Industry News

Singapore’s housing market experienced a mixed performance in the first quarter of 2026, according to flash estimates released by the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB). Private home prices saw a modest increase of 0.3% quarter-on-quarter (QOQ), whilst HDB resale prices recorded their first quarterly decline in nearly seven years.

The non-landed homes in the Outside Central Region (OCR) led the growth in private home prices, with a 1.3% QOQ increase. This marks the strongest quarterly rise for the sub-market in five quarters. However, the landed homes segment saw a 1.8% QOQ decline, attributed to a 28% drop in transactions, potentially influenced by geopolitical tensions in the Middle East.

In the Core Central Region (CCR), non-landed home prices rebounded by 0.4% QOQ, supported by successful new launches such as Newport Residences and River Modern. Kelvin Fong, CEO of PropNex, noted that local buyers are increasingly driving demand in the CCR, partly due to a narrowing price gap between city-fringe and central homes.

The executive condominium (EC) segment also performed well, with sales surpassing 1,000 units for the first time in 13 quarters. This demand is driven by first-time buyers and HDB upgraders, despite rising prices.

Looking ahead, the OCR is expected to see further price increases with upcoming launches, whilst the EC market remains robust. However, the landed housing segment may face challenges due to larger price tags and cautious buyer sentiment.

Singapore and Thailand have announced the commencement of applications for carbon credit projects under a new bilateral implementation agreement. This initiative, launched on 31 March, seeks to bolster efforts in reducing carbon emissions through collaborative projects between the two countries. The agreement is part of a broader strategy to meet international climate commitments and promote sustainable development.

This is Singapore’s fifth call for project applications, following the call for project applications with Ghana, Peru, Bhutan and Rwanda. The bilateral implementation agreement allows businesses and organisations in both countries to propose projects that generate carbon credits. These credits can then be traded to offset emissions, providing a financial incentive for reducing carbon footprints. The collaboration is expected to facilitate the exchange of technology and expertise, enhancing the effectiveness of carbon reduction strategies.

Authorised projects will unlock additional carbon mitigation options in Thailand and advance both countries’ climate ambitions. Through targeted financing, these projects will also promote sustainable development and benefit local communities through job creation and reduced environmental pollution. The initiative is significant as it represents a concerted effort by Singapore and Thailand to address climate change through market-based mechanisms.

The Monetary Authority of Singapore (MAS) has announced significant enforcement actions taken in the first quarter of 2026, targeting breaches of financial regulations. These actions include prohibition orders and joint operations with law enforcement to uphold the integrity of Singapore’s financial sector.

In January, MAS issued a seven-year prohibition order against Sun Weiyeh, a former fund manager and director of One Asia Investment Partners. This action followed his conviction for fraudulent activities that affected investors of a fund managed by his firm. The prohibition order prevents Sun from performing any regulated activities under the Securities and Futures Act.

In March, MAS and the police conducted enforcement operations against Capital Asia Investments Pte Ltd and its directors. The firm is under investigation for suspected money laundering offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992. Additionally, the company is suspected of failing to comply with obligations as a licensed capital markets services licence holder under the Financial Services and Markets Act 2022.

Later in March, MAS issued prohibition orders against two former relationship managers, Wang Qiming and Liu Kai, for their involvement in a major money laundering case from August 2023. Wang received a 16-year prohibition order, whilst Liu was handed a seven-year order.

These actions underscore MAS’s commitment to deterring misconduct and maintaining Singapore’s reputation as a trusted financial centre. Further details on these enforcement actions can be found on MAS’s website.

Singapore insurers are grappling with a significant gap between their digital ambitions and operational realities, according to new research by Clearwater Analytics. Whilst 82% of insurers believe they are ahead in digital adoption, 98% acknowledge that legacy technology is hindering their growth. This contradiction highlights a potential underestimation of long-term competitive challenges.

The study, involving executives from firms managing $1.04t in assets, reveals that nearly all respondents agree older technologies are constraining their businesses. This issue is mirrored in Hong Kong, where 96% of executives report similar reliance on outdated systems. Shane Akeroyd, Chief Strategy Officer at Clearwater Analytics, noted, “Our research highlights a critical misalignment between the strategies of Singapore insurers and the operational effectiveness of their current technology stacks.”

Cultural resistance to change is another hurdle, with 96% of respondents indicating reluctance within the industry to adopt new systems. Additionally, workforce diversity is seen as a critical factor, with 72% attributing sector problems to a lack of diverse perspectives.

