Industry News

The Monetary Authority of Singapore (MAS) has released a consultation paper proposing legislative amendments to the Payment Services Act 2019. These changes aim to implement a regulatory framework for stablecoins in Singapore, ensuring issuers meet specific safeguards for value stability and user protection. The consultation seeks public feedback on these amendments until 16 October 2026.

The MAS Single-Currency Stablecoin (MAS-SCS) framework will allow only licensed issuers to label their stablecoins as “MAS-regulated stablecoins,” distinguishing them from other cryptocurrencies. Non-regulated stablecoins will be treated as Digital Payment Tokens (DPTs), subject to existing consumer protection measures.

Key proposals include allowing stablecoins issued jointly by Singaporean and foreign entities to be regulated under the MAS-SCS framework, recognising certain foreign-issued stablecoins, and introducing additional requirements to safeguard financial stability. These include prohibiting interest on MAS-regulated stablecoins and mandating stress testing and recovery plans.

MAS Deputy Managing Director, Ho Hern Shin, stated, “MAS’ proposed legislative amendments will give effect to a stablecoin framework that promotes responsible financial innovation.” The framework is designed to support asset tokenisation and provide a credible settlement asset in tokenised financial markets.

The consultation paper also addresses consumer protection, proposing safeguards similar to those for existing licensees, such as securing customer funds before stablecoin issuance. MAS encourages stakeholders to review the consultation paper and submit their comments through FormSG.

UOB Private Bank has announced the appointment of Dominique Boer as Managing Director and Regional Market Head for ASEAN, effective 17 September 2026. Based in Singapore, Boer will report directly to Chew Mun Yew, Head of UOB Private Bank, and will spearhead the bank’s growth and strategic development across the ASEAN region.

Boer’s appointment comes as UOB aims to strengthen its market leadership and accelerate growth in ASEAN, a region central to its ambitions as a leading regional bank. With a network spanning Singapore, Malaysia, Thailand, Indonesia, and Vietnam, UOB serves over eight million customers, positioning itself to capture significant regional wealth flows. The bank is investing in its wealth franchise to tap into the growing affluent and high-net-worth segments in the region.

Boer brings 35 years of experience in financial services, including senior leadership roles in private banking across the Asia Pacific. Her expertise is expected to advance UOB Private Bank’s growth ambitions, particularly in deepening client relationships and expanding its presence in key ASEAN wealth corridors. “Her extensive regional experience will be instrumental in accelerating the Bank’s growth strategy,” the bank stated.

UOB Private Bank aims to double its wealth management income by 2030, leveraging its One Bank proposition to deliver integrated solutions tailored to entrepreneurial wealth. Boer’s leadership is anticipated to enhance the bank’s advisory-led proposition and holistic wealth capabilities, supporting clients through complex investment and legacy decisions.

Aster has officially launched Aster Port & Terminals (APT), a new storage and logistics business in Singapore, marking a significant expansion of its marine, terminal, and storage infrastructure. The initiative includes a major investment to enhance crude storage capacity at Pulau Bukom by more than 1.3 million barrels.

APT’s infrastructure features 13 marine wharves across Pulau Bukom and Pulau Ular, a tank storage capacity of up to 4.3 million cubic metres, and a Single Buoy Mooring capable of accommodating Very Large Crude Carriers with up to two million barrels of oil. This development opens Aster’s existing infrastructure to commercial customers, aligning with its strategy to create an integrated energy platform.

Contracts for the rejuvenation of crude oil storage tanks have been awarded to Overseas Technical Engineering and Construction Pte. Ltd., a subsidiary of DIALOG Group Berhad, and PEC Pte. Ltd. This project is part of Aster’s broader plan to leverage its 60-year legacy in terminal operations to foster growth and strengthen Singapore’s status as an energy hub.

Deputy CEO of Aster, Andre Khor, emphasised the strategic importance of this launch, stating: “The launch of Aster Port & Terminals is an important step in building Aster into a broader, integrated energy platform.”

Bryan Tan, Managing Director of DIALOG, expressed pride in supporting APT’s infrastructure rejuvenation, whilst PEC’s CEO, Robert Dompeling, highlighted the significance of their partnership with APT in enhancing Singapore’s energy infrastructure. Both companies were chosen for their expertise and safety performance.

CBRE and Sakal Real Estate have announced the sale of two full floors at Springleaf Tower, a prominent office building in Singapore’s Central Business District (CBD). The sale will be conducted through a public Expression of Interest, closing on 1 October 2026 at 3pm.

Located at the junction of Anson Road, Springleaf Tower is a 37-storey building known for its high occupancy rates and strong tenant profile. The two floors available for purchase offer a combined strata area of 20,645 square feet, complete with exclusive lift lobby, restrooms, and pantry facilities. The guide price for these floors is S$54.15m, translating to approximately S$2,623 per square foot.

