Industry News

Singlife, a prominent financial services company, has partnered with MUFG Bank, Ltd. (MUFG) to finalise a bespoke S$550m financing facility, marking one of the largest transactions in Singapore’s insurance sector. The facility, announced on 24 February 2026, aims to redeem S$550m of subordinated notes, thereby optimising Singlife’s capital structure.

Following its acquisition by Sumitomo Life, Singlife conducted a thorough review of its capital structure to maintain capital strength, optimise balance sheet efficiency, and ensure long-term funding stability amidst fluctuating interest rates. MUFG, acting as the sole capital structure adviser and exclusive financier, provided a tailored financing solution to meet these objectives.

The transaction highlights MUFG’s capability in delivering integrated financing solutions within the insurance sector, a strategic focus for its corporate and investment banking division. Danny Fischer, Managing Director and Head of Solutions for APAC at MUFG, emphasised the importance of execution certainty and consistency in addressing Singlife’s evolving capital needs. “By combining structuring expertise, balance sheet capacity, and disciplined risk management, MUFG worked closely with Singlife to deliver an integrated, seamless solution,” Fischer stated.

Singlife’s Chief Financial Officer, Sumit Behl, noted that the refinancing reflects a proactive approach to capital management, reinforcing the company’s commitment to financial resilience and sustainable growth. Legal counsel for the transaction was provided by Ashurst LLP for MUFG and Allen & Gledhill for Singlife.

The Morrison Lane site, located along Mohamed Sultan, is poised to be triggered for sale, according to Mark Yip, CEO of Huttons Asia. Previously utilised as transitional office space, the site is now drawing attention due to the rising demand for homes in Singapore’s Core Central Region (CCR).

In 2025, demand for CCR homes reached its highest level in four years. This trend was highlighted by the successful launch of Newport Residences, the first CCR project of 2026, which sold over 50% of its units during the launch weekend. Additionally, River Modern, the last plot of land facing the Singapore River in District 9, attracted more than 7,000 visitors in its first week of preview, indicating a robust confidence in the CCR market.

Yip noted that the successful bid for the Morrison Lane site could range between $1,400 and $1,500 per square foot per plot ratio (psf ppr). This would result in a total cost of approximately $300m, a figure that is expected to appeal to up to five developers eager to enter the CCR market.

The potential sale of the Morrison Lane site underscores the growing interest in prime residential locations within Singapore, as developers seek to capitalise on the strong demand for high-end properties. As the market continues to evolve, the outcome of this sale could set a precedent for future developments in the region.

OKP Holdings Limited, a Singapore-based infrastructure and civil engineering company, has announced a 33% increase in net profit, reaching S$43.6m for the financial year ending 31 December 2025. This growth was supported by a record revenue of S$223.5m, marking a 22.9% rise from the previous year. The company attributes this success to robust performances in its construction and maintenance segments, which saw revenue increases of 35.6% and 6.2% respectively.

The company’s order book stands at a healthy S$588m, providing revenue visibility until 2031. OKP Holdings also reported a strong balance sheet, with free cash and cash equivalents rising to S$155.9m from S$124.3m at the end of 2024. In light of these results, the Board of Directors has proposed a total dividend of 2.0 Singapore cents per share, following a recent bonus issue.

Group Managing Director Or Toh Wat highlighted the company’s focus on technology adoption and innovation as key factors in maintaining a competitive edge. He stated, “Our robust order book reflects the continued trust of our customers and positions us well to capitalise on growth opportunities.”

Looking ahead, OKP Holdings plans to sustain its growth momentum through disciplined cost management and strategic partnerships. The company aims to diversify its earnings base by exploring property developments and other investments, whilst continuing to focus on its core competencies in transport infrastructure and civil engineering.

Aspial Lifestyle Limited has announced a remarkable 142% increase in its profit after tax for the financial year ending 31 December 2025, reaching a record S$84.4m. This surge was primarily driven by a 41% rise in revenue to S$830.1m, attributed to robust retail growth, increased pawnbroking interest income, and stronger secured lending revenue.

The company also reported a significant 172% year-on-year increase in profit after tax for the second half of 2025. In response to this exceptional performance, Aspial Lifestyle has doubled its dividend for the second half of 2025 to 0.8 Singapore cents per ordinary share, resulting in a total dividend of 1.2 Singapore cents per share for the year—a 50% increase from the previous year.

