Industry News

The Urban Redevelopment Authority (URA) has launched a tender for a mixed-use site in Bayshore Drive, integrating commercial and residential spaces with a new bus interchange and the future Bedok South MRT station on the Thomson-East Coast Line. The 5.74-hectare plot is expected to yield up to 1,280 new homes and offers a maximum gross floor area of 22,500 square metres for commercial use.

Developers are anticipated to show keen interest in the Bayshore Drive site, although the large plot size and financial commitment may result in a measured number of bids. The site, with a total maximum gross floor area of about 1.6 million square feet, is likely to command a land price exceeding $1b. Wong Siew Ying, Head of Research and Content at PropNex, suggests that developers might collaborate to undertake this project.

The site is poised to become a landmark development within the new Bayshore housing precinct, which could eventually host around 10,000 public and private housing units. Developers aiming to expand their suburban retail footprint are likely to participate, as the commercial space could meet retail demand in the relatively underserved Bedok South, Bayshore, and Siglap areas. Notably, this is the only mixed-use plot in the new Bayshore waterfront residential neighbourhood under the Master Plan 2025.

The proximity to the future Bedok South MRT station enhances the site’s appeal, with limited land parcels directly connected to MRT stations available. This connectivity, coupled with on-site commercial offerings, is expected to attract strong homebuyer interest, particularly from HDB upgraders. The demand for well-located mass-market homes remains robust, as evidenced by recent sales.

The last GLS residential site in the area, sold in March 2025, achieved a record land rate of $1,388 per square foot per plot ratio (psf ppr) in the Outside Central Region. The Bayshore Drive site is projected to attract two to four bids, with top bid prices estimated between $1,150 and $1,250 psf ppr, potentially influenced by construction costs associated with its MRT station location.

The Assembly Place, Singapore’s largest community living operator, has announced a 42.4% increase in revenue, reaching S$27m for the year ending 31 December 2025. This marks the company’s first financial results since its listing on the Catalist Board of the Singapore Exchange in January 2026. The growth was driven by an increase in the number of keys under management, rising from 2,106 to 3,422, with an average occupancy rate of 94.4%.

The company’s adjusted net profit after tax (NPAT), excluding initial public offering (IPO) expenses, rose by 24.2% to S$7.7m. The Assembly Place’s core Community-Driven Stays segment contributed significantly, accounting for 93.3% of total revenue. The segment’s revenue grew by 42.4% to S$25.2m, supported by new master leases and a robust occupancy rate.

Looking ahead, The Assembly Place plans to expand its portfolio with an additional 1,490 keys over the next two years. This includes the development of Singapore’s first purpose-built dormitory for migrant workers, featuring 886 beds, and the conversion of a property at 163 Tras Street into a 163-room hotel. The company aims to reach 10,000 keys by 2030, leveraging funds raised from its IPO to enhance service offerings and market penetration.

Chief Executive Officer Eugene Lim stated, “Despite the one-off impact of IPO expenses, we maintained our profit momentum, reflecting the resilience of our community-driven model.” The company is poised to capitalise on the growing demand for flexible living solutions, supported by Singapore’s favourable policy environment and economic growth projections.

BIT, formerly known as Matrixport, convened regulators, global financial institutions, and digital asset firms in Singapore this week to discuss the growing importance of trust, governance, and operational resilience in digital finance. The event underscored BIT’s commitment to framing infrastructure risk management and transparency as essential for institutional adoption.

Cynthia Wu, Founding Partner and Chief Commercial Officer of BIT, noted that the approval of the US spot Bitcoin ETF marks a pivotal moment for the industry, indicating a shift in institutional expectations. “Custody frameworks, compliance structures, and operational transparency are no longer optional—they are foundational,” Wu stated.

Wendy Sun, Chief Brand Officer of BIT, explained that the company’s rebranding from Matrixport to BIT reflects its ambition to bridge traditional finance with digital assets. The new name encapsulates strategic meanings: Build on Integrity and Trust, Bridge Into Tomorrow, and Build It Together.

The event also featured insights from BIT’s inaugural Trust Whitepaper. Daniel Lee, CEO of Cactus Custody, detailed the firm’s integrated trust framework, whilst Chief Compliance Officer Christopher Liu elaborated on the application of these standards through SOC assurance reports and ISO-based security standards.

BIT, a global digital asset financial infrastructure and services group, manages over $6b in assets and facilitates more than $7b in monthly trading volume. With a presence in Singapore, Hong Kong, Switzerland, the UK, the US, and Bhutan, BIT continues to expand its influence in the digital finance sector.