Michael Tay, CBRE Deputy Managing Director and Head of Capital Markets, highlighted the rarity of such an opportunity, stating, “Office floors within Springleaf Tower are tightly held by a very small number of owners and the opportunity to acquire an entire level, especially one located on a high floor, is rare and hard to come by.”

The Tanjong Pagar area is currently undergoing significant redevelopment, with projects like Keppel South Central and Newport Plaza set to enhance the precinct’s appeal. Steven Ming, Managing Director for Sakal Real Estate, noted the continued demand for strata office floors, citing recent sales in the area as evidence.

Springleaf Tower offers direct access to Tanjong Pagar MRT Station and is surrounded by a variety of dining and lifestyle options, making it a desirable location for businesses. The area’s long-term growth prospects are further bolstered by government plans for the Greater Southern Waterfront.

Singapore has emerged as the third-most preferred destination for Living investments in the Asia Pacific (APAC) region, as revealed by Cushman & Wakefield’s inaugural APAC Living Investor Survey 2026. The survey indicates that investors are planning to allocate an estimated US$33.2b to the sector over the next five years, driven by a growing demand for flexible rental housing and a shortage of institutional-grade Living assets.

The survey highlights that Singapore’s strong ranking is largely supported by domestic investor participation, reflecting confidence in the market’s long-term growth prospects. Co-living has been identified as the second most targeted Living segment across APAC, appealing to investors due to its affordability and operational flexibility, particularly in cities like Singapore where rental flexibility is in demand.

Conal Newland, International Director and Head of Living, APAC at Cushman & Wakefield, noted, “The Living sector has reached an important inflection point across APAC. What was once considered an alternative investment strategy is increasingly being viewed as a core institutional asset class.”

The survey also found that 85% of respondents plan to increase their Living investments over the next five years, with none expecting to reduce them. This trend is supported by the emergence of office and hotel conversions as viable routes to expand Living sector supply, especially in land-constrained Singapore.

Josh Rose-Nokes, Director of Living Research, APAC, added, “Rising affordability pressures and changing tenant preferences are driving demand for flexible housing solutions, making co-living an increasingly attractive proposition for both investors and occupiers.”

As the sector continues to evolve, the focus on repositioning and conversion opportunities is expected to grow, providing new avenues for investors to meet the rising demand for operational residential assets in Singapore and beyond.

United Overseas Bank (UOB) has been appointed as an Appointed Cross Currency Dealer (ACCD) for Singapore dollar and Indonesian Rupiah (SGD/IDR) transactions, a move sanctioned by the Monetary Authority of Singapore (MAS) and Bank Indonesia. This designation allows UOB Singapore and UOB Indonesia to facilitate cross-currency exchanges, providing corporate and institutional clients direct access to onshore IDR/SGD foreign exchange rates and liquidity for hedging trade transactions and investments.

This development builds on UOB’s previous achievements, including its 2021 appointment as an ACCD for Chinese Yuan and Indonesian Rupiah transactions in China. The new licences further cement UOB’s role in supporting local currency transactions across key regional trade and investment corridors. With its extensive ASEAN network and market expertise, UOB is strategically positioned to meet the cross-border trade, treasury, and investment needs of its customers.

The ACCD appointments highlight UOB’s commitment to enhancing economic connectivity and financial integration across ASEAN. By promoting the use of local currencies and facilitating efficient cross-border transactions, UOB continues to support intra-ASEAN trade and investment flows. Customers will benefit from seamless access to local currency liquidity, foreign exchange solutions, and risk management capabilities.

Wee Ee Cheong, Deputy Chairman and Group CEO of UOB, stated, “By facilitating our clients’ use of local currencies for their regional operations, we will help to drive greater bilateral trade and investment flows between Singapore and Indonesia, whilst contributing to greater intra-regional financial integration and cooperation.”

This strategic move positions UOB to capture opportunities arising from growing regional economic links, providing customised cross-border solutions to meet the increasing financing needs of its clients.

Artificial intelligence (AI) is anticipated to drive increased demand for high-quality logistics assets across Asia, according to a new report by Savills. The report highlights how AI adoption is transforming occupier requirements, supply chain strategies, and industrial real estate demand in the region. Established logistics hubs like China and Singapore are expected to benefit significantly due to their strong infrastructure and connectivity.

Savills’ research suggests that AI will not radically alter Asia’s logistics landscape overnight but will reinforce existing advantages in locations with robust infrastructure and integrated supply chains. As companies strive for improved productivity and operational resilience, the demand for modern logistics facilities is likely to grow. Louisa Luo, Managing Director and Head of Capital Markets & ILS in China, noted, “China is the absolute leader in both market scale and technology adoption.”

China, as a leading manufacturing and e-commerce hub, is well-positioned for growth, with significant investments in AI by companies like JD Logistics and SF Express. Meanwhile, Singapore’s role as a critical gateway in Asia’s logistics network is expected to become more valuable as supply chains become increasingly interconnected. Sally Tan, Senior Managing Director and Head of Client Solutions in Singapore, stated, “AI can make supply chains smarter, but it does not make them weightless.”

