Industry News

Two adjoining strata-titled shophouses at 28 and 30 Dickson Road are now on the market through an expression of interest (EOI) exercise, with a guide price set at $9m. The sale is being managed by Huttons Asia Pte Ltd, a prominent real estate agency in Singapore.

The shophouses, each with a strata area of 111 and 113 square metres respectively, total 2,411 square feet. This translates to a guide price of $3,733 per square foot. Both properties are on a 999-year leasehold, zoned for commercial use, and currently leased to a restaurant operator.

According to Yeo Khee Liang, Associate Senior Marketing Director, and George Tan, Director of Corporate Sales and Marketing at Huttons, the configuration of two adjoining units offers investors the opportunity to secure stronger rental returns compared to a single shophouse. This setup also provides the flexibility to sell the units individually in the future.

Foreign investors are eligible to purchase these properties, as they are on land zoned for commercial use. Lee Sze Teck, Senior Director of Data Analytics at Huttons, noted, “With interest rates falling, interest in shophouses has picked up. The conflict in the Middle East may see some wealth flowing into this rare asset class.”

The EOI exercise is scheduled to close on 7 May 2026 at 4pm, offering potential buyers a limited window to express their interest in these unique properties.

PERSOL, a leading HR solutions provider in the Asia Pacific, has officially launched PERSOL Outsourcing, a unified brand combining the strengths of P-Serv and EVO. This strategic rebranding is designed to help businesses in Malaysia navigate the increasingly complex and technology-driven market. The move is part of PERSOL APAC’s regional growth strategy, aiming to deliver tailored end-to-end solutions that integrate people, process, and technology.

The rebranding addresses the growing demand for agile delivery models in the regional Business Process Outsourcing (BPO) market, which is projected to reach $147.06b by 2032. Foo See Yang, Managing Director and Strategic Business Group Head of PERSOL APAC, stated, “The launch of PERSOL Outsourcing reflects our commitment to scaling smarter and innovating faster for our clients.”

PERSOL Outsourcing will focus on three core pillars: Customer Experience, Corporate Services, and Technical solutions. These include supporting service delivery across all touchpoints, streamlining complex shared service operations, and driving digital transformation through engineering and IT infrastructure management.

Effective immediately, P-Serv and EVO will operate under the PERSOL Outsourcing brand, allowing clients to access an expanded suite of regional resources and digital innovations. This integration is expected to enhance operational efficiency and better support clients’ evolving needs in digital transformation, workforce optimisation, and operational resilience.

The Competition and Consumer Commission of Singapore (CCS) is inviting public feedback on commitments proposed by SP Mobility Pte. Ltd. (SPM) regarding its planned acquisition of Strides YTL Pte. Ltd. (ChargEco). The acquisition has raised competition concerns as both companies supply Electric Vehicle Charging Points (EVCPs) in Housing Development Board (HDB) car parks in Singapore’s East region.

The concerns stem from a large-scale tender in November 2022, where both SPM and ChargEco were awarded contracts to supply EVCPs in the East region, including areas like Bedok and Tampines. Prior to the proposed acquisition, the two companies were competitors in this market.

To mitigate these concerns, SPM has proposed several commitments. These include maintaining EV charging prices at pre-acquisition levels, except when costs from regulators or uncontrollable factors necessitate changes. Additionally, SPM has pledged not to apply discounts or rebates in a discriminatory manner against drivers charging in the East region.

These commitments are set to last for three years from the CCS’s final decision on the acquisition. SPM has also agreed to notify CCS of any price adjustments at the East HDB EVCPs. CCS retains the right to appoint a Monitoring Trustee if non-compliance is suspected.

Public feedback on these commitments is open until 5pm on 13 April 2026. The CCS aims to determine if the proposed measures adequately address the competition issues identified. Further details and submission guidelines are available on the CCS website.

Cigna Healthcare Singapore is celebrating its 15th anniversary, marking a significant milestone in its journey as a leading global health insurance provider. The company has launched a yearlong campaign, “Celebrating 15 Years of Connected World-Class Healthcare,” running from March to December 2026. This initiative aims to highlight Cigna’s commitment to supporting the health of its members through digital out-of-home advertisements across key locations in Singapore.

Cigna Healthcare Singapore has established itself as a dominant player in the premium healthcare market, offering versatile services to a wide range of industries, including technology, hospitality, and financial services. The company collaborates with partners like Alliance Healthcare and iXchange to expand access to quality care for its members. “This milestone reflects the trust we’ve built with our clients, partners, and members,” said Raymond Ng, CEO and Country Manager of Cigna Healthcare Singapore and Australia.

