Industry News

Allianz Global Investors (AllianzGI) has announced an agreement to acquire UOB Asset Management (UOBAM), the asset management arm of UOB Group, for S$555m (€376m). The acquisition, expected to complete in 2027 pending regulatory approvals, will significantly bolster AllianzGI’s presence in the Asia Pacific region, doubling its assets under management in Singapore and increasing its regional assets to over €170b.

The acquisition is complemented by a long-term distribution agreement with UOB, which will leverage UOBAM’s South-East Asian investment expertise and UOB’s extensive retail network. This partnership aims to deliver a broader range of investment solutions to clients across the region. Tobias Pross, CEO of AllianzGI, stated, “Adding their complementary South-East Asian investment expertise to our global platform will boost our combined offering and significantly accelerate our growth in this dynamic region.”

The deal provides AllianzGI with an established presence in high-growth markets such as Thailand, Malaysia, and Vietnam, enhancing its ability to offer innovative investment capabilities. UOB’s Deputy Chairman and CEO, Wee Ee Cheong, highlighted the partnership’s potential to meet the evolving wealth and investment needs of over 8 million ASEAN customers.

This strategic move underscores AllianzGI’s commitment to expanding its market reach and enhancing client offerings in South-East Asia, promising new opportunities for both firms and their clients. Completion of the transaction will mark a significant milestone in AllianzGI’s growth trajectory in the region.

JLL has announced the launch of Lakeside Towers for collective sale by tender, with a reserve price set at S$350m. Situated in the Jurong Lake District, Singapore’s planned second Central Business District, the property boasts 190 metres of unobstructed lakefront views and direct access to Jurong Lake Gardens. The site, completed in 1981, comprises two 20-storey blocks with 144 units on a 99-year leasehold at 9G & 9H Yuan Ching Road.

The redevelopment potential of the site is significant, with the 2025 Master Plan zoning it as ‘Residential’ with a base Gross Plot Ratio (GPR) of 2.1. However, the as-built Gross Floor Area (GFA) verified with the Urban Redevelopment Authority is equivalent to a GPR of approximately 2.36. This could yield up to 395 flats, applying the 85 sqm minimum average unit size.

Nicholas Ng, Head of Land and Collective Sales at JLL Singapore, highlighted the site’s unique value proposition, stating, “Lakeside Towers represents a rare convergence of lakefront scarcity and strategic location within Singapore’s emerging second CBD.”

The site’s strategic location is further enhanced by the Land Transport Authority’s announcement of the Cross Island Line Phase 3, which will bring the new CR20 station to Jalan Terusan, enhancing connectivity. The line is expected to be operational by the late 2030s, providing direct access to key employment nodes and reducing travel times across Singapore’s east-west corridor.

The tender for Lakeside Towers will close on 1 October 2026 at 3.00 p.m.

Grab Singapore has introduced Grab AI Call-A-Ride (Beta), an innovative AI-powered call service designed to make ride booking easier for seniors and those who find mobile app navigation challenging. Developed in collaboration with OpenAI, this service allows users to book rides through natural language conversations with an AI voice assistant, available by dialling +65 3138 0000.

The AI voice assistant, powered by OpenAI’s Realtime Voice model, offers a more intuitive experience than traditional automated call services by engaging in fluid reasoning and processing bookings. Initially optimised for English and Chinese, Grab plans to expand the service to include more regional languages. The pilot aims to gather user feedback to enhance the service further.

Philipp Kandal, Grab’s Chief Product Officer, highlighted the significance of this development: “Advancements in AI are enabling us to better solve a long-standing paradox: choosing between scale and accessibility.” He noted that the service bridges the gap for those who struggle with digital navigation, offering a scalable yet simple solution.

Albert Yip, Head of Technical Success, Asia Pacific from OpenAI, praised the collaboration, stating, “Grab’s service shows what becomes possible when advanced AI is designed around the real needs of the people it serves.”

Before its official launch, the service underwent trials with approximately 1,000 calls, involving various demographic groups. Feedback from these trials, including those conducted at digital literacy workshops, has been used to improve the system’s speech recognition and conversational pacing.

The Grab AI Call-A-Ride (Beta) builds on the company’s previous innovations, such as the Voice Assistant for the Visually Impaired, and continues to explore new ways to make everyday services more accessible.

DBS SME Banking has unveiled a new initiative, “DBS for SMEs”, aimed at bolstering the resilience of small businesses in Singapore. Announced on 5 August 2026, the programme seeks to address operational challenges such as working capital, digital payments transformation, and AI adoption, whilst promoting sustainable growth.

