Industry News

Amberwood at Holland, a premium residential development in Singapore’s District 10, sold 23 out of 70 launched units during its debut weekend. The average price per square foot (psf) was $3,019. According to Huttons Asia CEO Mark Yip, the development’s larger units, particularly the 4-bedroom and 5-bedroom options, accounted for 60% of the sales, indicating a strong appeal to family buyers.

The sales figures are promising for a high-end project in a prime location, despite the units being designed with larger dimensions and thus commanding a higher price. This has naturally limited the pool of potential buyers. Yip noted that buyers are currently evaluating macroeconomic conditions and recent changes in the Phase 2C Primary 1 allocation policy, which may influence purchasing decisions.

Amberwood at Holland’s pricing is competitive when compared to upcoming launches in the Core Central Region (CCR), where prices are expected to exceed $3,300 psf by 2027. As buyers continue to explore market options, sales are anticipated to increase progressively.

The Urban Redevelopment Authority (URA) has proposed amendments to its Master Plan to increase housing density in Upper Changi and Simei, enhancing residential proximity to MRT stations. Announced on 18 September, the changes involve raising the gross plot ratio for three plots of land near Expo and Simei MRT stations, allowing for more housing units.

The largest plot, approximately 2 hectares, is situated between Upper Changi Road and Upper Changi Road East, about 370 metres from Expo MRT station. Its plot ratio is set to increase from 2.1 to 3.5. Another plot, measuring 1.8 hectares across Upper Changi Link, will also see its plot ratio rise to 3.5. The third plot, near the intersection of Simei Road and Simei Street 3, is 510 metres from Simei MRT station and will have its plot ratio increased from 2.1 to 3.4.

These changes are part of URA’s strategy to optimise housing development in areas with strong transport links, aiming to accommodate more residents closer to public transport infrastructure. This move is expected to enhance the living experience by reducing travel times and improving accessibility.

The proposed amendments are significant as they reflect a broader trend towards urban densification in Singapore, particularly in areas well-served by public transport. As the city continues to grow, such initiatives are crucial for meeting housing demands whilst maintaining efficient urban planning. The URA will continue to assess and refine these plans in response to public and stakeholder feedback.

DBS and Avaloq have announced an expansion of their strategic partnership, aiming to enhance wealth management capabilities across Asia. The collaboration, formalised through a memorandum of understanding, seeks to combine DBS’ wealth expertise with Avaloq’s technological prowess to drive growth in retail and wealth assets under management (AuM) towards S$1t by 2030.

The partnership comes as demand for professional investment advice surges in Asia, despite a shortage of talent in the industry. Currently, 70% of investors have a wealth adviser, and over 40% of those without one express a desire for such services. This collaboration will focus on enterprise growth, co-innovation, and capability building, addressing the need for a larger talent pool and enhanced technological support.

DBS and Avaloq plan to deploy Avaloq’s platform more broadly across DBS’ markets, tailoring solutions to meet diverse market needs. The initiative will also include the development of digital platforms, products, and future wealth management models. Additionally, the partnership will leverage DBS’ talent and Avaloq’s expertise to foster skills development through learning programmes and knowledge-sharing sessions.

Shee Tse Koon of DBS highlighted the importance of the partnership, stating, “By deepening capabilities across the wealth continuum, we can give our advisers greater capacity for the judgement that matters and help more customers put their money to work.” Avaloq’s CEO, Martin Greweldinger, expressed excitement about expanding into new markets and co-creating the next generation of wealth technology.

As DBS and Avaloq strengthen their collaboration, the partnership is poised to extend high-quality investment capabilities to a broader client base, supporting the evolving needs of the wealth management industry in an increasingly AI-driven landscape.

Singapore Management University’s Institute of Innovation and Entrepreneurship (SMU IIE) has introduced 36 startups into its August 2026 cohort of the Business Innovations Generator (BIG), an equity-free incubation programme. This cohort, which includes startups led by SMU faculty, alumni, and current students, as well as founders from Singapore and overseas, highlights the growing emphasis on Artificial Intelligence (AI) and digital economy solutions.

Among the 36 startups, 19 are developing AI-driven products across various sectors, including healthcare, logistics, and finance. Notably, the cohort features 22 startups from the SMU community, with the remaining 14 founded by entrepreneurs outside the university. Six startups are incorporated overseas, in countries such as China, India, Malaysia, and the United States.