In response to Singapore’s medical inflation rate of 16.9% this year, Cigna has partnered with iXchange to launch value-based contracts, aiming to manage costs and improve care quality. Dr Peter Chow, CEO of IHH Healthcare Singapore, praised the partnership, stating, “Collectively, IHH Healthcare Singapore and Cigna are focused on better cost and care management.”

Cigna’s commitment to innovation is evident in its Cigna Care Connect programme, which evolved in February 2025 to meet the growing demand for domestically focused healthcare solutions. The company also integrates data analytics and AI into its operations to enhance efficiency and performance. As Raymond Ng noted, “Our journey doesn’t stop at 15 years—we’re building the next chapter of connected world-class healthcare for Singapore and beyond.”

StringsSG has revolutionised the personal training landscape in Singapore by transitioning to a full-service model. This move aims to tackle issues of inconsistent service quality, lack of accountability, and unclear pricing that have long plagued the industry. Traditionally, personal trainers in Singapore have operated on a freelance basis, leading to missed sessions and variable training quality. StringsSG’s new approach directly employs trainers as full-time and part-time staff, ensuring consistent service and accountability.

The company now manages all client contracts, providing a seamless customer experience from onboarding to achieving results. “The industry has been too fragmented for too long, and customers are the ones who bear the risk,” said Sushil A, Founder of StringsSG. “We are setting a new benchmark by combining accountability, structured coaching, and transparent pricing—so clients know exactly what they are getting.”

StringsSG has implemented structured quality tracking, trainer performance monitoring, and standardised training frameworks. Clients receive high-quality coaching, personalised workout programmes, and guided diet plans, all under a consistent system. A standout feature of StringsSG’s model is its commitment to transparent pricing, with rates clearly published on its website. This contrasts with the common industry practice of undisclosed pricing, often revealed only during consultations at unexpectedly high rates.

By making pricing openly accessible, StringsSG empowers clients to make informed decisions, setting a new standard in the personal training sector.

Porsche Singapore has announced the launch of a new feature, “Variable Opening Guidance for Entry and Leaving” (VOGEL), available exclusively on 1 April 2026. This innovative feature offers a unique local interpretation of vehicle entry and exit, transforming the standard locking and unlocking sounds into distinctive soundscapes familiar to Singaporeans.

VOGEL, derived from the German word for “bird,” replaces the traditional metallic release sound with three new options: ‘UWU’, ‘POK’, and ‘CAW’. These sound profiles are designed to integrate seamlessly into the vehicle’s electronic systems, providing a clear and precise auditory experience. The feature is a nod to Porsche’s long-standing tradition of individualisation, extending beyond visual and tactile customisation.

For over 75 years, Porsche has been at the forefront of engineering excellence and personalisation. VOGEL continues this legacy by blending precision craftsmanship with local cultural elements, offering a sensory experience that is both unexpected and unmistakably Porsche. The launch film for VOGEL can be viewed on Porsche Singapore’s Instagram and Facebook pages.

Porsche Asia Pacific, a subsidiary of Dr. Ing. h.c. F. Porsche AG, oversees 13 markets from its headquarters in Singapore. The company is renowned for its iconic sports cars and deep-rooted connection to motorsport, continually pushing the boundaries of innovation. With the introduction of VOGEL, Porsche Singapore reinforces its commitment to enhancing customer experiences through unique and personalised offerings.

YY Group Holding Limited, a leader in on-demand workforce solutions and integrated facilities management, has announced an immediate pause to its At-The-Market (ATM) equity offering programme. The decision, communicated through its sales agents Spartan Capital Securities and Wilson-Davis & Co., involves the cancellation of 1,004,107 shares that were allocated but not sold. This move will reduce the total outstanding shares from 4,278,935 to 3,274,828, with the cancellation expected to complete by 3 April 2026.

The company, listed on NASDAQ under the ticker YYGH, has assessed its liquidity as sufficient to meet its operational needs and achieve its FY2026 revenue targets of $103m to $110m. CEO Mike Fu stated, “We have the capital we need to execute our plan, and pausing the ATM reflects that assessment.” The ATM programme, which allows for the sale of up to $20m in shares, remains paused with no current plans for reactivation.

YY Group, headquartered in Singapore, operates across Asia and beyond, providing flexible workforce solutions and integrated facility management services. The company leverages digital platforms and IoT systems to support industries such as hospitality, logistics, retail, and healthcare. With a presence in Asia, Europe, Africa, Oceania, and the Middle East, YY Group continues to focus on service excellence and long-term value creation for its clients and shareholders.

