Industry News

Singapore’s rental market experienced a notable increase in activity in January 2026, with condominium rental volumes rising by 11.7% and HDB flat rentals seeing a modest 0.8% increase, according to the latest report by 99.co and SRX. This surge is attributed to the post-holiday completion of deals and the influx of expatriates at the start of the corporate year.

Condominium rental prices saw a slight month-on-month increase of 0.6%, with the Core Central Region (CCR) and Outside Central Region (OCR) experiencing rises of 0.4% and 0.9%, respectively. Year-on-year, condo rental prices increased by 2.5%, with the CCR, Rest of Central Region (RCR), and OCR recording increases of 3.2%, 1.7%, and 2.2%, respectively. An estimated 6,708 condo units were rented in January, marking a 6.3% year-on-year increase, although this was 0.6% lower than the five-year average for January.

In contrast, HDB rental prices dipped by 0.3% compared to December 2025, with Mature and Non-Mature towns seeing decreases of 0.5% and 0.1%, respectively. Despite the price drop, overall HDB rental prices increased by 1.7% year-on-year. The report highlights that the significant 2026 Minimum Occupation Period (MOP) wave, with 13,484 flats reaching their five-year tenure, has contributed to increased supply and competition among landlords.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the influx of supply in the HDB market is likely to shift bargaining power towards tenants, potentially leading to longer-term market stabilisation. As the market adjusts, tenants may find more favourable conditions in the coming months.

SIA Engineering Group has announced a net profit of $41.9m for the third quarter of FY2025-26, marking a $3.7m increase from the previous year. This growth is attributed to steady demand for Maintenance, Repair and Overhaul (MRO) services, with a 3% rise in flight handling volumes in Singapore. The company also expanded its line maintenance operations to Manila, now operating in 39 airports across nine countries.

The quarter saw Base Maintenance Malaysia (BMM) secure regulatory approval for its first hangar, conducting its inaugural A350 heavy check. A second hangar is anticipated to be operational in the latter half of FY2026-27. Additionally, SIA Engineering signed a Letter of Intent with Safran Aircraft Engines to explore a joint venture in CFM LEAP engine maintenance services in Singapore.

Financially, the group reported an 8.7% increase in revenue to $353.1m, whilst expenditure rose by 8.4% to $347.1m. The operating profit improved by $1.3m to $6m, despite initial losses from new subsidiaries. The share of profits from associated and joint ventures increased by $6.6m to $38.8m.

Looking ahead, SIA Engineering anticipates continued demand for MRO services, driven by global passenger traffic growth, especially in the Asia-Pacific region. The company remains focused on expanding its geographical presence and capabilities to support next-generation aircraft, aiming for long-term sustainable growth amidst supply chain challenges and geopolitical uncertainties.

Singapore’s wholesale trade sector experienced varied performance in the fourth quarter of 2025, according to the latest data from the Department of Statistics. Domestic wholesale sales fell by 1.1% compared to the same period in 2024, though excluding petroleum, sales rose by 1.1%. In contrast, foreign wholesale sales increased by 1.8%, and when excluding petroleum, the rise was a significant 8.2%.

The domestic market saw a mixed performance across industries. The Household Equipment & Furniture and Metals, Timber & Construction Materials sectors faced declines of 17.9% and 17.5% respectively, largely due to reduced demand for household electrical appliances and metals. However, the General Wholesale Trade and Industrial & Construction Machinery sectors reported robust growth, with sales increasing by 27.7% and 18.7% respectively.

Foreign sales also showed diverse trends. The Electronic Components industry experienced a substantial 55.7% increase, driven by global demand. Similarly, the Telecommunications & Computers sector grew by 29.2% due to stronger demand for computer software and accessories. The Ship Chandlers & Bunkering industry saw a 20.2% decline in foreign sales, attributed to reduced bunker fuel sales.

These figures highlight the dynamic nature of Singapore’s wholesale trade sector, with significant variations across different industries. The data underscores the importance of sector-specific strategies to navigate the changing market landscape.

Nera Telecommunications Ltd has announced the acquisition of a significant three-year contract worth approximately S$2.4m from a prominent institutional asset management group. The contract involves the provision of technical management and operational support services, focusing on cybersecurity. This includes 24/7 Security Information and Event Management (SIEM) and Security Operations Centre (SOC) support, alongside security operations platform management.

