Industry News

ComfortDelGro Corporation Limited has announced the appointment of Yap Chee Khean as Group Chief Operating Officer (COO), effective 15 October 2026. This newly created role is part of the company’s strategy to manage its expanding global operations more effectively.

Yap will collaborate closely with the Managing Director and Group CEO, as well as senior management, to improve performance and ensure consistent execution across ComfortDelGro’s international businesses. With over 20 years of leadership experience in Asia and Europe, Yap has a strong background in business management, corporate venture-building, and strategic partnerships. His previous roles include senior positions at Jardine Matheson and Carlsberg Group, and he most recently served as Co-CEO of Astra Digital Mobil.

The appointment highlights ComfortDelGro’s commitment to strengthening its leadership and operational capabilities as it seeks sustainable growth on a global scale. This strategic move aims to bolster the company’s ability to navigate the complexities of international markets and maintain its competitive edge.

The Urban Redevelopment Authority has concluded the tender for a prime land parcel at Bayshore Drive, with Gemini Residential Pte. Ltd. and Gemini Trustee Pte. Ltd. emerging as the highest bidders. Their bid of S$2.128b, equivalent to S$1,323 per square foot per plot ratio, surpassed the next highest offer by 5.8%. The site is poised to yield approximately 1,280 residential units, 22,500 square metres of commercial space, and will feature a bus interchange connected to the Bedok South MRT station.

The tender attracted three bids, mirroring the interest seen in the recent Hougang Central mixed-use development. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted the strong participation was anticipated due to the site’s strategic location and integration with public transport. “Future residents will benefit from the excellent location, connectivity, and amenities at their doorstep,” he stated.

The Bayshore precinct is set to house around 3,000 private homes, with this being the second private residential site launched. The first, awarded to Sing-Haiyi Garnet Pte. Ltd. in March 2025, resulted in the Vela Bay project, which sold 72% of its units upon launch in April 2026. Units were priced at an average of S$2,886 per square foot, setting a new benchmark for the area.

With limited private residential land remaining in Bayshore, the successful bid underscores the high demand for integrated developments. Recent projects in the East, such as Parktown Residence and Pinery Residences, have seen brisk sales, suggesting a promising outlook for the upcoming Bayshore Drive development.

Singapore Airlines (SIA) Group experienced a 4.1% increase in passenger traffic in June 2026, driven by strong demand for air travel. The group’s passenger capacity expanded by 6.0% compared to the previous year, resulting in a passenger load factor of 87.1%. SIA and its low-cost subsidiary, Scoot, achieved monthly passenger load factors of 86.4% and 89.5%, respectively, carrying a combined total of 3.7 million passengers, marking a 6.3% rise from the previous year.

Cargo operations also saw significant growth, with an 8.5% increase in cargo and mail carried, attributed to movements related to artificial intelligence and data centres, as well as a surge in e-commerce volumes to Europe ahead of new EU regulations. Despite a 2.3% reduction in cargo capacity, the cargo load factor improved by 4.2 percentage points to 60.6%.

In June, SIA launched new services to Hangzhou, China, whilst Scoot commenced flights to Pontianak, Indonesia, and resumed services to Jeddah, Saudi Arabia, before suspending them in mid-July due to regional tensions. As of the end of June, the SIA Group’s passenger network spanned 137 destinations across 36 countries and territories, with SIA serving 78 destinations and Scoot covering 85. The cargo network included 139 destinations in the same number of countries and territories.

Changi Airport Group (CAG) has awarded Nakano Singapore (Pte) Ltd a contract to construct a new six-storey office development at Terminal 3 (T3) in Singapore. This project, announced on 15 July 2026, aims to support the increasing demand for workspace from airlines, airport partners, and businesses seeking proximity to Changi Airport.

The new office block, located landside at T3, will offer approximately 9,600 square metres of office space across five levels. It will be integrated with a revamped coach stand, featuring a dedicated drop-off bay and lift lobby. This development marks the first standalone office building at Changi Airport, designed to enhance operational efficiency and collaboration among the airport community.

Currently, Changi Airport provides around 80,000 square metres of landside office space across Terminals 1 to 4. With existing capacity nearing its limits, the new office block will accommodate the air hub’s growth ahead of Terminal 5’s opening in the mid-2030s.

The building will feature cascading landscaped terraces, providing tenants with natural light and fresh air. A spacious terrace on level 2 will serve as a communal space for activities and programmes, fostering a vibrant environment.

