Industry News

Therme Group has appointed Tan Boon Khai as the Chief Executive Officer of Therme Group Singapore. With over 30 years of experience in both public and private sectors, Tan will spearhead the development of Therme Singapore, Asia’s first next-generation urban wellbeing destination at Marina South. This appointment is part of Therme Group’s global expansion in the wellness industry.

Tan previously served as CEO of JTC Corporation, where he led significant transformations in Singapore’s industrial landscape. His extensive career also includes roles as Chief Executive of the Singapore Land Authority and senior positions at CapitaLand and Ascott Limited.

The upcoming Therme Singapore project, set to open in 2030, is a S$1b investment designed to be an inclusive wellness destination. Located on a 4-hectare waterfront site near Marina Barrage and Gardens by the Bay, it aims to promote holistic wellness and community vitality. The resort is expected to attract around 2 million visitors annually, with half anticipated to come from overseas.

Mah Bow Tan, Chairman of Therme Group Asia, highlighted the strategic importance of Singapore for showcasing Therme’s wellness concepts and technology. He stated, “Boon Khai’s leadership track record, deep expertise, and strong stakeholder relationships will be invaluable in ensuring that Therme Singapore becomes an iconic wellness destination.”

Tan expressed his enthusiasm for the project, stating, “Singapore is uniquely positioned to become a leading hub for urban wellbeing in Asia.” The development aims to enhance the vibrancy of the Marina South Coastal area and deliver on Therme’s vision of “Wellness for All.”

Singaporeans are gearing up for the Lunar New Year with travel plans to popular destinations such as Kuala Lumpur, Bangkok, and Tokyo, according to Trip.com data. This year, 53% of bookings were made over 60 days in advance, a 3% rise from 2025, indicating a trend towards earlier planning. Additionally, there is a notable 10% increase in flights booked for mid to long-haul destinations compared to last year.

The demand for inbound travel to Singapore remains robust, with China, Malaysia, and Indonesia leading as the top source markets. Universal Studios Singapore emerges as the most booked attraction for visitors, followed by Night Safari and Singapore DUCKtours.

Edmund Ong, General Manager of Trip.com Singapore, noted, “This Lunar New Year is truly igniting the spirit of reunion and discovery. We’re seeing more Singapore families embracing the opportunity to travel together, using the long holiday and attractive exchange rates to create cherished memories in new places abroad.”

Singaporeans continue to favour nearby cities for their getaways, with Kuala Lumpur, Bangkok, and Tokyo topping the list. However, there is a growing interest in Mainland China, with travel bookings to Guangzhou and Shanghai increasing by nearly 200% year-on-year.

Trip.com offers over 300,000 bookable activities and experiences across 2,000 cities, enhancing travel options for users. The platform’s recent partnerships with Live Nation and DreamUs aim to expand its offerings further. As the Lunar New Year approaches, the travel landscape reflects a blend of tradition and new explorations.

AJJ Medtech Holdings Limited, a Singapore Exchange-listed Medtech solutions provider, and China’s Huaxi Intelligent Technology Co., Ltd. have announced a strategic roadmap for their new humanoid eldercare robot. This innovative robot is designed to become the world’s first medical-grade multifunctional companion in the eldercare industry, aiming to revolutionise care for seniors globally.

The roadmap outlines the robot’s potential to alleviate workforce shortages by saving approximately 2.3 full-time equivalent caregiver positions per day. This development is particularly significant as it addresses the growing demand for eldercare amidst a global ageing population. The robot is engineered to comply with stringent medical, safety, and privacy standards, ensuring trust and reliability in its use.

The collaboration between AJJ and Huaxi Intelligent highlights a commitment to integrating artificial intelligence (AI) with robotics to provide compassionate and intelligent companionship for seniors. The robot is expected to offer a range of services, from health monitoring to companionship, thereby enhancing the quality of life for the elderly.

As the roadmap progresses, the companies plan to expand the robot’s capabilities, ultimately creating a comprehensive AI-driven ecosystem for smart elderly care. This initiative could significantly impact how eldercare is delivered, offering a scalable solution to meet the increasing demands of an ageing population.

ESR-REIT Management (S) Limited has announced the divestment of a hotel strata lot at ESR BizPark @ Changi, Singapore, for approximately S$101m. The transaction, executed through a put and call option agreement with Coliwoo Project Ace Pte Ltd, aligns with ESR-REIT’s strategy to focus on its industrial core by offloading non-core assets.

