Industry News

Singapore’s Central Business District (CBD) is renowned for its efficiency, yet a new study by global architecture firm Gensler suggests its future success may hinge on becoming a vibrant, experience-led hub. The City Pulse 2026 report, surveying over 35,000 residents across 75 cities, highlights a “Perception-Behaviour Gap” in Singapore: whilst 74% of respondents praise the CBD’s experience, only 55% visit outside work, and a mere 13% linger for leisure.

The study underscores the need for a transformation towards a mixed-use, walkable, and culturally rich environment. Angela Spathonis, Managing Director of Gensler Singapore, emphasised the importance of creating a city centre that people feel emotionally connected to, choosing to spend time there beyond work hours.

Singapore’s ongoing efforts to rejuvenate its Downtown Core align with these findings. Initiatives like the Urban Redevelopment Authority’s CBD Incentive Scheme aim to convert older office spaces into diverse live-work-play environments. Respondents envision a future CBD as a lively mixed-use district, a walkable green zone, and a cultural destination.

The research indicates a shift in measuring downtown success, focusing on “dwell time” rather than just foot traffic or office occupancy. Spathonis noted that successful CBDs offer moments of discovery and community, becoming the “living rooms of urban life.”

As Singapore continues to evolve districts like Marina Bay and Shenton Way, the challenge remains to create spaces that support social, cultural, and community life alongside business activities.

Singapore’s life insurance industry has reported a record S$5.08b in claims and maturity payouts for the first quarter of 2026, according to the Life Insurance Association, Singapore (LIA Singapore). This marks the highest payout for a first quarter since 2021, providing significant financial relief to individuals and families.

The industry fulfilled its commitments with 5,507 policies claimed, resulting in S$555m paid for critical illness, death, and total permanent disability. Additionally, S$4.52b was disbursed for 87,402 matured policies. Integrated Shield Plan (IP) policyholders received the majority of the S$712m in health claims, easing healthcare costs.

The life insurance sector saw a 14.3% year-on-year growth in total weighted new business premiums, reaching S$1.69b in Q1 2026. This increase reflects a growing trend among Singaporeans to bolster their financial resilience and address protection gaps amid economic challenges.

Annual premium policies remained dominant, accounting for S$1.23b, a 7.8% rise from Q1 2025. Single premium policies also saw a 36.5% increase, totalling S$463.3m, as individuals capitalised on available funds for long-term financial planning.

LIA Singapore President Wong Sze Keed noted, “Amid continual global uncertainty, we’re seeing individuals and families continue to take deliberate steps to strengthen their financial resilience.”

The uptake of Integrated Shield Plans and IP riders grew, with 33,000 additional residents enrolling before regulatory changes in April 2026. This reflects heightened awareness of health insurance’s role in financial planning. The industry remains focused on upskilling its workforce to leverage AI and enhance customer experiences.

Singapore-based EXPIScore has unveiled a groundbreaking customer experience (CX) rating system specifically designed to meet the expectations of Asian consumers. This new system aims to address the gap left by existing Western-centric rating frameworks, which often do not align with the preferences of the Asia-Pacific (APAC) market. The initiative comes as APAC consumers are poised to significantly increase their travel spending, presenting both opportunities and challenges for the global hospitality industry.

Developed by Dr. Marigold Kimura, an expert in human-centric customer experience, in collaboration with industry veteran Peter Holland, the EXPIScore system evaluates properties based on a comprehensive set of criteria. These criteria, covering nearly 200 items, are derived from consumer surveys conducted in Asia and are regularly updated to reflect shifting consumer expectations. Properties are assessed on their guest experience performance, resulting in a score out of 100 that corresponds with a star rating.

The system is currently available to serviced residences, residential, and office properties, with plans to expand to hotels and purpose-built student accommodation (PBSA). “Asian consumers tend to be more value-conscious, creating demand for trustworthy and personalised guest experiences,” said Dr. Kimura. This sentiment is echoed by Peter Holland, who noted the dynamic nature of APAC consumers’ needs and preferences.

With APAC consumers expected to drive a surge in travel spending, EXPIScore’s system offers hospitality providers a valuable tool for enhancing guest experiences and tapping into this lucrative market. The company plans to expand its reach across APAC and beyond, aiming to integrate the best of Western and Eastern hospitality practices.

The Housing and Development Board (HDB) has released an executive condominium (EC) site in Canberra Drive for tender under the government land sales programme. This marks the first EC site launch following recent changes to the EC Housing Scheme, which include a 10-year minimum occupation period and adjustments in financing options.