BIG, established in 2009, has supported 668 startups, collectively raising S$902m. It was recently recognised as the world’s Best Accelerator/Incubator Programme at the Global Startup Awards. Hau Koh Foo, Director of IIE, emphasised the programme’s role in transforming knowledge into impactful solutions, stating, “The August 2026 BIG cohort demonstrates both the growing maturity of Singapore’s innovation ecosystem and the increasing global reach of our community.”

The programme offers startups access to mentors, industry partners, and co-working spaces, fostering an environment for innovation and collaboration. As Singapore continues to establish itself as a hub for entrepreneurship, SMU’s BIG remains a pivotal platform for nurturing early-stage ventures. Interested founders can apply for the January 2027 cohort.

Global Payments has unveiled research highlighting a significant trust gap in agentic commerce among Singaporean consumers. Whilst 59% of Singaporeans are open to AI agents assisting in shopping, only 15% would allow an agent to complete a purchase independently. The majority, 65%, prefer to approve each purchase, and 20% would not permit it at all.

The research arrives as Asia Pacific leads the global ecommerce market, accounting for over 60% of online retail sales by 2026. For Singapore, ensuring agentic commerce aligns with consumer expectations is crucial for retailers and payment providers. Phil Pomford, executive lead at Global Payments, noted, “Consumers want the confirmation step, the certification, the proof it’s secure, before they’ll delegate that final purchase click.”

Singaporeans exhibit the highest demand for government-backed AI safety certification (34%) and expect confirmation before every purchase (39%). They also prefer phone notifications (45%) and biometric sign-offs (41%) before AI-driven purchases, reflecting a desire for secure, verified transactions.

In financial services, the trust gap is pronounced. Whilst 54% of Singaporeans would allow up to S$100 for a money transfer, only 35% are comfortable with AI handling wealth management tasks. This cautious approach extends to digital content, where Singaporeans trust AI to renew subscriptions up to S$52.51 but limit spending to S$23.14 for community-support purchases.

As AI-assisted shopping evolves, retailers must design systems that incorporate these verification processes to gain consumer trust.

Play Nation, the Singaporean play and lifestyle brand, has officially launched its flagship pop-up at The Exchange TRX in Malaysia, marking its first flagship presence in the country. This move is part of the brand’s regional expansion strategy, aiming to introduce Malaysian fans to its unique blend of play, creativity, and community.

The new pop-up brings Play Nation’s presence in Malaysia to seven locations, including a pop-up at Intermark Mall and brand spaces in five Parkson outlets. Over the years, Play Nation has collaborated with local partners such as FamilyMart, Jaya Grocer, and KFC, enhancing its footprint in the Malaysian market.

Kai Jun Wong, Co-Founder and CEO of Play Nation, expressed enthusiasm about the expansion, stating, “The collector community here is passionate, and the strong response to our limited-time campaigns told us Malaysia deserved more than a pop-up.”

The Exchange TRX pop-up transforms the space into a Play Nation universe, featuring collectibles, collaborations, and interactive experiences. Visitors can engage in activities like creating an Ocean in a Bottle at the Do-It-Yourself Bar or capturing moments at the Play Nation-themed Photobooth. The pop-up showcases popular collections such as the Play Nation Heritage Series and Care Bears x Play Nation Global Collection.

In addition to the flagship pop-up, Play Nation continues to expand its reach with dedicated spaces in Parkson department stores, offering Malaysian fans more opportunities to engage with the brand. This expansion reflects Play Nation’s commitment to bringing play into everyday experiences and strengthening its connection with Malaysian audiences.

Ally Logistic Property (ALP) and CapitaLand Investment (CLI) have commenced construction on OMEGA 1 Singapore, a S$260m logistics development at 19 Gul Lane. This marks the first introduction of ALP’s OMEGA logistics infrastructure platform in Singapore, designed to streamline logistics operations by integrating industrial real estate, automation, and AI-enabled tools.

OMEGA 1 Singapore is part of the CapitaLand Southeast Asia Logistics Fund and aims to address the complexities and costs associated with separate investments in logistics infrastructure and technology. By offering a unified platform, it seeks to enhance logistics throughput, speed up fulfilment, and reduce dependency on labour-intensive processes.

Charlie Chang, CEO and Co-Founder of ALP, stated, “Logistics infrastructure can no longer be defined by space alone. As supply chains are restructured, labour becomes scarcer, and AI reshapes operations, businesses need infrastructure that connects physical assets, automation, software and intelligence as one system.”

