Industry News

Cushman & Wakefield has announced the sale of two prime shophouses located at 54 and 56 Pagoda Street in Singapore’s Chinatown. These heritage properties, known for their strategic location and high foot traffic, are being offered through an Expression of Interest (EOI) exercise, closing on 1 April 2026.

The shophouses, situated in the bustling heart of Chinatown, boast a combined land area of approximately 3,011 square feet and a total built-up area of about 9,162 square feet. The ground floors are approved for retail use, benefiting from an established Outdoor Refreshment Area that enhances trading capacity. The upper floors, let to office tenants, feature modern finishes and abundant natural light, making them highly appealing.

Sophia Lim, director at Cushman & Wakefield, highlighted the rarity of such opportunities, stating, “Pagoda Street is arguably the most coveted address within Chinatown… Opportunities to acquire adjoining conserved shophouses on this street are rare.” The properties’ proximity to the Chinatown MRT Interchange further enhances their appeal.

The guide price for the shophouses is set at S$32.5m, with an estimated yield of 3.5% on the asking price. Notably, there is no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty applicable, and both foreigners and companies are eligible to purchase.

Shaun Poh, Executive Director at Cushman & Wakefield, noted the sustained demand for such assets, emphasising their resilience as long-term investments. Interested parties are encouraged to contact Cushman & Wakefield for more information before the EOI deadline.
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The Singapore Tourism Board (STB) and Ant International have renewed their strategic partnership to bolster Singapore’s tourism sector through digital innovation. This collaboration, which began in 2018, will leverage Ant International’s Alipay+ platform to enhance seamless digital experiences for global travellers and unlock new growth opportunities for local businesses.

The renewed partnership focuses on three key areas: amplifying Singapore’s destination appeal through joint marketing initiatives, advancing digital tourism with secure mobile payments, and strengthening the local travel ecosystem by using data insights to understand traveller behaviours. A campaign featuring Chinese actor Dylan Wang is set to promote Singapore during the Chinese New Year period.

In 2025, the partnership led to record spending via Alipay+ across Singapore’s tourism sector, with transactions increasing by 36% year-on-year. Spending through SGQR codes nearly tripled, benefiting small and medium-sized enterprises (SMEs). Asian travellers, particularly from Mainland China, Malaysia, and South Korea, continue to drive Singapore’s tourism industry.

Peng Yang, CEO of Ant International, highlighted the collaboration’s role in setting a benchmark for innovation and public-private partnerships in tourism. The partnership also aims to enhance Singapore’s global leadership in travel innovation by leveraging data capabilities to forecast trends and improve visitor experiences.

Looking ahead, STB and Alipay+ plan to roll out marketing campaigns featuring global celebrities to further promote Singapore’s attractions and digital connectivity, aiming to inspire visits and increase tourism spending.
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Condo resale prices in Singapore rose by 2.8% in January 2026 compared to the same month last year, according to the latest 99-SRX Media Flash Report. Despite this increase, transaction volumes fell by 3.5% from December 2025 and 6.7% year-on-year, highlighting a cautious market where buyers are selective in their purchases.

The report reveals that whilst prices in the Core Central Region (CCR) increased by 4%, the Rest of Central Region (RCR) and Outside Central Region (OCR) saw decreases of 0.2% and 1.6%, respectively. “Price movements remain varied across segments but broadly stable at the overall level,” said Luqman Hakim, Chief Data & Analytics Officer at 99.co.

In January, an estimated 853 units were resold, with the majority of transactions occurring in the OCR, accounting for 51.4% of sales. The highest resale price was recorded at The Marq On Paterson Hill, fetching S$37m. Meanwhile, the RCR’s highest transaction was S$6.2m at Maple Woods, and the OCR’s was S$4.5m at Bedok Residences.

The overall median capital gain for resale condos increased by S$20,000 from December 2025, reaching S$380,000. District 21, Clementi Park/Upper Bukit Timah, posted the highest median capital gain at S$924,000, whilst District 8, Farrer Park/Serangoon Rd, saw the lowest at S$170,000.

As the market adjusts to a more measured buying sentiment, the report suggests that stable to modestly rising prices indicate a steady market despite the decline in transaction volumes.

Digital Realty, the world’s largest cloud- and carrier-neutral data centre platform, has announced the expansion of its Digital Realty Innovation Lab (DRIL) programme into Singapore and Japan. This marks the first extension of the company’s global initiative into the Asia Pacific region, following the successful launch of its inaugural facility in Northern Virginia in September 2025.