Despite these challenges, confidence remains high, with 82% of insurers considering themselves ahead of competitors in digital transformation. Moreover, 94% predict a surge in domestic mergers and acquisitions (M&A) over the next three years, driven by growth ambitions and risk diversification.

Akeroyd emphasised the importance of bridging the gap between digital confidence and operational reality, stating, “Those that close the gap will be best positioned to lead consolidation rather than become a target of it.”

Grab, in collaboration with WeRide, has officially launched Singapore’s first autonomous public ride service, Ai.R, in Punggol. The service, which began operations on 1 April 2026, allows residents to experience autonomous rides within their community. The Ai.R fleet, featuring WeRide’s GXR and Robobus models, has already completed over 30,000km of autonomous travel during its trial phase.

The launch follows a community engagement phase where more than 1,000 passengers, including local residents and leaders, provided feedback to enhance the service. Alejandro Osorio, Managing Director of Grab Singapore, stated, “This service is about more than just deploying state-of-the-art AVs; it is about building a future where technology and the community move forward together.”

The Ai.R service operates on weekdays from 9:30 AM to 5:30 PM, offering free rides until mid-2026. Passengers can choose from two full shuttle routes or a shorter 20-minute “Mini Route.” The initiative aims to gather insights into usage patterns to refine service and pricing standards.

WeRide’s General Manager in Singapore, Dr. Kerry Xu, expressed pride in delivering the autonomous service, highlighting its technological readiness and commitment to advancing urban mobility. The project also opens new career paths for Grab’s driver-partners, with roles such as Safety Operator and Remote Operator being introduced.

The Ai.R service represents a significant step towards a seamless and sustainable transport ecosystem in Singapore, with Grab and WeRide actively collaborating with local authorities to ensure safe integration of autonomous vehicles into the national transport system.

JTC has announced the launch of a new Purpose-Built Dormitory (PBD) site at Lok Yang Way, Singapore. The site, released in collaboration with the Ministry of Manpower and the Ministry of National Development, spans 2.84 hectares and is set to provide accommodation for up to 5,000 workers. The dormitory will also feature up to 1,000 square metres of commercial space.

The Lok Yang Way site is zoned for Commercial and Community Institution (C&CI) use and comes with a 30-year tenure. The tender for the site is open until 23 June 2026, with submissions closing at 11:00 am. Interested parties can purchase the tender packet for $185.30, inclusive of GST, through the official government portal.

This development is part of Singapore’s ongoing efforts to enhance living conditions for foreign workers by providing purpose-built accommodations. The initiative aims to address the need for better housing solutions and integrate commercial facilities to support the community.

The launch of this site is expected to contribute significantly to the local infrastructure, offering both residential and commercial opportunities. The strategic location and comprehensive facilities are designed to meet the needs of the workforce whilst fostering a supportive environment.

For more details on the site and tender process, interested parties are encouraged to visit JTC’s official website.

Singapore’s private residential market has shown continued price growth in the first quarter of 2026, despite a drop in overall sales volume. According to the Urban Redevelopment Authority’s (URA) flash estimates, private residential prices rose by 0.3% quarter-on-quarter (qoq), a slight moderation from the 0.6% growth seen in the previous quarter.

The landed residential segment experienced a 1.8% qoq decline in prices, following five quarters of growth. This dip is expected to be temporary, with a rebound anticipated due to limited supply and strong local demand. In contrast, non-landed residential prices increased by 1.0% qoq, driven primarily by the Outside Central Region (OCR), which saw a 1.3% rise. The Rest of Central Region (RCR) and Core Central Region (CCR) also experienced growth, with prices up by 0.9% and 0.4% qoq, respectively.

Sales volume for private residential properties in Q1 2026 is estimated at 4,041 units, representing a 40% decline from Q4 2025. The resale market accounted for more than half of the total sales volume, whilst new launches continued to perform well, with three out of four major projects selling over 50% of their units during their launch month.

Wong Xian Yang, Head of Research at Cushman & Wakefield, noted that the market is becoming increasingly price-sensitive. Developments offering long-term value are likely to attract stronger interest. Looking ahead, private residential prices are expected to grow by 2.0-4.0% year-on-year in 2026, supported by low borrowing costs, rising land prices, and resilient buyer confidence.