Despite these new measures, Wong Siew Ying, Head of Research and Content at PropNex, anticipates that the Canberra Drive EC plot could still attract interest due to its affordability compared to private condominiums. The site’s proximity to Canberra MRT station, Sembawang Shopping Centre, and local schools enhances its appeal for potential owner-occupiers.

However, developers might approach the bidding process cautiously. The recent policy changes, such as the removal of the Deferred Payment Scheme and a 90% priority quota for first-time buyers, could impact demand dynamics. Wong notes that the smaller development size of 185 units might deter some developers, although it poses a lower risk.

The Canberra Drive EC site is expected to receive two to four bids, with land rates estimated between $620 and $660 per square foot per plot ratio. This is slightly lower than the $692 per square foot per plot ratio achieved by a nearby EC site on Sembawang Road in September 2025.

As the government plans to transform the Sembawang Shipyard into a mixed-use waterfront district, the area is poised for further development, potentially boosting interest in the Canberra Drive site. However, developers are likely to remain cautious, considering how the new measures could affect future EC demand.

Amai Proteins has announced that its flagship sweet protein, sweelin®, has been approved by the Singapore Food Agency (SFA) for use as a sweetening agent in food and beverage products. This approval follows the product’s recognition as Generally Recognised As Safe (GRAS) by the US Food and Drug Administration, marking a significant step in Amai’s expansion into the Asian market.

sweelin® is a next-generation sweet protein designed to significantly reduce sugar content whilst replacing conventional sweeteners. It offers a clean taste, strong formulation performance, and competitive pricing, making it an attractive alternative for food and beverage manufacturers. The protein can also be labelled as “Serendipity Berry Sweet Protein” in the US, aligning with consumer demand for clean-label and GLP-1-friendly products.

Singapore’s approval of sweelin® underscores the country’s position as a leader in food technology innovation. The nation has initiatives such as the “30 by 30” programme, which aims to produce 30% of its nutritional needs locally by 2030, highlighting its commitment to advanced and sustainable food technologies.

Amai Proteins’ CEO expressed enthusiasm about the approval, stating, “This achievement reinforces the growing global regulatory momentum for sweelin®.” The approval not only expands Amai’s regulatory footprint into Asia but also supports Singapore’s goals in food technology and sustainability.

Jobstreet by SEEK’s latest Salary Pulse: Singapore 2026 report highlights a significant gap between perceived fairness and satisfaction with pay among Singaporean workers. Whilst nearly three-quarters of employees believe their compensation is fair, only 37% express genuine contentment with their earnings, placing Singapore among the least satisfied markets in the Asia Pacific region.

The report, conducted with research agency Nature, surveyed 1,008 employed Singaporeans aged 18 to 64. It reveals that younger workers, particularly Gen Z and millennials, are more likely to reassess their career paths if salary expectations are unmet. Specifically, 29% of Gen Z and 25% of millennials would consider changing roles if a pay rise falls short, compared to 20% of Gen X and 13% of baby boomers.

Transparency in salary discussions is increasingly important, with 77% of workers desiring internal disclosure of salary ranges. Despite this, only 7% feel “extremely comfortable” asking for a pay rise, with women and entry-level workers feeling the most uneasy. Jaslyn Koh, Head of Remuneration and Benefits, Asia, SEEK, noted, “Dissatisfaction is no longer driven purely by salary. Many workers feel they are working harder but not seeing meaningful movement in return.”

The report suggests that improving pay satisfaction requires deliberate action from both employers and employees. Employers should focus on transparency, progression pathways, and recognition frameworks, whilst employees need to prepare for evidence-based salary discussions. The findings underscore the importance of aligning expectations around pay, progression, and opportunity from the outset.

Skylink Holdings has announced a robust financial performance for the year ending 31 March 2026, with a 34.1% increase in revenue, primarily driven by its Commercial Vehicle Leasing and Engineering sectors. Pre-tax operating profit and net profit are up by 64.3% and 61.7% to S$4.7m and S$4.43m, respectively. The company, which completed a reverse takeover of Sincap Group Limited in September 2025, reported a revenue of S$35.36m, up from S$26.37m the previous year.

The Commercial Vehicle Leasing segment saw a 37.8% rise in revenue, attributed to an expanded fleet and longer-term contracts. Meanwhile, the Engineering segment experienced a 54.3% increase, bolstered by new contracts with SBS Transit Ltd. and F&N Foods. Despite a slight 4.5% dip in the Credit segment’s revenue, the company maintained a healthy loan book of S$66.24m.

