Industry News

ESR, a prominent Asia-Pacific real asset owner and manager, has exceeded its initial US$2b refinancing target by exercising its upsize option, driven by robust demand from a global lender syndicate. This move underscores the lenders’ confidence in ESR’s long-term growth strategy, which focuses on logistics real estate, data centres, and energy infrastructure.

The refinancing enhances ESR’s financial flexibility, enabling it to pursue strategic growth initiatives across key Asia-Pacific markets. In 2025, ESR completed approximately US$1.1b in net debt repayment, with further deleveraging planned for this year. Matthew Lawson, Chief Financial Officer of ESR, stated, “This refinancing is a tangible demonstration of ESR’s disciplined approach to capital management for long-term growth. The oversubscription reflects strong lender conviction in our sharpened strategy.”

The transaction was fully underwritten by leading global and regional banks, including HSBC, Mizuho, Qatar National Bank, UOB, Maybank, and OCBC. The five-year sustainability-linked refinancing consolidates existing loan facilities into a multi-currency structure, expanding ESR’s lender base with new banking relationships in Europe and the Middle East.

This refinancing aligns with ESR’s strategy to simplify its business and expand its core logistics and data centre operations, positioning the company to seize long-term growth opportunities and deliver value to its capital partners and customers across the region.

The Global Asia Insurance Partnership (GAIP) has released a comprehensive three-part research series highlighting the urgent need for the insurance industry to adapt to the escalating impacts of climate change. With global insured losses from natural catastrophes reaching US$107b in 2025, GAIP warns that the industry is nearing an “insurability tipping point,” where coverage could become unaffordable or unavailable.

GAIP’s research identifies three critical priorities for insurers, regulators, and governments to maintain viable insurance coverage: reinforcing risk intelligence, redesigning protection, and realigning investment. Min Hung Cheng, CEO of GAIP, emphasised the necessity of forward-looking risk management and climate-aligned investments to preserve insurability. “The actions taken today will help determine whether insurance remains an effective safety net for people, businesses, and economies,” Cheng stated.

The research delves into the dual challenges posed by climate change: physical risks from environmental impacts and transition risks from the shift to a low-carbon economy. GAIP suggests moving beyond traditional risk models to incorporate forward-looking elements and expanded climate data infrastructure. Additionally, adaptive protection design and investment alignment are crucial to address new risks and ensure market viability.

GAIP’s findings underscore the broader economic and societal implications of climate change, as disruptions extend beyond initial disasters to affect supply chains, public health, and business continuity. The organisation calls for deeper public-private collaboration to tackle these intertwined challenges effectively.

EM Services and SPTel have entered into a strategic partnership to advance smart estate management through digital connectivity and Internet of Things (IoT) solutions. The collaboration was formalised with a Memorandum of Understanding (MOU) signed on 6 August 2026 during the 29th SME Infocomm Commerce Conference in Singapore.

The partnership combines EM Services’ expertise in estate management with SPTel’s digital infrastructure capabilities, including resilient connectivity and IoT technologies. Their first project, a Smart Rodent Monitoring solution, has been deployed at selected estates. This initiative, supported by Cre8tec, uses connected sensors to monitor rodent activity, enabling timely interventions and maintaining hygienic common spaces.

Beyond rodent monitoring, the partnership will explore further applications of connectivity and IoT in estate management, such as utilities and environmental monitoring. The goal is to enhance operational efficiency and service delivery. EM Services will also collaborate with industry partners and Institutes of Higher Learning to pilot scalable technologies for estate operations.

Jen Tan, CEO of EM Services, stated, “Our partnership with SPTel brings together operational expertise and digital connectivity to support more proactive estate management.” Ernest Lee, CEO of SPTel, added, “This partnership reflects our shared commitment to advancing digital infrastructure for more connected, responsive, and sustainable communities.”

The collaboration aims to deliver faster detection and resolution of estate issues, better resource utilisation, and improved living environments for residents.

Acrophyte Hospitality Trust (ACRO-HT) has announced its financial results for the first half of 2026, revealing a 2.6% decline in revenue to $76.1m. This decrease is primarily attributed to the divestment of two hotels, which led to a 4.8% reduction in available rooms. Despite these challenges, revenue on a same-store basis saw a modest increase of 0.4%.