Savills concludes that the best-positioned locations for future industrial growth are those with the necessary infrastructure, connectivity, and operational depth. Understanding AI’s impact on occupier demand and location decisions will be crucial for investors, developers, and occupiers moving forward.

JLL has announced the launch of Gilstead Court for sale by tender, with a reserve price of S$198m. Situated in Singapore’s prestigious District 11, the 7,012.2 square metre site offers a rare freehold collective sale opportunity. The property, located at Gilstead Road, has garnered over 80% owner consent in just six months, reflecting strong interest in the area.

Built in 1978, Gilstead Court comprises 48 flats across three four-storey blocks. The site is zoned residential under the 2025 Master Plan, with a gross plot ratio of 1.4. It has the potential to be redeveloped into a five-storey boutique development of up to 98 flats, each 100 square metres, pending Urban Redevelopment Authority approval. The land rate is approximately S$1,874 per square foot per plot ratio, which adjusts to S$1,751 when factoring in a seven percent bonus balcony plot ratio.

Nicholas Ng, Head of Land & Collective Sales at JLL, highlighted the site’s appeal: “Gilstead Court offers developers a rare opportunity in District 11, a freehold site in a coveted enclave and in close proximity to three renowned schools within one kilometre.”

The site is strategically located near Novena MRT Station, providing easy access to key areas such as Orchard and the Central Business District. It is also close to prestigious schools and amenities like Health City Novena and various shopping centres.

The tender for Gilstead Court will close on 13 October 2026 at 3:00 p.m., presenting a prime investment opportunity for developers seeking a boutique site in a sought-after location.

DBS, OCBC, and UOB have joined forces to support a landmark S$5b sustainability-linked loan for the acquisition of ST Telemedia Global Data Centres (STT GDC) by KKR and Singtel. This financing highlights the banks’ confidence in the growth potential of digital infrastructure, driven by increasing global demand for cloud computing, artificial intelligence (AI), and data storage.

The loan, which involves DBS, OCBC, and UOB as Mandated Lead Arrangers, Bookrunners, and Sustainability-Linked Loan Coordinators, incorporates sustainability performance indicators. These include increasing renewable energy usage and expanding green data centres, aligning with STT GDC’s environmental goals.

STT GDC, headquartered in Singapore, is a rapidly growing data centre operator with a presence in 20 major markets across Asia Pacific, the UK, and Europe. The company is positioned to meet the rising demand for AI and cloud computing services.

Amit Sinha from DBS noted the importance of balancing infrastructure expansion with sustainability, stating, “The sustainability-linked structure aligns the growth of critical digital infrastructure with the transition to a lower-carbon digital economy.” Elaine Lam from OCBC emphasised the transaction’s role in advancing STT GDC’s global expansion and sustainability goals. Edmund Leong from UOB highlighted the critical role of data centres in Asia’s digital economy and the potential of sustainable financing to support economic and environmental objectives.

This collaboration underscores the banks’ commitment to fostering sustainable growth in the digital infrastructure sector, with implications for future developments in the region’s digital economy.

Singapore has announced an increase in land betterment charge (LBC) rates for the period from September 2026 to February 2027, affecting several use groups including commercial, residential (both landed and non-landed), industrial, and civic institutions. Mark Yip, CEO of Huttons Asia, attributed the higher rates to growing confidence and demand for properties in Singapore, a major global financial hub.

The LBC for non-landed residential properties (Use Group B2) saw an average increase of 3.4%, marking the fourth consecutive rise. This increase, however, is at a slower pace compared to the previous six months. Notably, 70 out of 118 sectors experienced increases ranging from 0.9% to 29.1%. The landed residential sector (Use Group B1) also saw a 3.5% increase, with 108 sectors reporting rises between 1.8% and 7.9%.

Developers have shown keen interest in government land sales (GLS) sites, ensuring business continuity for the next three years. Sites such as Berlayar Drive, Dover Drive, and River Valley Green have seen higher bids. Meanwhile, Loyang Valley was the only successful collective sale site.

Yip noted that landed home prices have surged over 3.5% in the past six months due to limited land supply and increased wealth in the market. High-value transactions in areas like Nassim Road and Cluny Hill have contributed to this trend.

Looking ahead, potential interest rate hikes by the US Federal Reserve could raise development costs. Recent policy changes in the Housing Development Board (HDB) and private residential markets may also influence market activities. The lifting of the 15-month wait-out period could lead to wealth redistribution from private property owners to the HDB resale market, whilst changes in income ceilings for Build-To-Order (BTO) and Executive Condominium (EC) buyers may adjust demand. Despite these changes, Yip believes that realistic pricing and location remain crucial for successful collective sales.