Gross profit rose by 45.9% to S$9.91m, with margins improving to 28.0%, despite higher depreciation costs due to increased Certificate of Entitlement (COE) prices. Skylink’s net operating cash flow reached S$11.97m, highlighting its cash-generative business model.

The company has proposed a dividend of 0.55 Singapore cents per share, representing over 30% of its net profit, aligning with its commitment to shareholder returns. CEO Wesley Shen noted the company’s strategic positioning to enhance revenue visibility and strengthen its market position as a leading mobility solutions provider in Singapore.

ISDN Holdings Limited has announced the launch of a high-speed laser marker by its subsidiary, IDI Dynamics, designed to enhance semiconductor chip packaging. The new marker, which offers a 2.5 times increase in marking speed and occupies 22% less space, aims to improve productivity for Outsourced Semiconductor Assembly and Test (OSAT) manufacturers.

The laser marker has already been deployed in six OSAT facilities across Asia. It benefits from advanced technology developed in collaboration with a leading Singaporean research institution and ISDN’s extensive experience in automation engineering for the semiconductor sector. Chris Chan, Managing Director of IDI Dynamics, stated, “Our new Laser Marking platform is already delivering this value proposition of the 6 units at launch.”

The innovation addresses the semiconductor industry’s pressing need for efficient use of cleanroom space, driven by the rising demand for chips due to AI adoption and the high costs of constructing new facilities. The marker also meets increasing traceability requirements in automotive and industrial electronics, offering a two-year software customisation and support programme.

Teo Cher Koon, Managing Director and President of ISDN Holdings, highlighted the significance of the launch, noting that it exemplifies ISDN’s comprehensive approach to technology and its commitment to advancing semiconductor manufacturing. The laser marker is part of ISDN’s broader strategy to provide cutting-edge solutions in the fast-growing semiconductor market.

RHB Bank has announced that it is maintaining its 2026 GDP growth projection for Singapore at 3.0%, despite ongoing global uncertainties. This decision comes as the bank assesses the balance of risks to be broadly even at this stage. The Monetary Authority of Singapore (MAS) is expected to keep its policy settings unchanged in July, although further tightening may occur later in the year if Middle East tensions continue to elevate global energy prices.

Singapore’s economy showed resilience in the first quarter of 2026, with the final GDP figures revealing a 6.0% year-on-year increase, surpassing the flash estimates of 4.6% and accelerating from a 5.7% rise in the fourth quarter of 2025. This robust performance was noted by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, who highlighted the country’s economic strength amidst challenging global conditions.

The report underscores the cautious optimism held by RHB Bank, as it navigates the complexities of the global economic landscape. The potential for policy adjustments by the MAS later in the year remains contingent on external factors, particularly the impact of geopolitical tensions on energy prices.

Looking ahead, RHB Bank’s stance reflects a balanced view of the risks and opportunities facing Singapore’s economy. The bank’s previous report, released on 18 May, upgraded the full-year Non-Oil Domestic Exports (NODX) forecast to 7.5%, further indicating confidence in the nation’s economic prospects.

CoWorkSpace has launched a new serviced office at 6 Raffles Quay, Singapore, offering over 50 private suites designed for startups, SMEs, and established corporations. As office rents in Singapore’s Central Business District (CBD) rise for the fifth consecutive quarter, CoWorkSpace aims to provide members with stable pricing, shielding them from the rent increases typically passed on by flexible office operators.

Located on the 16th floor of the office tower, CoWorkSpace’s facility is directly linked to Raffles Place and Downtown MRT stations via sheltered walkways, ensuring convenient access regardless of weather conditions. The owner-operated model of CoWorkSpace distinguishes it from other industry players, offering medium to long-term price stability and reducing risks such as sudden closures or forced relocations.

The office is configured mainly as private suites, eschewing hotdesks and virtual office memberships. Each suite is equipped with electronic height-adjustable desks, modern office chairs, and pedestal cabinets. Shared amenities include a business lounge, high-speed internet, meeting rooms, and printing facilities. An in-house IT team manages the network and infrastructure, ensuring prompt responses to IT-related issues.

CoWorkSpace’s strategic location and comprehensive facilities cater to industries such as shipping, financial services, and technology, providing a prestigious business address and flexible membership options. This development is set to appeal to businesses seeking stability and privacy in a competitive rental market.