Industry News

Singapore has emerged as the most expensive city for office fit-out in the Asia-Pacific region, according to Knight Frank’s Asia-Pacific Fit-Out Cost Guide 2026. With an average cost of $2,029 per square metre, Singapore surpasses Tokyo and Taipei, which stand at $1,994 and $1,593 per square metre, respectively. This ranking highlights the varied investment conditions across the region, with Phnom Penh at the lower end at $375 per square metre.

The guide, which covers 23 cities, anticipates a 2-5% rise in fit-out costs over the next year due to factors such as a tight construction labour market and increasing sustainability requirements. These structural pressures are becoming more significant than general inflation, which has eased in many areas.

Sustainability is now a standard expectation, with green building certifications and energy monitoring driving up baseline costs. In cities like Singapore and Sydney, ESG-aligned fit-outs are becoming the norm, increasing demand for specialists in sustainability systems.

A shift towards the Design & Build (D&B) model is noted, particularly for offices ranging from 900 to 2,800 square metres. This model offers cost certainty and can reduce project timelines by 20-30%, which is crucial in volatile markets.

Tim Armstrong of Knight Frank advises occupiers to engage early and build flexibility into procurement strategies to manage cost and delivery risks. Christine Li adds that labour constraints and ESG requirements are raising the cost floor, whilst global trade dynamics introduce additional uncertainties.

In Singapore, high labour costs and stringent standards maintain its position at the top of the cost table, reflecting its status as a financial hub. Meanwhile, India’s major markets remain cost-competitive, and cities like Jakarta and Manila are seeing rising costs due to quality expectations and regulatory demands.

HDB resale prices in Singapore remained stable in February 2026, despite a significant drop in transaction volumes. According to the latest report by 99.co and SRX, 1,670 flats were transacted, marking a 29% decrease from January. This decline coincides with the Chinese New Year and Ramadan, traditionally quieter periods for property transactions.

The report highlights that the overall resale prices saw a modest 1.5% year-on-year increase. Prices in Mature Estates rose by 0.3%, whilst Non-Mature Estates experienced a 0.5% decrease. By room type, 3-room, 5-room, and Executive flats saw price declines of 0.8%, 0.4%, and 0.4% respectively, whereas 4-room flats increased by 0.4%.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted, “The drop in volume is not entirely unexpected,” attributing it to seasonal factors and recent Build-To-Order (BTO) exercises drawing demand away from the resale market.

The highest transacted price for a resale flat in February was S$1.7m for a 5-room unit at Skyterrace @ Dawson. In Non-Mature Estates, the top price was S$1.47m for a 5-room flat in Punggol Drive. Additionally, 122 flats were sold for at least S$1m, comprising 7.3% of the total resale volume.

Despite the volume drop, the stability in prices suggests that underlying demand remains robust, albeit temporarily paused due to seasonal influences. As the year progresses, market watchers will be keen to see if this trend continues or if volumes rebound.

Singapore’s Housing Development Board (HDB) is set to construct the nation’s tallest public housing at Pearl’s Hill, surpassing the Pinnacle @ Duxton with a structure over 60 storeys high. This ambitious project aims to maximise residential capacity in Singapore’s limited land area. Situated in the central region and near Outram MRT interchange, the flats are expected to be highly sought after, offering views towards Orchard and Sentosa.

The upcoming Build-To-Order (BTO) flats at Pearl’s Hill are projected to start at $600,000, significantly more affordable than the average resale price of over $1.4m for a 4-room flat at Pinnacle @ Duxton. These units will fall under the Prime category, potentially featuring a clawback subsidy as high as 20%, according to Huttons Asia. This is due to anticipated higher construction costs and the need for deeper foundations, necessitating substantial subsidies from HDB.

In addition to Pearl’s Hill, a new BTO project is planned for Toa Payoh West, adjacent to Caldecott MRT station. This development is expected to draw considerable interest, similar to the Toa Payoh Ascent launched in July 2025, which saw over six applicants per 4-room flat. Prices for these flats may begin at $590,000, a stark contrast to the $1.1m average resale price for similar units in Toa Payoh Crest. The Toa Payoh Integrated Development, set for completion by 2030, will enhance the area’s amenities and convenience.

Both projects underscore HDB’s commitment to providing affordable housing options in prime locations, with significant subsidies to ensure accessibility for Singaporeans.

Mastercard has successfully completed its first live, authenticated agentic transaction in Singapore, partnering with DBS and UOB. This significant development in AI-powered commerce involved an AI agent booking a ride to Changi Airport through hoppa, a global mobility provider. The transaction was facilitated by CardInfoLink’s AI agent, which connects to hoppa’s taxi and airport limousine network.

