Industry News

The Urban Redevelopment Authority (URA) has announced the tender launch of two government land sales sites at Orchard Boulevard and Marina Gardens Lane, potentially yielding 500 private residential units. PropNex’s Head of Research and Content, Wong Siew Ying, anticipates strong interest from developers due to the strategic locations and manageable plot sizes.

The Marina Gardens Lane site, located in the Rest of Central Region, offers an estimated 390 new homes and 150 square metres of commercial space.

This site is the third and smallest parcel in the Marina South precinct, which could attract a wider range of developers, including mid-sized firms. It is strategically positioned near Gardens by the Bay and the upcoming Marina South MRT station, enhancing its appeal.

Wong projects four to six bids for this site, with top bids expected between $1,550 and $1,650 per square foot per plot ratio (psf ppr).

Meanwhile, the Orchard Boulevard site, near Orchard Road, could yield 110 new homes on a 0.34-hectare plot. With a maximum permissible gross floor area of 9,627 square metres, the site offers a potentially low capital outlay for developers.

Wong estimates a top bid land rate of $1,950 to $2,050 psf ppr, translating to a land price of approximately $202.1 million to $212.4 million. The site’s proximity to Orchard Boulevard MRT station and nearby retail options enhances its attractiveness. Wong anticipates four to five bids for this site.

Both sites are expected to draw significant interest, providing developers with opportunities to expand their presence in prime locations.

ST Telemedia Global Data Centres (STT GDC) has announced securing a green financing facility of up to $1.37b (MYR 5.6b) to develop its flagship data centre campus, STT Johor, in Malaysia.

The STT Johor campus, located in Iskandar Puteri, is strategically positioned to meet the growing demand for cloud, AI, and high-performance computing. With a planned development capacity of up to 166MW of IT load, the campus aims to support the Johor-Singapore Special Economic Zone’s ambitions by enhancing cross-border economic cooperation.

Nelson Lim, Group Chief Financial Officer of STT GDC, highlighted the significance of this financing, stating, “This financing is an important milestone in STT GDC’s continued investment in Malaysia and reflects strong confidence from our banking partners in STT Johor and the long-term fundamentals of the digital infrastructure sector.”

The green financing package was secured with the support of a consortium of financial institutions, including United Overseas Bank (Malaysia) Bhd, OCBC Bank (Malaysia) Berhad, Standard Chartered Bank Malaysia Berhad, and CIMB Bank Berhad.

This financing, which includes a Green Loan Facility for the campus’s first phase, underscores STT GDC’s commitment to sustainable and energy-efficient digital infrastructure across Southeast Asia.

STT GDC’s investment extends beyond infrastructure, with initiatives like a local talent development programme in collaboration with the Johor Talent Development Council and Universiti Teknologi Malaysia. This initiative aims to build a skilled workforce to support the region’s data centre sector.

Trust Bank has unveiled its latest initiative, the Trust Freedom Card, a pioneering credit card in Singapore offering “stockback” rewards.

Until 31 December 2026, the card offers an introductory 3% stockback on local and foreign spending. The card also provides flexibility, allowing users to switch between stockback, cashback, or miles rewards each quarter.

Its launch coincides with findings from The Everyday Investor Report, which highlights the investing behaviours of young adults in Singapore. It revealed that 51% of Singaporeans aged 18 to 40 are actively investing, with many starting their investment journeys earlier than previous generations.

The study, conducted with 1,050 participants, shows that 74% of young investors aged 18 to 24 made their first investment by age 20. However, 33% of respondents have never invested, citing a lack of confidence and knowledge as primary barriers. Trust Bank’s CEO, Dwaipayan Sadhu, noted, “Many people felt investing was still too complicated, intimidating or expensive to get started.”

The Trust Freedom Card aims to address these challenges by linking everyday spending to investment opportunities. Customers earn fractional investment rewards, or “stockback,” which are automatically invested once they reach S$10. This initiative is designed to make investing more accessible and less intimidating for both novice and experienced investors.

Visa’s Adeline Kim praised the innovation, stating, “This is the kind of innovation Visa is proud to collaborate with our partner, Trust Bank.”

