Industry News

Singapore Exchange Regulation (SGX RegCo) has initiated a public consultation on the proposed listing rules for its upcoming Global Listing Board, designed to facilitate dual listings on both the Singapore Exchange (SGX) and Nasdaq. This initiative follows a collaboration announced on 19 November 2025 between SGX Group and Nasdaq, aimed at simplifying the dual listing process.

The Global Listing Board is part of the Equities Market Review Group’s recommendations to enhance Singapore’s equities market by improving connectivity with overseas exchanges. The new board will allow companies to list simultaneously in North America and Asia, using a single set of offering documents and undergoing a streamlined review process. Legislative changes to Singapore’s Securities and Futures Act will support this framework.

Key admission requirements for the Global Listing Board include a minimum market capitalisation of S$2b and a listing on the Nasdaq Global Select Market. Companies must also appoint a Singapore resident independent director or a Singapore-based compliance adviser. Additionally, at least 5% or S$50m of the offering must be allocated to retail brokerages to ensure retail access.

Ongoing obligations for listed companies include timely disclosures on SGXNet and maintaining their Nasdaq listing. Failure to comply will result in delisting from the Global Listing Board.

The Monetary Authority of Singapore has also released a Consultation Paper on the necessary legislative amendments. The consultation period for the proposed rules is open until 8 February 2026.

Rex International has revealed that its indirect subsidiary, Akrake Petroleum, is set to begin production at the Sèmè Field in Block 1, Benin by the end of January 2026. This development marks a significant milestone for the company, which has been working towards this goal for some time.

The Sèmè Field, located offshore, is expected to enhance Akrake Petroleum’s production capabilities significantly. The announcement was made by Rex International, highlighting the strategic importance of this project in expanding their operational footprint. The commencement of production is anticipated to bolster the company’s output and contribute to meeting growing energy demands.

This move is part of Rex International’s broader strategy to optimise its resources and increase its market presence. The Sèmè Field project is seen as a critical component in achieving these objectives, promising to deliver substantial returns once operational.

The announcement underscores the company’s commitment to advancing its production capabilities and underscores the potential for future growth. As the project progresses, stakeholders will be keenly observing its impact on the company’s performance and the broader energy market.

Singapore’s prime residential market experienced a significant uptick in activity during the second half of 2025, according to Knight Frank’s latest report. The easing of interest rates has opened up opportunities in the high-rise market, particularly in resale properties, which are being offered at a discount compared to new launches.

In 2025, the prime non-landed residential sector saw 257 home sales, totalling S$2.2b—a 54.5% increase in sales value from the previous year. The second half alone accounted for 129 sales, valued at S$1.1b. Nicholas Keong, Head of Residential and Private Office at Knight Frank Singapore, noted that the average unit price rose by 1.5% to S$2,546 per square foot, largely due to new sales premiums.

The landed residential market also showed robust growth, with the URA Property Price Index for landed homes rising 3.5% quarter-on-quarter in Q4 2025, culminating in a 7.7% annual growth. A total of 908 landed homes were sold in 2025, with sales reaching S$8.2b, up from S$6.4b in 2024.

Looking ahead, the prime non-landed market is expected to stabilise in 2026, with price increases projected to be between 1% and 3%. Meanwhile, the landed home market is anticipated to see modest value gains of 3% to 5%, as buyers focus on ready-to-move-in properties within the S$5m to S$10m range.

Eminent macroeconomist Professor Alan M. Taylor has been appointed as the MAS Distinguished Term Professor in Economics and Finance at the National University of Singapore (NUS) from 12 to 16 January 2026. This appointment is a collaboration between NUS and the Monetary Authority of Singapore (MAS), with Professor Taylor hosted by the Department of Economics at NUS and the Economic Policy Group of MAS.

Currently a Professor of International and Public Affairs at Columbia University, Professor Taylor is also an external member of the Monetary Policy Committee at the Bank of England and a research associate at both the National Bureau of Economic Research and the Centre for Economic Policy Research. His work, particularly on international trade, finance, and macroeconomics, has been widely published in leading journals.

Professor Lionel Wee, Dean of NUS Faculty of Arts and Social Sciences, remarked on the privilege of hosting Professor Taylor, noting his significant contributions to reshaping views on economic history and macro-finance. Edward Robinson, Deputy Managing Director and Chief Economist at MAS, highlighted Taylor’s pioneering research on exchange rate behaviour and financial crises, which is particularly relevant as policymakers navigate post-pandemic monetary policy challenges.

