Industry News

CBRE has announced the sale of a pair of adjoining two-storey freehold conservation shophouses with a six-storey rear extension at 155 Kitchener Road, Singapore. The sale will be conducted through an Expression of Interest exercise, closing on 11 June 2026 at 3pm. These properties, located in the vibrant Farrer Park/Jalan Besar district, offer a combined land plot of approximately 2,713 square feet and a total floor area of 8,175 square feet.

The shophouses, which are fully tenanted, provide immediate rental income. The ground floor is occupied by a restaurant, whilst the upper floors house a gym and offices. The indicative guide price for these properties is S$28m. Situated in a bustling area known for its mix of traditional and modern eateries, the location is a popular destination for both locals and tourists.

Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the investment potential of the properties, noting their freehold tenure and versatile floor plans. “These assets are increasingly viewed as defensive additions to sophisticated portfolios,” he stated. The area is set to benefit from ongoing residential developments, which are expected to boost local demographic density and consumer spending.

The properties are well-connected, with a bus stop 70 metres away and two MRT stations within walking distance. The site’s proximity to major roads ensures easy access across the island, making it a strategic investment opportunity.

Food Empire Holdings Limited has announced a robust start to FY2026, with a 16.9% increase in revenue, reaching US$159.7m for the first quarter ending 31 March 2026. This marks a record first-quarter performance, continuing a trend of five consecutive years of revenue growth.

The company’s Russia segment saw a remarkable 29.4% rise in revenue to US$51m, bolstered by increased sales volumes, effective marketing, and favourable currency conditions. Central Asia recorded the largest percentage increase, with revenue jumping 36.4% to US$30.7m, largely due to successful product launches and price adjustments in Kazakhstan and Uzbekistan.

Southeast Asia also contributed to the growth, with a 7.5% increase in revenue to US$43m, primarily driven by the Vietnam market. Meanwhile, the Europe segment, led by Ukraine, grew by 5.9% to US$12.6m, despite challenging conditions.

Group CEO Sudeep Nair expressed optimism about maintaining growth momentum throughout the year, highlighting the strategic geographical diversification and investments in brand building since FY2013. “Today, the combined revenue from Asia has surpassed our traditional markets,” he noted.

Looking forward, Food Empire anticipates positive contributions from its new coffee-mix manufacturing facility in Kazakhstan. The company is also expanding its manufacturing capabilities in India and Vietnam, with projects expected to complete by 2027 and 2028, respectively.

Additionally, Food Empire’s Board has approved a 1-for-5 bonus issue to enhance liquidity, aiming to attract institutional investors. The company continues to monitor macroeconomic and geopolitical challenges, including energy costs and supply chain disruptions.

GDS Global Limited has announced plans to hold an Extraordinary General Meeting (EGM) on 29 May 2026 to seek shareholder approval for the acquisition of Asiabuild Metal Engineering and Integrated Aluminium. The acquisition, valued at up to S$30m, will be settled through the issuance of up to 375 million new shares at S$0.08 each, with additional shares issued to cover S$2.4m in debt from Integrated Aluminium.

The acquisition is a strategic move for GDS, a leading provider of door and shutter solutions in Singapore and Southeast Asia, to diversify its offerings into structural steel, metal engineering, and architectural aluminium solutions. This expansion is expected to enhance GDS’s capabilities and broaden its customer base within Singapore’s construction and infrastructure sectors.

Asiabuild Metal Engineering and Integrated Aluminium, both part of the Teambuild Construction Group, have a strong track record in public housing, institutional, commercial, and industrial projects. They bring expertise in structural steel fabrication, aluminium façade systems, and architectural metal works, which will complement GDS’s existing business.

Tang Hee Sung, Non-Executive Non-Independent Chairman of GDS, stated, “This Proposed Acquisition marks a significant milestone in GDS’s strategic growth plans as we expand beyond our established door and shutter systems business into adjacent engineering and building solutions sectors.”

The acquisition is anticipated to provide immediate revenue contributions, with the targets having a combined net profit after tax of S$1.6m in 2025 and S$1.9m in 2024. SAC Capital Private Limited is advising GDS on the transaction.

A recent survey by Singapore Management University (SMU) has revealed that whilst awareness of dementia in Singapore has significantly increased, nearly seven in 10 Singaporeans are still uncertain about where to find support. Conducted over five weeks from January 2026, the study involved 10,827 respondents, including individuals living with dementia, caregivers, and the general public.

The “RememberForMe” survey, led by Rosie Ching, Principal Lecturer of Statistics at SMU, highlighted that although knowledge about dementia has risen from a mean score of 3.47 in 2019 to 4.68 in 2026, the perception of personal relevance remains low. Many Singaporeans, particularly those without a family history of dementia, do not see it as a personal concern.

