Industry News

Raffles Education Limited has announced it expects to receive approximately RMB270.68m (S$49.89m) in net cash proceeds following the compulsory acquisition of its land by the People’s Republic of China (PRC) government. The land, located in Gu’an County, Hebei Province, was acquired in 2008 for RMB190 million and was designated for educational and scientific purposes.

The acquisition, announced on 30 January 2026, is part of urban planning needs for the Langfang Development Zone. The total compensation agreed upon is RMB293m (S$54m), payable in two phases. The first phase of RMB150m is due within a week after the transfer of a portion of the land, whilst the second phase of RMB143.26m is expected by the end of 2026.

Chairman and CEO of RafflesEducation, Chew Hua Seng, stated, “This represents a pragmatic and value-accretive outcome for the Group, particularly against the backdrop of the challenging property market conditions in China.” He noted that despite the book value of the land being higher than the sale price, the transaction provides certainty and strengthens the company’s net cash position.

The land’s restricted use for educational purposes and adverse changes in regulations have hindered its development, making it difficult to market. The proceeds from this acquisition are expected to significantly enhance RafflesEducation’s financial standing, representing a substantial portion of its market capitalisation of approximately S$206 million as of 17 August 2026.

ABIEL Property Investment Fund has announced the development of House 223, a collection of 15 self-contained micro-residences in Geylang, Singapore. Scheduled to open in September 2026, the project aims to fill a gap in the housing market for professionals on short-term assignments, offering stays between three to 24 months.

House 223 will be located at 223, 225, and 227 Geylang Road, transforming three adjoining conservation shophouses into a five-level residential complex. Each unit will include a kitchenette, bathroom, laundry facilities, workspace, and sleeping area, with rents ranging from S$2,300 to S$2,700 per month. This initiative aligns with National Development Minister Chee Hong Tat’s emphasis on addressing complex housing challenges beyond mere unit availability.

The development is part of ABIEL’s strategy to extend its shophouse and industrial redevelopment efforts into residential spaces. The firm aims to cater to the growing number of foreign professionals in Singapore, providing an alternative to traditional hotel stays or long-term residential leases. “House 223 is designed for the length of stay these people actually have, so it serves them without taking housing off the market,” said Maureen Li, CEO and Founder of ABIEL.

The project also reflects Geylang’s ongoing transformation from a red-light district to a vibrant residential area. ABIEL’s investment in the area underscores its potential as a desirable location for innovative housing solutions. As Singapore continues to attract global talent, House 223 offers a unique blend of privacy, community, and convenience for its residents.

Perennial Holdings has officially launched Perennial Living, Singapore’s first private assisted living development, marking the start of its Phase 1 operations at 28 Parry Avenue. The development spans 195,000 square feet and offers a new model of luxury senior living, featuring 200 assisted living flats and 100 nursing suites.

Perennial Living combines East-meets-West healthcare, rehabilitation, and wellness services with hospitality-inspired living. Notable features include one of Singapore’s largest hydrotherapy pools in a residential care setting and the country’s first private GymTonic studio. The development also draws on Perennial’s experience with dementia care, offering dedicated memory care environments.

Residents have access to the Perennial Wellness Centre, which provides a comprehensive range of medical care, including general practitioners, family medicine physicians, and specialists. The centre also offers traditional Chinese medicine (TCM) services and hospital-grade rehabilitation facilities.

Executive Chairman and CEO of Perennial Holdings, Pua Seck Guan, stated, “As Singapore’s population ages, we believe there is an opportunity to redefine what senior living can look like. Our vision for Perennial Living was to create more than just a place to receive care, we wanted to build a vibrant community where seniors can continue living with independence and purpose.”

The development offers a variety of accommodation options, with assisted living flats ranging from 302 to 569 square feet and nursing suites from 212 to 374 square feet. Residents can enjoy amenities such as The Olive restaurant, which serves nutritious meals, and a personal concierge service.

Phase 2, which includes the nursing suites, is expected to commence operations in the fourth quarter of 2026. Perennial Living aims to set a new benchmark for senior living in Singapore, enhancing both longevity and quality of life for its residents.

Business confidence in Singapore has seen a notable rebound in the second quarter of 2026, according to the Singapore Business Federation’s National Business Survey. The survey, which included responses from 511 businesses across various sectors, highlighted a 2.0-point increase in the Business Sentiment Index (BSI), bringing it to 53.3. This recovery follows a decline in the first quarter and is attributed to resilient domestic growth and strong momentum in Artificial Intelligence (AI).

