Industry News

OUE Real Estate Investment Trust (OUE REIT) has reported a significant 28.6% year-on-year increase in its distribution per unit (DPU) for the first half of 2026, reaching 1.26 Singapore cents. This growth was primarily attributed to enhanced performance in the hospitality sector, strategic acquisition of the Salesforce Tower, and reduced finance costs due to effective capital management.

The financial results for the period from 1 January to 30 June 2026 revealed a 3.8% rise in revenue to S$136.1m and a 4.8% increase in net property income (NPI) to S$110.3m. The hospitality segment notably contributed to this growth with a 12.3% increase in NPI. Additionally, finance costs decreased by 16.6%, reflecting the benefits of proactive capital management.

The acquisition of a 19.9% interest in the Salesforce Tower in Sydney played a crucial role, contributing S$2.2m to the share of results from associates. Furthermore, the share of results from joint ventures, including OUE Bayfront, rose by 30.6% to S$8.2m.

The robust performance underscores OUE REIT’s strategic focus on capital recycling and asset management. The trust’s effective barbell strategy and active capital stewardship have anchored its strong DPU return, supported by a diversified portfolio with a significant presence in Singapore.

Looking ahead, OUE REIT’s management remains committed to sustaining momentum through strategic capital allocation and maintaining a resilient balance sheet. The distribution payment for the period is scheduled for 3 September 2026.

Metrocon Pte. Ltd. is set to become a listed entity on the Singapore Exchange (SGX) following shareholder approval of a reverse takeover valued at S$28m. The approval was granted during an extraordinary general meeting, marking a significant step for Metrocon as it aims to leverage the SGX platform for growth.

The reverse takeover involves the acquisition of Metrocon’s entire issued share capital by Hatten Land Limited, which is under judicial management. Upon completion, the company will be renamed Metrocon Holdings Limited, reflecting its focus on geotechnical foundation engineering. The transaction will be satisfied through the issuance of 107,705,689 shares to LBD Engineering Pte. Ltd. at S$0.26 per share.

Metrocon plans to use the proceeds from a Compliance Placement to support its growth initiatives, including upgrading its contractor status and expanding its workforce. The company aims to capitalise on Singapore’s robust construction sector, which is projected to see demand between S$47b and S$53b in 2026.

Alvin Lim, Founder and Non-Executive Non-Independent Chairman, expressed gratitude for the shareholder support, stating, “This is a significant step in Metrocon’s journey towards becoming an SGX-listed company.” CEO Tan Kean Seng added, “With the support of the capital markets following our listing, we will be able to accelerate our strategic plans.”

Metrocon’s strong financial performance in FY2025, with a 67.46% revenue increase to S$61.07m, underscores its readiness for this new chapter. The company is poised to seize opportunities in Singapore’s construction pipeline, supported by a healthy order book and experienced management.

FWD Singapore and Ascend Asia Financial Services Group have announced a long-term strategic partnership to enhance financial advisory distribution and improve access to quality financial advice in Singapore. This collaboration combines FWD’s customer-focused product capabilities and digital services with Ascend Asia’s governance framework and technology-enabled platform.

The partnership will provide customers across retail, mass affluent, and high-net-worth segments with access to FWD’s comprehensive suite of solutions, including life insurance and investment-linked products. Additionally, Ascend Asia Asset Management funds will now be available as sub-funds in FWD’s investment-linked product portfolio, offering a broader range of investment options.

Adrian Vincent, CEO of FWD Singapore, highlighted the significance of the open architecture financial advisory model, stating, “Our partnership with Ascend Asia reflects FWD’s commitment to raising the standard of financial planning.” Tomas Urbanec, CEO of Ascend Asia, added, “This partnership broadens access to customer-focused solutions and technology-enabled experiences for advisers on the Ascend Asia platform.”

The partnership was celebrated at the newly launched Ascend Asia Wealth Centre, marking the beginning of this collaborative effort to strengthen Singapore’s financial advisory ecosystem. This initiative is expected to support the industry’s shift towards greater transparency and technology-enabled advisory processes, meeting the evolving needs of Singapore’s super-aged society and global wealth hub status.

Price Forbes Singapore has announced the appointment of Craig McCoig-Lees as the new head of casualty Managing General Agent (MGA). McCoig-Lees, who brings over 30 years of industry experience, will report directly to Bruce Ford, Chief Commercial Officer of Reinsurance & Wholesale. His role will focus on expanding Price Forbes Re’s MGA proposition by providing third-party MGAs with access to capacity, underwriting expertise, and strategic growth solutions.

