Industry News

The Global Sustainable Tourism Council (GSTC) has unveiled a new Food and Beverage Standard that mandates at least 30% of main dishes at certified hotels and resorts be plant-based. This initiative, a first for the GSTC, aims to enhance sustainability in the hospitality sector by requiring dishes to be at least 95% plant-based by weight. The standard is expected to impact over 2,000 hotels worldwide that are already part of GSTC’s certification framework.

In Singapore, where many hotels are GSTC-certified under the Singapore Hotel Sustainability Roadmap and the Singapore Tourism Board’s eco-friendly initiatives, this new requirement could significantly influence menu offerings. The standard introduces a visible shift in sustainability efforts, which have traditionally focused on less guest-facing aspects like energy and water conservation.

Lever Foundation, a global NGO that collaborated with GSTC on this standard, argues that adopting plant-based menus can reduce food costs and increase guest satisfaction. This is particularly relevant for Singapore, given its high food and beverage input costs and reliance on imported animal protein.

The new standard also aligns with Singapore’s broader food resilience strategies, such as the “30 by 30” goal, which aims to bolster food security by increasing local production. The emphasis on plant-based sourcing supports resource efficiency, requiring less land, water, and emissions, thus fitting into national conversations about sustainability and food security.

As hotels prepare for certification or renewal, the GSTC’s new standard could reshape dining experiences, making sustainability a more tangible aspect of the hospitality industry.

The Singapore Government has announced changes to the Additional Buyer’s Stamp Duty (ABSD) regime, extending timelines for large-scale en bloc redevelopments and lifting the 15-month wait-out period for downgraders purchasing non-subsidised HDB resale flats. These measures are designed to support housing developers and ease the transition for private property owners.

The ABSD remission timeline for large sites, defined as those yielding over 700 residential units, has been extended by six months to six years. Mega sites, with over 1,400 units, will see an 18-month extension to seven years. Tricia Song, Head of Research at CBRE Singapore and Southeast Asia, noted that these changes could encourage developers to pursue larger en bloc sites, which offer economies of scale and potential rejuvenation effects on precincts.

Despite the removal of size hurdles, challenges such as divergent owner interests and uncertain deal completion timelines remain. Developers often prefer Government Land Sales (GLS) sites due to transaction certainty and a more straightforward process, with GLS sites currently supplying 7,500-8,000 private condominium units annually.

The immediate lifting of the 15-month wait-out period for downgraders is expected to have a minimal impact on HDB resale prices and private home rentals. Since its introduction in September 2022, HDB has processed approximately 1,800 appeals annually to waive the wait-out period, with about 25% granted. The HDB resale market has shown signs of stabilisation, with prices declining for two consecutive quarters in the first half of 2026.

These changes aim to facilitate large-scale redevelopment projects and provide additional housing supply to meet demand, whilst easing the transition for private property owners entering the HDB resale market.

Toku Ltd, a leading AI-powered customer experience platform in the Asia Pacific, has announced a 13% increase in revenue for the first half of 2026, reaching $18.8m. This marks a significant acceleration from the 4.7% growth recorded in the same period last year. The company attributes this growth to a robust performance in its Subscriptions and Licensing segment, which saw a 10.4% increase, and a strategic expansion of its AI infrastructure.

The company’s balance sheet has been notably strengthened, with cash reserves more than doubling to $4m and no outstanding borrowings. This financial stability comes despite a net loss of $3.8m, which is less than half of the loss reported in the second half of 2025. Toku’s CEO, Thomas Laboulle, highlighted the company’s focus on commercial capabilities and regional presence as key drivers of this positive momentum.

Toku’s strategic initiatives include the launch of Kawa under the Makimoto initiative, enhancing its AI offerings, and a memorandum of understanding with Sestek to develop Arabic-language AI. The company’s order book has grown by 25% to $29.3m, with a gross margin on new bookings reaching 89%, up from 56% in the previous year.

As Toku continues to expand its market presence, particularly in the Middle East, the company aims to convert commercial opportunities into long-term customer relationships, setting a path towards sustainable growth and profitability in the coming years.

Citi has bolstered its FX Options franchise by appointing three senior traders in Singapore, aiming to enhance its market-making and risk-warehousing capabilities for corporate and institutional clients. The appointments reflect Citi’s commitment to maintaining industry-leading execution in the Asia Pacific region.

Eric Poon joins Citi’s FX EM Options Asia trading team as a director. With 20 years of experience in FX Options, including vanilla, exotics, and correlation products, Poon previously worked at BNP Paribas, OCBC Bank, and Royal Bank of Scotland. He will report to Akshay Saxena, Head of FX Options for Asia Pacific.