Singlife has unveiled three new Integrated Shield Plan riders and a Singlife Care Collab Recovery Support Benefit, set to launch on 1 April 2026. These initiatives aim to offer Singaporeans more affordable healthcare options as the nation transitions into a super-aged era. The new riders, Singlife Health Plus Private and Singlife Health Plus Public, will reduce premiums by 30% to 84%, aligning with the Ministry of Health’s latest requirements.

The Singlife Care Collab Recovery Support Benefit, available at no extra cost to new and existing customers with Singlife Health Plus and Singlife CareShield or ElderShield, provides up to $20,000 in coverage for home nursing care and rehabilitation services in cases of severe disability. This benefit is part of Singlife’s broader Care Collab initiative, which connects customers with wellness and recovery programmes through partnerships with agencies like the Singapore Cancer Society, Stroke Support Station, and Dementia Singapore.

Helen Shen, Group Head of Products at Singlife, emphasised the company’s commitment to supporting customers’ wellbeing from diagnosis to recovery. “We want to take care of our customers’ wellbeing from the time they are first diagnosed till their recovery,” she stated. “We aim to ease their families’ burdens and show them a better way to recover from disability, throughout their entire journey.”

As Singapore’s long-term care costs rise, currently averaging $3,000 per month, Singlife’s new offerings provide a comprehensive solution to meet the growing demand for accessible healthcare. The company plans to expand its Care Collab network, focusing on closing the protection gap for ageing Singaporeans.

Worldpay, now part of Global Payments, has unveiled its 2026 Global Payments Report, revealing that the Asia-Pacific (APAC) region remains the global leader in digital wallet adoption. In 2025, digital wallets accounted for 77% of online spending, totalling $2.7t, and 63% of in-person spending, amounting to $6.3t, the highest shares globally. The report also highlights the rapid growth of account-to-account (A2A) payments across Southeast Asia, driven by robust national payment systems.The report underscores the transformative impact of digital wallets in countries like India and South Korea, where they are set to overtake traditional card payments by 2030. In Singapore, cards account for 44% of e-commerce ($10.8b) and 40% of POS ($55b) spend in 2025. Digital wallets follow closely at 40% ($10b) and 36% ($49b) respectively. In Hong Kong, digital wallets have surpassed cards as the leading payment method, marking a significant milestone.

Phil Pomford, General Manager of Global eCommerce for APAC at Global Payments, noted, “Asia’s payment landscape is evolving faster than anywhere else in the world.”

A2A payments are gaining traction, particularly in Thailand, where the government’s PromptPay system is a key driver. The popularity of QR code systems is further propelling A2A growth, offering a low-cost, intuitive payment method that is becoming increasingly interoperable across the region. In Singapore, the PayNow system is contributing to the rise of A2A payments, projected to account for 13% of e-commerce and 15% of point-of-sale transactions by 2030.

The report highlights the ongoing evolution of Asia’s payment landscape, with digital wallets and A2A payments reshaping consumer and business transactions. As these trends continue, they are expected to redefine cross-border trade and digital commerce in the region.

The Institute of Singapore Chartered Accountants (ISCA) held its first Annual Ceremony in Shanghai on 29 March, gathering over 150 members and partners from China and Singapore. This event signifies ISCA’s ongoing internationalisation efforts, recognising long-serving members and announcing a new partnership with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) to strengthen business ties between China and Singapore.

ISCA has been expanding its global presence, with 12 overseas chapters in nine countries and six offices across four countries. In China, ISCA has established offices in Shanghai and Nanjing and partnered with the Nanjing University of Finance and Economics to integrate the Singapore Chartered Accountant Qualification into its curriculum. This initiative allows Chinese students to graduate with a degree in accounting and fast-track to the Chartered Accountant (Singapore) designation.

Claire Qian, ISCA Shanghai Chapter Chairperson, highlighted the importance of the event, stating, “ISCA’s growing presence in China reflects strong demand for deeper professional and business linkages between China and Singapore.”

The ceremony also introduced a collaboration between ISCA and SCCCI to develop a practical executive programme aimed at assisting Chinese companies in expanding into Southeast Asia. ISCA President Teo Ser Luck emphasised China’s significance in ISCA’s strategy, noting the potential for growth in Southeast Asia.

The event celebrated over 30 member achievements, recognising milestones and contributions to the accountancy profession. Kelvin Lam, CFO of NTT Data (China), praised ISCA’s support for overseas members, saying it has provided valuable resources and opportunities for growth.