Industry News

Singapore’s Real Estate Investment Trusts (REITs) are navigating a challenging financial landscape as the rate hike cycle begins from a more restrictive base, according to a recent report by DBS. The report, released on 23 September 2026, indicates that the current cycle involves smaller increments compared to the sharp tightening experienced between 2022 and 2024.

DBS notes that refinancing risks are mitigated, with approximately 75% of debt hedged or fixed. Additionally, upcoming maturities are increasingly replacing debt acquired at peak rates during 2022 and 2023. This strategic hedging is expected to provide some stability amidst the fluctuating interest rates.

However, the report warns that higher rates necessitate a valuation reset. Revised Weighted Average Cost of Capital (WACC) assumptions have led to target price cuts by approximately 9-6%, with downgrades to CDL Hospitality Trusts (CDLHT) and Far East Hospitality Trust (FEHT).

Despite these challenges, DBS favours Singapore REITs that demonstrate relative certainty of growth and possess value-unlocking catalysts. This preference highlights the importance of strategic positioning and growth potential in the current economic climate.

The report underscores the need for investors to remain vigilant and consider the implications of ongoing rate adjustments on their portfolios. As the financial landscape continues to evolve, the ability to adapt and identify growth opportunities will be crucial for REITs in Singapore.

Outsight, a leader in infrastructure-based Physical AI, has expanded its presence in Asia-Pacific by opening a new office in Singapore. This move, announced on 23 September 2026, aims to better serve airport operators in the region, complementing its existing Hong Kong office. The Singapore hub, operational since 6 July 2026, is led by Jeremy Camilleri, Director of Operations APAC, and functions as a fully-owned subsidiary of Outsight SA, headquartered in France.

The strategic location of the new office allows Outsight to operate within the same time zone as its customers, ensuring that sales, engineering, delivery, and customer success teams can provide real-time support. This is crucial for Outsight’s platform, which continuously measures terminal activities and reports in real time, enabling operations teams to act promptly.

The Singapore office, located at 36 Carpenter Street, hosts a team including Customer Success Management, Sales Engineers, and Technical Support. Singapore was chosen for its proximity to major regional hubs, such as Changi Airport, where Outsight’s platform is already operational, measuring key touchpoints like arrival immigration and taxi queues.

Outsight’s Physical AI software platform uses 3D LiDAR sensing and other data sources to create a Motional Digital Twin of sites, providing real-time Spatial Intelligence. This technology helps airports manage queue lengths, wait times, and resource utilisation, benefiting over 280 million passengers annually.

Jeremy Camilleri highlighted the importance of regional presence, stating, “Being in the region changes what we can actually do. When an airport needs an engineer on the terminal floor during commissioning, that now happens the same day.” Kim Xie, Sales Director APAC, added that the dual presence in Singapore and Hong Kong allows Outsight to engage with clients from initial discussions to full airport rollouts. Raul Bravo, President Founder of Outsight, emphasised the growing importance of real-time Spatial Intelligence in infrastructure operations, particularly in the fast-moving Asia-Pacific region.

Life Lab Resources, a Singapore-based company focused on circular food systems, has successfully raised US$1m in a Pre-Series A funding round. This investment, led by Decarb123 Pte. Ltd. and supported by Keng Eng Kee Holding Pte. Ltd. and AC S323 Pte Ltd, will enable the company to scale up its bio-refinery operations and enhance its circular food system.

The funding will be used to expand the production capacity of Life Lab Resources’ bio-refinery in Singapore. The company employs a hub-and-spoke model, where WasteMaster systems treat leftover food at customer sites, such as hotels and shopping centres. These treated substrates are then processed into nutrient-rich aquaculture feed through fermentation, which is supplied to farms, completing the circular food loop.

Edward Chia, Founder and Managing Director of Life Lab Resources, stated, “This investment allows us to move from successful early commercial deployment into the next phase of scale.” The company is the first in Singapore licensed by the Singapore Food Agency to upcycle mixed food waste into animal feed and has achieved ISO 22000 certification for food safety.

The strategic capital will also support the company’s regional expansion plans. Life Lab Resources aims to build demand alongside production capacity, ensuring that each stage of scale-up is backed by genuine market demand. Following its Singapore expansion, the company plans to extend its operations regionally, starting with partnerships in aquaculture farming.

Singapore’s inflationary landscape is evolving, with UOB Global Economics and Markets Research suggesting a potential shift in the Monetary Authority of Singapore’s (MAS) policy this October. The core Consumer Price Index (CPI) rose by 0.3% month-on-month in August, mirroring July’s increase, driven by higher electricity tariffs and a broadening of price pressures across various components.