Richeng Zheng, with around 14 years of quantitative and financial trading experience, joins as a G10 Options trader. Previously at Bank of America, Zheng was the sole G10 options book runner in the Asia time zone. He will report to Nicky Lam, a director in Citi’s G10 FX options trading team.

Ying Zhou will join Citi’s FX trading desk as an EM Options Trader in August. With nine years of experience in EM FX trading, Zhou brings expertise in Asia Emerging Markets exotic derivatives. She joins from Deutsche Bank in Singapore and will report to Akshay Saxena.

Patrick Green, Global Head of FX Options, stated, “Expanding our senior trading presence is core to our strategy to expand our FX Options franchise globally, whilst strengthening and maintaining our leadership position in FX.”

In Q2 2026, Citi reported a 17% increase in Markets revenues to $7b, driven by growth in Equity and Fixed Income markets. This strategic expansion in Singapore is expected to further enhance Citi’s capabilities and client delivery in the FX sector.

Singapore’s property auction market has reached its highest half-yearly level in five years, with 292 properties listed in the first half of 2026. This marks a 12.3% increase from the previous half-year and an 8.6% rise year-on-year, according to ETC, a member of Realion Group.

Mortgagee-sale listings accounted for 74% of the total, highlighting the impact of tighter financing conditions. Joy Tan, Head of Auction & Sales at ETC, noted that the decline in owner-sale listings is due to a robust resale market, allowing borrowers to sell properties before foreclosure. “These trends reflect a market that remains selective rather than a signal of distress,” she stated.

Residential properties dominated the listings at 49.3%, followed by industrial properties at 29.8%, and retail properties at 15.8%. The total transaction value at auction reached S$27.67m, with 13 properties sold, primarily residential and industrial.

Looking ahead, Tan anticipates continued activity in the auction market, driven by ongoing financing challenges and interest rate changes. Residential and industrial mortgagee sales are expected to remain prominent. However, broader macroeconomic and geopolitical uncertainties may temper transaction volumes in the latter half of 2026.

ST Engineering has announced a significant achievement with the award of an $840m contract for the Taoyuan MRT Brown Line in Taiwan. The contract, granted by the Taoyuan City Government, is part of a consortium with Hyundai Rotem and marks a substantial expansion of ST Engineering’s involvement in Taiwan’s rail infrastructure, where it has been active for over 30 years.

The project will see ST Engineering taking charge of overall project management and systems integration. The company will also provide essential rail electronics solutions, including supervisory control and data acquisition (SCADA), communications systems, automatic fare collection, and platform screen doors. Hyundai Rotem will supply the rolling stock and power supply system. The project is set to commence in the fourth quarter of 2026 and is expected to be completed over an eight-year period.

Gareth Tang, President of Urban Solutions at ST Engineering, stated, “Transport agencies are increasingly seeking trusted partners who can seamlessly integrate technologies and systems whilst managing large-scale project delivery. This contract reflects our customer’s confidence in our ability to deliver large-scale rail infrastructure projects.”

The 11.38km Taoyuan MRT Brown Line will feature seven stations, providing a direct rail link between Taoyuan City and the Greater Taipei area, significantly enhancing connectivity and reducing travel times for commuters. This project adds to ST Engineering’s extensive portfolio, which includes over 200 rail projects across 50 cities worldwide, highlighting its expertise in delivering comprehensive rail solutions.

Mapletree Investments has announced the launch of its first China logistics Renminbi (RMB) core fund in collaboration with China Life Capital. The Mapletree China Logistics RMB Fund, valued at approximately RMB1.5b, comprises five stabilised logistics assets. This fund has attracted commitments from international insurance companies, underscoring the confidence in China’s logistics sector and Mapletree’s reputation as a leading logistics real estate developer.

The fund’s portfolio includes high-quality logistics assets located in Nanjing, Wuxi, and Chengdu, with a total leasable area of around 382,000 square metres and an average occupancy rate of 95%. These assets are strategically positioned in key economic regions, benefiting from robust market fundamentals and a diverse tenant base, including third-party logistics providers and e-commerce operators.

Mapletree’s Regional Chief Executive Officer for China, Goh Chye Boon, stated, “The successful launch of the Mapletree China Logistics RMB Fund underscores our ability to grow our domestic investor base in China by unlocking value from stabilised logistics assets.”

The fund marks Mapletree’s first RMB fund in China, combining the expertise of a leading state-owned institutional investor with Mapletree’s asset management capabilities. It aims to deliver stable recurring income and long-term value through proactive asset management and capital recycling strategies.

