Industry News

Condo resale prices in Singapore experienced a notable rebound in May 2026, with the SRX Price Index showing a 1.3% month-on-month increase. This rise indicates sustained demand in the market, according to 99.co’s Chief Data & Analytics Officer, Luqman Hakim. Year-on-year, prices climbed by 3.7%, aligning with industry forecasts for the year.

Despite the price increase, the number of units resold fell to an estimated 989, marking an 8.9% decline from April’s figures. However, this volume was still 0.7% higher than in May 2025, suggesting ongoing demand momentum. The decrease in sales is attributed to typical seasonal moderation in the market.

Looking ahead to the second half of 2026, the market is expected to face challenges related to supply and affordability. Several large-scale launches in the Outside Central Region (OCR) are anticipated, with their success likely to indicate the strength of upgrader demand.

In May, resale prices in the Core Central Region (CCR) and OCR increased by 3.7% and 1.6%, respectively, whilst the Rest of Central Region (RCR) saw a slight decrease of 0.7%. The highest resale transaction was recorded at Reflections At Keppel Bay for S$19.28m.

The overall median capital gain for resale condos rose to S$419,000, with District 10 achieving the highest median gain of S$1.02m. The median unlevered return stood at 30.8%, with District 16 leading at 49.3%. These figures highlight the potential for significant returns in the resale market.

OUE Limited and Tokyo Century Corporation have formed a joint venture to acquire the Crowne Plaza Changi Airport from OUE Real Estate Investment Trust for S$500m. The acquisition, announced on 24 June 2026, was agreed upon following an independent valuation by Savills Valuation and Professional Services.

The Crowne Plaza Changi Airport, a 575-room hotel managed by InterContinental Hotels Group, is renowned for its strategic location and has been recognised as the World’s Best Airport Hotel for 11 consecutive years. The property, which includes a main wing and an extension, offers a range of facilities such as a ballroom, function rooms, and an Italian restaurant.

This acquisition marks the second collaboration between OUE and Tokyo Century, following their previous joint venture for the development of Hotel Indigo Changi Airport. The joint venture, named OUE TC Airport Hotel Trust, is equally owned by subsidiaries of both companies.

The purchase agreement includes a put and call option, allowing the joint venture to acquire the leasehold estate and business operations of the hotel. The transaction aims to strengthen the hotel’s competitive position through potential asset enhancement initiatives.

Tokyo Century, a leading Japanese financial services company, has been expanding its hotel business since 2016. This acquisition further solidifies its presence in the hospitality sector, whilst OUE continues to diversify its portfolio. The completion of the transaction is subject to various conditions, including regulatory approvals.

The 11th Singapore International Water Week (SIWW2026) concluded successfully, attracting 2,000 delegates, including 800 leaders, and 21,000 trade visitors from over 71 countries at the Sands Expo and Convention Centre from 15 to 18 June 2026. The event served as a global platform for governments, cities, utilities, academia, and industry to exchange insights and forge partnerships aimed at enhancing water security and climate resilience.

SIWW2026 featured over 100 sessions focusing on Municipal Water Solutions, Industrial Water Solutions, and Coastal and Flood Resilience. These sessions addressed practical approaches to strengthening water resilience amid climate and urbanisation pressures. The event also hosted the largest Water Expo in its history, with 500 exhibitors and 56% overseas participation, facilitating numerous business opportunities and partnerships.

Key announcements included nearly S$100m in funding under the Research, Innovation and Enterprise (RIE) 2030 Urban Solutions & Sustainability Domain, and S$14m awarded by PUB to five projects under the Coastal Protection and Flood Management Research Programme. Additionally, over 15 Memorandums of Understanding (MOUs) were signed, including those forming the Industrial Water Solutions Innovation Ecosystem Alliances.

Ryan Yuen, Managing Director of SIWW, highlighted the event’s role in fostering collaboration and innovation, stating, “SIWW2026 has shown what is possible when the global water community comes together with urgency, purpose and ambition.” The next edition, SIWW2028, is scheduled for 12 to 15 June 2028, promising continued momentum in addressing global water challenges.

Mark Lee, CEO of Sing Lun Industrial Pte Ltd, has been elected as the new chairman of the Singapore Business Federation (SBF) for the 2026-2028 term. The announcement was made during SBF’s 24th Annual General Meeting, where the 13th Council was also introduced. The Council, comprising 24 members, includes 12 elected members, one co-opted member, and 11 representatives from Trade Associations and Chambers.

The newly formed Council aims to enhance SBF’s ability to support businesses in navigating emerging opportunities and challenges. The Council includes six new members, such as Michelle Cheo, Group CEO of Mewah Marketing Pte Ltd, and Kwee Ker Wei, Director of Pontiac Hotel Private Limited, bringing diverse expertise to the table.