The Institute of Singapore Chartered Accountants (ISCA) and its Professional Services (PS) Centre Alliance partners have inaugurated a new Professional Services Centre in Nanjing, China. This marks the alliance’s second centre in China and third globally, designed to aid enterprises in expanding across China, Singapore, and Southeast Asia.

The centre was established in response to increasing demand from businesses seeking international growth. It serves as a platform to connect enterprises with professional services and in-market networks, facilitating smoother cross-border expansion. Nanjing’s strategic location, with links to universities and ecosystem builders like the Singapore-Nanjing Eco Hi-tech Island, supports this initiative.

Since their inception, the PS Centres in China and Vietnam have supported over 100 businesses. Prior to the Nanjing launch, the centre assisted several small and medium-sized enterprises (SMEs) in establishing operations. BIPO, a HR solutions provider, successfully set up its presence in Nanjing with the centre’s support. Michael Chen, CEO of BIPO (Asia), stated, “The launch of the Professional Services Centre marks an important step in enabling more efficient and scalable global expansion for enterprises.”

The launch event, titled “Bridging Singapore and Nanjing, Charting Opportunities from ASEAN to China,” was attended by government representatives and business leaders. Xu Feng, Vice Mayor of Nanjing, emphasised the economic linkages between China and Southeast Asia, noting the importance of professional services in international expansion.

ISCA President Teo Ser Luck highlighted plans to expand this model to other regions, including Shenzhen and Bangkok, to continue supporting cross-border business growth.

Singapore has unveiled a comprehensive plan to strengthen its status as a leading gold trading centre. The initiative, announced by the Monetary Authority of Singapore (MAS), focuses on several key areas to bolster the nation’s gold trading capabilities. This strategic move aims to attract more international players and increase the volume of gold traded through Singapore.

The MAS has identified three primary areas of focus: enhancing market infrastructure, promoting innovation, and fostering collaboration among industry stakeholders. By improving the existing infrastructure, Singapore seeks to provide a more efficient and secure environment for gold trading. This includes upgrading technological systems and ensuring robust regulatory frameworks are in place.

Innovation is another critical component of the strategy. The MAS plans to encourage the development of new financial products and services related to gold trading. This could involve leveraging digital technologies to streamline processes and create more accessible trading platforms.

Collaboration is also at the forefront of the initiative. The MAS intends to work closely with industry players, including banks, trading firms, and refineries, to build a cohesive ecosystem that supports the growth of the gold trading sector. This collaborative approach is expected to enhance Singapore’s competitiveness on the global stage.

The working group comprises key private sector stakeholders that are integral to growing Singapore’s gold market and attracting more investor interest. The working group is co-chaired by MAS and SBMA, and comprises members from DBS Bank, ICBC Standard Bank, JPMorgan Chase Bank, UBS AG, United Overseas Bank, SGX Group, and the World Gold Council. The working group is supported by technical workstreams with a broader group of stakeholders including banks, vault operators, a precious metals refinery, and trading houses.

RHB Bank’s Group Chief Economist, Barnabas Gan, has released a report detailing the impact of black swan risks on global and ASEAN economies. The report, dated 27 March 2026, indicates a shift in risk sentiment, with the RHB Risk Sentiment Index suggesting a return to risk-on attitudes. However, the report warns of significant challenges ahead, particularly for Singapore.

The report identifies Malaysia as the least negatively impacted economy in the ASEAN region. Malaysia’s dual role as both an importer of Middle Eastern crude oil and an oil producer with refining capabilities positions it to weather potential disruptions more effectively. “Malaysia’s economic outlook remains relatively resilient,” the report states.

Conversely, Singapore faces heightened risks due to its heavy reliance on energy imports. The report cautions that any escalation in global conflicts could severely affect Singapore’s economy. “An escalation of the conflict poses significant risks to global energy markets, with direct implications for Singapore’s highly import-dependent economy,” Gan notes.

Indonesia is expected to maintain stability, benefiting from its diversified energy sources. In contrast, Thailand may experience more pronounced effects due to its greater external dependencies and energy demands.

The report underscores the importance of monitoring geopolitical developments and their potential impacts on regional economies. As the situation evolves, the insights provided by RHB’s economists will be crucial for stakeholders navigating these uncertain times.

Underserved borrowers in Singapore are demonstrating remarkable financial discipline, with 86% of loans repaid on time in 2025, according to a new analysis by Friday Finance, part of IFS Capital Group. This trend emerges as Singapore’s national credit card debt hits a record S$9.07b, highlighting the proactive financial management among borrowers traditionally overlooked by mainstream credit institutions.