Despite improved awareness, the survey found a critical disconnect in knowledge of support structures. Younger generations, especially Gen Z, reported low confidence in navigating available services. “We’ve made progress in awareness, but the barrier has changed,” Ching noted. “People are no longer saying they haven’t heard about dementia, but they’re saying it doesn’t concern them.”

Stigma continues to be a significant barrier, with the general public, particularly those without personal exposure, holding negative perceptions. The survey also found that inclusion for persons living with dementia remains low, with more than half perceiving a lack of inclusion in everyday life.

As Singapore approaches its status as a superaged society, with dementia cases projected to exceed 150,000 by 2030, the study underscores the need for turning awareness into action. Bryan Tan, CEO of Dementia Singapore, emphasised the importance of shifting public perception to build a dementia-inclusive nation.

Investors and occupiers in Singapore’s industrial market are increasingly favouring longer-tenure and modern assets, according to Savills Research. Despite a general moderation in industrial activity in the first quarter of 2026, demand for quality assets that offer operational efficiency and supply chain resilience remains strong.

Strata industrial sales in Singapore were subdued in Q1 2026, with transaction volumes dropping 17.5% quarter-on-quarter to 335 deals, marking the lowest level since 2020. However, pricing performance varied significantly by tenure. Freehold industrial properties saw a 2.5% increase in prices to S$876 per square foot, whilst 60-year leasehold assets rose by 1.4% to S$569 per square foot. In contrast, 30-year leasehold assets experienced a slight decline of 0.6% to S$353 per square foot.

Leasing demand was selective, driven by sectors such as supply chain, e-commerce, and advanced manufacturing. Savills’ basket of prime warehouse and logistics assets recorded a 0.4% quarter-on-quarter increase in rents, reflecting resilience in high-quality logistics facilities. However, rents for prime multiple-user factories declined by 1.4%, indicating greater occupier selectivity and pricing sensitivity.

Ashley Swan, Executive Director of Commercial & Industrial at Savills Singapore, noted, “The Singapore industrial market continues to exhibit resilience and overall stability despite global uncertainties.” Alan Cheong, Executive Director of Research & Consultancy, added that the ongoing flight-to-quality trend is expected to persist, with demand increasingly skewed towards modern, well-located, and higher-specification assets.

Looking ahead, Savills anticipates stabilisation in rental growth across most industrial segments, with multiple-user factories and business parks projected to see rental growth between 0% and 2% in 2026.

Singapore’s life insurance sector disbursed a record S$5.79b in claims and maturity payouts in the first quarter of 2026, according to the Life Insurance Association, Singapore (LIA Singapore). This marks the highest payout for a first quarter since 2021, providing significant financial relief to individuals and families.

In Q1 2026, S$5.08b was paid out for life insurance claims, covering critical illness, death, and total permanent disability, as well as matured policies. An additional S$712m was disbursed under individual health policies, easing the burden of healthcare costs. The industry also saw a 12.9% year-on-year increase in total weighted new business premiums, reaching S$1.67b.

The uptake of Integrated Shield Plans (IPs) and IP riders increased, with approximately 33,000 more Singapore residents securing these policies in the first quarter. This reflects a growing awareness of the importance of health insurance coverage, especially ahead of regulatory changes implemented on 1 April 2026.

The industry remains focused on workforce development, with companies investing in upskilling employees and integrating AI to enhance productivity and customer experience. Employment in the sector remains stable, with 9,495 employees as of 31 March 2026.

LIA Singapore President Wong Sze Keed noted, “Amid continual global uncertainty, we’re seeing individuals and families continue to take deliberate steps to strengthen their financial resilience.” The sustained growth in new business and higher claims payouts underscore the industry’s critical role in financial support and the increasing recognition of the need for protection.

A recent report by ADP Research has revealed that only 22% of workers globally feel their jobs are safe from elimination, with the Asia Pacific region showing the lowest confidence levels. In Singapore, a mere 15% of employees believe their positions are secure, according to the People at Work 2026 report.

The findings underscore a significant challenge for employers, as job security is increasingly linked to employee engagement, productivity, and retention. Globally, workers who feel secure in their roles are six times more likely to be fully engaged and twice as likely to remain with their current employer.

Jessica Zhang, Senior Vice President of APAC at ADP, noted, “AI is reshaping work at the task level, creating new job categories whilst transforming existing ones. The findings highlight a clear gap between actual employment conditions and how secure workers feel about their future.”

In Singapore, younger workers aged 18 to 26 are the most confident, with 22% feeling secure in their jobs. Confidence also varies by job scope, with knowledge workers (21%) feeling more secure than those in skilled (12%) and repetitive tasks (10%). Medium-sized organisations (250–999 employees) report the highest confidence levels among their workers.

