Industry News

Singapore’s largest Community Living operator, The Assembly Place (TAP), has announced its initial public offering (IPO) of approximately 50.3 million shares at S$0.23 each. The IPO, which is expected to raise gross proceeds of S$18.3m, will close on 21 January 2026, with trading commencing on the SGX-ST Catalist on 23 January 2026.

The offering includes 2 million Public Offer Shares and 48.3 million Placement Shares, with cornerstone investors such as Apricot Capital and Maybank Securities subscribing to approximately 29.5 million shares. SAC Capital Private Limited is acting as the Sponsor, Issue Manager, Underwriter, and Placement Agent for the IPO.

TAP, which operates approximately 3,422 keys across 100 properties, leads the market with a 34% share. Its community-driven approach has resulted in occupancy rates exceeding 90% since FY2022. The company plans to expand its portfolio to over 10,000 keys by 2030 and is exploring opportunities in Southeast Asia, including a new property in Kuala Lumpur.

Eugene Lim, TAP’s CEO, stated, “The IPO proceeds will enable us to accelerate our growth plans and strengthen our market position.” The funds will be used for portfolio expansion and co-investment opportunities with property asset owners. TAP’s asset-light model and proprietary technology have facilitated its rapid growth, with revenue rising from S$6.9m in FY2022 to S$18.9m in FY2024.

New home sales in Singapore experienced a significant decline in December 2025, marking the second consecutive month of reduced sales. According to data from the Urban Development Authority (URA), sales excluding Executive Condominiums (ECs) fell by 39.4%, from 325 units in November to 197 units in December. This figure also represents a 3% decrease compared to December 2024.

The dip in sales is attributed to the holiday season, during which prospective buyers were on holiday and developers typically delay new launches. December’s sales were the lowest for the year, with only one new launch, the 186-unit Pollen Collection II. The Continuum, Otto Place, and Nava Grove were among the best-selling projects.

Despite the December slump, 2025 saw a robust overall performance with 10,821 new units sold, excluding ECs. This was a significant increase from the 6,469 units sold in 2024, making it the highest annual sales volume since 2021. Christine Sun, Chief Researcher & Strategist of Realion (OrangeTee & ETC), noted that the strong sales were driven by lower interest rates, attractive project locations, and a stabilising global economy.

Looking ahead, 2026 is expected to see the launch of approximately 8,113 new homes, with many projects located in more affordable suburban areas. Prices of new homes are anticipated to rise moderately by 2 to 4%. An estimated 8,500 to 9,500 new homes may be sold in 2026, slightly less than in 2025 but more than in 2024.

Skyscanner has unveiled its Cheapest Destination Planner, a new tool designed to assist Singaporean travellers in planning cost-effective holidays for 2026. The widget aims to address common travel planning challenges, such as feeling overwhelmed and concerns over expenses, which affect 63% and 69% of travellers, respectively. By showcasing the lowest-priced destinations and optimal travel days each month, the tool promises to streamline the holiday planning process.

The launch comes as 91% of Singaporeans plan to travel abroad this year, with many seeking relaxation and new experiences. However, only 60% have booked flights, with cost and destination indecision being significant barriers. Skyscanner’s new tool, along with a curated list of the top 10 cheapest destinations for 2026, offers solutions for quick and affordable getaways.

Cyndi Hui, Skyscanner’s Travel Trends and Destinations expert, highlighted the appeal of the tool for time-starved Singaporeans. “With great value fares and smart tools that do the hard work for you, Skyscanner helps travellers spend less time planning and more time enjoying the break they deserve,” she said.

The top 10 cheapest destinations include Phuket, Manila, and Bali, with average return flight prices under S$517. The Cheapest Destination Planner also provides insights into the best days to travel, with Sunday identified as the most cost-effective day on average. Skyscanner continues to innovate, offering features like price drop alerts and multi-city trip options to enhance travel experiences.

HSBC Singapore has unveiled its Wealth Academy, a pioneering learning programme aimed at enhancing the advisory skills and service excellence of its relationship managers and wealth advisers. This initiative, developed in collaboration with the prestigious London Business School and the Singapore Airlines Academy, seeks to address the increasingly sophisticated needs of clients in Singapore’s competitive wealth management sector.

The Wealth Academy offers a bespoke learning experience designed to deepen strategic wealth advisory capabilities. It also includes a structured learning pathway for HSBC’s frontline staff, ensuring they are equipped to provide seamless and elevated client experiences. Ashmita Acharya, Head of International Wealth and Premier Banking at HSBC Singapore, highlighted the importance of this initiative, stating, “Singapore is one of the world’s leading wealth hubs and our clients here expect deep expertise and seamless, elevated experiences that meet them where they are.”