Steve Tay, Vice President of Rentable Properties at CAG, stated, “This development will provide a conducive and well-designed workspace environment for our partners, supporting their operational needs whilst enabling closer collaboration across the airport ecosystem.”

Construction will occur in two phases to minimise disruption. The office block is expected to be completed in the first half of 2028, with the revamped coach stand following in the second half of the year.

The OCBC SME Index for the second quarter of 2026 has moderated to 51.3, indicating continued expansion despite ongoing geopolitical uncertainties stemming from the Middle East conflict. This growth was largely driven by outward-oriented sectors such as Manufacturing, ICT, and Transport & Logistics, which benefited from robust trade and investment activities. Domestically oriented sectors, however, showed mixed performance, with Retail leading growth due to stable consumer demand.

Eric Ong, Head of Enterprise Banking at OCBC, highlighted the resilience of Singapore’s business ecosystem, noting that “outward-oriented sectors continued to outperform the domestically oriented sectors.” He emphasised the importance for SMEs to be future-ready by diversifying into new markets and leveraging risk management solutions to mitigate cost pressures.

Despite the expansion, SMEs face challenges such as elevated fuel and freight costs, which have persisted due to disruptions in Middle East shipping routes. These costs have been passed through the value chain, impacting goods-producing sectors like Manufacturing and Wholesale Trade.

The OCBC SME Index, launched in 2021, provides insights into SME business health using data from over 100,000 OCBC Bank SME customers. The index’s reading above 50 reflects improved business conditions, aligning with Singapore’s Purchasing Managers’ Index (PMI) and non-oil domestic exports (NODX), which have shown strong momentum.

Looking ahead, the index is expected to trend closer to neutral levels, with ongoing geopolitical risks potentially affecting demand. However, SMEs remain cautiously optimistic, with improved business sentiments reported in the latest OCBC SME Business Outlook poll.

Vertis, a Singapore-based digital agency, has successfully launched a redesigned digital platform for Esplanade – Theatres on the Bay, merging Esplanade.com and Offstage into a single cohesive site. This transformation, completed in July 2026, marks a significant step in Esplanade’s digital journey, enhancing how audiences engage with the arts.

The project, awarded to Vertis in September 2025 through a competitive tender, integrates two previously separate sites. The new platform offers a light-mode “Onstage” experience for live performances and a dark-mode “Offstage” for behind-the-scenes storytelling. This dual design aims to reflect the diverse nature of Esplanade’s offerings.

Key improvements include a redesigned discovery experience with curated landing pages and an events calendar, a consolidated Visit hub for practical information, and a reimagined Offstage as a storytelling platform. The platform’s scalable design system supports Esplanade’s extensive programming, ensuring longevity and adaptability.

Built on Sitecore XM Cloud with a headless front end on Vercel, the platform meets the high standards expected of a national cultural institution. It underwent rigorous user acceptance testing to ensure readiness for public use. “This is more than just a digital facelift — it’s about crafting a future-ready platform,” said Birendra Balakrishnan, Co-founder of Vertis.

Looking ahead, Esplanade plans further digital enhancements, including improved customer relationship capabilities and personalised content experiences. This project stands as a landmark achievement for Vertis, highlighting its expertise in complex digital transformations.

Plug and Play, a global innovation platform, has announced a strategic partnership with Thales, a leader in advanced technologies, to accelerate the growth and international expansion of deeptech startups. This collaboration will leverage Plug and Play’s Innovation Framework to support Thales’ Trust My Tech programme, aimed at fostering innovation and collaboration across various technology sectors.

The partnership will focus on identifying and supporting startups in fields such as artificial intelligence, cybersecurity, aerospace, digital identity, and quantum technologies. These startups will have the opportunity to develop proofs-of-concept, pilot initiatives, and potential commercial collaborations with Thales’ regional and global business units. This initiative will enable real-world validation of their technologies and create pathways to international markets.

Singapore will serve as the first hub for implementing Plug and Play’s Innovation Framework in the Asia-Pacific region, acting as a launchpad for broader innovation efforts across Thales’ global hubs. Marine Martinez, Trust My Tech Global Programme Lead at Thales, stated, “Through our partnership with Plug and Play, we are further strengthening this capability by broadening our engagement with some of the world’s most promising deeptech startups.”

Jupe Tan, Managing Partner APAC at Plug and Play, added, “Our collaboration with Thales combines the strengths of a global technology leader with our worldwide innovation ecosystem to help startups accelerate their growth and commercialisation journey.”