The transaction utilised Mastercard Payment Passkeys for strong consumer verification and data protection. Minsook Cho, Country Manager for Singapore at Mastercard, stated, “As the nation advances its AI agenda, Mastercard’s first live agentic transaction shows how innovation can be brought into everyday services responsibly and securely with Agent Pay.”

This initiative is part of Mastercard’s broader strategy to expand agentic commerce across Asia Pacific, following similar transactions in Australia, New Zealand, and India. The company aims to establish a regional AI Centre of Excellence in Singapore to drive innovation and strengthen governance for AI-led transactions.

Ananya Sen, Group Head of Regional Consumer Products at DBS Bank, emphasised the importance of robust safeguards and transparency in autonomous transactions, whilst Pratik Bhattacharjee, Head of Group Cards and Payment Products at UOB, highlighted the collaboration’s role in delivering secure and seamless AI-powered banking experiences.

Mastercard plans to continue working with partners to expand the use of secure, authenticated agentic transactions across various industry segments, including transportation, travel, entertainment, and retail. This move underscores Mastercard’s commitment to building a trusted framework for AI-powered commerce.

CBRE has announced the sale of a rare freehold suburban retail podium at Tedge, located at 328 Changi Road, Singapore. The sale will be conducted via an Expression of Interest exercise, closing on 8 April 2026 at 3pm. This opportunity includes four adjoining ground-floor retail units within a five-storey mixed-use development completed in 2023. The units, comprising a Food and Beverage (F&B) outlet, a bakery takeaway, and two shop units, are fully occupied, providing immediate rental income and strong yield potential.

The retail podium benefits from its strategic location at a high-traffic junction, offering 75 metres of dual road frontage. The units are being relaunched at a lower indicative guide price of S$13.88m, or approximately S$2,490 per square foot. As a commercial property, it is open to foreign buyers and companies without the Additional Buyer’s Stamp Duty or Seller’s Stamp Duty.

Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the podium’s appeal due to its positioning in Singapore’s vibrant eastern corridor. “With its strategic positioning along a major arterial road, highly desired F&B approvals on select units, and proximity to dense residential populations, these four units offer excellent rental yield alongside attractive capital appreciation over the mid- to long-term horizon,” he stated.

The Tedge retail podium is conveniently located between Eunos and Kembangan MRT stations, with easy access to the Central Business District and Changi Airport via the Pan-Island Expressway and East Coast Parkway. This accessibility, combined with its location in a populous area, makes it an attractive investment for a range of potential buyers.

CoGoLinks Asia Pte Ltd has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS), effective from 1 March 2026. This licence enables CoGoLinks Asia to offer a range of services, including account issuance, domestic and cross-border money transfers, merchant acquisition, and e-money issuance within Singapore. Established in 2018 under the Vbill Group, CoGoLinks has developed a robust global licence portfolio, including approvals from the People’s Bank of China, Hong Kong’s Money Service Operator, the US’s Money Services Business, and the UAE’s Dubai Financial Services Authority.

The company has successfully integrated its cross-border collection platform into China’s e-commerce and foreign trade sectors, unlocking payment channels for nearly 20 currencies and serving over 240,000 enterprises. A CoGoLinks spokesperson highlighted the company’s strategy of addressing payment challenges with tailored solutions, stating, “Deep industry expertise combined with customised solutions is CoGoLinks’ DNA and competitive edge.”

With the new MPI licence, CoGoLinks plans to establish a local operations team in Singapore and focus on three key initiatives. These include optimising the China-Southeast Asia payment corridor, replicating its cross-border payment system for Southeast Asian enterprises, and achieving payment interoperability between Southeast Asia and the global market. The company aims to leverage its compliance credentials and technological capabilities to accelerate digital cross-border payments worldwide. “Singapore is a key node in our global expansion,” a company representative noted, emphasising the strategic importance of the city-state in their global digital payment network.

DBS China has been granted a principal underwriting licence for non-financial corporate bonds by China’s National Association of Financial Market Institutional Investors. This licence allows DBS to lead the underwriting of all corporate bonds in the China Interbank Bond Market, making it the only Singapore-headquartered bank with such a capability. The move enhances DBS’s role as a gateway for global issuers and investors to access China’s vast bond market.

The licence comes as foreign issuers increasingly seek financing in China’s bond markets. Panda bond issuances have seen a 26% compound annual growth rate over the past five years, according to Wind Information. In 2025, DBS China participated in RMB 65.8b (S$12.2b) of Panda bond issuances, securing a 38% market share.

DBS has also expanded its RMB solutions, becoming the first Singapore bank appointed as an RMB clearing bank in 2025. It has been admitted as an overseas direct participant of China’s Cross-Border Interbank Payment System, enhancing its ability to provide RMB-denominated instruments and seamless cross-border settlements.