Following the AGM, the 5th Future Ready Business Dialogue was held, featuring Chan Chun Sing, Singapore’s Coordinating Minister for Public Services and Minister for Defence. The dialogue focused on the theme “Whole of System Readiness: What Governments and Businesses Must Do Differently,” addressing how organisations can remain resilient amidst global uncertainties.

Under Lee’s leadership, SBF plans to strengthen Singapore’s competitiveness by fostering a pro-enterprise environment and helping companies build future-ready capabilities. “This is a period of profound change for businesses,” Lee stated, emphasising the need for businesses to remain competitive and resilient.

Looking forward, SBF will focus on shaping a pro-business environment, building partnerships for growth, and strengthening support for businesses through various initiatives. As Singapore prepares for its ASEAN Chairmanship in 2027, SBF aims to deepen regional economic integration and strengthen ASEAN’s position as a global growth engine.

Wonderful has announced the expansion of its operations in Singapore, aiming to accelerate the adoption of artificial intelligence (AI) across enterprises in the Asia Pacific region. With $300m in funding, the company is set to provide a multimodel platform, local deployment teams, and Forward Deployed Engineers to facilitate AI integration at scale.

Leading the Singapore operations is Alexander Kleinberg, who brings a wealth of experience from previous roles at Google, Meta, and X. Kleinberg emphasised the importance of transforming AI ambitions into measurable business outcomes, stating, “The challenge is no longer access to technology but how to turn AI ambition into measurable business outcomes across the enterprise.”

Wonderful’s strategy involves addressing the common hurdles faced by organisations in scaling AI initiatives. The company offers three key capabilities: a deep local presence to ensure compliance with data sovereignty and regulatory requirements, Forward Deployed Engineering teams to integrate systems and establish governance frameworks, and an end-to-end enterprise AI integration platform.

Operating across 35 markets, Wonderful supports organisations in 12 industry verticals, including financial services, government, and telecommunications. The platform also enables multilingual deployments, catering to local language and cultural contexts.

As Singapore continues to establish itself as a global AI hub, Wonderful aims to help enterprises move beyond experimentation, embedding AI as a core business capability. The company’s expansion underscores its commitment to driving real transformation and delivering lasting value through AI.

Dataiku has partnered with the Singapore Red Cross (SRC) to revolutionise disaster response and public health preparedness across Southeast Asia using artificial intelligence (AI). This collaboration, part of Dataiku’s AI-for-Good Programme, provides SRC with free access to Dataiku’s AI platform, enabling the automation of previously manual disaster surveillance processes.

The AI platform has transformed SRC’s approach by improving the speed, accuracy, and quality of data collection and analysis. This shift allows for the integration of additional contextual data, such as climate trends, enhancing the organisation’s ability to anticipate and respond to disasters more effectively.

Andrew Boyd, Senior Vice President for Asia Pacific and Japan at Dataiku, highlighted the significance of this collaboration: “When AI is placed in the hands of teams on the ground, it becomes a force multiplier—enabling faster decisions, better coordination, and ultimately more resilient communities.”

In addition to disaster monitoring, the partnership has enabled SRC to forecast leptospirosis outbreaks in Thailand more accurately. By applying machine learning models to weather and environmental data, SRC can better predict outbreaks and implement early intervention measures, improving resource planning for vulnerable communities.

Charlotte Lambert, Head of Dataiku’s AI-for-Good Programme, emphasised the broader impact: “AI-for-Good isn’t about applying technology to isolated use cases—it’s about fundamentally changing how impact is delivered at scale.”

This collaboration exemplifies how AI can empower humanitarian organisations to act swiftly and precisely, ultimately protecting more lives. As Dataiku continues to support NGOs globally, this model could pave the way for enhanced humanitarian efforts worldwide.

JLL has announced the appointment of Matt Bennion as the new Head of Project and Development Services (PDS) for Asia Pacific, effective immediately. Based in Singapore, Bennion will oversee the strategic direction and operational execution of JLL’s PDS business in the region, aligning with global objectives and regional goals. This appointment follows the retirement of Martin Hinge, announced in October 2025.

Bennion, with more than 30 years of leadership experience in the built environment sector, is expected to enhance JLL’s client-focused solutions in the dynamic commercial real estate market. Susheel Koul, CEO of Real Estate Management Services, Asia Pacific, JLL, stated, “Matt’s deep regional expertise, client-centric approach, and proven track record in business transformation position our team well to stay ahead of that curve.”