The hotel strata lot, located at 2 Changi Business Park Avenue 1, includes a hotel block with over 250 rooms and retail space. The sale proceeds will be used to finance accretive acquisitions, asset enhancement initiatives, and debt repayments. Adrian Chui, CEO of ESR-REIT, stated, “The hotel component is a non-core asset within our portfolio, and its divestment enables us to further sharpen our strategic focus whilst meaningfully enhancing the overall quality, resilience and earnings visibility of our portfolio.”

Following the divestment, ESR-REIT retains ownership of the business park, retail, and convention centre components at ESR BizPark @ Changi, which constitute 81% of the total gross floor area. The divestment is expected to complete in Q1 2026 and will not materially impact ESR-REIT’s net asset value or distribution per unit for the financial year ending 31 December 2025.

This strategic move is part of ESR-REIT’s broader plan to enhance its portfolio’s value and resilience, focusing on logistics and high-specifications industrial assets. The divestment also eliminates operating expenses and capital expenditure associated with the hotel component, which has not contributed income since September 2025.

Narra Residences, a new development in district 23, successfully sold 128 units during its launch weekend. Huttons Asia CEO Mark Yip noted that the project, which is situated in a private residential enclave, offers a tranquil environment with proximity to nature, attracting buyers with its accessible entry price starting at $1,930 per square foot (psf). This price point is notably lower than the average selling price of $2,264 psf for projects in the Outside Central Region (OCR).

The launch saw a diverse range of unit types being snapped up, with 30% to 40% of buyers coming from Housing Development Board (HDB) addresses, whilst the remainder hailed from private residential addresses. Investors showed particular interest in the one-bedroom and two-bedroom units, aiming to meet tenant demand from nearby educational institutions such as the German European International School and The Perse School.

Owner-occupiers, especially those with compact family units, also favoured the two-bedroom options. Meanwhile, families were drawn to the three-bedroom units due to the development’s proximity to several reputable schools, including CHIJ Our Lady Queen of Peace, Bukit Panjang Primary School, The Perse School (Singapore), and GESS International School.

The successful launch of Narra Residences highlights the continued demand for well-located residential projects in Singapore’s OCR, particularly those offering competitive pricing and access to educational facilities.

Singapore and the European Union (EU) have officially strengthened their economic partnership with the implementation of a new Digital Trade Agreement. This development marks a significant step in enhancing digital trade and cooperation between the two regions. The agreement, which has now entered into force, aims to facilitate seamless digital transactions and improve the regulatory environment for businesses operating across borders.

The Digital Trade Agreement is designed to address the growing importance of digital trade in the global economy. It seeks to create a more conducive environment for businesses by reducing barriers and ensuring the free flow of data across borders. This is expected to benefit companies by providing greater access to markets and fostering innovation.

The agreement also includes provisions to protect consumer rights and ensure data privacy, reflecting the shared commitment of Singapore and the EU to uphold high standards in digital trade. By aligning regulatory frameworks, the agreement aims to create a level playing field for businesses and enhance trust in digital transactions.

This partnership is expected to boost economic growth and create new opportunities for businesses in both regions. As digital trade continues to expand, the agreement positions Singapore and the EU as leaders in promoting open and secure digital markets.

In conclusion, the Digital Trade Agreement between Singapore and the EU represents a significant milestone in their economic relationship. By facilitating digital trade and enhancing regulatory cooperation, the agreement is set to drive economic growth and innovation in both regions.

Singapore’s card payments market is projected to grow at a 7.2% compound annual growth rate (CAGR) from 2025 to 2029, reaching S$209.2b, according to GlobalData. This growth is attributed to widespread bank access, extensive merchant acceptance, and the increasing use of contactless cards.

In 2025, the card payment value in Singapore saw a 6.2% year-on-year increase, reaching S$158.2b. This rise was fuelled by heightened consumer spending, the expansion of e-commerce, and broader acceptance of contactless payments. Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, noted, “Singapore’s payment card market is expanding steadily on the back of high banked population, developed card network, and targeted government and bank initiatives.”

The Singaporean government has supported this growth through initiatives like the Productivity Solutions Grant, which subsidises up to 50% of point-of-sale installations for small and medium enterprises (SMEs). This has encouraged more merchants to adopt card payment technologies, expanding the market footprint.

