Industry News

Rivelle Tampines executive condominium (EC) in Tampines Street 95 has sold over 92% of its 572 units during its launch weekend, marking the strongest performance for a new EC project since 2017. The units were sold at an average price of $1,893 per square foot, according to Kelvin Fong, CEO of PropNex.

The project’s success is attributed to its strategic location near the upcoming Pinery Mall, Tampines West MRT station, and various amenities such as SAFRA Clubhouse and Bedok Reservoir Park. The proximity to educational institutions like St. Hilda’s Primary School further enhances its appeal.

The second-timer buyer quota was quickly reached on Saturday afternoon, indicating robust interest from first-time buyers. Under current EC regulations, only 30% of units can be sold to second-timers during the initial launch. Those unable to secure a unit can attempt to book one month later, with expectations that Rivelle Tampines will sell out when more second-timers are allowed to purchase.

The launch attracted over 8,000 visitors to its sales gallery, underscoring the demand for ECs in Tampines. Previous projects in the area, such as Aurelle of Tampines and Tenet EC, also experienced high sales during their launch weekends.

With Tampines being the largest Housing Development Board (HDB) town in Singapore, it offers a substantial pool of potential upgraders. The demand for ECs remains strong, supported by their affordability compared to private condos, despite rising prices due to increased land and construction costs.

Alfa Medicus has launched a new integrated healthcare facility at i12 Katong, Singapore, combining Aptus Surgery and OHM Imaging under one roof. This development aims to decentralise private healthcare, traditionally concentrated in Orchard and Novena, by expanding access to the eastern region of Singapore, which is home to a large residential population.

The new centre offers an integrated care model, allowing patients to complete imaging, consultations, procedures, and recovery in a single location. This approach is designed to reduce wait times and improve the continuity of care. The facility also supports same-day imaging and streamlined workflows, enabling faster diagnosis and treatment decisions.

This initiative reflects a broader shift in healthcare towards ambulatory care, where more procedures are suitable for same-day discharge. This trend emphasises efficiency, cost-effectiveness, and patient convenience, aligning with the growing demand for outpatient-focused care models in Singapore.

The opening of this facility marks a significant step in enhancing healthcare accessibility and patient experience in the region. As Singapore’s healthcare landscape continues to evolve, such integrated models are expected to become increasingly prevalent, prioritising accessibility, speed, and patient comfort.

A unique opportunity has arisen for investors with the launch of a prime 4-storey commercial shophouse at 38 Circular Road, Singapore, for sale at a guide price of S$28m. Marketed by Brilliance Capital, the property is available through an Expression of Interest (EOI) process.

Located in the bustling Circular Road enclave, the shophouse benefits from its proximity to Clarke Quay, Raffles Place, and Telok Ayer MRT stations. This strategic position places it amidst a vibrant mix of office towers, financial institutions, and lifestyle venues, making it particularly appealing to food and beverage (F&B) operators and retail concepts.

The conserved shophouse, with a land area of approximately 1,141 sq ft and a built-up area of about 4,402 sq ft, is zoned for full commercial use. It offers flexibility for various uses, including F&B, retail, and wellness concepts. Notably, the property boasts a 999-year tenure, enhancing its appeal for long-term investment. It is exempt from Additional Buyer’s Stamp Duty (ABSD) and foreign ownership restrictions.

Currently, the ground floor hosts a popular Japanese soba restaurant, whilst the upper floors accommodate a wellness operator and an interior design firm. One level has been refurbished for potential owner-occupation. The property underwent significant refurbishment in 2023, enhancing its interior and exterior features.

Sammi Lim, Founder and Executive Director of Brilliance Capital, highlighted the area’s transformation into a refined commercial hub. She noted the strong appeal of conservation shophouses, especially amidst global uncertainties, and the growing interest from international investors. The EOI for 38 Circular Road closes on 6 May 2026.

Great Eastern and The Kallang Group have officially named the 888-metre sheltered running track encircling the National Stadium as Great Eastern Promenade. This marks a significant step in transforming one of Singapore’s largest fully-sheltered, free-to-use civic spaces into a vibrant hub for community events and social connections.

The launch event saw close to 350 individuals and families participating in activities such as family pickleball, beginner-friendly cycling tryouts, and the Great FinChamp Challenge, an interactive game designed to teach children key financial concepts. Additionally, 75 runners inaugurated the unisex Great Eastern Run Club, inspired by the annual Great Eastern Women’s Run.

Greg Hingston, Group CEO of Great Eastern, highlighted the significance of the promenade, stating, “The promenade at the National Stadium is where the people of Singapore come to walk, run and stay active.” Quek Swee Kuan, CEO of The Kallang Group, added, “We are pleased to extend our longstanding partnership with Great Eastern to enhance our offerings through expanded community sport programmes and initiatives that promote financial literacy.”

