Industry News

The recent tender for the Marina Gardens Lane Government Land Sales (GLS) site concluded with only one bid from EL Development, amounting to $450.1m. This translates to approximately S$1,243 per square foot per plot ratio (psf ppr), which is notably lower than the anticipated range of S$1,400 to S$1,500 psf ppr. This bid also represents an 11.3% discount compared to the S$1,402 psf ppr achieved by the first Marina Gardens Lane site awarded in 2023.

If awarded, the second Marina South project could launch with prices ranging from S$2,700 to S$2,900 psf, contingent on market conditions and product positioning. The solitary bid contrasts with the four bids received in the previous 2023 tender, indicating developers’ hesitance to invest in the undeveloped residential area. Developers appear to be reserving their resources for more established neighbourhoods where demand from upgraders and right-sizing homebuyers is more predictable.

The outcome mirrors the sentiment observed at the nearby Marina Gardens Crescent site, which also received a single bid when its tender closed in January 2024. Factors such as ongoing construction cost pressures, a substantial future residential pipeline, and uncertainty regarding the district’s maturation pace may have contributed to the tepid response. According to Leonard Tay, Head of Research at Knight Frank Singapore, “The tender outcome suggests that developers are currently differentiating between confidence in Marina South’s long-term vision and the more conservative pricing they are prepared to underwrite today.”

The tender results highlight developers’ cautious approach towards Marina South, despite the positive sales performance of One Marina Gardens.

AIMS APAC REIT has announced a 4% increase in its Distribution per Unit (DPU) for the first half of FY2027, reaching 4.908 Singapore cents. The REIT’s net property income surged by 11.1% year-on-year to S$75.9m, driven by acquisitions and reduced property expenses. The portfolio occupancy stood at 93.7%, with a positive rental reversion of 5.7%.

The REIT completed the acquisition of a 9.15-hectare industrial asset in Hazelmere, Western Australia, enhancing its portfolio resilience. This asset, located near Perth Airport, is fully leased under a 10-year triple-net lease with fixed annual rental escalations of 3.25%.

CEO Joo Lee Lim highlighted the REIT’s strong performance, stating, “Our resilient and diversified portfolio, active asset management, and disciplined capital management underpin long-term income visibility.” Chairman George Wang added, “We remain focused on enhancing the portfolio and delivering sustainable long-term value for Unitholders.”

The REIT’s financial flexibility was bolstered by increasing its Multicurrency Debt Issuance Programme limit from S$750m to S$2b. As of 30 September 2026, the REIT’s aggregate leverage stood at 37.4%, with undrawn committed facilities and bank balances of approximately S$292.8m.

Looking ahead, AIMS APAC REIT plans to continue evaluating strategic acquisitions to strengthen its portfolio, whilst maintaining a focus on sustainability, as evidenced by its ongoing solar roadmap initiatives.

The Energy Market Authority (EMA) of Singapore and the Electrical and Mechanical Services Department (EMSD) of Hong Kong have renewed their Memorandum of Understanding (MOU) to strengthen bilateral cooperation on energy security and resilience. This renewed agreement, originally established in 2020, aims to advance collaboration in emerging areas such as artificial intelligence (AI) and digital power grids.

The MOU provides a comprehensive framework for cooperation in three key areas: electricity and gas systems, renewable energy and low carbon technologies, and participation in multilateral forums like the Asia Pacific Economic Cooperation (APEC) and Singapore International Energy Week (SIEW). The partnership will be supported by knowledge sharing and technical cooperation through training and exchange programmes.

Puah Kok Keong, Chief Executive of EMA, expressed enthusiasm about the renewed MOU, stating, “Our exchanges have provided valuable opportunities to learn from each other’s experience in areas such as electricity and gas systems, innovation and low-carbon technologies.” He emphasised the importance of deepening exchanges in emerging areas like AI and digital grids.

Poon Kwok Ying, Director of EMSD, highlighted the success of the partnership since 2020, noting, “From successful cross-border technical exchanges and joint APEC initiatives to our updated focus on digital grids, infrastructure interconnections, and AI energy integration, we are working hand in hand towards our shared vision of a green, low-carbon future.”

This renewed MOU signifies a continued commitment to fostering innovation and sustainability in energy systems, potentially setting a precedent for future international collaborations in the energy sector.

GDS Global Limited has announced securing new contracts worth approximately S$12.1m, doubling its previous contract wins of S$6m in July 2026. This surge in contract value underscores the company’s enhanced capabilities following its strategic acquisitions of Asiabuild Metal Engineering Pte. Ltd. and Integrated Aluminium Pte. Ltd. in June 2026.