During his tenure, Professor Taylor will deliver a public lecture at NUS on 14 January titled “Driving over the peak — or a false summit?” This lecture will explore the concept of “peak trade” and its implications for monetary policy. Additionally, he will engage in discussions with NUS faculty and deliver a talk at MAS, addressing international economics and monetary policy issues.

The MAS Term Professorship, established in 2009, aims to enhance Singapore’s financial and economics research landscape by inviting distinguished scholars to contribute to the academic community.

ING has announced a leadership transition in its shipping sector, with Stephen Fewster, the current Global Lead, set to leave the bank at the end of Q2 2026. Fewster, who has had a distinguished career spanning over 40 years in banking and international shipping finance, will serve as Executive Chair of the Shipping team during the transition. He plans to continue his career in non-executive roles within the shipping industry.

Effective 1 January 2026, Gerbrand Vroegop, currently Head of Transport & Logistics APAC, will assume the role of Global Lead of the Shipping Sector. Vroegop, based in Singapore, has been with ING since 1999 and brings extensive international experience from his time in London and Rotterdam. Robartus Krol will take over as Head of Transport & Logistics UK, having built a career in London and the Netherlands, and is recognised for his global relationships with shipowners.

Fewster expressed confidence in the new leadership, stating, “After 23 rewarding years at ING, I’m proud to leave the shipping business in strong hands and I’m confident it will continue to thrive. With Vroegop and Krol at the helm, our long-standing strategy and commitment to clients remain firmly in place.”

ING continues to support the Transport & Logistics sector, with Michele Monterosso leading from July 2025. The bank maintains dedicated teams across six sub-sectors, including Shipping, Aviation, and Automotive, with major hubs in cities such as Amsterdam, London, and Singapore.

The Monetary Authority of Singapore (MAS) has announced proposed amendments to the Securities and Futures Act 2001 and draft regulations to facilitate dual listings on the Global Listing Board (GLB). The GLB, a collaboration between Singapore Exchange (SGX) and Nasdaq, was unveiled in November 2025. The changes aim to simplify the dual listing process by allowing a single prospectus, aligning initial public offering (IPO) timelines between the US and Singapore, and permitting certain US-style practices.

The proposed regulations are designed to make the listing process more efficient for issuers seeking dual listings. Key measures include requiring the Singapore prospectus to align with US requirements and shortening the registration process in Singapore to match US IPO timelines. Additionally, safe harbour provisions will be introduced to facilitate forward-looking statements, share repurchases, and pre-determined trades, provided specific conditions are met.

MAS’s amendments also offer flexibility for adopting similar frameworks for jurisdictions with comparable disclosure standards. This initiative aims to enhance cross-border investment opportunities by providing companies with a market capitalisation of S$2b and above a streamlined pathway to access capital and liquidity across the US and Asia.

Furthermore, MAS proposes allowing issuers to engage retail investors earlier in the IPO process, supporting bookbuilding efforts and giving investors more time to understand offers. This change will enable issuers on the GLB to synchronise their engagement with retail investors in both the US and Singapore.

MAS and SGX will retain authority over all listings and prospectus registrations in Singapore, ensuring compliance with disclosure requirements and addressing market misconduct. Feedback on the proposals is invited until 8 February 2026.

Attika Group has announced the acquisition of two new interior fit-out contracts valued at approximately S$38m, significantly bolstering its order book through 2027. The major contract, worth S$36m, involves a 20-storey commercial office project covering around 371,350 square feet.

The new contracts are expected to strengthen Attika Group’s revenue visibility, building on recent successes in data centre and public sector projects. Steven Tan, Managing Director and Executive Chairman of Attika Group, stated, “The award of the commercial building fit-out contract reflects the confidence our clients have in Attika’s project management expertise and track record in executing high-quality commercial interior works.”

Attika Group’s strategic focus on high-growth sectors such as data centres and large-scale commercial offices is a deliberate move to ensure sustained growth. As the company progresses into 2026, these contract wins are anticipated to provide strong revenue visibility and reinforce its commitment to excellence. Tan added, “We remain focused on disciplined execution to deliver value to our stakeholders.”

The scale of the new development further cements Attika Group’s position in the premium commercial segment, highlighting its capability to manage large-scale projects effectively. With these new contracts, the company continues to build a diversified foundation for future growth, ensuring its stakeholders benefit from its strategic initiatives.