The new DRIL facilities will offer customers and partners real-world environments to test and optimise artificial intelligence (AI) and hybrid cloud deployments. As AI adoption grows, infrastructure readiness is becoming a significant challenge. These labs aim to help enterprises validate high-density configurations and refine hybrid architectures before scaling to production.

In Singapore, the DRIL will serve as a regional innovation hub, fostering collaboration among customers, partners, research institutions, and global technology providers. Meanwhile, in Japan, the lab will be located at Digital Realty’s NRT12 data centre in Greater Tokyo, featuring 20 racks with direct liquid cooling to support high-power-density AI and high-performance computing workloads.

Serene Nah, Managing Director and Head of Asia Pacific at Digital Realty, stated, “Sustaining rapidly expanding digital economies requires innovation ecosystems built on infrastructure that is not only AI-ready, but also efficient, resilient, and trusted.”

The new DRIL locations will enable businesses to test performance, optimise configurations, and seamlessly connect to cloud and network providers via ServiceFabric, Digital Realty’s global interconnection platform. This expansion underscores Digital Realty’s commitment to supporting AI innovation in Singapore and Japan, enhancing the region’s digital competitiveness.

The Urban Redevelopment Authority (URA) has launched a tender for a residential site in Holland Plain under the Confirmed List of the government land sales (GLS) programme for the first half of 2026. The 1.57-hectare plot is expected to yield 280 new private homes, marking the first GLS site tender of the year. This site is adjacent to another plot in Holland Link, awarded in August 2025.

The Holland Plain area is set to transform into a private residential enclave featuring two parks, including a wetland park. The development will include green “fingers” to facilitate access to the King Albert Park MRT station and the Rail Corridor. The King Albert Park MRT station, currently on the Downtown Line, will become an interchange with the upcoming Cross Island Line by 2032.

The site is within 1 km of Methodist Girls’ School, with other reputable schools like Henry Park Primary School and Pei Hwa Presbyterian Primary School located 1 to 2 km away. The area’s educational institutions, coupled with future developments, may attract developers despite the current lack of amenities and limited transport access.

The land price for the adjacent Holland Link site, secured by Sim Lian Group for $1,432 psf ppr, could set a benchmark for the Holland Plain tender. PropNex anticipates three to five bids, with the top bid potentially reaching $1,400 to $1,500 psf ppr.

Separately, URA has made a Reserve List site in Morrison Lane available, potentially yielding 205 residential units and 500 sq m of commercial space. However, developers may prioritise other upcoming sites in River Valley Green and Peck Hay Road due to more attractive location attributes.

Domino’s Pizza Singapore has announced the launch of new franchise opportunities, aiming to bolster its presence across the island. The initiative invites aspiring entrepreneurs and business owners to join the globally recognised brand, leveraging its proven business model and local market expertise.

Ringo Joannes, Region Chief Executive Officer of Domino’s Pizza Singapore, Malaysia & Cambodia, highlighted Singapore as a strategic growth market for the company. “Our achievements here are driven by solid partnerships, disciplined execution and an unwavering customer focus,” he stated. The company is seeking franchise partners who are entrepreneurial, values-led, and ready to build sustainable success over the long term.

Franchisees will benefit from comprehensive support, including structured training programmes in operations, food safety, and people management. Additionally, Domino’s offers continuous operational and strategic guidance, a robust marketing and digital ecosystem, and access to centralised expertise in various domains such as IT, finance, and marketing.

The franchise model provides exclusive trade areas and established systems, allowing partners to focus on operational excellence and delivering exceptional customer experiences. Entrepreneurs with strong business acumen and a passion for service excellence are encouraged to explore this opportunity.

Domino’s Pizza Singapore, recognised as one of ‘Singapore’s Best Employers 2022’, currently operates over 45 stores in the country. For more information on franchising, interested parties can visit Domino’s Singapore website.

Tan Boon Liat Building, a 15-storey industrial property located at the junction of Outram Road and Zion Road, is up for its second collective sale. Cushman & Wakefield, acting as the exclusive adviser and marketing agent, has launched the site for public tender at a reserve price of $1b, following over 80% owner consensus. The tender is set to close on 12 May 2026.

The freehold site, positioned above the Havelock MRT Station, spans 13,103.8 square metres and includes two separate land plots. The Urban Redevelopment Authority (URA) has advised a rezoning from “Business 1” to “Residential with Commercial at the 1st storey,” increasing the plot ratio from 3.1 to 4.9. This change allows a 50% uplift in the total allowable gross floor area.

