Industry News

The Institute of Public Relations of Singapore (IPRS) is set to host the Media OutReach Newswire PRISM Summit 2026 on 12 November at METT Singapore. The event will gather senior communications leaders from Southeast Asia to discuss the evolving role of public relations (PR) in an AI-driven world. A key highlight will be the unveiling of the inaugural Singapore State of PR and Communications Survey.

The summit, themed “From Message to Mandate,” aims to explore how PR professionals can enhance brand trust and visibility in the age of artificial intelligence. Jennifer Kok, CEO of Media OutReach Newswire, emphasised the importance of AI in transforming communication, stating, “AI is transforming how we communicate with credibility, giving PR practitioners the opportunity to lead by driving both visibility and trust at scale.”

The agenda will cover topics such as enterprise value, board-level risk management, and institutional credibility. It will also address the impact of AI on communications, including how earned media influences generative AI and the implications for disclosure and accountability.

Notable speakers include Glenda Gloria, Co-Founder of Rappler, and Terence Lyons, CEO of TSCai. Cindy Lim, IPRS Council Member and PRISM Summit 2026 Chair, highlighted the summit’s focus on current issues like reputation risk and AI influence.

Grab Holdings Limited has announced a definitive agreement to acquire a 60% equity stake in Atome Financial, a digital financial services platform, for $1.49b. This strategic move is set to enhance Grab’s consumer lending capabilities across five Southeast Asian markets, including Singapore, Malaysia, and Indonesia.

The acquisition will integrate Atome Financial’s AI-driven lending infrastructure with Grab’s extensive ecosystem, aiming to provide greater financial access to underserved consumers and merchants. This collaboration is expected to accelerate Grab’s growth in consumer lending, with projections of a $6b gross loan portfolio by 2028. Additionally, Grab anticipates its Financial Services Segment Adjusted EBITDA to reach $500m by the same year.

Alex Hungate, President and COO of Grab, highlighted the importance of the transaction, stating, “The proposed transaction accelerates the growth and profitability of our financial services segment by deepening our consumer lending capabilities.” Jefferson Chen, CEO of Atome Financial, added, “With Grab’s ecosystem, we can extend financial access to millions more across Southeast Asia.”

The deal, expected to complete by Q3 2027, will see Grab financially consolidate Atome Financial into its Financial Services segment. A subsequent agreement allows Grab to acquire the remaining 40% stake in Atome Financial, contingent on regulatory approvals and performance metrics. This acquisition marks a significant step in Grab’s strategy to expand its financial services footprint in the region.

City Developments Limited (CDL) is set to launch Lucerne Grand, a new residential development directly linked to Lakeside MRT station, with previews commencing on 18 September 2026. The development, located at Lakeside Drive, comprises 570 units across five 17-storey towers and includes a commercial component, Lucerne Galleria, offering a supermarket and various retail options.

Lucerne Grand is strategically positioned near the Jurong Lake District, Singapore’s largest mixed-use business district outside the city centre. The development offers a range of flat configurations, with prices starting from S$1.498m for a two-bedroom unit. The project is designed to harmonise urban living with nature, drawing inspiration from the alpine city of Lucerne in Switzerland.

Sherman Kwek, CDL’s Group CEO, highlighted the development’s unique combination of convenience, connectivity, and nature. “Lucerne Grand is well positioned to benefit from Jurong’s ongoing transformation, offering homebuyers a rare opportunity to be part of its remarkable growth story,” he stated.

Residents will enjoy seamless transport connectivity, being just two stops from Jurong East MRT Interchange and close to major expressways. The development also boasts proximity to educational institutions and recreational amenities, including the 90-hectare Jurong Lake Gardens.

Lucerne Grand aims to provide modern living with a focus on comfort and sustainability, featuring a range of recreational facilities and smart home technologies. The development has received the Building and Construction Authority’s Green Mark Platinum Super Low Energy certification for its eco-friendly design. Sales bookings will begin on 3 October 2026.

Metrocon Holdings Limited, a Singapore-based geotechnical foundation engineering specialist, made a robust debut on the Catalist Board of the Singapore Exchange (SGX) on 15 September 2026. The company’s shares opened at S$0.23, a 15% premium over the placement price of S$0.20, and reached an intraday high of S$0.295 before closing at S$0.235, marking a 17.5% increase. Approximately 8.45 million shares were traded on the first day.

