Industry News

Beng Kuang Group has announced its intention to acquire full ownership of its subsidiary, ASOM, through a S$60m acquisition. ASOM, which specialises in high-value, mission-critical services in the energy market, has been a significant contributor to the group’s revenue and profitability. The acquisition will allow Beng Kuang Group to consolidate 100% ownership, enabling full recognition of ASOM’s earnings and cash flows, whilst also strengthening operational control and strategic flexibility.

ASOM operates in the offshore lifecycle services segment, providing solutions for asset life extension, regulatory compliance, and operational reliability for offshore floating production assets. The acquisition structure includes performance-based earn-out safeguards, ensuring disciplined capital allocation and alignment with vendors.

The financial impact of the acquisition is notable. If the acquisition had been completed on 1 January 2025, the earnings per share for Beng Kuang Group for the fiscal year 2025 would have increased from 2.61 Singapore cents to 4.8 Singapore cents, marking an approximate 84% rise.

An extraordinary general meeting will be convened to seek shareholders’ approval for the acquisition and the issuance of consideration shares. Further details will be announced in due course. This strategic move is expected to bolster Beng Kuang Group’s position in the energy market, offering enhanced operational capabilities and financial performance.

Frasers Property, through its subsidiary Frasers Property Cuppage Pte. Ltd., has successfully acquired the leasehold rear plot of The Centrepoint on Orchard Road, Singapore, for S$391.9m. This strategic purchase consolidates Frasers Property’s ownership of the seven-storey landmark, enhancing its position in the iconic shopping district.

The leasehold rear plot, part of The Centrepoint at 176A Orchard Road, includes 66 retail units and 66 residential flats. This acquisition aligns with national efforts to rejuvenate the Orchard Road precinct. Frasers Property already held a majority stake in the rear plot, owning over 52% of the units by strata area, and is the majority shareholder in the freehold front plot with about 96% ownership.

Soon Su Lin, CEO of Frasers Property Singapore, expressed satisfaction with the acquisition, stating, “We are pleased to strengthen our ownership of The Centrepoint. This gives us greater flexibility to unlock the site’s long-term potential, including assessing broader rejuvenation plans for the area.”

The Centrepoint, completed in 1983, maintains a high occupancy rate of approximately 98% and continues to be a significant contributor to Frasers Property’s retail portfolio in Singapore. The acquisition is subject to obtaining a sale order or consent from all subsidiary proprietors.

Frasers Property’s longstanding presence on Orchard Road, with The Centrepoint as its first asset, is further solidified by this acquisition, reflecting the Group’s confidence in the long-term value of strategically located sites.

ComfortDelGro Corporation Ltd has announced a record revenue of S$5.06b for the financial year ending 31 December 2025, marking a 13% increase from the previous year. The company’s Profit After Tax and Minority Interests (PATMI) also rose by 9.4% to S$230.3m. This growth is attributed to the company’s strategic international expansion, with overseas revenue now making up 55.3% of the total.

The company’s Public Transport segment saw a 15.1% increase in operating profit, largely due to renewed London bus contracts and the commencement of Metroline Manchester’s operations. The Taxi and Private Hire segment also experienced growth, with a 4.4% rise in operating profit following the acquisition of Addison Lee. Additionally, the Inspection & Testing Services segment reported a 56.1% increase, driven by the high volume of On-Board Unit installations for Singapore’s Electronic Road Pricing 2.0 project.

ComfortDelGro has also made strides in its autonomous vehicle initiatives, launching a robotaxi pilot in Guangzhou and a driverless shuttle programme in Singapore. These projects are part of the company’s efforts to enhance its capabilities in smart and sustainable mobility.

The company has proposed a final dividend of 4.59 cents per share, bringing the total dividend for FY2025 to 8.50 cents per share, representing an 80% payout ratio. Looking ahead, ComfortDelGro plans to continue its focus on operational excellence and international growth, with new contracts and expansions in various regions, including the UK, Australia, and New Zealand.

The latest report by Knight Frank Singapore and the Dormitory Association of Singapore Limited reveals that the pressure on worker dormitory beds in Singapore has eased, with occupancy rates declining slightly from 98.3% in the first half of 2025 to 97.1% in the second half. This moderation comes amidst a 0.8% increase in the foreign worker population in the Construction, Marine Shipyard, and Process industries, totalling 460,300 work permit holders as of June 2025.