The study, covering data from January 2020 to December 2025, reveals that underserved borrowers are increasingly engaging in debt consolidation to manage rising credit card rollover balances. This approach helps reduce interest costs and manage monthly debt obligations effectively. “Underserved borrowers can be sustainably served through data-driven underwriting and robust credit portfolio management,” the report notes.

Additionally, there is a growing demand for essential credit, with loan applications for medical expenses and self-improvement rising to 7% and 6%, respectively. This trend reflects households’ efforts to bridge a 16.9% medical inflation gap and invest in reskilling to safeguard future earning potential.

The findings also indicate that micro-SMEs are adopting a cautious ‘wait-and-see’ approach, with business expansion loans declining to 5% of applications amid global economic uncertainty. The report underscores the importance of product design in promoting responsible financial behaviour, suggesting that credit structures rewarding timely repayment can enhance borrower performance.

As Singapore’s credit market evolves, these insights highlight the potential for underserved borrowers to be more reliably integrated into the financial system, challenging traditional risk perceptions.

Global talent solutions firm Robert Walters has released its Talent Trends 2026 guide, highlighting a looming ‘engagement recession’ in workplaces. The report reveals that 85% of Singapore employers have observed employee disengagement impacting their organisations, with 64% describing the issue as “very widespread.” This disengagement, termed ‘quiet cracking,’ occurs when employees continue to work but struggle internally due to pressure, job uncertainty, and stalled growth.

The guide, launched in February, identifies eight workforce trends shaping leadership decisions in 2026. Among these, the engagement recession is a significant concern, as it leads to decreased productivity and a decline in workplace culture. Kirsty Poltock, Country Manager of Robert Walters Singapore, emphasised the importance of caring for employees to boost innovation and retain top talent. “Creating an environment where people are motivated to grow, collaborate, and succeed together can boost innovation, productivity, and eventually help retain top talent,” she stated.

The report also highlights that 50% of employers are considering career development initiatives, whilst 31% are exploring leadership training to combat quiet cracking. The engagement recession presents a competitive opportunity for companies to advance by prioritising employee engagement as a daily leadership discipline. As businesses adapt to changing environments, effective leadership and workforce strategies will be crucial for success in the year ahead.

Pinery Residences, a new integrated development in Tampines, has achieved a remarkable 92.5% sales rate during its launch weekend, selling 544 units. This makes it the best-selling integrated development by percentage in the area, according to Huttons Asia CEO Mark Yip. The project, with an average selling price exceeding $2,500 per square foot, highlights the strong market acceptance for such developments.

Located above Pinery Mall and directly connected to Tampines West MRT station, Pinery Residences offers unparalleled convenience. The MRT station, part of the Downtown line, provides easy access to the Central Business District and the Tampines Regional Centre, with Changi Airport just five stops away. The development is also within 1km of four primary schools, including Junyuan Primary School and St Hilda’s Primary School, making it attractive to families.

The launch follows a similar success for Rivelle Tampines, which also sold 92.5% of its units a week earlier. This trend underscores the popularity of Tampines as a residential location, with its strong locational attributes and the appeal of integrated developments. Yip noted that such projects offer good capital upside potential and high rentability.

The development attracted both owner-occupiers and investors, with all two-bedroom units sold out and only one three-bedroom unit remaining. Huttons Data Analytics estimates an 80:20 mix of owner-occupiers to investors. Pinery Residences is strategically positioned near major employment hubs like Tampines Regional Centre and Changi Business Park, further enhancing its appeal.

Cushman & Wakefield has announced the sale of a rare freehold mixed-use development site located at Bukit Timah Road and Duke’s Road in Singapore. The property, offered at an indicative price of $118m, is available through an Expression of Interest exercise closing on 5 May 2026.

The existing 4-storey development is fully occupied, featuring popular tenants such as Atlas Coffeehouse and The Assembly Place. The site, recently expanded to 1,719.80 sqm, is zoned for commercial and residential use with a gross plot ratio of 3.0. It has received permission for a new 5-storey development, including six strata commercial units and 30 residential units.

Located in District 10, the property is just 300 metres from the Botanic Gardens MRT Interchange and is surrounded by prestigious schools and amenities. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, highlighted the scarcity of new retail and F&B developments in the area, noting that older strata developments have traded at $4,000 – $5,000 per square foot.

Poh emphasised the site’s potential, stating, “The owner has already unlocked substantial value by securing adjacent land and obtaining redevelopment permissions.” This offers a unique opportunity for purchasers to establish a presence in a sought-after area or retain the property as an income-generating asset.