Aspial Lifestyle’s CEO, Ng Kean Seen, highlighted the success of the company’s strategy, stating, “We are pleased to report record revenue and profit in FY2025, driven by successful execution of our strategy for the year.” He noted that the company’s strengths in retail, pawnbroking, and secured lending, supported by disciplined inventory management and effective financing solutions, have been key contributors to this success.

Looking ahead, the company anticipates strong operating momentum as it enters FY2026, expecting business conditions in the first half of the year to deliver a substantially stronger performance. With a focus on gold-related products and financial services, Aspial Lifestyle is well-positioned to sustain its solid performance.

Pan Pacific Hotels Group (PPHG) has appointed Kung Teong Wah as Cluster General Manager for PARKROYAL COLLECTION Pickering and PARKROYAL on Beach Road in Singapore. This strategic move aims to bolster operational excellence and long-term growth within PPHG’s Singapore portfolio. Teong Wah will continue to lead PARKROYAL COLLECTION Pickering whilst assuming strategic oversight of PARKROYAL on Beach Road, collaborating closely with its General Manager, Damian Tan.

Teong Wah, a seasoned hospitality leader with over 30 years of experience, has been instrumental in driving innovation and sustainability at PARKROYAL COLLECTION Pickering. His initiatives have included the renovation of event spaces and the integration of technology-driven capabilities. Under his leadership, the hotel has become a model for workforce transformation, aligning with Singapore’s Hotel Industry Transformation Map.

Choe Peng Sum, CEO of PPHG, praised Teong Wah’s track record, stating, “Teong Wah is a respected hospitality leader with a strong track record of driving performance whilst building future-ready teams.” His leadership has been recognised with accolades such as the ‘Top 5 Best Hotel General Managers in Singapore’ at the Travel + Leisure Luxury Awards Asia Pacific 2025.

Teong Wah expressed his commitment to fostering inclusive workplaces and nurturing talent, saying, “It is a privilege to serve alongside two passionate teams who care deeply about hospitality.” His expanded role underscores PPHG’s dedication to sustainable growth and leadership succession, ensuring the distinct identity of each property is preserved whilst strengthening their position in Singapore’s dynamic hospitality landscape.

Hyphens Pharma International Limited, Singapore’s leading speciality pharmaceutical and consumer healthcare group, has announced a net profit of S$6.1m for the financial year ending 31 December 2025. Despite a 9.2% decline in overall revenue to S$177.4m, the company achieved historical highs in gross profit and margin, driven by strategic portfolio optimisation.

The company’s proprietary brands segment saw a significant 33.1% growth, bolstered by strong demand for Ceradan® dermatological products and Ocean Health® supplements. This growth was partially offset by declines in the Pharmaceutical and Medical Aesthetics segment, which experienced an 18.4% revenue drop due to factors such as lower sales in Vietnam and brand transitions.

Hyphens Pharma’s Executive Chairman and CEO, Lim See Wah, highlighted the company’s resilience in the face of macroeconomic challenges, including foreign exchange volatility and elevated operating costs. “Our FY2025 financial results reflect our ongoing efforts to improve the quality of our earnings as we optimise our product portfolios with a focus on higher margins,” he stated.

The Group also reported a strong net operating cash inflow of S$18.7m and proposed a final dividend of 1.5 Singapore cents per share for FY2025. Looking forward, Hyphens Pharma aims to continue enhancing its market access and penetration, particularly in its Proprietary Brands segment, whilst leveraging emerging technologies in its Digital Platform and e-Pharmacy segment.

As the company navigates external headwinds, it remains focused on execution, risk management, and long-term value creation, underscoring its commitment to sustaining growth and shareholder value.

Tiong Woon Corporation Holding Ltd, a Singapore-based heavy lift specialist, has announced the acquisition and advancement of projects in the semiconductor, public infrastructure, and biopharmaceutical sectors, with a combined value exceeding $40m. These projects are anticipated to be completed over the next two financial years, significantly impacting the company’s earnings per share and net tangible asset value for the financial year ending 30 June 2026.

The company’s Executive Director and CEO, Ang Guan Hwa, highlighted the firm’s commitment to delivering “safe, reliable and technically robust lifting solutions” across various sectors. TWC’s diversified fleet and project management expertise are pivotal in supporting complex, high-specification developments, reinforcing customer confidence in their technical capabilities.