Mapletree’s commitment to sustainability is evident, with all five properties in the fund incorporating renewable energy solutions and achieving LEED certifications. This initiative is part of Mapletree’s broader strategy to optimise its portfolio and unlock value for investors, further solidifying its position in China’s logistics real estate market.

TA Global Berhad, a prominent Malaysian property developer, has launched its latest ultra-luxury development, CloutHaus Residences, in Singapore. This exclusive two-day showcase highlights the growing interest among Singaporean investors in premium properties within Kuala Lumpur, underscoring Singapore’s role as a key outbound investment market.

CloutHaus Residences, envisioned as “The Ultimate Address of Luxury,” is part of TA Global’s RM3 billion integrated mixed-use development in Kuala Lumpur City Centre (KLCC). Situated just 50 metres from the iconic Petronas Twin Towers, the development offers a rare chance to own a freehold property in one of the city’s most prestigious locations. The project combines exceptional design, world-class hospitality, and unparalleled connectivity, redefining contemporary luxury living.

TA Global’s CEO, Tiah Joo Kim, stated, “Singapore has long been an important market for TA Global, with investors who recognise the value of quality real estate backed by strong fundamentals.” He added that discerning buyers are now seeking homes that offer exceptional quality, personalised service, and enduring value.

The development features two towers rising 276 metres above the Kuala Lumpur skyline, comprising 615 fully furnished serviced residences, a Paradox Hotel, and 242 Paradox-branded residences. Each home is equipped with premium appliances and fittings from renowned brands such as Gaggenau, Gessi, and Laufen.

The Singapore showcase provided prospective homeowners, investors, and industry partners with a private preview of CloutHaus Residences, along with insights into Kuala Lumpur’s evolving high-end residential market and cross-border investment opportunities. As Kuala Lumpur strengthens its position as a luxury living destination, CloutHaus Residences offers Singapore investors a unique opportunity to own a prestigious freehold address.

Seatrium has received Approval in Principle (AiP) from Bureau Veritas Marine & Offshore for its innovative 30 MW self-powered Floating Data Centre (FDC) concept. This approval validates Seatrium’s proprietary Data-In-A-Box SeaDC solution, which integrates IT equipment, cooling systems, and power distribution within a modular design. The concept, comprising six independent 5 MW modules on a jetty-moored barge, aims to provide scalable and energy-efficient computing capacity for the AI, Cloud, and digital economy sectors.

The Floating Data Centre is designed to address land, energy, and cooling constraints in coastal markets. Beyond the initial 30 MW design, Seatrium is developing solutions for 100 MW and above, paving the way for hyperscale deployment. This development follows a strategic Memorandum of Understanding (MOU) with Bureau Veritas, signed during Singapore Maritime Week, highlighting Seatrium’s commitment to next-generation digital infrastructure.

Seatrium, headquartered in Singapore, is a leading provider of specialised engineering solutions for the global offshore, marine, and energy sectors. With over 60 years of expertise, the company operates across 15 countries and employs more than 24,000 people. Seatrium’s diverse business includes Oil & Gas Newbuilds, Offshore Wind, and Repairs & Upgrades, positioning it as a key player in the global energy transition.

As Seatrium continues to innovate, the company is also exploring new technologies such as Carbon Capture & Storage and New Energies, reinforcing its dedication to a sustainable energy future.

Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust (FCT), has announced the divestment of White Sands mall at a premium of 8.4% over its independent valuation. The transaction, completed in the third quarter ending 30 June 2026, will see the net proceeds used to repay debt, reducing FCT’s pro forma aggregate leverage from 40.0% to 36.5%.

The sale of White Sands, located in Pasir Ris, Singapore, is part of FCT’s strategy to unlock value for capital recycling. The agreed property value stands at $467m, with net proceeds estimated at $454.1m. This move strengthens FCT’s financial position and creates headroom for future growth opportunities.

In addition to the divestment, FCT has jointly submitted a bid for the Bayshore Drive site, the only mixed-use site in the new Bayshore precinct. The total development cost is approximately $613m, with an attractive yield on cost of around 5%. The project is expected to be completed by the end of 2030.

Operationally, FCT continues to perform well, with a strong retail portfolio committed occupancy of 99.6% and a 2.4% year-on-year increase in shopper traffic for the third quarter. Tenant sales also saw a slight increase of 0.2% year-on-year.

Looking ahead, FCT’s financial metrics remain robust, with a quarter cost of debt at 3.0% as of 30 June 2026. The ongoing asset enhancement initiatives at Hougang Mall and NEX are progressing, with significant leasing precommitments achieved.

These strategic moves underscore FCT’s commitment to maintaining a healthy financial position whilst pursuing growth opportunities in Singapore’s retail market.