The report highlights the addition of new dormitory facilities, including the Pioneer Lodge at Soon Lee Road, which added 10,500 beds in 2025, and the NESST Tukang Dormitory, which opened in January 2026 with 2,400 beds. These developments have contributed to the easing of demand pressures.

Despite the stabilisation, the report notes that bed rents have seen a slight decrease, with the islandwide average falling by 1.0% to S$485  per bed per month in the second half of 2025. The east and central zones experienced stable or reduced rents, whilst the west saw a 1.1% decline.

Looking ahead, the report anticipates that the ongoing Dormitory Transition Scheme and New Dormitory Standards will lead to temporary supply constraints as dormitories undergo upgrades. This could result in moderate rent increases of around 5% in 2026. The Ministry of Manpower plans to mitigate disruptions by staging upgrade works to maintain a balanced dormitory ecosystem.

Mastercard has announced the appointment of Minsook Cho as the new Country Manager for Singapore. Cho will oversee the company’s strategic direction and business operations, partnering with regional and global clients based in Singapore. Her role will involve spearheading Mastercard’s efforts to support Singapore’s national digital payments roadmap, working with public and private sector partners to advance secure and inclusive payment solutions.

Cho brings over 20 years of experience in payments, fintech, analytics, and consulting. She has been with Mastercard since 2013, previously serving as Senior Vice President, Advisors Client Services, Asia Pacific. Her expertise includes consulting, analytics, and managed services across major markets such as Japan, Korea, China, Australia, New Zealand, and Southeast Asia.

Safdar Khan, Division President of Southeast Asia at Mastercard, expressed confidence in Cho’s ability to lead the company’s journey in Singapore, highlighting her experience in data and services. “Minsook’s experience in enhancing business performance and enabling innovation positions her to strengthen intelligence, security, and interoperability across Singapore’s payments ecosystem,” Khan stated.

Cho’s appointment aligns with Singapore’s push in digital finance, with initiatives around tokenisation, artificial intelligence, and stablecoin regulation. Her background in data-driven advisory services will support these efforts, aiming to future-proof Singapore’s payments landscape.

Before joining Mastercard, Cho held senior roles at Foodpanda, Lazada, and Boston Consulting Group. She holds an MBA from Columbia Business School and a Bachelor’s degree in Materials Science & Engineering from Seoul National University.

Singapore’s residential leasing market experienced a significant decline in activity during the fourth quarter of 2025, with a 27.4% drop in islandwide leasing contracts. This downturn was attributed to seasonal factors, such as the year-end festive period, and a slower influx of expatriates and international students, according to Savills’ latest briefing.

Despite the subdued leasing activity, the report indicates that rents for non-landed private residential properties are expected to remain stable. The limited number of new completions, projected at around 6,083 units, and current vacancy rates below 6.5% are likely to support rental prices. Local demand from residents awaiting the completion of their private homes may also help counterbalance the reduced expatriate demand.

Alan Cheong, Executive Director of Research & Consultancy at Savills, noted that the modest year-on-year gains in 2025 provide a baseline for 2026. “Overall, rents for non-landed private residential properties are forecast to remain broadly flat in 2026,” he stated.

The report suggests that whilst the leasing market faces challenges, the steady supply and local demand dynamics could help maintain rental stability in the coming months. As the market adjusts to these conditions, stakeholders will be closely monitoring the impact on rental trends and vacancy rates.

The Great Room by Industrious, a hospitality-led coworking brand, is set to open its 10th Singapore location at Keppel South Central in June 2026. This new site, located in Tanjong Pagar, will offer panoramic harbour views, dedicated offices, meeting rooms, and signature social spaces, including the Drawing Room and Coffee Bar. The expansion is part of the brand’s ongoing regional growth, following recent announcements of new locations at Shaw Tower and Stamford Place.

Keppel South Central, a 33-storey Grade A development, is noted for its climate-conscious systems and innovative smart technology. It recently won the BCA Project of the Year (Commercial) award in 2025. Albert Foo, Managing Director of Property Development and Operations at Keppel’s Real Estate Division, stated, “Keppel South Central exemplifies our vision for the future of workspaces—where sustainability, technology, and human-centric design converge.”