The listing signifies a pivotal moment in Metrocon’s growth trajectory. The company, which has completed over 40 projects in Singapore, continues to engage in infrastructure and building developments, specialising in foundation engineering, soil improvement, and earth retention works. As of 30 June 2026, Metrocon’s order book stood at approximately S$85.25m, ensuring ongoing project execution and future revenue streams. The company recently secured a S$750,000 soil improvement subcontract for a public housing development, expected to be completed by 2031.

The Compliance Placement garnered significant interest from industry veterans, including Sun Renwang, Co-founder and Chairman of Ever Glory United Holdings Limited, and Lim Thiam Hooi, Co-founder and Managing Director of Lum Chang Creations Limited. RHT Capital Pte. Ltd. acted as the Placement Agent.

Metrocon’s Executive Director and CEO, Tan Kean Seng, expressed gratitude for the support received, stating, “This listing represents an important step forward for the Group and provides us with a stronger platform to pursue our growth plans.” The company plans to utilise the S$4.6m raised from the Compliance Placement to fund working capital and growth initiatives.

Kwek Leng Beng has pledged S$1m to the St Joseph’s Institution Philanthropic Fund for the Lasallian Mission Ltd (SJIPF) to nurture young Singaporeans in artificial intelligence (AI), advanced computing, and emerging technologies. The Kwek Leng Beng Innovation Gift will support student-led projects at St. Joseph’s Institution and offer scholarships for students admitted to the University of Cambridge.

The initiative is divided into two main arms. The first, the Kwek Leng Beng Innovation Programme, will fund innovation and technology projects within St. Joseph’s Institution. This includes covering costs for student projects, mentorship, short courses, and seed grants. The second arm, the Kwek Leng Beng SJIPF–Cambridge Scholarship, will provide up to S$50,000 per scholar for students admitted to Christ’s College or St Edmund’s College at Cambridge to study Mathematics, Computer Science, or Engineering.

Kwek emphasised the importance of investing in young minds, stating, “Young people are that asset, and an investment in their education can compound over a lifetime.” The scholarships will not require recipients to return to Singapore, reflecting Kwek’s belief that talent is retained through opportunity rather than obligation.

SJIPF President Leon Yee highlighted the programme’s focus on student initiative, noting that funding will be based on the quality of proposals rather than annual exercises. The initiative aligns with Singapore’s national AI agenda, as outlined by Prime Minister Lawrence Wong, who emphasised the role of technology and productivity in the nation’s future growth.

Mapletree Investments Pte Ltd has commenced construction on the Mapletree Sanbongi Logistics Centre in Osaki-shi, Miyagi Prefecture, Japan. This marks the third project under the Mapletree Japan Investment Country Private Trust (MAJIC) to begin in 2026. The development aims to bolster Mapletree’s logistics portfolio in Japan, focusing on high-quality, strategically located assets.

The three-storey facility, expected to be completed by April 2028, will offer a gross floor area of approximately 69,500 square metres. Designed for flexibility, it will feature adaptable small-box units, 40 lorry parking spaces, and 12 lorry waiting spaces, catering to both small-scale logistics and larger transfer operations. Freight lifts and vertical conveyors will enhance cargo movement efficiency.

Strategically positioned in the Tohoku region, the centre is set to support regional distribution, providing an alternative to established hubs like Kuki Junction in Saitama Prefecture. It aims to serve logistics operators in the semiconductor and automotive sectors, as well as distribution activities for the greater Sendai metropolitan area.

Wong Mun Hoong, Regional CEO for Australia and North Asia at Mapletree, stated, “Mapletree Sanbongi Logistics Centre reflects our commitment to Japan’s logistics sector. Strategically located in the Tohoku region, the development is designed to meet evolving supply chain needs and support long-term logistics demand.”

This development underscores Mapletree’s strategy to expand its global logistics platform, aligning with its focus on accelerated growth in key markets.

A recent study by Blackbox Research reveals that 85% of Singaporeans are concerned about rising costs in the food delivery sector following Deliveroo’s exit, which has left Grab and foodpanda as the dominant players. The study highlights consumer fears of increased delivery charges, menu prices, and platform fees due to reduced competition.

The report, titled “Hungry for Choice,” surveyed 1,001 active delivery consumers and found that 69% have abandoned orders at checkout due to unexpected fees. With 92% of users now defaulting to either GrabFood or foodpanda, 57% of consumers feel their choices have diminished. Additionally, 83% believe restaurants should be available on multiple platforms, whilst 72% think fewer platforms lead to higher commission costs for local restaurants, ultimately affecting consumer prices.

David Black, CEO of Blackbox Research, stated, “Food delivery has become an essential weekly routine for most households, and Singaporeans have very clear expectations around what makes that worthwhile: meaningful choice, fair value, and reliable service. But there is genuine anxiety across the market.”