A recent study by Briefcase Index has revealed that the Information and Communications sector in Singapore experienced the highest retrenchment rate in the fourth quarter of 2025, at 0.270%. This rate is significantly higher than the average retrenchment rate of 0.115% across various industries, highlighting the sector’s workforce volatility.

The study, which utilised data from the Singapore Department of Statistics, ranked industries based on their retrenchment rates. Following Information and Communications, Financial and Insurance Services recorded a retrenchment rate of 0.222%, and Wholesale and Retail Trade came third with 0.173%. In stark contrast, the Construction industry had the lowest rate at 0.025%.

The Briefcase Index spokesperson noted, “With Information and Communications and Financial and Insurance Services leading the ranking, the data suggests that even sectors often associated with high-value, professional employment are facing meaningful workforce adjustment.” The presence of Wholesale and Retail Trade in the top three further indicates that retrenchment pressures are not confined to white-collar industries alone.

The findings align with reports from The Business Times, which observed heightened retrenchments among professionals, managers, executives, and technicians (PMETs) in sectors like financial services and information and communications in 2025.

This study underscores a distinct divide in Singapore’s labour market, with some sectors experiencing significant retrenchment rates whilst others, such as Construction, remain stable. As Singapore navigates these workforce challenges, the insights from Briefcase Index provide valuable context for understanding industry-specific employment trends.

The Singapore office market continues its upward trajectory as Core CBD Grade A office rents increased by 0.8% quarter-on-quarter to S$12.40 per square foot per month in Q1 2026, according to CBRE Research. This marks the fifth consecutive quarter of rental growth, attributed to robust occupier demand and a tightening supply of premium office spaces.

Vacancy rates have plummeted to a record low of 3.3%, down from 4.5% in the previous quarter. Tricia Song, CBRE Head of Research, Singapore and Southeast Asia, noted, “This rental resilience is the result of a combination of firm occupier demand, as well as the continued compression of vacancy rates.”

The demand for prime office spaces is being driven by sectors such as commercial banking, wealth management, and insurance, alongside artificial intelligence firms transitioning from co-working spaces to dedicated offices. David McKellar, Head of Office Services and Head of Leasing, Singapore, highlighted the diverse sector demand, saying, “We have seen active leasing from commercial banking, wealth management, and insurance—leaning into Singapore’s stable and business-friendly environment.”

Islandwide, office vacancy rates have also decreased, with a notable drop to 5.1%. The scarcity of large contiguous floor plates, particularly in the Core CBD, is prompting occupiers to secure quality space urgently, with pre-commitment activity already underway for developments completing in 2029.

Despite global uncertainties, CBRE maintains a cautiously optimistic outlook, forecasting a 5% year-on-year rental growth for Core CBD Grade A offices by the end of 2026. The limited supply and strong demand are expected to support rental prices throughout the year.

The Singapore Retailers Association (SRA), TikTok Shop, and Workforce Singapore (WSG) have signed a Memorandum of Understanding (MOU) to advance the digital transformation of Singapore’s retail sector. Announced at the SRA Retail Forum 2026, the partnership focuses on developing social commerce solutions and training programmes to enhance the industry’s competitiveness and digital readiness.

The MOU, signed at Raffles Hotel Singapore and witnessed by Minister of State Alvin Tan, aims to integrate artificial intelligence, omnichannel strategies, and data-driven customer engagement into the retail sector. Ernie Koh, President of SRA, highlighted the importance of bridging physical and digital retail spaces, stating that social commerce is a key pathway for retailers to maintain a competitive edge.

The collaboration will address three essential roles in social commerce: Social Commerce Host, Social Commerce Lead, and Social Commerce Engineer. These roles encompass on-camera presentation, business development, and technical expertise, respectively. The initiative aims to reskill retail professionals and build digital commerce capabilities.

Leon Koh, Fashion Cluster Lead & Head of Seller Management at TikTok Shop Singapore, emphasised the transformative potential of livestream commerce, stating, “By equipping them with the right tools, training, and data-driven insights, TikTok Shop enables businesses of all sizes to increase discoverability, drive meaningful sales growth, and scale more effectively.”

The forum also featured a live demonstration of social commerce by brands like Shiseido Singapore and OSIM International, showcasing the potential of engaging online audiences. This initiative is part of a broader effort to encourage retailers to ‘engage online, experience offline’ ahead of the Singapore Retail Festival.