Industry News

The resale condominium market in March 2026 experienced a slight dip in prices, with a 0.1% decrease month-on-month, marking the first decline of the year. However, prices remain 4.9% higher than the same period last year, according to the latest report by 99.co and SRX. The market saw an estimated 944 units resold, a 3.4% increase from February, indicating a stabilisation in transaction volumes.

The report highlights that the Core Central Region (CCR) and Outside Central Region (OCR) saw price increases of 0.4% and 0.5% respectively, whilst the Rest of Central Region (RCR) experienced a 1.2% decrease. Year-on-year, prices in CCR, RCR, and OCR rose by 4.4%, 4.9%, and 4.6% respectively.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that recent new launches such as River Modern and Pinery Residences have seen strong take-up rates, potentially diverting demand from the resale market. “These robust sales likely diverted some demand away from the resale segment, as buyers were drawn to newer projects offering modern layouts and progressive payment schemes,” he said.

The highest resale transaction in March was a unit at Le Nouvel Ardmore, fetching S$19.5m. In the RCR, The Waterside saw the highest transaction at S$5.78m, whilst The Gazania led in the OCR at S$4.2m.

The overall median capital gain for resale condos was S$400,000, down by S$24,000 from February. District 10 recorded the highest median capital gain at S$867,000, whilst District 4 had the lowest at S$164,000. The median unlevered return stood at 30.3%, with Districts 15 and 23 posting the highest returns at 42.9% each.

Vela Bay, the first private residential project in the Bayshore precinct, achieved impressive sales over its launch weekend, selling 371 units, or 72% of its offerings. The development benefits from its proximity to the Bayshore MRT station and scenic sea views, which are expected to provide buyers with potential future gains, according to Mark Yip, CEO of Huttons Asia.

The Bayshore MRT station, part of the Thomson-East Coast Line, offers residents quick access to key employment areas such as the Central Business District, Changi Business Park, and Changi Airport. This car-lite precinct is anticipated to set a precedent for future housing models. Additionally, Temasek Primary School is conveniently located within 1km, and Bedok South MRT station is just a train ride away.

The government has recently released a land parcel above Bedok South MRT station for development into an integrated transport hub, promising more amenities for the Bayshore area. The precinct is set to house approximately 12,500 homes, with 30% allocated for private residential developments. With limited supply and uncertain future sea views, buyers are acting swiftly.

All unit types at Vela Bay attracted significant interest, with one penthouse sold. The two-bedroom units were particularly popular, aligning with the average household size of 3.06 persons. Meanwhile, nearly 75% of the three-bedroom units were sold, appealing to families, and the one-bedroom plus study units were nearly sold out, offering an attractive price point for sea views.

AIA Singapore has announced a collaboration with INSEAD to launch the AIA-INSEAD Executive Agency Leadership Programme, aimed at enhancing the leadership skills of high-potential leaders within AIA Singapore and AIA Financial Advisers. This initiative is part of AIA’s strategy to focus on long-term leadership development amidst the rapid technological changes and evolving customer expectations in the financial advisory sector.

The programme, co-designed with INSEAD, is tailored for AIA’s distribution leaders and focuses on strategic leadership, business planning, and sales productivity. Participants will receive an AIA-INSEAD co-branded certification upon completion, reinforcing AIA’s commitment to leadership excellence. Alvin Fu, Chief Distribution Officer at AIA Singapore, emphasised the importance of investing in long-term people development, stating, “Strong leaders are not built in a quarter — they are built over years.”

This initiative complements AIA’s existing leadership development efforts, including its mandatory IBF Level 1 certification and partnership with the Wealth Management Institute. By investing in leadership capabilities, AIA aims to build a sustainable distribution force that can navigate industry complexities and deliver enduring value to its customers and the industry.

The AIA-INSEAD Executive Agency Leadership Programme underscores AIA’s dedication to fostering a robust leadership pipeline, ensuring that its leaders are equipped to inspire teams and adapt to change, ultimately helping more people live healthier, longer, and better lives.

Rivelle Tampines executive condominium (EC) in Tampines West has successfully sold all its remaining 58 units during the second-round balloting for second-timer buyers on 25 April 2026. This achievement comes just a month after its public launch on 21 March 2026, where it initially sold 93% of its 572 units at an average price of $1,893 per square foot (psf).

