID) has announced the appointment of Max Loh Khum Wai as the new Chair of its Governing Council. This transition was confirmed during SID’s 28th Annual General Meeting on 15 October 2026, where changes to the Governing Council’s composition were also revealed. Loh succeeds Yeoh Oon Jin, who served as Chair for three years.

Yeoh, who was the Executive Chairman of PwC Singapore, has been instrumental in strengthening SID’s focus on board leadership and director capability. Under his leadership, SID launched the Chairpersons Guild and Board Academy in 2026, and saw a significant increase in individual membership from 3,640 in 2023 to 5,634 in 2026. Yeoh also introduced critical resources like the Cyber Security Guide and the AI Guide for Boards to help directors navigate the digital landscape.

Max Loh, who has been part of SID’s Governing Council since 2019, brings extensive experience in audit, business advisory, and corporate governance. Previously the Managing Partner for ASEAN, Singapore, and Brunei at EY, Loh is also the Chairman of the Competition and Consumer Commission of Singapore. “I am honoured to take on the role of Chair and look forward to building on SID’s strong foundation,” Loh stated.

The leadership renewal at SID includes the appointment of Adrian Chan as Vice-Chair and the addition of new council members, reflecting a commitment to evolving governance practices. The changes come as Singapore’s boardrooms face new challenges, including stricter sustainability rules and rapid AI adoption, discussed at SID’s Corporate Governance Roundup 2026.

Singapore’s property market experienced a significant boost in September 2026, with developers selling 296 units, marking a 93.5% increase from the previous month and a 16.1% rise from September 2025. This surge follows the end of the Lunar Seventh Month, traditionally a quieter period for property transactions.

Of the units sold, 19 were landed properties, the highest monthly volume since April 2018. Mark Yip, CEO of Huttons Asia, attributed this to significant wealth accumulation among Singaporeans, many of whom already reside in private properties. The narrowing price premium for new terrace homes over resale units, now at 20.8% compared to 27.7% in the previous quarter, has also encouraged buyers to consider new purchases.

Amberwood at Holland was the sole project launch in September, offering 70 units and selling 24. More than 60% of these sales were four- and five-bedroom units, appealing to families. The median price for units in the Core Central Region (CCR) rose to S$3.1m, a 56.8% increase from the previous month.

Singaporeans dominated the market, accounting for 87% of purchases. The top transaction was a 2,088 sq ft unit in Skywaters Residences, sold for S$11.48m. Looking ahead, developers are expected to launch up to 6,300 private residential units in 2026, the lowest since 2024, with prices projected to grow between 3% and 4%.

Changi Airports International has announced the establishment of the Airport Pavement Centre of Excellence (APEX) to address infrastructure challenges faced by airports due to climate change, increased air traffic, and heavier aircraft. APEX will serve as a hub for collaboration between airport practitioners, academics, and pavement specialists to develop practical solutions that enhance the safety, reliability, and sustainability of airport pavements.

Airport pavements are crucial for aviation infrastructure, supporting every aircraft take-off, landing, and turnaround. However, rising traffic volumes, heavier aircraft, and extreme weather conditions are putting increased pressure on these pavements, leading to potential disruptions and economic impacts. APEX aims to bridge the gap in industry knowledge and provide tailored solutions for different climates and operating environments.

The centre’s inaugural steering committee includes five industry leaders, such as Emeritus Professor Fwa Tien Fang from the National University of Singapore and Koh Ming Sue, Executive Vice President of Engineering & Development at Changi Airport Group. The committee will focus on research, industry partnerships, and technology development to advance airport pavement innovation.

APEX plans to collaborate with established authorities like the United States Federal Aviation Administration to improve regional airport pavement standards. Koh Ming Sue stated, “Through the setup of APEX, we hope to continue to experiment, learn more and to share our knowledge and innovations to benefit the wider airport community.”

The launch of APEX at the 2nd International Conference on Sustainable Airport Pavement Management highlights its commitment to fostering dialogue and collaboration for better-performing airport infrastructure.