The Orchard Boulevard Government Land Sales (GLS) site, one of the few remaining plots in the prestigious Cuscaden enclave, is drawing significant attention from developers. Mark Yip, CEO of Huttons Asia, noted the site’s prime location amidst luxury developments and its potential for a prestigious Core Central Region (CCR) project. The Urban Redevelopment Authority (URA) has plans to enhance the nearby Paterson area with a mixed-use hub above Orchard MRT interchange station, boosting the lifestyle and retail appeal of Orchard Road.

Recent data indicates strong demand in the CCR, with unsold units dropping to 5,504 in Q2 2026, the lowest since Q1 2025’s peak of 8,419 units. The UpperHouse project at Orchard Boulevard, launched in 2025, has already sold over 80% of its units, underscoring the area’s appeal.

Yip anticipates up to five bidders for the site, with a top bid expected between $1,650 and $1,750 per square foot per plot ratio (psf ppr). This opportunity allows developers to enhance their portfolios with a high-profile CCR project at a manageable cost.

A recent report by Robert Walters Singapore reveals that 89% of businesses in Singapore find their current succession planning strategies ineffective, with 39% lacking a formal plan altogether. The report, titled “Success in succession: Building a leadership pipeline to keep your business thriving,” highlights the urgent need for companies to develop clearer and more effective succession plans.

The ageing workforce in Singapore is a significant factor, with projections indicating that by 2030, nearly one in four citizens will be aged 65 and above. This demographic shift is pressuring businesses to prepare for leadership transitions. The survey found that 25% of respondents struggle to find suitable replacements for retiring employees, whilst 36% are concerned about losing critical skills and experience.

Additionally, 54% of companies surveyed reported a lack of clarity in succession planning policies and procedures, making it challenging to prepare future leaders. Other obstacles include difficulty identifying high-potential employees (51%) and insufficient resources for training and development (33%).

Cultural factors also play a role, with 62% of respondents citing an emphasis on organisational harmony and 40% pointing to respect for hierarchy and seniority as barriers to effective succession planning. Kirsty Poltock, Country Manager of Robert Walters Singapore, emphasised the importance of succession planning, stating, “In Singapore’s fast-paced and globally connected economy, succession planning is more than just a strategic initiative, it’s a business imperative.”

The report offers guidance for businesses to improve their succession planning, including establishing key positions, selecting high-potential employees, and regularly reviewing and communicating the plan. These steps aim to build a resilient leadership pipeline, ensuring continuity and growth in a competitive landscape.

Huttons Asia’s CEO, Mark Yip, has shared insights on the Marina Gardens Lane Government Land Sales (GLS) site, the third in the Marina South precinct to be offered for sale. This area is being developed as a mixed-use, sustainable, and community-centric district, strategically located next to Gardens by the Bay and near the upcoming Therme Singapore wellness attraction, set to open in 2030.

The first site in Marina Gardens Lane was sold for $1,402 per square foot per plot ratio (psf ppr), whilst a bid for Marina Gardens Crescent was rejected for being too low. Demand in this new precinct has been robust, with One Marina Gardens selling over 70% of its units since its launch in April 2025.

The new site will feature retail amenities on the ground floor and an underground link to Marina South MRT station, enhancing connectivity to the Central Business District and other parts of Singapore via the Thomson-East Coast Line (TEL).

Yip noted that the recent relaxation of the Additional Buyer’s Stamp Duty (ABSD) timeline for large enbloc sites could lead to more collective sale launches. This, combined with the GLS programme, offers developers a wider range of choices, potentially making them more selective in their acquisitions. The site is expected to attract a top bid between $1,350 and $1,450 psf ppr from no more than three developers.

City Developments Limited (CDL) has reported a remarkable financial performance for the first half of 2026, tripling its net attributable profit after tax and minority interest (PATMI) to S$301.6m, compared to S$91.2m in the same period last year. This surge is largely attributed to a robust performance in its property development segment, with revenue climbing to S$2.7b, a 61.1% increase from 1H 2025.

The property development segment was the primary driver of this growth, with a 166.8% year-on-year increase in revenue. Key contributors included the fully sold Lumina Grand Executive Condominium in Bukit Batok and the newly launched Newport Residences. The hotel operations segment also contributed positively, reversing a pre-tax loss from the previous year to achieve a profit of S$42.0m, aided by a 4.9% rise in Revenue Per Available Room (RevPAR).

Despite lower capital recycling gains in its investment properties segment, CDL maintained a strong capital position with cash reserves of S$2b and total cash and undrawn committed credit facilities of S$4.9b. The Group’s net gearing ratio stands at 75%, reflecting investments in two Government Land Sales sites in Singapore.