Energy costs continue to impact the economy, with rising fuel prices affecting travel-related expenses and broader consumer costs. UOB now expects MAS to implement a “very slight” slope-steepening move, increasing the Singapore dollar nominal effective exchange rate (S$NEER) slope by 25 basis points to 1.5% per annum.

The August data revealed a 2.2% year-on-year increase in core inflation, up from 2.0% in July, aligning with consensus expectations. Travel-related components, such as airfares and transport services, saw significant monthly increases, reflecting the delayed impact of earlier petrol price surges.

Broader inflationary pressures are evident, with clothing and footwear prices jumping 1.8% month-on-month in August. The share of CPI basket items with price increases exceeding 2% rose to 43% in August, indicating a wider spread of inflationary pressures.

UOB’s forecast for core inflation in 2026 has been adjusted to 1.8%, up from 1.7%, with expectations of continued elevated levels into 2027. The potential policy adjustment by MAS aims to address these pressures whilst maintaining flexibility for future decisions. The upcoming decision is anticipated to be closely contested, with ongoing global energy supply disruptions and adverse weather conditions posing further risks to Singapore’s inflation outlook.

Chan San San, the Chief Executive Officer of Prudential Assurance Company Singapore, will assume a new role as Chief Partnership Officer at Eastspring Investments, effective 28 September 2026. This move is part of Prudential plc’s strategy to strengthen ties between its life insurance and asset management sectors. Chan will report to Rajeev Mittal, CEO of Eastspring, and join the Executive Management Committee.

In her new position, Chan will focus on developing investment, wealth, and retirement solutions for customers across Asia. Rajeev Mittal highlighted Chan’s extensive experience, stating, “San San’s customer insights, regional experience and strong track record across financial services make her exceptionally well placed to deepen this partnership and unlock greater value through our combined strengths.”

Following Chan’s departure, Andreas Rosenthal will serve as Interim CEO of Prudential Singapore. Rosenthal, who was previously the Chief Financial Officer of Prudential Singapore, brings over 25 years of experience in the insurance industry, having held senior roles across Asia. Dennis Tan, Regional CEO of Prudential plc, remarked on Rosenthal’s appointment, noting his deep knowledge of the company and his ability to ensure stability during this transition.

Prudential Singapore, a key market for the company, has been operational for 95 years and serves over one million policyholders. The leadership changes aim to enhance Prudential’s service offerings and maintain its strong market position.

Yangzijiang Shipbuilding Holdings and Keppel have successfully reversed their net institutional outflows from the first half of 2026 (1H26) with significant net inflows in the third quarter (Q3 2026). Yangzijiang Shipbuilding recorded a net institutional inflow of S$219m in Q3 2026, turning around a net outflow of S$40m in 1H26, resulting in a year-to-date net inflow of S$180m by 22 September. The company’s August results presentation highlighted a record revenue of RMB17.5b, a 36.2% increase from the previous year, and a net profit rise of 28.4% to RMB5.4b.

Keppel also reported a net institutional inflow of S$159m in Q3 2026, reversing a 1H26 outflow of S$36m, leading to a year-to-date net inflow of S$123m. Keppel’s Investor Day presentation in August revealed S$106 billion of funds under management as of July 2026, with a 1H26 net profit of S$530m and an annualised return on equity of 15%.

Thai Beverage managed to reverse over 90% of its 1H26 net institutional outflow, narrowing the outflow to S$2m by 22 September. The company reported a 7.2% growth in EBITDA to Baht 48.3b, despite a slight revenue decline.

In the small and mid-cap sector, nine stocks reversed their 1H26 outflows into inflows in Q3 2026, with real estate companies like City Developments and Centurion leading the charge. Hiap Hoe, Elite UK REIT, and Keppel DC REIT also showed notable improvements in both net institutional flows and average daily turnover.

PFP Legacy Singapore has launched the Muslim Collective, an initiative aimed at bridging the knowledge gap in Islamic estate planning. This programme seeks to empower Muslim families and community leaders with expert-led, Shariah-conscious education to help safeguard their wealth and assets for future generations. The launch coincides with the firm’s 10th anniversary, highlighting its commitment to inclusive, education-focused initiatives.

The Muslim Collective provides a platform for the Muslim community to learn about Shariah-compliant legacy planning and connect with legal and financial professionals. Jeffrey Chow, Executive Director and Group CEO of SingWealth Holdings, the parent company of PFP Legacy, emphasised the importance of making legacy planning accessible and relevant to all communities. “Legacy planning is about protecting our loved ones and preserving the values we leave behind,” noted Allawudin Mastan, Adviser of the Muslim Collective.