The survey revealed several key shifts in business sentiment. Growth confidence improved by 1.5 points to 57.1, whilst profitability expectations saw a significant rise of 5.1 points, reversing the sharp decline experienced in the first quarter. Employment expectations also showed a slight improvement, with a 1.2-point increase to 56.3.

The survey’s findings indicate that businesses are cautiously optimistic about the future, with fewer expecting conditions to worsen over the next 12 months. However, sectors such as Retail Trade, Health & Social Sciences, and Education remain more cautious about the business outlook.

The BSI measures business confidence in Singapore, providing insights into trends such as cost and revenue expectations, hiring, and business expansion. Despite the positive outlook, ongoing energy-market pressures and uncertainty surrounding US trade policy may temper further optimism.

Looking ahead, businesses in Banking & Insurance, Health & Social Services, and other financial activities are more optimistic, whilst those in Retail Trade, Education, and Wholesale Trade are less upbeat. The survey underscores the importance of AI and domestic growth in driving business confidence in Singapore.

United Hampshire US Real Estate Investment Trust (UHREIT) has announced the proposed divestment of its property, BJ’s Quincy, for $34m. The agreement, signed on 17 August 2026 with 200 Crown, LLC, an unrelated third party, is expected to be completed by 15 September 2026.

The divestment aligns with UHREIT’s strategy to actively manage its portfolio, aiming to maximise asset performance and improve financial flexibility. The proceeds will be used to reduce bank borrowings, lowering UHREIT’s leverage ratio from 38.6% to 35.9% and improving its interest coverage ratio from 2.4 to 2.5 times.

The property, located at 200 Crown Colony Drive, Quincy, Massachusetts, is a single-storey building leased to BJ’s Wholesale Club. The sale price represents a premium of 4.9% over its independent valuation of $32.4m by Cushman & Wakefield.

UHREIT’s manager stated, “The divestment will enable us to pursue growth opportunities, enhancing the resilience and diversification of our portfolio.” The net proceeds, estimated at $33.3m after transaction costs, will also support potential acquisitions and asset enhancements.

This move is part of UHREIT’s broader capital recycling strategy, allowing for capital redeployment into growth opportunities. The divestment is expected to strengthen UHREIT’s capital structure, providing greater financial flexibility for future developments.

United Overseas Bank (UOB) has appointed Tan Choon Hin as its Head of ASEAN and Greater China, effective 1 September 2026. In this newly created role, Tan will oversee UOB’s regional business operations, including subsidiaries in Malaysia, Indonesia, Thailand, Vietnam, and mainland China, as well as branches in Hong Kong SAR and Taiwan. He will collaborate with country CEOs to strengthen connectivity and accelerate cross-border opportunities.

Tan will also lead UOB’s Foreign Direct Investment (FDI) Advisory unit, which has supported over 300 cross-border expansion plans in the past six months, with projected investments of S$5.6b. This initiative reflects UOB’s strategy to capture the growing trade and investment flows between ASEAN and Greater China.

Wee Ee Cheong, Deputy Chairman and CEO of UOB, stated, “ASEAN is at the heart of UOB’s growth strategy and is becoming an increasingly important global economic hub.” He emphasised that Tan’s experience positions him well to drive growth across UOB’s regional franchise.

Tan, currently UOB’s Deputy Chief Risk Officer, brings over 30 years of experience in banking, credit, and risk management. He joined UOB in 2012 and has held various leadership roles, including CEO of UOB Thailand. Under his leadership, UOB Thailand became the second largest foreign bank in the country.

This appointment is part of UOB’s leadership transformation, aiming to deepen regional connectivity and support customers in seizing cross-border growth opportunities.

Nanyang Technological University (NTU) Singapore, OUE Limited, and OUE Healthcare have announced a collaboration to enhance holistic healthcare and technology-enabled care. The initiative includes a S$3m endowment from OUE to establish the Stephen Riady Professorship in Healthcare and Technology at NTU, focusing on artificial intelligence (AI), robotics, and metabolic research.

The professorship, held by NTU Deputy President Professor Christian Wolfrum, aims to foster interdisciplinary research in areas such as biomedical engineering, digital health, and telemedicine. This initiative is expected to accelerate medical interventions and improve healthcare accessibility.

Additionally, NTU’s School of Biological Sciences and OUE Healthcare have signed a Memorandum of Understanding to pioneer research in evidence-based Traditional Chinese Medicine (TCM). This partnership will facilitate joint scientific research, clinical training, and international conferences, promoting integrative healthcare models that blend Western and traditional practices.