The initiative is part of a broader campaign coinciding with National Day and follows the introduction of a S$900m national support package. It marks DBS as the first bank to extend additional support to local businesses, offering them access to expertise, networks, and opportunities.

The “DBS for SMEs” programme focuses on three key areas:

– Advisory and capability-building: DBS will provide onboarding workshops, one-on-one advisory sessions, and industry-focused sessions for sectors like healthcare and construction. Programmes will also target second-generation business owners, covering leadership succession and digital transformation.

– Cross-border payments and FX solutions: SMEs will benefit from enhanced cross-border payment options and FX transaction savings, with the ability to transact in 132 currencies across 190 countries. DBS offers tools to lock in currency exchange rates, providing greater control over transactions.

– Financing solutions: The bank will expand access to project and working capital loans, particularly for capital-intensive projects, through the enhanced Enterprise Financing Scheme in partnership with Enterprise Singapore.

The initiative is informed by DBS’ Business Pulse Check Survey, which found that nearly half of SMEs are prioritising diversification and technological adoption. Sharon Tan, Head of SME Banking at DBS Singapore, stated, “DBS for SMEs reflects our continued commitment to supporting businesses of all sizes… to navigate uncertainty with greater confidence.”

DBS will also highlight local entrepreneurs through its campaign, showcasing their adaptability and growth strategies.

The Housing Development Board (HDB) resale market in Singapore experienced a significant uptick in activity in July 2026, with transactions reaching 2,660 units—a 24.5% increase from the previous month, according to the latest 99-SRX Media Flash Report. This surge represents the highest monthly resale volume recorded in 2026, attributed partly to the timing of the June Build-To-Order (BTO) exercise.

The June BTO launch saw 6,952 flats offered across seven projects, drawing 22,312 applications. Many potential buyers delayed resale purchases whilst awaiting BTO results, leading to a rebound in resale activity once the school holidays concluded and unsuccessful applicants returned to the market. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that this rebound aligns with a normalisation of activity rather than a sudden shift in buyer sentiment.

Despite the increase in volume, resale prices fell by 0.7% both month-on-month and year-on-year. Prices in Mature Estates decreased by 1.7%, whilst Non-Mature Estates saw a 0.3% decline. By room type, 3-room, 4-room, 5-room, and Executive flats experienced price drops of 0.4%, 0.9%, 1.1%, and 1.5%, respectively.

In July, 187 resale flats were sold for at least S$1m, slightly down from 188 in June. The highest transaction was S$1.58m for a 5-room flat at Natura Loft. Looking ahead, with around 8,000 flats expected to launch in October, a similar pause in resale activity could occur in September as buyers evaluate the upcoming BTO exercise.

As Singapore celebrates its 61st National Day, many residents are taking advantage of the extended weekend from 7 to 10 August for short getaways. Data from Trip.com reveals a significant rise in travel activity, with flight and staycation bookings increasing by over 30% compared to the previous year. This trend highlights a growing preference for nearby destinations and luxury staycations.

Bangkok, Kuala Lumpur, and Ho Chi Minh City have emerged as the top international destinations for Singaporeans, with seven out of the top 10 preferred cities being short-haul. “Long weekends have become valuable opportunities for Singaporeans to take a break from their routines,” said Edmund Ong, General Manager of Trip.com Singapore. He noted a strong demand for short-haul getaways and staycations, emphasising the importance of experiences that bring loved ones together.

Whilst short-haul travel dominates, there is a noticeable increase in interest for medium-haul destinations. Busan leads in year-on-year growth, followed by several Chinese cities such as Shenzhen and Chongqing. Island destinations like Phu Quoc and Jeju also feature prominently.

Trip.com data suggests that early planning, ideally eight months in advance, is key to securing the best travel deals. Despite the allure of international travel, staycations remain popular, with a 31% rise in local hotel bookings. Luxury properties such as Mandai Rainforest Resort and The Ritz-Carlton are among the favourites for those opting to stay within Singapore.

As Singaporeans prioritise quality time with family and friends, the National Day weekend serves as a perfect occasion to create lasting memories, whether at home or abroad.

The Singapore Space Summit is set to return on 25–26 February 2027 at the Sands Expo and Convention Centre, Marina Bay Sands, with an expanded focus on industry and innovation. Supported by the National Space Agency of Singapore, the event aims to showcase cutting-edge technologies and innovations shaping the global space economy.

Building on the success of its inaugural event in 2026, which attracted over 2,000 attendees and 300 companies, the 2027 summit will introduce new partnerships and initiatives. Notably, a collaboration with Starburst, a global aerospace and defence innovation platform, will connect startups with investors and industry partners. The summit will also feature an expanded Singapore Pavilion, organised with the Association of Aerospace Industries Singapore, highlighting local enterprises’ capabilities.