Acharya further emphasised the significance of trusted advisory and service excellence, noting that these are intrinsically linked to the quality of judgement, empathy, and experience that HSBC’s teams bring to every client interaction. By partnering with globally recognised institutions like London Business School and Singapore Airlines Academy, HSBC aims to provide world-class learning opportunities to its staff, thereby supporting the next phase of wealth growth in Singapore.

The launch of the Wealth Academy underscores HSBC’s long-term commitment to developing a future-ready workforce capable of navigating the complexities of the global wealth management landscape.

Aon plc has announced the appointment of Kulshaan Singh as the enterprise client leader for Asia Pacific, effective immediately. Based in Singapore, Singh will focus on delivering innovative risk and human capital solutions to Aon’s enterprise and multinational clients across the region. Reporting to Craig Torgius, Aon’s chief client officer and head of enterprise clients for Asia Pacific, Singh is tasked with building strategic partnerships and unlocking new growth opportunities.

Singh brings over 20 years of experience in consulting and executive leadership, having held significant roles such as managing director for talent solutions for Southeast Asia at Aon, CEO of Mercer Singapore, and chief people officer at Charoen Pokphand Group. Most recently, he served as the global group chief people officer at Thai Union Group, where he led large-scale transformation initiatives.

Craig Torgius praised Singh’s strategic acumen and execution ability, stating, “His ability to lead transformation, foster collaboration, and deliver results across diverse industries will be invaluable in helping clients navigate an increasingly complex risk landscape.”

Expressing enthusiasm for his new role, Singh said, “I feel privileged and excited to be back at Aon and look forward to working closely with Aon’s global and local teams to deliver solutions that help clients navigate complexity and interconnected challenges.”

Aon, a leading global professional services firm, provides clients in over 120 countries with insights and solutions to make better risk and people decisions. Singh’s appointment is expected to enhance Aon’s capabilities in the Asia Pacific region, supporting clients in achieving their growth ambitions.

MoneyMax Financial Services Ltd., a prominent financial services provider in Southeast Asia, has submitted an application to transfer its listing from the Catalist to the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST). The company, which has been listed on the Catalist since 2013, announced this strategic move on 14 January 2026, aiming to bolster its corporate profile and attract a broader range of institutional and international investors.

The company has demonstrated consistent growth, with net profit attributable to owners nearly doubling from S$19.8m in 2021 to S$38.2m in 2024. For the first half of 2025, MoneyMax reported a 78.8% year-on-year increase in net profit, reaching S$29.6m. Executive Chairman and CEO, Dato’ Sri Dr. Lim Yong Guan, stated, “MoneyMax has delivered strong and consistent growth in its performance over the years, underpinned by disciplined execution, continuous innovation and our ability to stay ahead of market trends and evolving lifestyle needs.”

The proposed transfer is subject to approval from the SGX-ST and MoneyMax shareholders at an extraordinary general meeting. Dr. Lim added, “A listing on the Main Board is an important step in our growth journey. We believe that it will provide MoneyMax with greater visibility and recognition in the capital markets and amongst public investors.”

MoneyMax’s move to the Main Board is expected to strengthen investor confidence and better position the company to pursue strategic objectives. Further announcements will be made as developments occur.

Temasek-owned Nurasa has teamed up with UK-based New Wave Biotech to address the significant challenge of scaling food-tech innovations from the lab to market. This partnership integrates New Wave Biotech’s bioprocess simulation tools into Nurasa’s ecosystem, enabling companies to predict production costs, yields, and environmental impacts before committing to large-scale investments.

The collaboration is set to enhance Singapore’s role as a hub for sustainable food technologies, tackling high capital costs and scale-up failures that often hinder progress. By combining digital modelling with pilot facilities and market access across Asia, Nurasa aims to reduce risks and accelerate the commercialisation of resilient, sustainable food supply chains.

New Wave Biotech’s Bioprocess Foresight platform will allow companies within Nurasa’s network to virtually test thousands of downstream processing scenarios. This includes automated techno-economic analysis and life-cycle assessment functions, providing clear insights into cost, yield, and environmental trade-offs. The software has demonstrated its ability to cut physical experiments by up to 90% and halve unit costs, offering a clearer path to market for ingredient companies.

Samson Lee, Strategic Partnerships Manager at Nurasa, highlighted Singapore’s growing position as a hub for scalable, sustainable nutrition. He stated, “Integrating New Wave Biotech’s bioprocess simulation capabilities into our platform strengthens our ability to guide both startups and corporates towards commercially viable production.”