The Great Room’s new location will be its first to achieve the Green Mark Healthier Workplace certification, underscoring its commitment to wellbeing and sustainable design. Su Anne Mi, CEO and Co-founder of The Great Room, highlighted the brand’s focus on creating spaces that are “calm, welcoming and designed with intention.”

This expansion marks a significant milestone for The Great Room, which now boasts 13 locations across Asia Pacific, including Bangkok, Hong Kong, and Sydney. As part of the Industrious network, the brand continues to deliver premium, hospitality-led workplaces, supporting modern and hybrid work models.

Singlife has unveiled the Singlife Legacy Indexed Income, a universal life plan designed to address the increasing demand for retirement security. This plan offers flexible, index-linked income streams with a 0.00% floor rate to ensure no negative returns, alongside a guaranteed 0.7% loyalty bonus from the eleventh policy year. The plan allows policyholders to customise income phases and change the Life Assured up to five times, facilitating legacy planning across generations.

The plan’s income streams are tied to the performance of five global indices, including the S&P 500 and Nasdaq-100, providing growth potential and resilience against inflation. Lu Ping Wong, Head of Savings and Investments at Singlife, highlighted the importance of diverse income streams amidst rising life expectancy and living costs, stating that the plan complements existing retirement income sources like CPF Life payouts.

Additional features include lifelong protection against death and terminal illness, penalty-free partial withdrawals, and guaranteed acceptance without medical underwriting. The plan also offers the option to spread net premiums over 12 months to manage market fluctuations.

Singlife, a prominent financial services company in Singapore, continues to expand its offerings with innovative solutions aimed at enhancing financial security for its customers. The introduction of this plan underscores Singlife’s commitment to providing flexible and robust financial products tailored to evolving consumer needs.

Veremark, a global workplace trust company, has acquired Singapore-based Risk Management Intelligence (RMI), a background verification firm, as part of its international expansion strategy. This acquisition, announced on 26 February, follows Veremark’s recent $26m Series B funding round and aims to bolster its screening capabilities in the Asia-Pacific region, particularly in government visa checks for Singapore.

The acquisition will integrate RMI’s team of 70 specialists into Veremark, strengthening partnerships with key institutions such as Singapore’s Ministry of Manpower, the Early Childhood Development Agency, and Nanyang Technological University. Founded in 2012 by recruitment industry veteran Matthew Beath, RMI is known for its personalised and comprehensive background screening services across the Asia-Pacific region. The company collaborates closely with university registrars, student and employment record teams, and local business registration authorities to deliver accurate screenings.

Daniel Callaghan, CEO and Co-Founder of Veremark, highlighted the importance of the acquisition, stating: “As global hiring and workforce mobility continue to accelerate, the capabilities and reach of background screening need to stay one step ahead. RMI’s regional expertise and partnerships with key government and educational institutions allow us to strengthen our international capabilities and double down on our workplace trust offerings.”

Mervyn Ho, General Manager of RMI, expressed enthusiasm for the merger, noting that Veremark is an ideal partner for RMI’s next chapter. He assured customers and partners that business operations would continue as usual, with enhanced capabilities and global offerings under Veremark’s backing.

This strategic move positions Veremark to provide fully compliant, end-to-end screening solutions across the region, reinforcing its commitment to workplace trust and safety.

Singapore has been ranked third globally in the 2026 FM Resilience Index, released by commercial property insurer FM. This annual ranking evaluates 130 countries and territories based on the resilience of their business environments. The index underscores Singapore’s robust position as a resilient hub for business and investment, despite challenges such as inflation, climate hazards, and cybersecurity threats.

The index highlights Singapore’s strengths in political stability, logistics, and digital infrastructure, with near-perfect scores in political risk and internet usage. However, it also points out areas for improvement, such as energy intensity and seismic resilience. Singapore’s energy intensity score was notably low, ranking around 116th globally.

The findings are particularly relevant for sectors like data centres and power generation, which are central to Southeast Asia’s growth. Singapore’s stable governance and advanced engineering standards make it an attractive location for these industries. Calvin Kuan, FM’s client service manager for Southeast Asia, noted, “Resilience now influences everything from site selection to capital planning.”

Globally, the index shows Europe dominating the top 10, with Denmark retaining the top spot. Meanwhile, several Asian markets, including India, have shown upward movement, reflecting the region’s growing strategic importance. The index provides valuable insights for businesses looking to navigate risks and make informed strategic decisions in an increasingly volatile environment.