The newly secured contracts span various sectors, including public and private housing, healthcare facilities, public infrastructure, and automated smart logistics facilities in Singapore. These projects are set to be executed progressively over the next one to three years, contributing positively to GDS’s net tangible assets and earnings per share.

Non-Executive Non-Independent Chairman Tang Hee Sung remarked, “These latest contract wins represent encouraging progress in our strategic transformation into an integrated engineering solutions specialist.” He highlighted that the increased contract value reflects the broader scope of projects GDS can now undertake across its three business segments.

GDS aims to leverage its expanded capabilities to capture more opportunities within Singapore’s built environment and infrastructure sectors. The company plans to focus on unlocking synergies across its business segments, strengthening its project pipeline, and enhancing operational efficiencies to drive long-term value creation for shareholders.

Citibank Singapore has announced a new partnership with Air 7 Asia, a Singapore-based private aviation company, to offer Citigold Private Client customers exclusive access to private jet charter services. This collaboration provides clients with preferential rates and a dedicated aviation concierge to manage personalised travel arrangements, enhancing Citi’s suite of client benefits for regional and international travel.

Gourab Kundu, Head of Digital Growth and Wealth Continuum for Asia South at Citi Wealth, highlighted the value of this partnership, stating, “Our clients lead increasingly global and dynamic lives, and value solutions that help them manage their personal and business commitments effectively.” The partnership aims to cater to the diverse travel needs of high-net-worth individuals, business leaders, and corporate clients.

Air 7 Asia, known for its aircraft management, executive charter, and air ambulance solutions, operates under Air 7’s ARGUS Platinum-rated FAA Part 135 certification. Lesley Ann Chai, Charter Director of Air 7 Asia, expressed enthusiasm about the collaboration, saying, “We’re delighted to partner with Citi to extend the Air 7 Asia experience to their clients.”

This initiative is part of Citi’s broader strategy to expand client benefits beyond traditional wealth management, addressing lifestyle needs and aspirations. Earlier this year, Citi also partnered with education consultancies and Porsche Singapore to offer exclusive experiences to its clients. These partnerships reflect Citi’s commitment to providing comprehensive solutions that align with the evolving expectations of its globally-connected clientele.

ComfortDelGro Corporation Limited has announced the appointment of Chew Hock Yong and Ang Fung Fung as Independent Non-Executive Directors, effective 1 November 2026. This move is part of the company’s ongoing board renewal and succession planning, following the retirement of Deputy Chairman Choi Shing Kwok on 31 December 2026.

Chew Hock Yong, with over three decades of leadership experience in the public sector, including his role as Chief Executive of Singapore’s Land Transport Authority, will join the Board Risk Committee and Sustainability Committee. He is set to become the Chairman of the Board Risk Committee from 1 January 2027. Ang Fung Fung, a former Global Lead Audit Partner at KPMG Singapore, brings extensive expertise in audit, financial management, and capital-market transactions. She will join the Audit Committee and Board Risk Committee.

The appointments aim to bolster the board’s collective experience in key areas such as transport, audit, and risk management, ensuring ComfortDelGro’s continued focus on strong corporate governance and long-term growth. Mark Greaves, Chairman of ComfortDelGro, expressed gratitude for Choi’s contributions and highlighted the new directors’ complementary skills, stating, “Their respective experience in transport and public administration, and risk management, financial oversight and capital-market transactions, will complement the Board’s existing capabilities as ComfortDelGro continues to execute its long-term strategy.”

ComfortDelGro, a leading multi-modal transport operator, serves millions daily across 13 countries, including Singapore, Australia, and the UK. The company is committed to sustainable transport solutions, with a significant portion of its fleet consisting of cleaner energy vehicles.

Wee Hur Holdings Limited has introduced its inaugural Sustainability Financing Framework, receiving a ‘Good’ Second-Party Opinion from Sustainable Fitch. This framework enables the company to raise green, social, or sustainability bonds and loans for eligible projects, aligning with international finance principles.

The framework’s Evaluation and Selection, and Reporting and Transparency pillars were rated ‘Excellent’ by Sustainable Fitch. These pillars ensure a robust process for project proposals, reviewed by Wee Hur’s Sustainability Task Force and approved by the Board of Directors. The company commits to annual reporting on the allocation and impact of proceeds.