CDL’s Executive Chairman, Kwek Leng Beng, highlighted the strength of the company’s diversified portfolio amidst global challenges, whilst Group CEO Sherman Kwek emphasised the focus on portfolio quality and strategic capital allocation. The company plans to announce the outcome of its strategic review by the end of September 2026, outlining its future direction and growth strategies.

Cushman & Wakefield and Knight Frank have announced the sale of 3 Kim Chuan Lane, a rare freehold industrial property in Singapore’s Tai Seng and Kim Chuan precinct. The eight-storey development, available via private treaty, provides a unique opportunity for investors and owner-occupiers to acquire a freehold asset in a market dominated by leasehold properties.

The property, situated on a 16,685 sq. ft site, boasts a gross floor area of 41,710 sq. ft and a total strata area of 54,939 sq. ft. Zoned as Business 2 under the Urban Redevelopment Authority’s Master Plan 2025, it comprises 15 strata-titled factory units and two levels of basement parking, making it suitable for various industrial and logistics uses.

Strategically located near major expressways and Tai Seng MRT Station, the property offers excellent connectivity. It has secured planning approval for addition and alteration works for food factory use and Outline Planning Permission for conversion to workers’ dormitory use, providing flexibility for temporary or permanent conversion.

Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, highlighted the scarcity of freehold industrial assets in Singapore, stating, “Such flexibility is rarely found in a single asset.” Melvin Chay, Senior Director at Knight Frank, noted the property’s potential to meet the growing demand for worker accommodation, saying it “significantly de-risks the conversion pathway for an incoming owner.”

Interested parties are encouraged to contact the joint marketing agents for further information on this unique investment opportunity.

The first half of 2026 saw a decline in transaction activity within Singapore’s strata commercial market, yet prices remained robust, according to Knight Frank Singapore. Executive Director of Capital Markets, Mary Sai, noted that despite eased transaction activity, strata commercial properties continue to be an attractive option for buyers amidst high office and retail rents.

In H1 2026, 136 strata office transactions were recorded, totalling S$352.1m in sales. This marked a decrease from 163 transactions in H2 2025, but the average price per square foot (psf) rose by 11.3% to S$2,476. The Downtown Core Planning Area led demand with 49 units sold for S$187.5m. Notably, the Kallang Planning Area experienced a surge in activity, reflecting growing confidence in its commercial prospects.

Freehold strata office sales saw a significant increase, with 46 units sold for S$124.9 million, a 72.6% rise from H2 2025. Conversely, leasehold sales declined by 19.8% to S$227.2m, although the average price per unit increased slightly.

The strata retail market experienced a 27% drop in transactions to 135 deals, with total sales value falling to S$336.1 million. Despite this, the market remains supported by larger price quantum transactions. Freehold retail sales dropped significantly, whilst leasehold sales maintained stability in total value.

Looking ahead, Knight Frank suggests that realistic pricing could stimulate market activity, particularly in city-fringe and decentralised office assets. The strata retail market may also appeal to owner-occupiers seeking certainty over occupancy costs amidst rising rents.

Food Empire Holdings Limited has announced record-breaking results for the first half of 2026, with revenue reaching $315.1m, a 15% increase from the same period in 2025. The company’s net profit after tax also rose by 12.2% to $35.3m, showcasing the resilience of its diversified international operations amidst geopolitical volatility.

The company’s performance was bolstered by significant growth in its Russia and Central Asia segments. In Russia, revenue surged by 24.6% to $103.2m, driven by effective promotional campaigns and a stronger Russian Rouble. Central Asia saw the most substantial growth, with revenue increasing by 33.6% to $60.5m, thanks to robust sales in Kazakhstan, Uzbekistan, and Turkmenistan.

Sudeep Nair, CEO of Food Empire, highlighted the company’s strategic investments in brand building and capacity expansion as key factors in their success. “Our first-half performance reflects the strength of Food Empire’s diversified footprint and the resilience of our brands and business model across core markets,” he stated.

In recognition of its strong performance, Food Empire declared an interim dividend of 4.0 cents per ordinary share, up from 3.0 cents in the previous year. The company remains optimistic about its future, with plans to expand its coffee manufacturing facilities in India, and Vietnam, aiming to sustain its growth trajectory and deliver strong returns for shareholders.