TWC, listed on the Singapore Exchange since 1999, is renowned for its integrated heavy lift services, primarily supporting the oil and gas, petrochemical, infrastructure, and construction sectors. The company manages turnkey projects, from planning and designing heavy lifting requirements to execution, and operates its own heavy lifting equipment, tugboats, and barges. This operational model allows TWC to provide flexible and efficient services to its clients.

With a strong regional presence in 12 countries, TWC continues to uphold its reputation for delivering high-quality and safe services globally. The company is ranked 15th in the IC100 2025 survey, reflecting its significant industry standing.

Singapore’s OUE REIT Management Pte. Ltd. has announced a strategic acquisition, securing a 19.9% interest in the Salesforce Tower, a prime commercial property in Sydney’s Central Business District (CBD). The deal, valued at A$357.2m (approximately S$319.8m), marks OUE REIT’s first foray into the Australian market, enhancing its portfolio with a high-quality asset in a key location.

The Salesforce Tower, a 55-storey freehold property located at 180 George Street, boasts nearly full occupancy and a long weighted average lease expiry (WALE). This acquisition is expected to be yield-accretive, delivering a distribution per unit (DPU) accretion of 0.9%. The move aligns with OUE REIT’s strategy to diversify geographically whilst maintaining a strong presence in Singapore, where 94.9% of its portfolio remains post-acquisition.

The Sydney CBD’s Core Precinct is experiencing tightening prime supply and improving rental conditions, making this acquisition timely. The property is noted for its strong environmental, social, and governance (ESG) credentials, further enhancing its appeal. “This acquisition represents a rare opportunity to acquire a premium asset in Sydney’s Core CBD,” stated OUE REIT Management.

The acquisition will be funded through a combination of debt and proceeds from the recent divestment of Lippo Plaza Shanghai. Completion is expected in the first half of 2026, before 27 May. This strategic expansion into Sydney’s CBD is anticipated to provide OUE REIT with stable cash flow and reduced portfolio concentration risk, whilst offering potential upside in a robust market.

SBS Transit has revealed its financial results for the year ending 31 December 2025, reporting a 2.7% decrease in group revenue to $1.52b. The decline is attributed to lower bus revenue following the loss of the Jurong West bus package in September 2024. Despite this, the company has proposed a special dividend of 31.99 cents per share, alongside a final dividend of 8.66 cents per share.

The company’s operating costs fell by 2.5% to $1.45b, primarily due to reduced fuel and electricity expenses. However, operating profit dropped by 6.9% to $68.1m, and net profit attributable to shareholders fell by 13% to $61.2m. SBS Transit Group CEO Jeffrey Sim stated, “We remain focused on strengthening our competitive edge in our bus operations as well as in enhancing our rail reliability.”

Public Transport Services, which includes bus and rail operations, saw a 3% revenue decline to $1.45b. This was mainly due to reduced bus revenue, although rail revenue increased due to higher fares and ridership. Average daily ridership on the North East Line and Downtown Line rose by 2.2% and 1.1%, respectively, whilst the Sengkang-Punggol LRT saw a 2.6% decrease.

Looking ahead, SBS Transit anticipates a further decline in bus revenue with the loss of the Tampines Bus Package in July 2026. However, rail revenue is expected to rise due to fare adjustments and increased ridership. The proposed dividends will be subject to approval at the Annual General Meeting on 23 April 2026.

QAI Ventures has announced a strategic partnership with Japan’s SoftBank Corp. and UK-based HorizonX to establish a quantum hub in Singapore. The initiative, unveiled on 25 February 2026, aims to transition quantum-classical hybrid computing from research to commercial applications across finance, industrials, life sciences, and communications & networks.

The collaboration is part of QAI Ventures’ Industry Clusters Programme, which combines venture capital funding, accelerator programmes, and venture building to support Singapore’s quantum computing ambitions. This move aligns with Singapore’s Research, Innovation, and Enterprise (RIE) 2030 plan, which includes a S$37b investment to bolster the digital economy and national security.

Alexandra Beckstein, CEO and Founder of QAI Ventures, stated, “We are growing the Quantum-AI architecture of the next decade by supporting innovators and building an ecosystem out of Singapore.” The programme will focus on four key sectors to drive innovation and strengthen quantum applications.

HorizonX, in partnership with MIT, will provide education to bridge the knowledge gap in deep tech, whilst SoftBank Corp. will support AI and quantum infrastructure development. This initiative is part of Singapore’s broader strategy to establish itself as a global leader in QuantumAI, with QAI Ventures playing a pivotal role in this transformation.