Industry News

Condo resale activity in Singapore experienced a notable uptick in September 2026, with transaction volumes rising by 10.8% month on month to 1,093 units, according to the latest report from 99.co and SRX. This resurgence is attributed to buyers returning after the Hungry Ghost Month, bringing transactions in line with the five-year September average.

Resale prices saw a modest increase of 0.7% from August, with the Core Central Region (CCR) leading the charge with a 2% rise. This suggests a renewed interest in luxury properties, although the sustainability of this trend remains uncertain. The Rest of Central Region (RCR) and Outside Central Region (OCR) also saw price increases of 0.3% and 0.2%, respectively.

Looking forward, the market may see further shifts as the new-launch calendar quietens, potentially directing more attention to the resale sector. However, buyers are expected to remain selective, balancing resale prices against new-launch options and prioritising value for money.

The highest resale transaction in September was a unit at Sculptura Ardmore, fetching S$20m. In the RCR, a unit at Tembusu Grand sold for S$5.9m, whilst the OCR’s top transaction was a unit at Seaside Residences for S$4.3m.

The overall median capital gain for resale condos increased by S$13,000 to S$398,000 in September, with District 22 posting the highest median gain at S$905,000. Meanwhile, District 1 recorded a median capital loss of $4,400 (S$6,000). The median unlevered return for resale condos stood at 30.5%, with District 22 achieving the highest return at 70.9%.

A recent report by Jacobs has revealed significant challenges facing Singapore’s energy infrastructure, with 67% of energy leaders identifying dependencies on other infrastructure systems as a major or critical constraint on energy delivery. This finding is the highest among the five markets surveyed, which include the US, UK, Australia, and Germany. The report, titled “The Energy Readiness Equation,” underscores the growing importance of cross-border coordination and infrastructure planning as Singapore plans to import around 6 gigawatts of low-carbon electricity by 2035.

The report highlights that nearly 68% of Singapore’s energy leaders view geopolitical disruption as a potential operational threat over the next three years. Despite these concerns, confidence remains high, with 96% of respondents believing that their critical assets would continue operating during a major disruption. This confidence is crucial as Singapore’s energy security increasingly depends on infrastructure and decisions beyond its borders, given that approximately 95% of its electricity is currently generated using imported natural gas.

Jacobs’ Head of Energy & Power Advisory Asia, Neil D’Souza, emphasised the need for regional cooperation, stating, “As the energy system extends beyond national borders, energy security will increasingly depend on how countries align infrastructure, regulation, and operating arrangements across the region.”

The report also compares challenges in other regions, noting that the US faces permitting issues, the UK is focused on grid readiness, Germany is concerned with supply-chain disruptions, and Australia sees a shortage of investable projects. Jacobs President of Global Operations, Patrick Hill, remarked on the importance of sharing successful strategies across regions to improve energy infrastructure delivery.

In conclusion, the Jacobs report highlights the critical need for Singapore to enhance its infrastructure planning and coordination to ensure energy security amidst growing regional dependencies.

elseco, a Dubai-based speciality underwriter, has inaugurated its first Asian office in Singapore, marking a significant expansion into the region’s accident and health reinsurance market. The new branch, elseco Asia, is an approved Lloyd’s Asia coverholder and will offer facultative accident and health reinsurance to insurers throughout Asia.

The Singapore office is headed by Lisa Leow, who will spearhead the company’s efforts to provide specialised reinsurance solutions, including personal accident, emergency medical and repatriation, travel, income protection, and occupational risks. “Asia is the next step for elseco. Lisa brings specialist accident and health reinsurance closer to the insurers and brokers who need it. Singapore is where it starts,” said Laurent Lemaire, Chairman and CEO of elseco Group.

Lisa Leow expressed enthusiasm about the new venture, stating, “With elseco’s growing reputation in Asia, I’m delighted to be part of the group and looking forward to bringing new opportunities to the business as we embark on our Accident & Health market footprint in the region through reinsurance solutions and partnerships.”

elseco Asia’s launch coincides with the upcoming Singapore International Reinsurance Conference (SIRC), where Leow will be available to meet with insurers and brokers from 1 to 5 November 2026. This strategic move is expected to enhance elseco’s presence in the Asian market, providing tailored reinsurance solutions to meet the region’s growing demand.

OCBC has launched Alipay+ Travel Treat, becoming the first Singapore bank to offer in-app travel rewards and vouchers for overseas QR payments. This initiative, available through the OCBC app, allows customers to earn rewards and redeem vouchers at over 200 merchants across seven destinations, including mainland China, Japan, and South Korea. The move follows a significant increase in the use of overseas Alipay+ QR payments by OCBC customers, which more than doubled in the first eight months of 2026 compared to the same period in 2025.