The project is strategically located near Tuas Port and Jurong Port, facilitating domestic and regional logistics flows. Patricia Goh, CEO of Southeast Asia and Global Head of Logistics & Self-Storage at CLI, highlighted the growing demand for technology-enabled logistics infrastructure due to trends like e-commerce growth and AI-driven business transformations.

Scheduled for completion in the second half of 2028, OMEGA 1 Singapore is poised to bolster Singapore’s status as a key trade hub. The development is part of ALP’s broader strategy to expand its OMEGA platform across Southeast Asia, with similar projects underway in Malaysia and Thailand.

Nava Grove, a 552-unit residential project by Sunway MCL Limited and Sinarmas Land Pte Ltd, has achieved a significant construction milestone with the topping-out of its three 24-storey towers. This marks the completion of the main structural works, transitioning the development into the next phase of construction. The project is on track for its Temporary Occupation Permit (TOP) in the first quarter of 2028.

The development has seen an overwhelming response from buyers, with 99% of its units sold. Only one two-bedroom-plus-study unit remains available, offering a final opportunity for prospective buyers. The strong sales reflect the development’s appeal, combining thoughtfully designed homes with proximity to nature and established amenities.

Situated near Clementi Forest, Nava Grove is designed to integrate nature into everyday living. The site features extensive landscaping, with less than 20% of its 270,000 square feet designated for buildings. The development includes an elevated infinity pool, a 50-metre lap pool, and a children’s pool, all designed to enhance the natural environment.

As construction progresses, Nava Grove will participate in Singapore’s virtual inspection process for TOP and Certificate of Statutory Completion (CSC) inspections. This initiative aims to streamline the inspection process, enhancing efficiency and coordination.

Sunway MCL CEO Lee Tong Voon expressed enthusiasm about the milestone, stating, “We are very encouraged by the strong response from homebuyers.” Sinarmas Land’s Director, Margaretha Widjaja, highlighted the successful collaboration between the partners, noting the shared vision of creating a quality residential development.

The Singapore Business Federation (SBF) hosted its third LATAM Conference, themed “Nuevos Caminos for a Changed World”, bringing together 145 business leaders and government representatives from Singapore and Latin America. The event, attended by the Minister of State for Manpower and Trade and Industry, marked the commemoration of the MERCOSUR–Singapore Free Trade Agreement (MCSFTA), which came into force earlier this year for Singapore, Paraguay, Uruguay, and Brazil, with Argentina expected to follow in November.

The MCSFTA aims to provide preferential market access, enabling Singaporean businesses to diversify and strengthen their supply chains whilst exploring new markets. Mark Lee, Chairman of SBF, emphasised the importance of Latin America as a region not to be overlooked by Singaporean companies, stating, “In an increasingly uncertain world, businesses need to be alert to opportunities to diversify both their markets and sources of supply.”

The conference featured a plenary session titled “Connecting Two Regions, Unlocking New Opportunities”, with panellists such as Lionel Chatelet, Chief Commercial Officer of Pacific International Lines, and Luis Coronado, Tax Partner at EY. Discussions focused on enhancing trade and investment flows between Southeast Asia and Latin America.

As the conference concluded, SBF reaffirmed its commitment to supporting Singapore businesses in Latin America through its GlobalConnect@SBF programme, aiming to facilitate companies’ efforts in learning, landing, and localising in the region.

Prudential Singapore has announced a significant expansion of its advisory services, enabling its tied-agency financial representatives to distribute unit trusts from 2027. This move makes Prudential the first life insurer in Singapore to offer such a service through its tied-agency network, which consists of 5,400 financial representatives.

Currently, unit trusts are only available through Prudential Financial Advisers Singapore, the company’s financial advisory arm. The expansion aims to meet the growing demand for comprehensive financial advisory services by providing customers with access to a wider range of wealth accumulation products. This initiative will allow customers to receive holistic advice covering protection, health, savings, and retirement wealth planning solutions in a single conversation.

Ben Tan, Chief Distribution Officer at Prudential Singapore, highlighted the importance of this development, stating, “As people live longer, many want to feel confident that they can support the retirement lifestyle they aspire to whilst ensuring they have the right protection in place.” He added that the expanded offering would simplify access to professionally managed, diversified portfolios, helping customers align their investments with their risk profiles, life stages, and retirement goals.

To ensure the quality of advice, Prudential’s financial representatives will undergo necessary training and obtain the Capital Markets and Financial Advisory Services certification. This commitment underscores Prudential’s dedication to enhancing the professionalism and preparedness of its agency force to meet the rising demand for protection, medical, and retirement wealth solutions.