Industry News

CapitaLand Integrated Commercial Trust (CICT), alongside CapitaLand Development and UOL consortium, has won the tender for the Hougang Central Government Land Sales site for approximately S$1.5b. This development marks a strategic expansion of CICT’s retail footprint into Singapore’s northeast region, with CICT set to develop and own the entire commercial component.

The project, a significant milestone for CICT, will feature a mixed-use development with around 300,000 square feet of retail and lifestyle space, making it the largest mall in Hougang. The development aims to serve as a key anchor for the precinct’s growth, tapping into Hougang’s population of nearly 230,000 residents and its connectivity to neighbouring areas like Kovan and Punggol.

Tan Choon Siang, CEO and Executive Director of the manager of CICT, highlighted the strategic value of the investment, stating, “This move strengthens CICT’s portfolio exposure in Singapore, aligning with our value creation strategy and maintaining a Singapore-centric focus.” He emphasised the opportunity to shape the mall’s design and leasing strategy, unlocking Hougang’s untapped potential.

The development will also include approximately 830 residential units, integrated with Hougang MRT station and a new bus interchange. With direct links to major transport lines, the site is poised to become a key transport node by 2030. CICT plans to finance the project through a mix of debt and other options, ensuring a strong balance sheet and sustainable returns for unitholders. Completion is targeted for 2030 or 2031.

Etiqa Insurance Singapore is spearheading a fire safety initiative in Toa Payoh, targeting 500 senior households to enhance awareness of household fire risks and the importance of basic home protection. Partnering with Care Corner Senior Services, the initiative will take place on 15 and 23 January 2026, focusing on equipping seniors with the knowledge and tools to manage fire risks effectively.

The programme responds to a rise in household fires in Toa Payoh throughout 2025, as highlighted by the Singapore Civil Defence Force’s 2024 annual report. Common fire causes include unattended cooking and overloaded electrical sockets. The initiative aims to address these risks through education and preparedness, particularly for seniors living independently in one of Singapore’s highest senior-concentration areas.

Participants will attend a fire safety session led by Fire Armour, a leader in fire protection solutions, covering fire prevention and management at home. Each household will receive a lightweight one-kilogramme dry powder fire extinguisher. Volunteers will assist seniors in transporting the extinguishers, with direct distribution to selected households to ensure wider community reach.

Raymond Ong, CEO of Etiqa Insurance Singapore, stated, “At Etiqa, we believe insurance should help people feel ready for everyday risks, not only support recovery after something goes wrong. Fires are a real and immediate concern for many households, especially seniors living independently.”

Sharon Tang, Deputy Director of Care Corner Senior Services, added, “Together with Etiqa, we are bringing fire safety education and support directly into the community to help seniors feel more confident and reassured in their daily lives.”

This initiative underscores Etiqa Insurance’s commitment to supporting seniors in ageing safely within their communities, providing practical support for greater confidence and peace of mind.

SEC Newgate has unveiled the fifth edition of its global research report, the SEC Newgate 2025 Impact Monitor, highlighting a significant demand for climate action and local impact among Singaporeans. The survey, which included over 20,000 participants from 20 countries, shows that 77% of Singaporeans believe transitioning to renewable or clean energy is crucial, reflecting a strong awareness of the climate imperative.

The report, initially launched as the “ESG Monitor” in 2021, has been renamed to the “Impact Monitor” for 2026, acknowledging the shift from global narratives to local priorities. It underscores the public’s increasing desire for positive outcomes from businesses, particularly in environmental sustainability and local economic contributions.

Key findings indicate that 68% of Singaporeans would view businesses more favourably if they adopt renewable energy, whilst 66% appreciate clear commitments to environmental sustainability. Additionally, local impact remains a priority, with 62% favouring businesses that source materials locally, 65% supporting local manufacturing, and 64% preferring companies headquartered in Singapore.

Despite the emphasis on local production, cost considerations remain significant. The survey reveals that 64% of respondents favour global sourcing if it results in lower consumer prices, highlighting the ongoing influence of cost-of-living pressures.

The SEC Newgate 2025 Impact Monitor provides valuable insights into the evolving expectations of Singaporeans, emphasising the importance of aligning business practices with local and environmental priorities.

Seven in ten real estate professionals in Singapore have seen their salaries increase by an average of 14% as they entered 2026, according to the latest ‘Salary, Rewards and Sentiments’ survey by Macdonald & Company. The survey, which included data from 445 professionals, highlights significant salary growth, with the median annual pay now at S$158,000.