This partnership aims to accelerate the adoption of emerging technologies whilst creating pathways for startups to expand internationally, addressing real-world industry challenges and fostering long-term growth.

A portfolio of three newly refurbished boutique commercial buildings in Singapore’s Central Business District (CBD) is now available for purchase. Jointly marketed by Cushman & Wakefield and CBRE, the properties are located in the Upper Circular Conservation Area and come with fresh 99-year leasehold tenures. These buildings present an opportunity for investors to acquire income-generating assets with the potential for hospitality-led repositioning, subject to approval from relevant authorities.

The properties, situated near Raffles Place, Clarke Quay, and Chinatown, have undergone extensive refurbishment and are fully operational, offering immediate rental income. Each building is strategically positioned to attract a diverse tenant pool, including financial institutions, professional services firms, and lifestyle operators. The properties are well-connected by multiple MRT stations, enhancing their appeal.

Sophia Lim, Director of Capital Markets at Cushman & Wakefield Singapore, highlighted the unique opportunity these assets present, stating, “These assets represent a new generation of conserved shophouses, offering the charm of heritage buildings with modern functionality.” Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, added that there is potential to convert the properties into approximately 450 beds for backpacker or student hostels, or alternatively, boutique hotels or serviced flats.

The portfolio is offered at a guide price of approximately $90m and can be acquired collectively or individually. The sale will be conducted via an Expression of Interest exercise, closing on 18 August 2026. Interested parties are encouraged to contact Cushman & Wakefield and CBRE for further information.

Coliwoo has announced the opening of Coliwoo Resort Changi, Singapore’s first resort-style co-living hotel, set to welcome guests this July. Located on the site of a former state-owned holiday chalet along Jalan Loyang Besar, this marks Coliwoo’s largest hospitality development by land size and its first venture into Singapore’s eastern corridor.

Spanning 380,866 square feet, the resort features 380 rooms and is designed as a tranquil sanctuary inspired by Singapore’s colonial-era bungalows. The property offers a blend of heritage charm and modern hospitality, with amenities including pools, a gym, social lounges, and a community farming garden. Positioned strategically near Changi Airport and Changi Business Park, the resort provides excellent connectivity for both leisure travellers and corporate professionals.

The resort is committed to sustainability, incorporating solar and rainwater harvesting, EV charging, and upcycled materials. Kelvin Lim, Executive Chairman and CEO of Coliwoo, stated, “The launch of Coliwoo Resort Changi marks a transformative milestone in our growth trajectory, establishing a brand-new frontier for eco-conscious hospitality in Singapore.”

Coliwoo Resort Changi also emphasises community living, offering outdoor programming focused on wellness, social connection, and family activities. The property’s adaptive reuse of the former chalet site retains 40% of the existing landscape, showcasing Coliwoo’s dedication to sustainable development.

As Coliwoo expands into Eastern Singapore, the company plans to launch another hotel project at Changi Business Park Avenue 1 in the next financial year, further enhancing its presence in the region.

UOB Global Economics and Markets Research has increased its 2026 GDP growth forecast for Singapore to 4.8%, up from the previous 4.0%, following a robust first half of the year. The revision comes after Singapore’s economy recorded its fifth consecutive quarter of growth, with a 1.1% quarter-on-quarter seasonally adjusted increase and a 5.7% year-on-year rise in the second quarter of 2026.

The growth was primarily driven by the manufacturing sector, which saw a significant 5.3% quarter-on-quarter seasonally adjusted increase, bolstered by strong demand in the electronics and precision engineering clusters. This demand is largely attributed to AI-related needs for semiconductors and manufacturing equipment. However, the sector faced challenges from weaker chemicals output due to disruptions in the Middle East.

Non-manufacturing sectors experienced a slowdown, with construction declining by 2.1% quarter-on-quarter seasonally adjusted, and services growing by a modest 0.3%. The wholesale and retail trade, along with transportation and storage, saw a decline, reflecting reduced port activity and softer retail sales volumes amid weaker inbound tourism.

UOB’s report highlights that AI-related demand is expected to continue supporting growth into the third quarter of 2026. However, potential risks include a re-escalation of the Middle East conflict, which could lead to increased energy prices and tighter monetary policies globally. This scenario might impact AI-related equities and capital expenditure plans, potentially affecting the electronics cycle.

The Monetary Authority of Singapore is anticipated to maintain its current policy stance through 2026 and into 2027, although there is a heightened risk of policy adjustments due to recent geopolitical developments.