Debit cards accounted for 32.4% of the total card payment value in 2025, bolstered by financial inclusion initiatives and low-cost basic accounts. Meanwhile, credit and charge cards dominated the market with 67.6%, driven by consumer preferences for rewards and cashback features.

Sharma concluded that despite geopolitical and trade uncertainties, the market will continue to benefit from financial inclusion efforts, a robust payment infrastructure, and the growing use of contactless cards. The expansion of merchant acceptance networks will further support the healthy growth of card transactions over the next few years.

Singapore Exchange (SGX)-listed companies are increasingly viewing climate reporting as a strategic avenue for growth, according to a recent survey by Schneider Electric and SGX Regulation (SGX RegCo). The study highlights that 60% of business leaders have identified new opportunities and business segments in response to climate change, despite challenges in skills and data.

The survey, which involved 543 business leaders, found that more than half of the respondents are engaging in partnerships or mergers with climate-focused companies to enhance expertise. Key areas of opportunity include renewable energy, sustainable products, climate technology, infrastructure, and green finance solutions.

Over 90% of the surveyed companies have begun adopting the IFRS Sustainability Disclosure Standards (ISSB Standards), which were integrated into SGX’s Sustainability Reporting Guide in 2025. These standards require disclosure of sustainability-related financial information and climate risks. More than half of the respondents believe these standards will attract investors, offering a clearer baseline for sustainability measurement and reputational benefits.

However, the adoption of these standards faces hurdles, with 55% citing internal skills gaps, followed by high costs (52%), data gaps (43%), and external provider skills gaps (42%). Yoon Young Kim of Schneider Electric emphasised the need for strategic investment in digital and automated solutions to overcome these barriers, stating, “Integrating comprehensive sustainability reporting with robust business strategy is essential for strengthening resilience, driving innovation, and creating verifiable long-term value.”

Eliza Tan from SGX RegCo noted the importance of quality disclosures for investors, highlighting ongoing efforts to close gaps in climate-related disclosures through training opportunities. As companies continue to adopt these standards, the focus remains on enhancing their competitive edge and creating sustainable value.

Newport Residences, a new mixed-use development in Anson Road, has reported impressive sales figures during its launch weekend, selling 140 out of 246 residential units, which equates to a 57% take-up rate. The project, priced at an average of $3,370 per square foot, marks the first new launch in the Core Central Region (CCR) for 2026, continuing the strong momentum from 2025.

The development’s sales performance stands out in District 2, surpassing previous projects such as One Bernam, which had a 23% take-up rate in May 2021, and Sky Everton, which achieved 40% in June 2019. Both of these projects have since sold out.

Kelvin Fong, CEO of PropNex, attributes the success of Newport Residences to its prime location, competitive pricing, and freehold land tenure. He noted that new freehold projects in the central business district are rare, with the last being Sky Everton in 2019. The development’s proximity to Tanjong Pagar MRT station and the upcoming Prince Edward Road MRT station enhances its appeal.

The urban transformation in the Tanjong Pagar area, including new Circle Line stations and the Greater Southern Waterfront precinct, is expected to boost the area’s vibrancy and offer potential future upside.

The strong sales at Newport Residences suggest robust demand for well-located CCR properties, with 2025 seeing a four-year high in new private home sales in the region. PropNex anticipates that the factors driving CCR sales will continue into 2026, supporting future launches in prime districts.

Connie Chan has been appointed as Senior Vice President and Head of the Company Secretarial team at the Maples Group in Singapore. With more than 20 years of experience in governance and company secretarial roles, Chan will oversee the delivery of tailored secretarial services, ensuring adherence to industry best practices.

The Maples Group, known for its comprehensive legal and fiduciary services, has strategically positioned Chan to enhance its offerings in Singapore. Her extensive knowledge of the regulatory framework will be pivotal in supporting boards and executive committees across various corporate environments. “We are delighted to welcome Connie back to the Singapore office where she will head a dynamic and growing team,” said Charlie Sparrow, Global Head of Fiduciary Services.

Chan’s responsibilities will include managing end-to-end entity formation and management services, alongside fiduciary services such as providing named company secretaries and directors. An associate member of the Chartered Secretaries Institute of Singapore, Chan is also a practising Chartered Secretary and a Qualified Individual under the Accounting and Corporate Regulatory Authority Act.

The Singapore office is part of the Maples Group’s global network, which spans nearly 3,000 professionals across 15 offices worldwide. This appointment underscores the Group’s commitment to leveraging local expertise whilst drawing on its extensive global resources to meet client needs effectively.