The report reveals that whilst annual reviews are the most common reason for pay rises, affecting 49% of respondents, they offer the smallest increase at 7%. In contrast, changing employers, though less frequent at 14%, results in the largest salary boost, averaging 32%. Will Buck, Singapore Managing Director at Macdonald & Company, noted, “It’s clear that those changing roles are capturing the greatest gains.”

Despite the salary increases, only 9% of respondents cited pay as a reason for feeling valued at work. Recognition of work and relationships with managers were more significant factors, at 37% and 21% respectively. For those feeling undervalued, company culture and values were the primary concerns, surpassing salary and career growth opportunities.

The survey also highlights gender disparities, with women more likely to receive a pay rise (79% compared to 70% for men) and experiencing a higher average uplift (17% versus 14%). However, men are more likely to attribute their pay rise to promotions.

AI adoption is on the rise, with 67% of respondents reporting its use at work, though only 52% feel confident using it. The findings suggest a need for further training and support. Additionally, 85% of professionals consider bonuses the most important employment benefit, followed by healthcare at 51%.

Singapore’s economy, which expanded by 4.8% in 2025, is expected to see a moderation in growth to 2.6% in 2026, according to UOB Global Economics and Markets Research. The growth in 2025 was largely fuelled by AI-driven demand for semiconductors and export front-loading due to tariff concerns. However, the outlook for 2026 suggests a more tempered pace as the effects of these factors begin to stabilise.

The labour market is projected to remain stable, with a slowdown in hiring and smaller wage increments anticipated. Core inflation is expected to rise to 1.5% in 2026, up from 0.7% in 2025, primarily due to low base effects. UOB suggests that the Monetary Authority of Singapore (MAS) may consider adjusting its policy in April or July 2026 to align the Singapore dollar’s real effective exchange rate closer to equilibrium levels.

AI-related demand continues to bolster the electronics sector, with Singapore’s electronics Purchasing Managers’ Index (PMI) showing improvement in December 2025. This trend is expected to persist into the first half of 2026, supported by increased orders and employment in the sector.

Despite the positive outlook, UOB highlights potential risks, including geopolitical events or macroeconomic shocks that could impact AI-related capital expenditure plans. Such disruptions could lead to a tightening of financial conditions and potentially trigger a recession led by the US.

In conclusion, whilst Singapore’s economy is poised for continued growth, albeit at a slower rate, the focus remains on leveraging AI and digitalisation to sustain productivity gains and economic resilience amidst global uncertainties.

Cordlife has announced the renewal of its cord blood banking service (CBBS) licence for one year and its human tissue banking service licence for two years, effective from 14 January 2026. The Ministry of Health’s decision includes conditions imposed last November, focusing on the storage, retrieval, and disposal of cord blood units, as well as facilitating client-requested transfers.

Cordlife’s Group Executive Director and CEO, Shally Chen Xiaoling, expressed gratitude for the renewal, stating, “The team has worked very hard in the last year to strengthen our operations, bring in experienced staff and retrain our existing team.” She emphasised the company’s commitment to complying with all conditions and restoring stakeholder confidence.

The conditions apply solely to Cordlife’s Singapore operations, leaving its regional businesses unaffected. Cordlife continues to enhance its governance, operational controls, and compliance processes, ensuring high standards of safety and care. The company is also actively searching for a new Clinical Governance Officer.

In response to a previous temperature excursion incident, Cordlife has offered affected customers refunds and an enhanced package, which includes five additional years of free storage and compensation of up to $100,000 for medical conditions requiring stem cell transplants.

Cordlife, founded in 2001, operates Asia’s largest network of private cord blood banks and is a market leader in several countries, including Hong Kong, Indonesia, and the Philippines. The company remains focused on innovation, quality, and customer satisfaction in its services.

CapitaLand Integrated Commercial Trust (CICT) has announced the divestment of Bukit Panjang Plaza, a suburban mall in Singapore’s north-western region, for S$428m. The transaction, completed with an unrelated third party, is part of CICT’s strategy to optimise its portfolio and enhance financial flexibility for future growth. The net proceeds from the sale are expected to be approximately S$421.2m.

The divestment aligns with CICT’s ongoing efforts to reconstitute its portfolio, aiming to create value for stakeholders. “The sale of Bukit Panjang Plaza is part of our portfolio reconstitution strategy to optimise our portfolio, strengthen CICT’s financial flexibility for growth and create value for our stakeholders,” said Tan Choon Siang, CEO and Executive Director of CapitaLand Integrated Commercial Trust Management Limited.