The Alipay+ Travel Treat feature enables OCBC customers to discover, claim, and redeem offers for dining, shopping, and travel directly through the app, eliminating the need for third-party apps or separate loyalty programmes. Vouchers can be claimed before travel and are automatically applied during QR payments at participating Alipay+ merchants. Notable merchants include Shake Shack, Don Quijote, and The Shilla Duty-Free.

This development is part of OCBC’s strategy to deepen its cross-border payment capabilities and enhance customer experience. Regina Lim, Head of Group Card Payments and Personal Loans at OCBC, stated, “By bringing Alipay+ Travel Treat into the OCBC app, we are making it easier for customers to discover and enjoy those benefits through an app they already use and trust.”

The Alipay+ Super App Platform, which supports Alipay+ Travel Treat, also sets the stage for future travel-related services within the OCBC app, potentially including ride-hailing and food delivery. Edward Yue, General Manager of Alipay+ Power Centre, highlighted the opportunity for banks to engage customers beyond transactions, noting that the partnership with OCBC exemplifies how banks can extend the value of their mobile apps.

Sembcorp Utilities Pte Ltd, a subsidiary of Sembcorp Industries, has entered into a Memorandum of Understanding (MOU) with DayOne Data Centres to explore energy solutions for data centre developments across Asia. This collaboration aims to address the increasing complexity of energy requirements driven by the proliferation of artificial intelligence (AI) technologies.

Under the MOU, Sembcorp will act as DayOne’s technical partner for selected projects, leveraging its expertise across the energy value chain to evaluate and implement solutions that meet the power needs of DayOne’s data centres. The partnership will explore various energy solutions, including onsite power infrastructure, fuel supply, renewable energy generation, and operations and maintenance services.

Koh Chiap Khiong, President and CEO of Gas and Related Services at Sembcorp, highlighted the importance of this collaboration, stating, “Powering AI will require energy solutions that can keep pace with the scale and pace of data centre growth.” Jamie Khoo, CEO of DayOne, added that the partnership allows for the exploration of integrated data centre and energy solutions, crucial for DayOne’s expansion across the region.

This collaboration not only strengthens Sembcorp’s position in meeting the growing energy demands of data centres but also aligns with its recent initiatives, such as an MOU with Nxera Singapore for renewable energy solutions. Additionally, Sembcorp’s appointment as an approved aggregator under the Singapore Economic Development Board’s biomethane sandbox enhances its low-carbon energy offerings.

TeleChoice International Limited has announced a significant contract renewal with U Mobile Sdn. Bhd., valued at S$1.3b. The agreement, effective from February 2027, extends TeleChoice’s role as U Mobile’s strategic supply chain partner in Malaysia for an initial three years, with the possibility of a two-year extension.

The renewed contract, managed by TeleChoice’s subsidiary Planet Telecoms Managed Services Sdn. Bhd. (PTMS), expands upon the original S$500 million agreement signed in 2024. PTMS will continue to provide comprehensive supply chain services, including device procurement, lifecycle management, warehousing, and distribution. The partnership has been pivotal in TeleChoice’s growth within Malaysia, significantly impacting its Personal Communications Solutions Services Division.

Pauline Wong, President and CEO of TeleChoice, expressed gratitude for the continued partnership, highlighting the network’s growth from over 600 to more than 1,000 touchpoints across Malaysia. “As U Mobile extends the nationwide reach of its ULTRA5G network, we will invest further in our people, systems, and automation,” she stated.

U Mobile CEO Wong Heang Tuck noted that the renewed agreement enhances operational capabilities, supporting the expansion of their 5G network. “This supports our vision of being Malaysia’s preferred mobile and digital services provider,” he said.

The contract renewal is expected to positively influence TeleChoice’s consolidated net tangible assets per share and earnings per share for the financial year ending 31 December 2027. PTMS plans to further invest in technology, including AI for demand forecasting and inventory planning, to enhance service delivery.

The Energy Market Authority (EMA) has allocated $14.9m to four projects aimed at fortifying Singapore’s electricity grid amidst evolving energy demands and sources. These initiatives will focus on improving grid maintenance, managing distributed energy resources, and enhancing system stability.

Two projects by SP PowerAssets, receiving $8.7m, will leverage artificial intelligence and data analytics to optimise grid infrastructure maintenance. These projects, under the SP Technology Laboratory, will also address voltage and power quality issues as more distributed resources, such as solar photovoltaics and electric vehicle chargers, integrate into the grid.

Yokogawa Engineering Asia has been awarded $4.2m to develop fast-response services to maintain grid stability. This project, funded by the Energy Grid 3.0 Grant, will explore how resources like batteries and solar inverters can provide rapid support to the grid, particularly in managing system inertia.