Previously, Bennion was the Founding Owner and CEO of Thrive-AI, a service provider focusing on intelligent buildings, and CEO of Reds10, where he repositioned the company as a disruptor in the UK construction market. He also served as COO and later CEO of Arcadis Asia, managing a team of 4,500 across 12 countries.

In his new role, Bennion will chair the APAC PDS Executive Committee and report to Cynthia Kantor, Global CEO for Project & Development Services. Kantor noted, “Matt will be a critical component in driving the execution of JLL’s Accelerate 2030 strategy across the region.”

JLL’s PDS offers integrated solutions across the project lifecycle, serving diverse sectors such as corporate offices, data centres, and retail. The appointment underscores JLL’s commitment to leadership talent and market-leading services in Asia Pacific.

Ninja Van Malaysia has significantly enhanced its warehouse operations by integrating Zebra Technologies’ advanced warehousing solutions. The logistics provider, serving nearly 25 million recipients across Malaysia, has modernised its fulfilment processes to accommodate the growing demands of e-commerce and B2B clients.

The implementation of Zebra’s TC2 series mobile computers and the AC2 WAVE Warehouse Management System (WMS) has enabled Ninja Van to double its scanning speed, achieving 30 to 60 scans per minute. This improvement addresses the challenges of high order volumes and time-sensitive dispatch schedules, ensuring seamless operations without delays during peak periods.

Zebra’s ZD200 series desktop printers have also been deployed, allowing for the instant generation of accurate shipping labels. This advancement has virtually eliminated customer complaints related to missed or delayed deliveries, as labels remain legible throughout the delivery process.

Tzi Zhao Lee, Director of Supply Chain and Partnerships at Ninja Van Malaysia, highlighted the benefits: “With faster scanning and a system that keeps everything flowing seamlessly, our operations are now smoother, more efficient, and truly exceptional.”

The collaboration with Zebra Technologies underscores the importance of equipping logistics providers with the right technology to enhance productivity and service reliability. Joelle Booi, Country Lead for Singapore at Zebra Technologies, noted that Ninja Van Malaysia’s success demonstrates how modernising operations at scale can overcome peak-volume challenges and improve workforce morale.

This strategic move positions Ninja Van Malaysia to better serve its clients, ensuring efficient and reliable delivery services across the nation.

Nervotec, a Singapore-based health AI company, has launched NervoScan MCP, a groundbreaking tool that allows AI assistants to assess a person’s vital signs through a simple 10-second face scan. This innovative technology is compatible with any laptop, phone, or webcam camera, providing a contactless method for AI to gain real-world health insights.

NervoScan MCP utilises remote photoplethysmography (rPPG) to detect subtle colour changes in facial video, estimating six vital signs: heart rate, heart rate variability, blood oxygen, respiratory rate, blood pressure, and a stress score. This advancement enables AI assistants to move beyond processing text and data, offering a new layer of physiological context.

Jonathan Lau, Founder and CEO of Nervotec, stated, “For the first time, an AI assistant can access a real-world physiological signal through a simple camera interaction, giving it a layer of context beyond text documents and software tools.”

The technology, developed in collaboration with Singapore General Hospital, has been peer-reviewed and published in JMIR Formative Research in 2025. Nervotec emphasises privacy, ensuring that scan results are not stored, and only a timestamp of the scan is retained.

NervoScan MCP is designed for users of agentic AI, such as biohackers and self-trackers, who seek to integrate physiological data into their AI interactions. As AI systems increasingly access personal information, Nervotec prioritises data governance and user consent.

Whilst NervoScan MCP is a wellness tool and not a medical device, its introduction marks a significant step in integrating health sensing into AI, potentially transforming how users interact with technology in health, training, and daily decision-making.

RHB Bank has announced that it will maintain its full-year inflation forecasts for Singapore, with headline inflation expected to remain at 2.5% and core inflation at 2.0%. Despite recent easing in geopolitical tensions and a decline in crude oil prices, the bank warns of potential upside risks due to global cost pressures. Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlighted the need for continued monitoring of inflation dynamics.

The bank’s report indicates that Singapore’s future inflation trajectory will be influenced by several factors, including fluctuations in global commodity prices, elevated cost-push inflation, and potential increases in food prices due to weather disruptions. These elements could contribute to an upward bias in inflation forecasts.

In May, Singapore’s headline inflation remained steady at 1.8% year-on-year, unchanged from April. This figure was lower than RHB’s in-house projection of 2.3% and Bloomberg’s consensus estimate of 2.0%. Core inflation also held steady at 1.4% year-on-year.

RHB’s decision to maintain its inflation forecasts underscores the complex interplay of global economic factors affecting Singapore. As the situation evolves, the bank will continue to assess the impact of these variables on the country’s inflation outlook.