Additionally, three remnant state land plots, totalling approximately 1,365 square metres, are to be amalgamated with the main plot, bringing the total site area to about 16,318.9 square metres. The potential gross floor area, including bonus entitlements, exceeds 95,166.22 square metres. The development can support up to 1,500 square metres of commercial space on the first storey, with a minimum of 10,000 square metres designated for serviced flats.

Christina Sim, Senior Director of Capital Markets at Cushman & Wakefield, noted the site’s unique appeal, citing its freehold status and location on the Thomson-East Coast line. She highlighted the absence of Additional Buyer’s Stamp Duty due to its original zoning, making it an attractive investment opportunity.

The tender for the site will conclude on 12 May 2026 at 3.00 pm.

Hitachi has partnered with the Singapore Institute of Technology (SIT) to create a pioneering Hybrid AC/DC Rack-Level Power Distribution Testbed for data centres. This initiative, the first of its kind in Singapore, will be integrated with SIT’s Multi-Energy Microgrid at the Punggol Campus. The microgrid, a first for a Southeast Asian university, combines solar photovoltaic generation with other energy resources to optimise campus-wide energy use. This collaboration will allow Hitachi and SIT to test advanced hybrid power solutions in real-world conditions.

The increasing digitalisation and AI demand in Southeast Asia are driving up energy consumption in data centres, particularly in tropical climates. This trend highlights the need for more efficient energy solutions to reduce costs and carbon emissions. The testbed will explore hybrid AC/DC power distribution, including higher-voltage direct current systems, to improve renewable energy integration. The results will inform future developments in energy-efficient data centre architectures.

SIT students will benefit from hands-on experience in energy innovation, working with Hitachi’s R&D team. This aligns with SIT’s approach to applied learning, preparing students for future engineering challenges. Dr Lin Wujuan of Hitachi Asia emphasised the importance of integrating renewable energy in high-demand facilities, stating, “This collaboration is a testament to our ongoing commitment to developing sustainable solutions.”

Professor Steven Wong from SIT added, “Through SIT’s applied learning and research ecosystem, we work closely with industry partners to test and refine hybrid AC/DC power solutions.” This partnership underscores SIT’s role in advancing practical energy innovation and supporting sustainable digital infrastructure.

OCBC Group has announced a net profit of S$7.42b for the full year 2025, marking a 2% decrease from the previous year. The profit before tax, however, rose by 2% to a record S$9.12b, attributed to robust growth in non-interest income and well-managed expenses. The bank’s non-interest income surged by 16%, with significant contributions from fees, trading, and insurance income, whilst net interest income declined by 6% due to a challenging interest rate environment.

The bank’s asset quality remained resilient, with credit costs reduced to 17 basis points. OCBC’s capital position was strong, with a Common Equity Tier 1 Capital Adequacy Ratio (CET1 CAR) of 15.1%. The bank proposed a final dividend of 42 pence and a special dividend of 16 pence, reinforcing its commitment to completing its capital return plan by the end of 2026.

Looking ahead, OCBC aims to maintain its strong financial position and continue delivering value to its shareholders through strategic growth and disciplined cost management. The bank’s focus on diversifying its income sources and maintaining asset quality will be crucial in navigating the evolving financial landscape.

Sides, the UK’s fastest-growing hot-chicken brand, has expanded its presence in Singapore by opening a second store at Universal Studios Sentosa. This development is a significant milestone in the brand’s international expansion strategy, following the successful launch of its first Singapore outlet in April 2025.

The new store is part of Sides’ broader plan to accelerate growth across Southeast Asia, with Malaysia identified as the next key market. Aaron Moore-Saxton, Managing Director at Sides, stated, “We’ve seen incredible appetite for the brand beyond the UK, and this launch builds on the momentum we’ve already established in Singapore and Asia.”

Sides, founded by the UK’s largest YouTube collective, the Sidemen, in collaboration with Hero Brands, has been rapidly expanding its footprint. The brand currently operates five restaurants in the UK and has announced new openings in Scotland, marking its entry into the Scottish market with sites in Glasgow and Livingston.

The expansion in Singapore is part of a multi-year growth strategy aimed at establishing Sides as a global hot-chicken brand. Moore-Saxton added, “Singapore represents a significant step in our international journey. The response to our first store has been incredibly strong, and this next opening reflects the growing appetite for the Sides brand beyond the UK.”

With its ambitious plans for Southeast Asia and continued growth in the UK, Sides is poised to become a leading name in the hot-chicken market worldwide.