Green Union Pte Ltd will receive $2m to devise strategies for better coordination of distributed energy resources (DERs), including solar panels and battery storage systems. This project, supported by the EMA and Korean Institute of Energy Technology Evaluation and Planning (KETEP) Joint Grant, aims to maximise existing infrastructure use and bolster grid resilience.

Puah Kok Keong, CEO of EMA, emphasised the importance of these projects, stating, “These projects will help us develop and test practical solutions to improve how we maintain and operate the grid, strengthen system stability, and harness distributed energy resources.”

These initiatives are part of a broader effort under the Decarbonisation Grand Challenge, overseen by the Advanced Energy and Decarbonisation Office, to advance research and innovation in Singapore’s energy sector.

Global apparel retailer UNIQLO is set to deepen its commitment to Singaporean customers with a series of store expansions and new openings. From 6 November 2026, UNIQLO Northpoint City will expand into a duplex, becoming the largest store in Northern Singapore, whilst UNIQLO NEX will also increase its retail space by 70% from 20 November 2026. Additionally, a new pop-up store at Changi Airport Terminal 3 is now open, with a permanent store at Terminal 4 set to open on 4 December 2026.

These developments aim to provide an enhanced LifeWear experience tailored to the needs of local communities and travellers. Naoki Kamogawa, CEO of UNIQLO Singapore, stated, “Our stores are our biggest branding assets. They are where customers can experience LifeWear at its fullest.”

The Northpoint City store will feature a mural by local artist Kow Fong, celebrating Yishun’s local identity, and will include the first in-store wheelchair-accessible lift from January 2027. Meanwhile, the NEX store will offer a wider selection of LifeWear items and improved store lighting.

At Changi Airport, travellers can explore exclusive Singapore-themed UTme! designs, including collaborations with local brands like Ya Kun Kaya Toast. The new airport locations aim to offer convenience for both local and international travellers.

To celebrate these openings, UNIQLO will host various promotions, including exclusive gifts and special collaborations, enhancing the shopping experience for customers. These expansions underscore UNIQLO’s strategy to optimise its stores to meet the evolving needs of Singaporean communities and travellers.

Metasurface Technologies Holdings Limited has announced a dual primary listing on Catalist, offering 18 million placement shares at S$0.54 each. This move is expected to generate gross proceeds of approximately S$9.72m, with trading anticipated to commence at 9:00 a.m. on 4 November 2026. The post-placement market capitalisation is projected to be around S$90m.

The listing on Catalist, a board of the Singapore Exchange Securities Trading Limited (SGX-ST), is significant as it provides Metasurface with a platform to reach a broader investor base. The company has made the offer document available for download on the SGX-ST’s website, detailing the terms and conditions of the placement.

Investors are advised to consult the offer document for comprehensive information, including potential risks associated with the investment. The document, registered by the SGX-ST on behalf of the Monetary Authority of Singapore, outlines that companies listed on Catalist may carry higher investment risks compared to those on the Main Board.

Metasurface’s decision to list on Catalist reflects its strategic aim to enhance its market presence and attract investment. The company cautions potential investors about the inherent risks and advises them to consider professional advice before making investment decisions.

The placement is not intended for public sale in Hong Kong, and the offer document emphasises the importance of understanding the risks involved in investing in Catalist-listed companies.

Bank of Singapore has broadened its private markets offerings by introducing the Keppel Data Centres S64 Access Fund SP9, a fund providing clients with access to Keppel’s third data centre fund, Keppel Data Centre Fund III. This exclusive fund, available during a limited subscription period, offers exposure to a diverse portfolio of institutional-quality data centre assets across the Asia-Pacific region.

The fund’s launch was one of the bank’s most successful closed-ended offerings in recent years, highlighting strong investor interest in digital infrastructure as a long-term growth sector. Data centres are increasingly sought after due to rising demand for AI computing, cloud services, and enterprise digital transformation. The fund includes exposure to Singapore, a highly supply-constrained data centre market projected to grow from US$3.25b in 2025 to US$5.11b by 2031, according to Arizton Advisory & Intelligence.

Keppel’s integrated platform, which spans data centres, energy, cooling, and connectivity infrastructure, supports the fund’s strategy. As of September 2026, Keppel’s connectivity Funds under Management have reached S$18b, with a portfolio of 39 data centre assets across Asia Pacific and Europe. Keppel was recently awarded 50MW of new data centre capacity in Singapore, supporting the development of Keppel Data Centre Singapore 11 on Jurong Island, with an investment exceeding S$1b.

Jean Chia, Global Chief Investment Officer at Bank of Singapore, stated, “Private markets are becoming an increasingly important component of client portfolios as investors seek greater diversification, resilience and access to long-term structural growth opportunities beyond public markets.” The bank continues to offer differentiated alternative investments, enhancing portfolio diversification and capturing long-term growth trends.