Dr. Nela Richardson, chief economist at ADP, emphasised the business implications, stating, “Job security has become a business issue, not just a workforce sentiment measure. Employers that pair honest communication with meaningful skills investment will be in a much stronger position to build a resilient workforce.”

The report suggests that employers need to address these concerns through clearer communication, skills investment, and workforce planning to enhance job security and employee confidence.

OCBC, Singapore’s oldest bank, has entered a five-year strategic partnership with the Australian High Commission in Singapore to enhance trade and investment between Southeast Asia and Australia. This collaboration is expected to more than double the trade and investment flows by 2030, aligning with Australia’s Southeast Asia Economic Strategy to 2040.

The partnership will focus on high-growth sectors such as energy transition, infrastructure, resources, green transportation, fintech, and digital innovation. It combines the Australian government’s policy expertise with OCBC’s market insights and financing capabilities. The collaboration involves three Australian government agencies: the Department of Foreign Affairs and Trade, Export Finance Australia, and the Australian Trade and Investment Commission. Together, they aim to connect Australian companies with Southeast Asian industry leaders, facilitate investor matching, and promote knowledge-sharing programmes.

OCBC, marking 40 years of operations in Australia, has significantly expanded its Sydney branch, with its loan book growing at a compound annual growth rate of around 13% over the past five years. The bank has supported Australian companies like Lendlease and Qantas in their regional ventures.

Elaine Lam, Head of Global Corporate Banking at OCBC, stated, “This strategic collaboration aims to create a powerful platform for Australian companies and investors to expand into Southeast Asia.” Emily Follett, Acting Australian High Commissioner to Singapore, highlighted the partnership’s potential to unlock new business opportunities and drive energy transition.

This initiative underscores OCBC’s commitment to facilitating international capital flows and enhancing regional economic ties.

Kimly Limited has announced a net profit of S$16.4m for the first half of the financial year 2026, with revenue increasing by 1.3% to S$161.4m. This growth is attributed mainly to higher contributions from its Outlet Management and Outlet Investment Divisions. The company has declared an interim dividend of 1.00 Singapore cent per share.

Despite the positive financial results, Kimly acknowledges the challenging operating environment for food and beverage (F&B) operators. Global energy market volatility, driven by geopolitical tensions, has led to increased oil prices and inflationary pressures, affecting costs across transportation, utilities, packaging, and food production. In Singapore, these global issues have resulted in rising costs for raw materials, utilities, rentals, and logistics, compounded by supply chain uncertainties and a tight labour market.

On 9 January 2026, Kimly completed the acquisition of a coffee shop property at 12 Haig Road, securing premises operated by Kedai Kopi since April 2021. This strategic move aims to mitigate leasing risks and enhance long-term operational stability.

Looking forward, Kimly plans to focus on strengthening operational capabilities, refining product offerings, and expanding its network of food outlets across Singapore. The company remains committed to its four-pronged strategy of expanding its footprint, diversifying product and revenue streams, growing its Food Retail Division, and enhancing operational capabilities.

The directors of Kimly commented on the outlook, stating, “The challenging F&B landscape is expected to persist amid ongoing manpower constraints, rising material and rental costs, intensifying competition, and subdued consumer sentiment arising from global economic uncertainties.” Despite these challenges, Kimly has expanded its presence with new coffee shops and food stalls, reinforcing its market position.

CapBridge Pte Ltd, a digital investment platform, has announced a collaboration with Sun Life Assurance Company of Canada Singapore Branch to distribute Sun Life Singapore’s SunBrilliance insurance solutions to High Net Worth individuals (HNWIs) and family offices globally. This partnership aims to meet the growing demand for sophisticated cross-border legacy planning solutions among HNWIs across Asia.

Sun Life, with a 160-year heritage and an AA financial rating from S&P, brings robust financial strength to this collaboration. At the heart of the partnership is the SunBrilliance Indexed Universal Life II (IUL), a permanent life insurance product designed for modern wealth preservation. This product offers dual-account flexibility, allowing premiums to be allocated between a fixed-interest account and an indexed account, providing greater capital utilisation and liquidity management. The indexed account is linked to the S&P 500 index, offering upside potential with a guaranteed floor, ensuring stability regardless of market fluctuations.

Janet Liu, CEO of CapBridge, stated, “High Net Worth families today are looking for more than just a policy; they want long-term certainty and structures that can adapt as their lives evolve.” The collaboration aims to provide scalable solutions that balance capital liquidity and market protection, securing wealth for future generations.

This partnership aligns with FOMO Group’s vision of creating an integrated digital finance ecosystem, enhancing CapBridge’s ability to offer comprehensive financial solutions. By integrating Sun Life Singapore’s IUL offering with CapBridge’s digital capabilities, the collaboration promises a seamless client experience across Southeast Asia and other key markets.