The study underscores the importance of competition in maintaining choice, value, and service quality. As the market consolidates, consumers and local food businesses face potential challenges, including fewer options and higher costs. The full report is available for download, providing further insights into the implications of this market shift.

Eco World Development (S) Pte. Ltd. has emerged as the top bidder for a land site at Lorong Puntong/Sin Ming Avenue, following the tender closure by the Urban Redevelopment Authority (URA). The site, which can accommodate approximately 140 residential units, attracted seven bids, with Eco World offering S$208.099m, equivalent to S$1,612 per square foot per plot ratio (psf ppr). This bid was 11.1% higher than the second-highest offer from Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd., which stood at S$187.330m or S$1,451 psf ppr.

The site’s appeal is attributed to its strategic location near Ai Tong School and its proximity to Bright Hill MRT station on the Thomson-East Coast Line. This connectivity is set to improve further with the station becoming an interchange on the upcoming Cross Island Line. Additionally, residents will benefit from nearby amenities such as Thomson Plaza and various eateries along Upper Thomson Road. The site’s location near a landed housing enclave also promises unblocked views and easy access to Bishan-Ang Mo Kio Park.

According to Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, the area’s limited housing supply and strong resale prices of HDB flats in Bishan and Ang Mo Kio could drive demand. “Firm HDB resale prices could provide the necessary capital and support upgrading ambitions,” he noted. The recent success of projects like Artisan 8 and Jadescape highlights the area’s potential for capital appreciation and robust resale activity.

With only one other project, Thomson Reserve, slated for launch soon, the Sin Ming Avenue site is poised to meet the pent-up demand for private homes in the area.

Google Cloud has officially launched its Singapore Engineering Centre (SEC), marking a significant step in its Southeast Asian operations. The centre, inaugurated with the presence of Tan Kiat How from the Ministry of Digital Development and Information and Pee Beng Kong from the Singapore Economic Development Board, is set to become a pivotal product development hub for AI and cloud technologies.

The SEC is designed to bring together multidisciplinary engineering teams to collaborate with regional enterprises and startups. This initiative aims to rapidly test and deploy advanced AI systems, facilitating a quicker transition from lab research to market-ready solutions. By integrating DeepMind researchers with Google Cloud engineers, the centre promises to enhance the speed and efficiency of AI deployment.

The establishment of the SEC is also a response to the growing demand for technical jobs in the AI sector. It is expected to create roles such as Forward Deployed Engineers and cloud infrastructure architects, contributing to Singapore’s National AI Strategy 2.0. This move underscores Singapore’s position as a key player in the global AI landscape, not just as a business hub but as a centre for innovation and product development.

Pee Beng Kong highlighted the significance of the centre, stating, “Singapore is proud to host Google Cloud’s first Engineering Centre in Southeast Asia. It will add depth and expertise to Singapore’s diverse AI and cloud ecosystems.”

The SEC’s collaborative approach with companies like Grab and DBS demonstrates its commitment to solving regional business challenges and integrating these solutions into Google Cloud’s global offerings. This initiative is expected to drive innovation and growth, positioning Singapore as a trusted global AI hub.

Developers in Singapore experienced a significant decline in sales in August 2026, with figures dropping by 79.1% compared to July 2026, according to Huttons Asia. The downturn is attributed to the lunar seventh month, which began on 13 August, traditionally a period when developers hold back on launching new projects. Only 116 units were launched, marking an 87% decrease month-on-month and a 95.4% drop year-on-year.

Despite the low number of launches, the median price per square foot (psf) remained stable at $2,625, slightly up from $2,616 in July. Dunearn House, located in the Core Central Region, sold 18 units, with prices ranging from $2,797 to $3,277 psf. In the Rest of Central Region, projects like Hudson Place Residences and The Sen continued to perform well, maintaining their position as top sellers for four consecutive months.

Singaporean buyers dominated the market, accounting for 83.5% of purchases in August. Notably, 35% of sales were for properties priced between $2.5m and $5m. The month also saw a record low in foreign purchases, with only one transaction recorded—a 4-bedroom unit at River Modern for $6.8m.

Looking ahead, the market anticipates limited launches from September to November 2026. Amberwood at Holland is set to be the first post-lunar month launch, featuring innovative wellness amenities. The property market is buoyed by Singapore’s strong economic growth in the first half of 2026, with developers expected to launch up to 7,000 units by year-end, the lowest since 2023. Prices are projected to rise between 2% and 5% in 2026.