The contract aligns with Nera Telecommunications’ strategic goal to enhance its managed services and strengthen its cybersecurity capabilities. By expanding its SOC competencies, the company aims to deliver integrated, mission-critical IT infrastructure and cyber defence solutions to its clients. The contract is anticipated to positively impact the company’s financial performance for the current year.

This development marks a significant step for Nera Telecommunications as it continues to focus on delivering advanced cybersecurity solutions.

Marina Bay precinct, in collaboration with UOB, Marina Bay Sands, and the Singapore Tourism Board, is set to illuminate Singapore’s skyline with a spectacular fireworks show from 13 to 15 March 2026. This event is part of a two-month-long celebration titled “Adventure Begins: A Magical Bay Celebration with Disney Cruise Line,” marking the arrival of Disney Adventure, Disney Cruise Line’s first cruise ship in Asia.

The festivities, running from 26 February to 30 April 2026, will feature Disney-themed photo spots and activities, with exclusive promotions for UOB cardholders. The highlight is a 10-minute sky show, commencing at 8:30 pm each night, showcasing a symphony of fireworks choreographed to Disney tunes like “When You Wish Upon A Star” and “Let It Go.” The show will incorporate local elements, including Peranakan motifs and Singapore’s national flower, the Vanda Miss Joaquim.

Jacquelyn Tan, Head of Group Personal Financial Services at UOB, expressed excitement about transforming Marina Bay into a magical precinct, aiming to elevate visitor numbers and enhance customer experiences. The event also celebrates the Disney Adventure’s maiden voyage from Singapore on 10 March 2026, offering three and four-night sailings featuring Disney, Pixar, and Marvel characters.

Visitors can enjoy themed experiences at seven key locations, including Gardens by the Bay and Swissôtel The Stamford Singapore. UOB cardholders can participate in quests for limited-edition medallions and a lucky draw for a cruise holiday. Additionally, a Disney-themed in-app game on UOB TMRW will offer further rewards.

This initiative builds on previous successful collaborations, with past events boosting foreign spending in Singapore significantly. The partnership aims to cement Marina Bay’s status as a premier destination for shopping, dining, and travel.

Singapore’s Budget 2026 has unveiled a series of initiatives aimed at bolstering the international competitiveness of small and medium enterprises (SMEs). Key measures include enhancements to the Market Readiness Assistance (MRA) Grant, an increased cap of $400,000 for the Double Tax Deduction for Internationalisation (DTDi) Scheme, and the introduction of the Champions of AI Programme. These initiatives are designed to support SMEs in expanding overseas and scaling into new markets.

The government is offering grant support of up to 70% for SMEs, alongside enhancements to the Enterprise Financing Scheme, signalling robust backing for companies aiming to grow internationally. Payoneer, a global financial technology platform, is poised to assist Singapore-based businesses with managing international receivables, payables, and treasury operations across multiple markets.

As Singapore enterprises evolve into multi-entity organisations, the complexity of managing financial and operational requirements increases. Budget 2026’s focus on international expansion and AI-powered transformation highlights the need for infrastructure that enables seamless cross-border operations. Payoneer provides an integrated platform that allows businesses to collect in multiple currencies, pay global suppliers, and centralise financial visibility, reducing friction as they expand.

The budget also emphasises Singapore’s ambition to become an AI-powered economy, with initiatives like the National AI Council and expanded access to AI tools. Payoneer is investing in AI-driven capabilities and innovations such as stablecoin-enabled solutions to enhance global capital movement and optimise working capital.

Nagesh Devata, SVP of APAC at Payoneer, stated, “Budget 2026 reinforces Singapore’s ambition to scale globally competitive, innovation-driven businesses. As companies expand across markets, they need financial infrastructure that matches their complexity.”

These measures are expected to accelerate the international ambitions of Singapore SMEs, making efficient financial management a critical component of their growth strategy.

Marco Polo Marine has reported a significant increase in its financial performance for the first quarter of 2026, with revenue reaching S$32.8m, marking a 27% year-on-year rise. This growth is attributed to enhanced ship chartering revenue and an improved gross profit margin, which climbed to 14% from 10.6%. Maybank Research forecasts that the second quarter of 2026 will surpass the first, with the third quarter expected to reach seasonal highs.

The company’s fleet utilisation also saw an improvement, rising from 71% in the first quarter of 2025 to 76% in the same period this year. This increase has bolstered revenue growth despite the expansion of the fleet. Marco Polo Marine is poised for rapid growth from the fiscal year 2026 to 2030, supported by its experienced leadership and industry expertise.