OUE Healthcare, alongside Healthway Medical Corporation, has also opened two Integrative Medicine clinics in Hougang and Aljunied, with plans for more. These clinics aim to provide comprehensive care by integrating modern and traditional medicine.

Professor Ho Teck Hua, President of NTU, emphasised the interdisciplinary nature of future healthcare, stating, “The Stephen Riady Professorship in Healthcare and Technology, together with our collaboration with OUE Healthcare to advance TCM research and education, will help us turn this ambition into action.”

Dr Stephen Riady, Executive Chairman of OUE, expressed his belief in innovation supporting healthier lives, highlighting the importance of integrating technology and medicine for holistic patient care.

Singapore Airlines (SIA) Group reported a 2.6% increase in passenger traffic for July 2026 compared to the previous year. This growth was supported by a 5.5% rise in passenger capacity, attributed mainly to network expansion into East Asia, Europe, and the South West Pacific.

The Group’s passenger load factor stood at 86.0%, with SIA and its low-cost subsidiary, Scoot, achieving load factors of 84.8% and 90.2%, respectively. Together, the airlines carried 3.7 million passengers, marking a 4.0% increase from July 2025.

Cargo operations remained stable despite a 1.5% reduction in cargo capacity due to maintenance on freighter aircraft. This led to a slight increase in the cargo load factor, which rose by 0.8 percentage points to 57.9%.

In response to escalating conflict in the Middle East, Scoot suspended its services to Jeddah, Saudi Arabia, from 14 July 2026. Meanwhile, SIA’s services to Dubai, United Arab Emirates, remain suspended.

As of 31 July 2026, the SIA Group’s passenger network spanned 136 destinations across 35 countries and territories. SIA operated flights to 78 destinations, whilst Scoot covered 84 destinations. The cargo network included 139 destinations in 36 countries and territories.

Marco Polo Marine Ltd., a regional marine logistics company, has announced a significant 30% increase in revenue for the nine months ending 30 June 2026, reaching S$109.7m. The company’s third-quarter revenue also rose by 13% year-on-year to S$35.7m. This growth is attributed to the robust performance of both its Ship Chartering and Shipyard divisions.

The company reported a 7% increase in gross profit to S$15m for the third quarter and a 30% rise to S$46.4m over the nine-month period, maintaining a steady gross profit margin of 42%. A key factor in this success is the expansion of Marco Polo Marine’s offshore vessel fleet and the additional capacity from its fourth drydock.

A noteworthy development is the framework agreement with Siemens Gamesa, signed in July, which supports the deployment and charter of two Commissioning Service Operation Vessels (CSOVs). This agreement is seen as a strong endorsement of Marco Polo Marine’s vessels and operational capabilities, providing a multi-year demand pipeline for its CSOVs.

Sean Lee, Executive Director and CEO of Marco Polo Marine, expressed optimism about the company’s future, stating, “With the CSOV Plus under construction and a third unit in planning, we are building the fleet that Asia’s offshore wind market will need. We remain prudently optimistic on the outlook for the remainder of FY2026 and beyond.”

The company’s strategic initiatives and partnerships position it well to meet the growing demands of the offshore wind market in Asia, indicating a promising outlook for the remainder of the financial year and beyond.

Frasers Hospitality, a division of Frasers Property, has officially opened Fraser Residence Putrajaya, marking the introduction of its renowned serviced residence brand in Malaysia. Situated within the TERRA development on the banks of Putrajaya Lake, the new property offers 283 family-oriented serviced flats, catering to both business and leisure travellers.

This launch is part of Frasers Hospitality’s broader strategy to expand its footprint across Asia, with plans to open 18 new serviced and hotel residences by 2028. The expansion aims to meet the growing demand for flexible long-stay accommodation driven by increasing cross-border mobility and changing travel patterns. Upcoming projects include a Fraser Suites flagship in Bangkok and the recently opened Capri by Fraser in Penang.

Chief Operating Officer Chew Hang Song highlighted the strategic importance of Putrajaya, noting its connectivity, economic potential, and lifestyle offerings. “With its spacious flat-style accommodation and family-focused amenities, Fraser Residence is uniquely positioned to serve the needs of guests seeking the comfort and convenience of a home,” he stated.

Fraser Residence Putrajaya is designed to blend the warmth of home with the convenience of a serviced residence. It features fully equipped kitchens, spacious living areas, and a range of amenities including a gymnasium, swimming pool, and dining options. The property is conveniently located near Kuala Lumpur International Airport and key business hubs, offering seamless connectivity for travellers.