The Great Eastern Promenade will host a series of community activities throughout the year, including the Great Family Play Day and the Great Eastern Run Club sessions. The initiative aims to encourage active living and financial literacy, with plans to introduce these aspects into The Kallang’s Learning Journey programme.

As part of its commitment to community engagement, Great Eastern will also launch a financial literacy programme at The Kallang, featuring the Great FinChamp Challenge. This initiative will be housed in a new installation space near National Stadium Gate 14, set to open in the second half of 2026.

Las Vegas Sands has awarded a multi-billion-dollar contract to Singapore’s Woh Hup (Private) Limited to spearhead the construction of its next-generation ultra-luxury development. This decision follows a rigorous competitive tender process involving top construction firms from the region. The project, designed by renowned Safdie Architects, is expected to be completed by 2030.

Woh Hup, a leading construction and civil engineering company in Singapore, was chosen for its technical expertise and successful track record in handling complex projects. The company has previously contributed to iconic Singaporean landmarks such as Gardens by the Bay and Jewel Changi Airport. Patrick Dumont, CEO of Las Vegas Sands, expressed confidence in Woh Hup’s ability to deliver a landmark development, stating, “Woh Hup has played a defining role in shaping Singapore’s development.”

The new development is part of Las Vegas Sands’ long-term investment strategy in Singapore and aims to enhance the city’s global stature. The project will feature a luxury hotel tower, premium meeting spaces, and a 15,000-seat arena for live entertainment, further boosting Singapore’s tourism and hospitality sectors.

Marina Bay Sands, a key player in Singapore’s economy, recorded its most successful year in 2025, contributing 1.2% to the nation’s GDP. The integrated resort welcomed over 36 million visitors and hosted more than 2,000 MICE events, underscoring its significant economic impact. As Las Vegas Sands continues its expansion, the collaboration with Woh Hup is expected to create substantial opportunities for local industries and the broader economy.

A groundbreaking study led by Emilie Finch from the London School of Hygiene and Tropical Medicine and Rachel Lowe from the Barcelona Supercomputing Centre has developed a forecasting model capable of predicting dengue outbreak risks in Singapore. This model, created in collaboration with Singapore’s National Environment Agency, integrates climate data and information on dengue virus serotypes to enhance prediction accuracy.

Dengue, a mosquito-borne disease, poses a significant public health challenge, particularly in Southeast Asia. The spread of dengue has been exacerbated by rising global temperatures and altered rainfall patterns, with 2024 marking a record 14 million cases worldwide. The new model leverages over 20 years of data, revealing that dengue outbreak risks peak during El Niño conditions and following shifts in dominant dengue serotypes.

The study also evaluated the impact of Project Wolbachia, which releases Wolbachia-carrying mosquitoes to curb dengue transmission. The model estimated that approximately 28% of expected dengue cases in 2023 were prevented due to expanded releases in 2022. Rachel Lowe highlighted the model’s ability to provide early warnings, stating, “This integrated approach allows us to anticipate surges in dengue weeks in advance and provide actionable early warnings.”

Looking forward, the research team aims to compare this model with other forecasting tools and explore its application in different regions. This interdisciplinary effort underscores the potential of combining computational modelling, climate science, and public health to address the challenges posed by climate change and disease outbreaks.

GrabInsure, the insurance division of Grab, has unveiled a new motor insurance product specifically designed to cater to the needs of private-hire vehicle (PHV) drivers in Singapore. This innovative insurance solution aims to provide more affordable and accessible coverage by leveraging historical data from the Grab platform to offer personalised pricing based on a driver’s track record.

The new product introduces several key features tailored to the unique challenges faced by PHV drivers, including credit-free accessibility, cashflow-friendly instalments, and performance-linked premiums. Drivers can now pay their insurance premiums directly through the Grab Driver App’s Wallet, eliminating the need for a credit card. This move is intended to enhance financial inclusion and ensure comprehensive coverage for all driver-partners.

Additionally, GrabInsure offers flexible instalment plans, allowing drivers to convert annual premiums into manageable micro-payments. This approach transforms insurance from a significant capital expense into a more affordable operational cost. By recognising and rewarding safer driving and excellent service, GrabInsure extends competitive premium rates to drivers with proven track records.

Iwan Juwono, Head of GrabInsure, stated, “With this launch, we are rethinking motor insurance from the ground up. By leveraging insights on a driver’s track record on Grab, we can offer more competitive pricing to reward safer driving and better service.”