Net property income fell by 6.1% to $16.9m, influenced by inflationary pressures, higher utility and insurance costs, and operational disruptions from renovations at four hotels. Gross Operating Profit also saw a decline, dropping 5.9% to $25.1m. The CEO of the Managers, James Sung Jung, highlighted the impact of these factors, stating, “Our operational performance in 1H 2026 was impacted by the absence of contributions from the divested hotels, which resulted in a 4.8% reduction in rooms available for the portfolio.”

The US lodging market showed resilience, with occupancy increasing by 0.9% and Average Daily Rate (ADR) growing by 3.8%, resulting in a 4.8% rise in Revenue Per Available Room (RevPAR). However, ACRO-HT faces significant capital expenditure requirements, with an estimated $100m needed for renovations and maintenance from FY2025 to FY2027.

In response to these financial pressures, the Boards have decided to suspend distributions to Stapled Securityholders from 1H 2026, with the suspension expected to last until 2H 2028, unless market conditions improve.

Coliwoo has announced the proposed sale and leaseback of its 212-room co-living development, Coliwoo Midtown, located at 141 Middle Road, for S$134m. The transaction is expected to yield an estimated gross gain of S$9.2m upon completion. This move is part of Coliwoo’s strategy to advance its capital recycling initiatives and maintain an asset-light approach.

The 10-year leaseback agreement ensures that Coliwoo retains operational control and management of the rooms under its brand. Executive Chairman and CEO of Coliwoo, Kelvin Lim, highlighted that this transaction underscores the company’s commitment to transforming underutilised properties into institutional-grade assets. He stated, “Our capital recycling model — from acquisition and renovation to operation, disposal and leaseback — enables us to accelerate growth whilst staying true to our asset-light approach.”

This strategic decision allows Coliwoo to unlock liquidity and redeploy capital into future projects, supporting its goal of expanding to 10,000 rooms by 2030. The sale and leaseback model also provides Coliwoo with greater control over its growth pipeline, reducing reliance on master lease opportunities.

By maintaining operational continuity and crystallising value for shareholders, Coliwoo aims to create a sustainable expansion cycle for its portfolio. The transaction is a significant step towards achieving the company’s long-term growth objectives whilst ensuring the brand’s presence in the market.

Knight Frank Singapore has reported a significant rise in auction listings for the second quarter of 2026, marking the fifth consecutive quarterly increase. The total number of listings reached 157, a 6.1% increase from the previous quarter and a 30.8% rise year-on-year. Despite the increase in listings, the gross sales value was S$14m, reflecting a 36.1% quarterly increase but a 34.3% decrease compared to the same period last year.

The auction market in Q2 2026 was dominated by mortgagee sales, which accounted for 109 of the listings. This marks a 5.8% increase from Q1 2026 and the second consecutive quarter with over 100 mortgagee listings, a level not seen since the pandemic. Tan Tee Khoon, Head of Auction & Sales at Knight Frank Singapore, noted that the rise in mortgagee sales could indicate financial pressures leading banks to act on non-performing mortgages.

Residential and industrial properties made up the majority of the auction listings, with residential listings increasing by 25.8% and industrial listings by 19% from the previous quarter. Notable sales included a 999-year leasehold terrace house for S$5.2m and a freehold terrace house for nearly S$3m.

Looking ahead, the auction market is expected to remain active, driven by value-conscious buyers seeking attractive entry prices and redevelopment potential. The KF Bidding App has also expanded its reach, facilitating the first successful HDB resale transaction and broadening participation in property auctions.

Maybank Singapore has announced its participation in the Monetary Authority of Singapore’s (MAS) BLOOM initiative, aiming to revolutionise cross-border settlements. The initiative, which stands for Borderless, Liquid, Open, Online, Multi-currency, seeks to improve financial interoperability through the use of tokenised bank liabilities and regulated stablecoins.

This collaboration marks another milestone in Maybank’s journey towards digital finance, following its involvement in the first tokenised sukuk issuance by Khazanah Nasional Berhad and the real-time Malaysian Ringgit-Singapore Dollar FX conversion for Yinson Holdings Berhad. Alvin Lee, CEO of Maybank Singapore, stated, “Through BLOOM, Maybank aims to help shape the common standards and infrastructure principles needed to enable the future of digital finance in Singapore.”

Maybank’s participation in BLOOM aligns with its ROAR30 strategy, a five-year plan to invest S$3.2b (RM10b) in technology, data, and artificial intelligence. This strategy focuses on making banking more efficient and accessible, particularly for small and medium enterprises.