Proceeds will support projects in seven green categories, including renewable energy and pollution prevention, and two social categories, such as affordable housing. Initiatives like solar panels and water-efficient systems are already in place. The framework is expected to contribute to eight United Nations Sustainable Development Goals.

Goh Wee Ping, Chief Investment Officer of Wee Hur, stated, “The launch of our Sustainability Financing Framework gives us a clear and independently reviewed basis for financing projects with environmental and social benefits.”

Wee Hur’s framework aligns with principles from the International Capital Market Association and other global associations, enhancing its sustainable financing strategy.

Samsung Electronics Singapore has partnered with New York-based Reality Defender to develop an on-device deepfake detection solution for enterprises in Singapore. Announced during GovWare 2026, this collaboration seeks to address the growing threat of AI-generated voice, video, and images by integrating Reality Defender’s detection capabilities with Samsung’s Knox security platform on Galaxy devices.

The partnership comes as deepfake incidents become increasingly sophisticated, posing significant risks to businesses. Timothy Tan, Director and Head of Integrated Business at Samsung, stated, “Through our partnership with Reality Defender, we aim to develop practical on-device deepfake detection solutions that can flag potential threats before data needs to be processed in the cloud.”

Reality Defender, known for its real-time detection of AI-generated content, will work alongside Samsung to ensure that deepfakes are identified directly on devices, reducing the need for cloud processing. Ben Colman, Co-Founder and CEO of Reality Defender, emphasised the importance of this approach, noting that “for many organisations, the first place a deepfake lands is an employee’s phone.”

A 2024 survey by Regula revealed that 56% of Singaporean businesses have encountered audio deepfake fraud, with 52% experiencing video deepfakes. Additionally, scam victims in Singapore lost at least S$242.9m in 2025 due to Government Officials Impersonation Scams.

The collaboration aims to enhance security by analysing content directly on users’ secured Galaxy devices, leveraging Samsung’s Knox Vault and Enhanced Encrypted Protection (KEEP) to safeguard sensitive data. This initiative is expected to bolster organisational defences against digital impersonation and fraud.

Singapore’s real estate investment sales experienced a slowdown in the third quarter of 2026, with a 21.2% quarter-on-quarter decrease, totalling S$12.06b. This follows two robust quarters, according to Savills’ latest briefing. Residential assets emerged as the largest contributor, accounting for 40.7% of total transaction value, despite a 9.9% drop to S$4.91b.

Investment in the commercial sector saw a significant decline, plummeting from S$8.04b in the second quarter to S$2.02b in the third quarter. The absence of major transactions, particularly in the office segment, contributed to this downturn. Meanwhile, mixed-use land parcels and properties rebounded, reaching S$2.46b and making up 20.4% of total investment sales, becoming the second-largest asset class by transaction value.

Savills anticipates a quieter fourth quarter due to rising interest rates and uncertainty surrounding mega deals. The firm has revised its 2026 forecast, now expecting total investment sales to cap at approximately S$55b. This figure represents the upper limit of what is deemed achievable under current market conditions.

Frasers Property Limited has announced the appointment of Jai Mirpuri as the new Chief Executive Officer of its industrial and logistics business, effective 11 January 2027. Mirpuri will be based in Singapore and will report directly to Panote Sirivadhanabhakdi, the Group CEO of Frasers Property. His responsibilities will include overseeing operations in Australia and Europe, as well as providing strategic guidance to Frasers Logistics & Commercial Asset Management, the manager of Frasers Logistics & Commercial Trust.

Mirpuri brings over 23 years of experience in the industrial and logistics sector, having previously served as CEO of ESR Fund Managers and Head of Southeast Asia. His extensive background includes roles at Deutsche Bank and Capital One Financial, and he has been instrumental in raising capital and managing investments across Asia Pacific.

Panote Sirivadhanabhakdi expressed confidence in Mirpuri’s appointment, stating, “Jai brings deep expertise in the industrial and logistics sector, and a strong track record of building teams and managing platforms. His proven leadership in Southeast Asia complements our existing capabilities, enabling us to take a strategic, global view in scaling our multinational industrial and logistics business.”

Mirpuri, who holds a Master of Business Administration from INSEAD, expressed his enthusiasm for the role, saying, “I look forward to working closely with Panote, the Group leadership, and the talented regional teams to build on the strong foundation already in place.”

Frasers Property, listed on the Singapore Exchange, operates across five asset classes and has a presence in Southeast Asia, Australia, Europe, and China. The Group aims to create long-term value through sustainable practices and transparent governance.