Zoe Yu Tung Law, Co-Founder and CEO of New Wave Biotech, added, “Our platform predicts technical outcomes and contextualises them through TEA and LCA, giving teams clear, data-driven insight at every stage of development.”

This partnership aims to strengthen the commercial pathway for sustainable nutrition and biomanufactured ingredients across Asia and Europe, linking digital modelling with real-world scale-up environments and market opportunities.

Global IoT cybersecurity leader Nozomi Networks has announced the establishment of its new Asia Pacific and Japan (APJ) headquarters in Singapore. This strategic move comes on the heels of Nozomi’s recent US$1b acquisition by Mitsubishi Electric, marking a significant milestone in operational technology security. The decision to base the headquarters in Singapore is driven by the city-state’s strategic location, skilled workforce, and leadership in industrial cybersecurity.

Nozomi Networks, which serves nearly 100 customers across the APJ region, aims to leverage Singapore’s role as a leading business hub to accelerate innovation and provide enhanced support to its growing customer base. The company is committed to strengthening critical infrastructure security through collaboration with Singapore’s Cyber Security Agency (CSA) and adherence to frameworks like the Cybersecurity Act.

David Hope, Nozomi’s regional vice president, highlighted the increasing awareness of critical infrastructure cybersecurity and the role of regulatory requirements in driving organisations’ investment in cybersecurity solutions. “Nozomi Networks has worked hand in hand with Singaporean industry, critical infrastructure, and government leaders to raise the bar on industrial cyber security, and it’s fitting now to make the country our APJ headquarters,” Hope stated.

The new headquarters will also enable Nozomi Networks to expand its partner network in the region, supporting its mission to deliver robust cybersecurity solutions. This development further solidifies Nozomi’s global presence and underscores its commitment to supporting the CSA’s vision of a secure and resilient operational technology system for Singapore’s critical infrastructure.

Avestar Capital, a prominent US-based multi-family office, has officially launched its Singapore operations under Avestar Singapore PLC PTE. LTD., marking a significant step in its global expansion strategy. The new office will serve as the Asia-Pacific hub, offering tailored wealth management services to ultra-high-net-worth families across the region. This move underscores Avestar’s commitment to providing comprehensive financial solutions that cater to the complex needs of families with multi-jurisdictional wealth.

Founded by Xerxes Mullan, Avestar Capital is renowned for integrating investment advisory, tax and estate planning, philanthropy, and next-generation education into a cohesive platform. Mullan stated, “Singapore represents a natural extension of our global vision. Asia’s families are increasingly seeking an advisory partner who understands the complexity of multi-jurisdictional wealth.”

The Singapore office will be led by Zal Devitre, who brings over 20 years of experience in wealth management and family office advisory. Devitre emphasised the importance of the Singapore presence, noting, “Our presence in Singapore enables us to serve clients in one of the world’s most dynamic and sophisticated wealth centres.”

Avestar Capital plans to collaborate with leading partners in investment management, tax, and legal advisory to support families with cross-border interests. This initiative aligns with Singapore’s emergence as a premier destination for family offices, supported by a robust regulatory framework and stable economic environment.

The establishment of Avestar Singapore signifies a pivotal step in the firm’s mission to deliver tailored wealth strategies, global connectivity, and enduring value for families across generations.

Toku, a Singapore-based AI-powered customer experience platform, has announced its initial public offering (IPO) on the Catalist Board of the Singapore Exchange (SGX). The offer document was registered today, with trading expected to commence on 22 January 2026. This marks the first IPO of the year on SGX.

Toku’s platform offers a comprehensive 360° customer experience solution, integrating voice, chat, email, and other digital channels. The company aims to address the unique challenges of complex and fragmented markets, particularly in the Asia Pacific region. “The way enterprises manage customer engagement is undergoing a fundamental shift,” said Thomas Laboulle, CEO of Toku. He highlighted the convergence of separate systems into unified platforms, with AI playing a crucial role.

The IPO involves 65 million shares, priced at S$0.25 each, with 2 million shares available to the public and 63 million through placement. The offer period runs from 14 to 20 January 2026. PrimePartners Corporate Finance is the sponsor and issue manager, whilst CGS International Securities serves as the co-placement agent.

Toku plans to use the IPO proceeds to expand its AI-powered platform, enhance its technology, and pursue strategic acquisitions. The company also aims to strengthen its financial position and support operational needs. Non-Executive Chairman Lim Hwee Hua expressed confidence in Toku’s ability to meet the growing demand for compliant customer engagement solutions.