PFP Legacy will collaborate with community partners, including Singapore Life Ltd (Singlife), to enhance awareness of financial and legacy planning within the Muslim community. Akhil Doegar, Group Head of Distribution at Singlife, highlighted the significance of estate planning for Muslim families, stating that it ensures loved ones are cared for in accordance with their faith and values.

The Muslim Collective remains strictly educational, providing no financial advice or product recommendations. By integrating community education with relevant financial solutions, PFP Legacy Singapore aims to deliver holistic wealth succession strategies that respect and uphold the unique cultural and religious needs of its clients.

Singapore’s small- and mid-cap (SMIDs) equity segment is witnessing a significant transformation as more companies listed on the Singapore Exchange (SGX) meet investable trading liquidity thresholds. This change, supported by the Equity Market Development Programme (EQDP), is enhancing transparency and price discovery, particularly among SMIDs.

The EQDP initiative is broadening the pool of active fund management capital, extending investor attention beyond the largest index constituents. This development is crucial as it addresses historical constraints such as limited trading liquidity and sparse research coverage, which previously restricted institutional participation and weakened price discovery.

The increased institutional investor participation is expected to support valuations and market efficiency. Furthermore, the recent surge in initial public offering (IPO) activity is expanding the investment landscape, providing more choices for investors. Many SMIDs are trading at lower valuations and offering higher dividend yields compared to their large-cap peers, presenting attractive opportunities for selective investors.

The Grant for Equity Market Singapore (GEMS) research scheme, introduced by the Monetary Authority of Singapore (MAS), complements these efforts by enhancing research coverage of Singapore-listed companies, particularly in the SMIDs segment. This initiative aims to improve the continuity of analyst attention and investor education, thereby strengthening the equity capital market.

As the market quality improves, fundamental research and disciplined portfolio construction remain essential for identifying long-term winners. The evolving landscape suggests that whilst large caps have led recent gains, the next phase of market broadening could extend to smaller companies as liquidity and visibility improve.

Singlife has unveiled the Singlife Heritage Reserve, a USD-denominated whole of life insurance plan aimed at affluent individuals seeking long-term wealth accumulation and succession planning. The plan, launched on 23 September, is designed to address the growing demand for wealth continuity and legacy planning across Asia, offering a policy term of up to 388 years.

The Singlife Heritage Reserve provides a range of features to support wealth preservation and transfer. These include potential growth through a participating fund, flexible succession options such as policy splitting, and liquidity access without policy surrender. Withdrawals and benefit payments can be made in six currencies, including SGD, USD, and GBP.

Helen Shen, Group Head of Products at Singlife, highlighted the importance of planning for wealth transfer as affluence grows. “Increasingly, affluent individuals are looking beyond accumulation towards legacy and succession, seeking ways to preserve, manage and transfer wealth across generations,” she stated.

The plan’s features are tailored to meet the needs of families with evolving ownership arrangements and legacy objectives. It includes options for wealth transfer upon death and liquidity access through the Bonus Access Option and Care Support Income Option.

Singlife, a key player in the financial services sector, continues to expand its offerings to meet diverse customer needs. With over S$16 billion in assets, the company remains committed to providing innovative solutions for financial freedom. For more details on the Singlife Heritage Reserve, visit their website.

HSBC Singapore has unveiled an enhanced Global Education proposition under its Premier service, designed to support high-net-worth families in planning their children’s overseas education. This initiative combines HSBC’s financial planning and cross-border capabilities with a range of privileges, including university pathway planning, applications, accommodation, insurance, and travel, facilitated through partnerships with Crimson Education and Singapore Airlines.

The programme offers exclusive access to leadership and networking opportunities, such as the British Chamber of Commerce’s Student CEO Experience—a five-day immersion programme available at no cost to Premier clients. Additionally, HSBC has partnered with the British Council to introduce the HSBC Scholarship for UK study, providing S$25,000 in financial support to a Singapore-based student pursuing undergraduate studies in the UK.

Ashmita Acharya, Head of International Wealth and Premier Banking at HSBC Singapore, stated, “An overseas education is one of the most significant investments a family can make in their children’s future, and it’s a journey that extends well beyond admissions to funding, travel and on-the-ground integration.”

Dr Lissy Vadakel, Country Director of British Council Singapore, added, “British Council Singapore is pleased to collaborate with HSBC on this meaningful initiative to support students with their educational journeys and ultimately, help them achieve their career goals.”

This initiative builds on HSBC’s ongoing efforts to enhance its Premier proposition in Singapore, following the launch of the country’s first bank-led integrated health, wellness, and longevity offering earlier this year. The Global Education proposition aims to simplify the educational journey for families, leveraging HSBC’s international network to meet a spectrum of international needs