Singapore car buyers are increasingly opting for internal combustion engine (ICE) vehicles over electric vehicles (EVs), according to the EY 2025 Mobility Consumer Index. The survey, which included around 300 Singaporean respondents, revealed that 32% now plan to purchase ICE vehicles, up from 26% in 2024. This mirrors a global trend, with 50% of car buyers worldwide showing a preference for ICE vehicles.

The shift away from EVs is attributed to several factors, including concerns over charging infrastructure and the high cost of battery replacements. In Singapore, 56% of respondents cited issues with public charger quality and interoperability, whilst 42% pointed to expensive battery replacements as significant deterrents. Additionally, 40% highlighted the lack of charging infrastructure as a barrier.

Sriram Changali, EY-Parthenon Asean and Singapore Industrials Leader, noted, “The cooling of EV enthusiasm suggests that consumers are taking a more cautious, practical view of ownership, weighing real-world considerations such as charging reliability and interoperability, and total cost of ownership.”

Despite the shift, EVs remain the preferred choice overall. However, the high cost of connected services and limited comfort with advanced autonomous capabilities continue to pose challenges. Only a third of Singapore respondents feel comfortable with Level 3 or above autonomous features, citing accident risk and technology failure as top concerns.

Dealerships continue to play a crucial role in the car-buying process, with 49% of Singaporeans preferring in-person purchases. Changali emphasised the importance of dealerships in guiding consumers through the transition to EVs, stating, “By providing clear information and hands-on experience, they can help consumers build confidence in new technologies.”

Rex International Holding Limited has announced its production figures for December 2025, revealing a total output of 7,959 barrels of oil equivalent per day (boepd) across its operations in Norway, Oman, and Germany. This update highlights the company’s ongoing activities and production capabilities in these regions.

In Norway, Lime Petroleum AS, a subsidiary of Rex, reported a combined production of 6,873 boepd from the Brage and Yme Fields. Lime Petroleum holds a 33.8434% interest in the Brage Field, operated by OKEA ASA, and a 25% interest in the Yme Field, operated by Repsol Norge AS. The Yme Field’s gas production is utilised for operational purposes and re-injected to enhance oil recovery. The month saw both scheduled and unscheduled shut-ins, which are typical in such operations.

In Oman, Masirah Oil Limited, another subsidiary, announced an average production of 1,032 stock tank barrels per day (stb/d) from the Yumna Field in Block 50. Masirah Oil holds full operational control and a 100% interest in this block.

Meanwhile, in Germany, Lime Resources Germany GmbH reported a combined production of 54 barrels of oil per day (bopd) from the Schwarzbach and Lauben Fields. Lime Resources holds a 100% interest in the Schwarzbach Field and a 50% interest in the Lauben Field, with the latter operated by ONEO GmbH & Co.KG.

These figures underscore Rex International’s diverse portfolio and its strategic operations across multiple regions. The company continues to leverage its proprietary technology to optimise exploration and production activities, ensuring steady output despite operational challenges.

The Singapore office market is set to remain resilient in 2026, driven by stable demand and limited supply, according to Knight Frank’s Q4 2025 report. Occupancy rates in the Central Business District (CBD) reached 94.9%, with prime office rents rising to S$11.49 per square foot per month. Despite economic uncertainties, demand for high-quality office spaces remains robust, with most buildings near full occupancy.

Rents for prime office spaces in the Raffles Place and Marina Bay precincts increased by 0.7% quarter-on-quarter, marking a 1.1% rise for the year. Occupancy levels in these areas rose to 95.7%, up 1.0 percentage points from the previous quarter. Tridiana Ong, Head of Occupier Strategy and Solutions at Knight Frank Singapore, noted that small and mid-sized occupiers could find value in spaces vacated by larger corporates downsizing, though these opportunities are quickly taken.

Landlords currently hold a slight advantage as many occupiers opt for lease renewals to avoid fresh capital expenditure. Larger occupiers, particularly in technology and professional services, are choosing to stay put due to limited quality alternatives. Meanwhile, co-working operators are expanding cautiously, with new centres set to open in 2026.

Looking ahead, the market is expected to maintain stability with moderate rental growth of 3% to 5% annually. Occupancy rates are likely to remain strong as Singapore continues to be viewed as a pro-business hub in Southeast Asia. However, global economic shifts and potential large sublease releases remain factors to monitor.