Key themes for the summit include orbital sustainability, the commercial space economy, and AI-powered digital twins for resilient cities. Discussions will also cover dual-use technologies and space security. ST Engineering returns as a Founding Partner, with Unseenlabs joining as Co-Sponsor, reinforcing industry support.

Leck Chet Lam, Managing Director of Experia Events, stated, “We are building on this momentum by expanding industry participation and introducing new initiatives that support startups and innovation.”

The summit aims to foster new partnerships and shape the future of the space sector, with more information on the programme and speakers to be announced in the coming months.

Choco Up, a leading growth financing platform in Asia, has expanded its partnership with Koomi to introduce an embedded Accounts Payable (AP) Financing solution for Singapore’s food and beverage (F&B) businesses. This initiative allows merchants to access working capital directly within the Koomi platform, with pre-approved financing of up to S$150,000 available to over 1,000 F&B outlets.

The new financing suite is integrated into Koomi’s restaurant operating platform, which supports more than 1,200 outlets across Singapore, including popular names like Tiong Bahru Bakery and Tim Ho Wan. This integration aims to help businesses manage cash flow, supplier payments, and inventory procurement more efficiently. Percy Hung, CEO and Founder of Choco Up, emphasised the importance of managing cash flow, stating, “For many restaurants, the challenge isn’t demand, it’s timing.”

Singapore’s F&B sector faces rising operating costs and changing consumer spending patterns, creating a need for financial flexibility. Traditional financing options are often limited due to the sector’s higher insolvency rates. By embedding AP Financing into Koomi’s ecosystem, Choco Up and Koomi aim to simplify the financing process. Eligible merchants can access pre-approved funds without the lengthy documentation typically required.

Andrew Tay, COO and Co-Founder of Koomi, highlighted the ease of access, saying, “By embedding AP Financing directly into the platform, we’re making it easier for merchants to access working capital within the workflows they already use.” This partnership seeks to bolster the resilience and growth of Singapore’s F&B ecosystem.

The Berlayar Drive Government Land Sales (GLS) site has garnered significant attention, receiving a top bid of $1,515 per square foot per plot ratio (psf ppr) from Intrepid Investments and GuocoLand (Singapore). This marks the second GLS tender in the Greater Southern Waterfront (GSW), following a previous site at Telok Blangah Road awarded for $1,326 psf ppr in November 2025.

The interest in the Berlayar Drive site underscores developers’ confidence in the GSW precinct, particularly given its unique status as the only low-rise land parcel in the area. Mark Yip, CEO of Huttons Asia, highlighted the site’s strong locational attributes, noting its prime city fringe location, proximity to Telok Blangah MRT station, and its sea and greenery views, which are expected to remain unobstructed.

The GLS programme, alongside the recent relaxation of the Additional Buyer’s Stamp Duty (ABSD) timeline for large enbloc sites, may lead to an increase in collective sale sites. This could provide developers with more options, allowing them to be selective in their acquisitions.

Looking ahead, the broader Rest of Central Region (RCR) market may see close to 3,000 units offered for sale in 2027. If all land parcels in the GSW precinct are sold, over 1,800 units could be launched between 2027 and 2028. The Berlayar Drive site, with its low-density appeal, is expected to attract those preferring low-rise living.

Linklaters has successfully advised on the issuance of S$2.6b (approximately $2.025b) Green Singapore Government Securities (Infrastructure) due 2046. This issuance, under the Government of Singapore’s medium-term note (MTN) programme, includes S$7.62m allocated for retail investors via a public offer. The funds raised will support projects aligned with the Singapore Green Bond Framework.

The MTN programme allows the Government to issue securities under the Significant Infrastructure Government Loan Act 2021 (SINGA), with terms agreed between the Monetary Authority of Singapore and relevant dealers. The issuance saw robust demand from investors, highlighting the growing interest in sustainable finance.

Amit Singh, Head of South and Southeast Asia Capital Markets at Linklaters, expressed pride in the firm’s role, stating, “This latest transaction is another important milestone in Singapore’s sovereign green finance journey and reflects the continued development of its sustainable finance market.”

Linklaters, with over 50 years of experience in Asia, has a strong reputation in the region’s capital markets. The firm has been involved in numerous high-profile issuances, including a previous S$2.5b green bond by the Singapore Government. The team for this transaction was led by Amit Singh and capital markets partner Xunming Lim, supported by managing associate Alwyn Loy and associates Ashley Loh and Reeve Chia.

The successful issuance underscores the strength of Linklaters’ capital markets capabilities and the increasing demand for green financial instruments.