McCoig-Lees previously served as the head of casualty MGA at Howden Re and has held senior positions at Lockton International and JLT Re. Having been based in Singapore for the past 13 years, he is well-acquainted with the region’s market dynamics. Bruce Ford commented on the appointment, stating, “We have identified a real opportunity in the MGA space, with growth accelerating globally as new hubs emerge and regulation continues to evolve. Craig brings a track record of building businesses and is well placed to help us achieve our goal of being the go-to broker for MGA business in the region.”

Expressing his enthusiasm for the new role, McCoig-Lees said, “The ambition of Price Forbes in the MGA space is crystal clear and that is what drew me to the role. I’m looking forward to working with colleagues across the region, and the wider Ardonagh Group, to build out our presence and to help clients access the distribution and agility that MGAs can offer in today’s market.”

Price Forbes is the largest independent speciality broker in the London Market, managing over $7m in gross written premium. The company is part of The Ardonagh Group, a leading global insurance distribution platform.

The Civil Aviation Authority of Singapore (CAAS) has announced a significant S$4b investment to upgrade its air navigation services over the next 15 years. This initiative aims to address the rising demand for air travel and bolster Singapore’s status as a global air hub. The upgrade, dubbed the “man-machine-method” approach, will enhance the capabilities of air traffic control officers (ATCOs), develop cutting-edge systems, and optimise regional traffic flows.

CAAS plans to increase its ATCO workforce by 40%, from 500 to 700, by the mid-2030s. This expansion is crucial as Singapore prepares for the opening of Changi Airport Terminal 5. To attract more Singaporeans to the profession, CAAS is offering a S$20,000 sign-on bonus for new recruits starting 1 June 2026. Additionally, a new undergraduate degree with ATC specialisation and an ATC Management Associate Programme will be introduced to develop future leaders in air traffic control.

The investment will also see the development of advanced systems such as the NexGen ATM System, which will support up to one million aircraft movements annually. The Integrated Digital Tower System will enhance situational awareness and decision-making, whilst the Info-Centric ATM will improve traffic flow management.

Infrastructure upgrades include a new Singapore Air Traffic Control Centre, set for completion by 2028, and enhancements to the Changi Control Tower. These improvements will facilitate three-runway operations by the end of the decade, increasing Changi Airport’s flight handling capacity and ensuring safety and efficiency in regional air traffic.

The Competition and Consumer Commission of Singapore (CCS) is inviting public feedback on the proposed merger between Analogic Corporation and the Security Enterprise Solutions and Industrial and General Automation businesses of Leidos Inc. The merger, which was submitted for review on 14 July 2026, is under scrutiny to determine if it would significantly lessen competition in Singapore.

Analogic, controlled by Altaris LLC, operates globally in healthcare, industrial, and aviation security sectors, including the design and manufacture of advanced imaging and detection solutions. Leidos, based in Virginia, US, provides scientific and technical services, focusing on national security, defence, and health sectors. The merger would result in an overlap in the supply of checked and cabin baggage explosives detection systems (EDS) in Singapore.

The parties involved argue that the merger will not substantially reduce competition due to strong global and local competition, the ability of customers to switch suppliers, and the competitive nature of tender processes. They also claim that the merger will create a more capable company, enhancing their ability to meet global security needs.

CCS is seeking public input on the merger’s competitive impact from 22 July to 5 August 2026. Feedback can be submitted via the CCS website. The commission is particularly interested in views on how the merger might affect competition in the relevant markets. More details are available on the CCS website under the Public Consultation section.

UBS Asset Management’s tokenised USD money market investment fund, uMINT, has become available for secondary market trading on 1exchange, a regulated platform for tokenised real-world assets. This development, announced on 22 July 2026, is a result of a collaboration with CapBridge, an authorised distribution partner of uMINT. Built on the Ethereum blockchain, uMINT offers eligible investors exposure to an institutional-grade money market fund through distributed ledger technology.

The inclusion of uMINT on 1exchange provides an additional regulated venue for investors to access the fund beyond its primary distribution channel. Qualified buyers can now acquire uMINT from existing holders on the 1exchange trading platform, with trades settled instantly through the platform’s automated order-matching system. This move effectively enhances liquidity by enabling peer-to-peer transfers between eligible investors.

Sheena Lim, CEO of 1exchange, highlighted the significance of this development, stating, “As institutional adoption of tokenised assets continues to grow, secondary market infrastructure will play an increasingly important role in providing access to more liquidity beyond primary distribution.” The availability of uMINT on 1exchange supports the development of a more accessible and liquid ecosystem for tokenised real-world assets.