Ginger Cheng, CEO of DBS Bank (China), highlighted the significance of the licence, stating, “This licence is a recognition of our long-term commitment to the Chinese financial market and enables DBS to be a crucial lever for serving cross-border capital flows.”

Clifford Lee, Global Head of Investment Banking at DBS, noted the growing interest in Panda bonds among foreign issuers, emphasising the bank’s active role in developing this market. The new licence is expected to accelerate DBS’s efforts to open Asia’s capital markets to the world.

XDC Ventures, the $125m venture capital fund established by the co-founders of the XDC Network, has announced a follow-on investment in TradeTogether, a Singapore-based asset manager licenced by the Monetary Authority of Singapore (MAS). This investment aims to bolster TradeTogether’s expansion of regulated digital asset strategies across the Asia-Pacific (APAC) region.

The latest funding follows XDC Ventures’ initial investment in April 2024 and coincides with TradeTogether securing its full Capital Markets Services (CMS) licence from MAS. This regulatory milestone enables TradeTogether to enhance its digital asset and structured investment offerings, reinforcing its position as a bridge between traditional finance and next-generation capital markets in APAC.

TradeTogether, known for its compliant Web3 wealth management solutions, manages diversified strategies across fixed income, securities, and tokenised assets for accredited investors, family offices, and institutions. The firm is committed to developing scalable, compliant investment structures, including Variable Capital Company (VCC) vehicles, to lead the next generation of capital markets in Asia.

XDC Network, an enterprise-grade blockchain, focuses on trade finance and real-world asset (RWA) tokenisation through decentralised applications like TradeFinex and XDC Trade Network. The partnership with TradeTogether aligns with XDC’s mission to drive institutional adoption by providing compliant distribution channels and innovative wealth management tools.

Ritesh Kakkad, Co-Founder of XVC Tech and XDC Network, stated, “TradeTogether’s focus on regulatory excellence and institutional-ready products makes it an ideal partner for scaling Web3 adoption in Asia and beyond.”

This investment highlights the growing momentum in APAC’s digital asset sector, where regulatory clarity and institutional-grade platforms are accelerating the integration of RWAs and tokenised finance.

ComfortDelGro Corporation Limited has inaugurated one of Singapore’s largest automotive engineering centres, significantly boosting its electric vehicle (EV) capabilities. Operated by ComfortDelGro Engineering, the five-storey, 27,400 square metre facility at 320 Ubi Road 3 aims to meet the growing needs of Singapore’s electrifying vehicle population.

The centre offers a comprehensive suite of automotive solutions, including EV maintenance, charging, and high-voltage battery diagnostics and repairs. It also houses the ComfortDelGro Engineering Academy, which provides the Land Transport Authority’s National Electric Vehicle Specialist Safety programmes, equipping technicians with essential skills for the EV transition.

With 43% of new car registrations in Singapore now electric, the centre is strategically positioned to support the evolving demands of electric mobility. Ang Soo Hock, CEO of ComfortDelGro Engineering, stated, “Electric mobility is reshaping the transport landscape, and the new automotive centre enables us to respond with the right tools, skills, and technology under one roof.”

The facility includes over 260 vehicle bays, 58 EV charging points, and battery storage rooms, significantly expanding ComfortDelGro’s operational capacity. The centre has commenced operations, with a progressive ramp-up of specialised services planned through Q2 2026. The public and fleet partners are invited to visit the facility starting today.

This development underscores ComfortDelGro’s commitment to supporting Singapore’s push towards a sustainable, electrified future, aligning with national goals for a low-carbon economy.

The Urban Redevelopment Authority has concluded the land tender for a site at Lentor Central, part of the second half of 2025 Government Land Sales programme. The site, which can accommodate approximately 560 units, attracted five bids, exceeding expectations. The highest bid, submitted by GuocoLand (Singapore) Pte. Ltd., Intrepid Investments Pte. Ltd., and TID Residential Pte. Ltd., was S$657.1, or abomut S$1,278 per square foot per plot ratio (psf ppr), surpassing the next highest bid by 5.7%.

The strong interest in the Lentor Central site is attributed to its prime location adjacent to the Lentor Modern integrated development and Lentor MRT Station. Future residents will benefit from nearby amenities and educational institutions, including Anderson Primary School within a 1km radius and CHIJ St. Nicholas Girls’ School within 2km.

Despite the ample supply of homes in the Lentor Hills precinct, demand remains robust. The area has seen seven previous land releases, with the latest, Lentor Gardens, awarded in April 2025 at S$920 psf ppr. Lentor Modern, the first project in the area, has completed and is performing well in the secondary market, with prices exceeding S$2,400 psf.

Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted, “The healthy secondary transactions for Lentor Modern continue to highlight the popularity of the area.” The steady demand for private homes in Lentor Hills is expected to continue, with sufficient time for the market to absorb new supply.