This move is seen as a strategic step to ensure that CICT remains agile and well-positioned to seize new opportunities in the market. By reallocating resources, the trust aims to enhance returns for its unitholders and maintain a robust financial standing.

Yangzijiang Maritime Development Ltd. has announced plans to invest in up to 16 new vessels, aiming to enhance its maritime asset portfolio. The company has placed orders for six firm vessels with an option for an additional 10, which will be constructed in three Chinese shipyards. This move is set to significantly boost the company’s newbuilding portfolio to a potential total of 50 vessels.

The orders include bulk carriers, mid-range product tankers, and long-range 2 tankers, with deliveries scheduled from April 2027 to September 2029. The new vessels will feature integrated eco-features to align with International Maritime Organisation (IMO) requirements, improving both fuel efficiency and operational performance.

Ren Yuanlin, Executive Chairman and CEO of Yangzijiang Maritime, stated, “Building on our extensive experience in the maritime industry, we have identified several emerging trends that are driven by evolving market demand, fleet renewal, and efficiency requirements.”

Since its initial public offering in November 2025, Yangzijiang Maritime has been advancing its business plans, leveraging Singapore’s status as a global maritime hub. The company aims to grow sustainably by focusing on risk discipline, asset quality, and long-term value creation.

This strategic investment underscores Yangzijiang Maritime’s commitment to expanding its modern and eco-efficient fleet, positioning the company to meet future market demands and environmental standards.

Natixis Corporate & Investment Banking (Natixis CIB) has appointed Jarek Olszowka as Head of the Green & Sustainable Hub in Asia Pacific. Based in Singapore, Olszowka will spearhead the bank’s efforts in green and sustainable finance across the region, working closely with stakeholders to develop and implement sustainable financial solutions.

With over 20 years of experience in the financial services industry, Olszowka previously served as International Head of Sustainable Finance at a major Japanese financial services group. His expertise will be instrumental in advising Natixis CIB clients on their sustainability transitions and accessing capital in sustainable formats.

Orith Azoulay, Global Head of Green & Sustainable Finance at Natixis CIB, expressed enthusiasm about the appointment, stating, “We are pleased to welcome Jarek into our GSH team, bolstering our green and sustainable finance capabilities in Asia Pacific.” Azoulay highlighted the bank’s commitment to delivering innovative solutions amidst geopolitical challenges and increased scrutiny of sustainability topics.

Raghu Narain, Head of Investment Banking, Asia Pacific, added, “Jarek brings with him a wealth of experience in sustainable finance which is a valuable addition as we strive to be the ‘go-to’ financial partner for clients in their energy transition journey.”

Natixis CIB, part of Groupe BPCE, aims to align its financing portfolio with a carbon neutrality path by 2050. The bank’s strategic focus on transition financing in Asia Pacific underscores its dedication to supporting clients in reducing their environmental impact.

NTT DATA, in collaboration with Sumitomo Corporation and JA Mitsui Leasing, has announced the formation of Intra-Asia Marine Networks Co., Ltd. (I-AM NW) to construct and operate the Intra-Asia Marine Cable (I-AM Cable). This new submarine communication cable will link Japan, Malaysia, and Singapore, with planned extensions to South Korea, the Philippines, and Taiwan. The project, with an estimated cost of US$1b, aims to bolster digital infrastructure across Asia.

The I-AM Cable will span approximately 8,100km, creating a new long-haul connectivity corridor in the region. Designed to deliver an initial capacity of around 320 terabits per second (Tbps), the cable will support the increasing demand for AI, cloud services, and cross-border data traffic. It will also enhance network resilience for global tech companies and telecom operators.

Japan, positioned as a crucial data hub between Asia and the United States, will benefit from the cable’s robust communication routes originating from landing stations in Chiba, Mie, and Fukuoka. This infrastructure will provide resilience against natural disasters and reinforce Japan’s role as a data hub.

Yoshio Sato, CEO of I-AM NW, stated, “The launch of I-AM NW marks a significant step in strengthening Asia’s digital infrastructure. This project reflects our commitment to delivering reliable, flexible connectivity solutions that empower businesses and drive digital transformation across the Asia-Pacific region.”

I-AM NW will oversee the entire process from planning to sales, ensuring high-quality communication services for global tech giants and telecom operators, thereby contributing to the development of communication infrastructure across Asia.