As a Recognised Market Operator regulated by the Monetary Authority of Singapore, 1exchange continues to expand its marketplace with institutional-grade tokenised assets, fostering a more connected and accessible ecosystem for investors. This initiative marks a step towards broader market participation and active trading of tokenised assets.

The Monetary Authority of Singapore (MAS) is expected to maintain its current Singapore Dollar Nominal Effective Exchange Rate (S$NEER) policy stance during its Monetary Policy Committee (MPC) meeting on 27 July 2026, according to RHB Bank’s latest report. The decision is anticipated amidst Singapore’s resilient economic growth and manageable inflation levels.

RHB Bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, highlighted three key factors supporting this forecast. Firstly, Singapore’s economic growth remains robust, bolstered by improving macroeconomic conditions. Secondly, whilst inflation is manageable, some upward pressure is expected in the second half of 2026. Lastly, the S$NEER still has room for movement within its current band, which is perceived to have an appreciation of 1.0% with a band width of +/- 2.0%.

The upcoming MPC meeting will be the third for the year, and the decision to maintain the current policy stance reflects confidence in the country’s economic stability. The report underscores the importance of these factors in guiding MAS’s policy decisions, ensuring that Singapore’s economy continues to thrive amidst global uncertainties.

As the central bank prepares for its meeting, the focus remains on sustaining economic growth whilst keeping inflation in check. The outcome of the meeting will be closely watched by market participants and policymakers alike, as it will provide further insights into Singapore’s economic trajectory for the remainder of the year.

Singapore has unveiled the Professional Services (PS) Centre, a new initiative designed to streamline the process for businesses expanding across Asia. Officially launched by Indranee Rajah, Minister in the Prime Minister’s Office, the centre aims to connect businesses with essential professional expertise across the region.

Located at ISCA House, the Singapore PS Centre serves as the hub of a regional network that includes centres in Hongqiao, Shanghai, Ho Chi Minh City, and Nanjing, with Jakarta expected to join later this year. Future expansions are planned for Bangkok, Johor Bahru, and Shenzhen. This network provides businesses with access to local knowledge, professional expertise, and business connections through a single, coordinated platform.

The initiative is led by the PS Centre Alliance, which includes the Association of Small & Medium Enterprises, the Institute of Valuers & Appraisers, and the Singapore Business Federation, among others. The centre aims to address the complex challenges businesses face today, such as geopolitical shifts, changing trade policies, and AI disruption, by offering coordinated support from professionals in various fields including legal, accounting, and HR.

The Singapore PS Centre also introduces the Business Growth Clinic, where business owners can seek guidance on challenges like overseas expansion and AI adoption. Early results show success, with firms like Unity Assurance and Morningstar benefiting from the network’s support in China and Vietnam.

Lee Boon Teck, President of the Institute of Singapore Chartered Accountants, stated, “We are bringing together trusted professional firms, business associations, and local partners across Asia, making it easier for businesses to expand with confidence.” This initiative strengthens Singapore’s position as a global business hub, offering new opportunities for professional services firms to support clients expanding overseas.

HST Medical, a renowned Singaporean health supplement provider, has been acquired by Kowa Pharmaceutical Asia, a subsidiary of Japan’s Kowa Company, effective 29 May 2026. This strategic move is set to enhance HST Medical’s global reach, leveraging Kowa’s established networks and expertise.

The acquisition allows HST Medical to operate as a wholly-owned subsidiary, maintaining its leadership and brand identity. The company, known for its Rheuma-Salve® pain relief balm, will now have access to Kowa’s global export networks, facilitating the distribution of its products across ASEAN and other international markets. Additionally, Kowa will support HST Medical in modernising its product line-up to cater to a broader audience.

Ellis Tan will continue as General Manager, whilst co-founder Simone Tan will take on the role of Director and Head of Business Development. President Nikhil Kapur expressed enthusiasm about the partnership, stating, “Joining forces with the Kowa Group represents a transformative chapter for HST Medical. By aligning HST Medical’s rich heritage of trust and consumer-focused innovation with Kowa’s global infrastructure and pharmaceutical expertise, we are not only scaling our reach but also ensuring that our science-backed wellness solutions can positively impact more lives internationally.”

Founded in 1930, HST Medical has a long-standing legacy in blending traditional remedies with modern science. The acquisition marks a significant step in its journey to becoming a global health and wellness brand, promising enhanced product offerings and expanded market presence.