The shipbuilding segment is anticipated to play a more significant role in the latter half of 2026, with the introduction of the next-generation CSOV Plus expected to further boost profitability in the fiscal years 2028 to 2029. Marco Polo Marine is strategically positioned to seize opportunities in both ship chartering and shipbuilding, thanks to its reputable management team and expanding operational capacity.

The company will hold its first-quarter results briefing on 20 February 2026, at the Ocean Financial Centre in Singapore, where management will discuss the group’s financial performance and key business developments.

The Supreme Courts of Singapore and Cambodia have signed a Memorandum of Understanding (MOU) to enhance judicial cooperation. The agreement, signed on 10 February 2026, aims to facilitate the exchange of judicial expertise and discussions on shared interests, including electronic court document filing and case management systems.

The MOU represents the first formal bilateral judicial cooperation between the two countries. It was signed following a visit by Singapore’s Chief Justice Sundaresh Menon to Cambodia, where he met with Chief Justice Chiv Keng of the Cambodian Supreme Court. The visit included a delegation led by Justice Aidan Xu, Judge in-charge of Transformation and Innovation, and Juthika Ramanathan, Chief Executive of the Office of Chief Justice.

The agreement is expected to foster deeper collaboration on judicial matters, particularly in areas such as resourcing and capacity building for electronic systems. Chief Justice Menon stated, “The MOU paves the way for in-depth discussions on matters of common interest.”

This development is significant as it underscores the commitment of both nations to strengthen their judicial systems through shared knowledge and resources. The cooperation is anticipated to improve the efficiency and effectiveness of judicial processes in both countries.

The MOU is a step forward in international judicial collaboration, potentially setting a precedent for future agreements between other nations.

Singapore’s NODX experienced a notable increase of 9.3% year-on-year in January 2026, according to a report by UOB Global Economics and Markets Research. This growth, although softer than Bloomberg’s 12% consensus and UOB’s 10.2% projection, was primarily fuelled by a surge in electronics exports, which climbed 56.1% year-on-year. Key contributors included integrated circuits, disk drives, and personal computers, benefiting from favourable base effects.

Electronics exports were particularly strong to South Korea, Taiwan, and China, with growth rates of 31.6%, 34.2%, and 37.1% year-on-year, respectively. This was attributed to sustained AI-related demand. However, exports to the US saw a significant decline of 45.3% year-on-year, likely due to the lingering effects of US tariffs.

Non-electronics exports, on the other hand, contracted by 3% year-on-year, impacted by declines in specialised machinery, food preparations, and petrochemicals. Despite this, the overall outlook remains positive, with AI-related momentum expected to persist through the first half of 2026. UOB has revised its 2026 NODX growth projection to 5%, up from the previous 3%, surpassing the official estimate range of 2% to 4%.

The report highlights that Singapore’s electronics purchasing managers’ index (PMI) rose to 51.1 in January, indicating firm demand momentum. Additionally, Taiwan’s tech exports to the US continued to accelerate, and major tech companies have announced increased capital expenditure for data centres in 2026. These factors suggest a robust outlook for Singapore’s export sector in the coming months.

Mencast Holdings Ltd has announced the proposed sale of its leasehold property at 42B Penjuru Road, Singapore, to Grandwoods Trading (Singapore) Pte Ltd for S$21m. The option to purchase was granted on 16 February 2026 and remains valid until 18 March 2026. The sale is expected to yield a gain of approximately S$7.7m after accounting for related expenses.

The property, a 30-year leasehold granted by JTC Corporation, includes a general industrial factory and a four-storey office building. It currently houses Mencast’s propulsion manufacturing operations. The sale is contingent upon JTC’s approval for the assignment of the lease and other regulatory clearances.

Grandwoods Trading, an independent third party, specialises in metal recycling, trading, warehousing, and fabrication. The transaction was negotiated on a willing-buyer, willing-seller basis, with the consideration reflecting current market conditions and an independent valuation of S$24.3m.

Payment terms include an initial option fee of S$210,000, a balance deposit of S$840,000 upon exercise of the option, and the remaining balance upon completion. If the option is not exercised, the initial fee will be forfeited. Completion is expected within four months of obtaining necessary approvals, with provisions for rescission if approvals are delayed or denied.