The launch of this motor insurance product is part of GrabInsure’s broader commitment to making essential services like insurance simpler, more transparent, and more affordable for its driver-partner community.

Alpha Ladder Group has inaugurated its new Singapore headquarters, uniting its teams under one roof for the first time. This move, celebrated on 10 March 2026, signifies a pivotal moment for Asia’s Digital Green Transformation, as the group aims to enhance collaboration and innovation across its three verticals: Digital Financial Services, Sustainable Investment, and AI-Powered Green Technology.

The group, founded on the belief that financial infrastructure should be a hybrid of centralised and distributed systems, has rapidly expanded since its first subsidiary in 2016. Now serving institutional clients across Asia, the Middle East, Africa, and Latin America, Alpha Ladder Group has established itself as a key player in the financial sector.

The new headquarters in Singapore, a global hub for fintech and green innovation, aligns with the group’s ambitions. The Monetary Authority of Singapore’s supportive stance on digital assets and sustainable finance further bolsters this strategic choice. Dr Bo Bai, Executive Chairman and Co-Founder, remarked, “This office is the physical manifestation of what we have been building since 2016 — a living ecosystem where digital finance and green technology reinforce each other.”

MetaComp, a subsidiary of Alpha Ladder Group, recently closed its Pre-A+ funding round, raising $35m. This funding will accelerate its expansion and enhance its compliance and AI capabilities. Co-President Tin Pei Ling noted, “MetaComp’s fundraising reflects where the market is heading — compliant, hybrid infrastructure that bridges fiat and digital assets is no longer a niche proposition.”

As Alpha Ladder Group looks to the future, its Singapore headquarters will serve as the nerve centre for upcoming product launches and international expansions, reinforcing its commitment to sustainable innovation.

Rex International Holding Limited has announced a significant management change with the appointment of Per Lind as the new Chief Executive Officer (CEO), effective 19 March 2026. This follows the departure of Måns Lidgren, who has stepped down from the role for health reasons but will continue to serve as a Senior Adviser on a part-time basis to ensure a smooth transition.

Per Lind, who has been with Rex International since 2014 as Chief Financial Officer (CFO), brings extensive experience to his new role. He has been instrumental in overseeing the Group’s finance, legal, and administrative functions, and has played a key role in business development alongside the outgoing CEO. Lind’s previous positions include senior roles at Tangerine Time, AEP Investment Management, and 1st Software Corporation Ltd.

John d’Abo, Executive Chairman of Rex International Holding, expressed gratitude for Lidgren’s contributions, stating, “Måns had been instrumental in building Rex from a technology-based oil & gas company into a full-fledged oil & gas exploration & production company. We thank Måns for his contributions and look forward to continue working with him in his new capacity as Senior Adviser.”

Lind’s appointment is expected to bring continuity and stability to the company, leveraging his deep understanding of the Group’s operations and strategic direction. The company, which is listed on the Singapore Exchange, holds exploration and production licences in Norway, Germany, Oman, and Benin, and uses its proprietary Rex Virtual Drilling technology to de-risk its portfolio.

The Monetary Authority of Singapore (MAS) has announced the completion of phase two of Project MindForge, culminating in the release of an Artificial Intelligence (AI) Risk Management Toolkit for the financial sector. Developed in collaboration with 24 leading banks, insurance companies, and capital market firms, the toolkit offers resources to manage risks associated with traditional AI, generative AI, and emerging agentic AI technologies.

The toolkit includes an ‘AI Risk Management Operationalisation Handbook’, providing practical guidance on implementing AI risk management frameworks. It is supplemented by a collection of AI case studies, offering insights into the challenges and practices of using AI in various organisational contexts. The handbook is structured into four sections: scope and oversight, AI risk management, AI lifecycle management, and enablers, aligning with MAS’ proposed Guidelines on AI Risk Management.

Kenneth Gay, Chief FinTech Officer at MAS, stated, “The development of the MindForge AI Risk Management Toolkit marks a major step forward in our journey to ensure the responsible adoption of AI in finance.” He emphasised the importance of continuous engagement and strengthening AI governance across the industry.

The toolkit will be periodically updated to reflect the evolving use of AI in the industry. MAS plans to establish an AI risk management workgroup under the BuildFin.ai initiative to facilitate broader industry adoption of AI risk management practices. This initiative aims to develop implementation resources and build capabilities for managing risks from newer AI technologies.

The project has garnered support from industry leaders, with Sameer Gupta of DBS Bank highlighting the importance of governance as a strategic imperative to preserve customer trust. The initiative is seen as a benchmark for responsible AI adoption, not only in Singapore but across the region.