In addition to its technological advancements, Maybank has been recognised by Euromoney’s Awards for Excellence 2026 as the World’s Best Bank for Corporate Responsibility, Asia’s Best Bank for ESG, and ASEAN’s Best Bank for Large Corporates. These accolades underscore Maybank’s commitment to sustainable and responsible banking practices.

Koh Brothers Group Limited has announced a 24% increase in revenue, reaching $188m for the first half of 2026. This growth is primarily attributed to higher contributions from its Construction and Building Materials division. The group’s cash and bank balances have also risen to $125.7m, with a net asset value per share of 67.22 Singapore cents.

The company, known for its construction, property development, and specialist engineering solutions, remains focused on executing its robust construction order book, valued at approximately $1b, with project visibility extending to 2029. Despite a challenging operating environment, the group continues to deliver on key projects, including the construction of intra-terminal tunnels at Changi Airport’s new Terminal 5 and the Lorong Halus Bus Depot.

Executive Chairman and Group CEO Francis Koh highlighted the impact of geopolitical conflicts and supply chain disruptions on profitability, noting increased material and procurement costs. “We remain focused on disciplined cost management, operational efficiency, and the recovery of costs relating to variation orders where appropriate,” he stated.

Looking ahead, Koh Brothers plans to leverage its established track record and technical expertise to pursue quality projects that align with its core strengths. The group aims to create sustainable long-term value for shareholders whilst maintaining a prudent approach to capital allocation.

1exchange, a leading regulated exchange for real-world asset (RWA) tokens, has announced its approval as a validator on Canton, a privacy-enabled public blockchain network designed for capital markets. This collaboration aims to bolster 1exchange’s capabilities in tokenising, listing, and trading RWAs with enhanced privacy and security measures.

Canton’s infrastructure allows financial institutions to conduct efficient transactions whilst adhering to confidentiality and compliance requirements. Its selective disclosure capabilities enable participants to share transaction data only with authorised parties, maintaining interoperability across the network. This feature is crucial for financial institutions seeking to engage in connected RWA markets without compromising on modern capital market controls.

As a Recognised Market Operator (RMO) regulated by the Monetary Authority of Singapore (MAS), 1exchange provides a marketplace for the tokenisation and secondary trading of RWAs. By integrating with Canton, 1exchange enhances its ability to protect sensitive information, such as investor identities and transaction data, throughout the asset lifecycle. The integration also aims to streamline the issuance of regulated digital assets by incorporating Canton’s compliance and regulatory controls directly into the tokenisation process.

Sheena Lim, CEO of 1exchange, stated, “The future of tokenisation will be defined not only by the assets brought on-chain but also by the quality of the market infrastructure supporting them. Canton aligns closely with the needs of institutional capital markets.”

Yuval Rooz, CEO of Digital Asset and co-founder of Canton, added, “By joining Canton, 1exchange helps expand our presence in Asia and meet the growing regional demand for secure, interoperable digital asset infrastructures.”

This partnership places 1exchange among a growing ecosystem of global financial institutions advancing the next generation of regulated digital capital markets.

Bahren Shaari, former CEO of the Bank of Singapore, is spearheading the expansion of Mentor List’s exclusive Mastermind programme into Singapore. Since its launch in April, the programme has quickly established itself as a hub for the country’s leading CEOs and C-Suite executives, who gather for confidential peer sessions chaired by Shaari himself.

Shaari, who led the Bank of Singapore from 2015 to 2022, brings over three decades of experience in finance to his role as Group Chair of Mentor List Singapore Mastermind. “Great leadership is rarely built in isolation,” Shaari remarked, emphasising the value of peer discussions in leadership development. He noted the exceptional calibre of leaders participating in the programme and expressed optimism about its growth.

The programme has featured high-profile guest mentors such as Ho Kwon Ping, Executive Chairman of Banyan Tree, and Mike Smith, former CEO of HSBC Asia. These mentors share practical insights from their leadership experiences, which has resonated well with Singapore’s senior leaders, highlighting a strong demand for experience-led peer mentoring.

David Lewis, Founder of Mentor List, praised Shaari’s leadership and the positive market response. “Bahren represents exactly what Mentor List stands for: proven leadership, generosity of spirit, and a genuine commitment to lifting others,” Lewis said. The programme continues to welcome new members by invitation and application, aiming to further enrich Singapore’s executive community.