The Rivelle Tampines EC is now the third EC project to sell out during its second sales balloting, following the success of Aurelle of Tampines in April 2025 and Copen Grand in November 2022. Kelvin Fong, CEO of PropNex, highlighted the strong demand for ECs, noting that they provide an affordable entry into private housing for many Singaporean households, including those upgrading from Housing Development Board (HDB) flats.

Despite setting a new benchmark price for ECs, Rivelle Tampines maintained strong sales, underscoring the resilience of demand for this housing type. The median unit price for new ECs in Q1 2026 was $1,837 psf, significantly lower than the $2,503 psf for new 99-year leasehold non-landed private homes in the Outside Central Region (OCR).

The project’s location in an established regional centre, its proximity to Tampines West MRT station, the upcoming Pinery Mall, and schools like St. Hilda’s Primary School contributed to its appeal. With limited unsold EC units on the market, PropNex anticipates continued strong demand and confident bids from developers in future government land sales for EC sites.

Banyan Group, a global hospitality company, has released its 2025 Sustainability Report, marking two decades of sustainability reporting and the achievement of its 100th property. This milestone coincides with a symbolic return to Singapore, where the Group’s journey began. The report, titled “From One Vision to 100 Possibilities,” underscores the Group’s commitment to integrating sustainability into its core business strategy.

The report highlights Banyan Group’s first double materiality assessment, which evaluates the environmental and societal impacts of its operations alongside financial risks and opportunities. This approach has led to a shift from programme-led initiatives to an enterprise-wide strategy. “Sustainability is not peripheral to business performance. It is part of how long-term value is protected and created,” stated Ho Kwon Ping, Founder and Executive Chairman of Banyan Group.

In 2025, the Group activated 32 associate-led Greater Good Grants projects, benefiting 2,000 individuals, including students, women, and low-income families. The Group’s environmental efforts resulted in a 1.4% reduction in greenhouse gas emissions and a 13% decrease in waste generation, with a waste diversion rate increase to 41%.

The report also highlights the opening of Mandai Rainforest Resort in Singapore, the Group’s 100th property, which received the BCA Green Mark Super Low Energy (Platinum) Award. Looking forward, Banyan Group aims to deepen sustainability within its business decision-making, focusing on efficiency, resilience, and long-term value. The Group’s inaugural Sustainability Impact Lab has defined over 40 action areas for 2026, emphasising ecosystem stewardship, community resilience, and inclusive prosperity.

Tengah Garden Residences, the first private residential development in Singapore’s Tengah New Town, has achieved a remarkable 99% sales rate at its launch, with 853 out of 863 units sold by 3pm on 26 April 2026. The project, developed by Hong Leong Holdings, GuocoLand, and CSC Land Group, set a record as the top-selling private residential launch of the year, with units averaging S$2,120 per square foot.

The development attracted significant interest, drawing nearly 2,000 groups of visitors during its two-week preview starting 11 April. Demand was strong across all unit types, with only 10 of the largest 4-Bedroom Premium with Yard units remaining. Prices ranged from S$1,779 to S$2,340 per square foot, appealing to a broad spectrum of buyers. Notably, 90% of purchasers were Singaporeans, indicating robust local demand.

Betsy Chng, Head of Sales and Marketing at Hong Leong Holdings, commented on the success: “The strong response to Tengah Garden Residences reflects healthy buyer confidence in Tengah as an emerging residential precinct with long-term value.”

The 99-year leasehold development is notable for its sustainability features, including a BCA Green Mark Platinum Super Low Energy certification. It comprises nine 16-storey blocks, oriented to maximise natural ventilation and minimise heat gain. The project also incorporates Smart Gateway technology for managing energy-efficient devices.

Residents will enjoy a 30,000 sq ft commercial podium with retail and dining options, alongside lifestyle facilities such as clubhouses, a gym, and sports amenities. The development is strategically located near the upcoming Hong Kah MRT station and major expressways, with future infrastructure upgrades set to enhance connectivity further. Completion is expected in 2029.

Shell Singapore is set to relocate its operations to Asia Square Tower 1 (AST1) in Singapore’s Marina Bay financial district, as announced by the Singapore Central Private Real Estate Fund (SCPREF) on 24 April 2026. This significant move involves Shell occupying approximately 100,234 square feet across three floors, marking one of the largest office leasing transactions in Singapore for 2026. The relocation is scheduled for the first half of 2027.

The decision to move to AST1 aligns with Shell Singapore’s strategy to be closer to its customers and partners, enhancing its presence in the Marina Bay area. The new location will offer a high-performance workplace equipped with smart technology, supporting flexible and sustainable working practices. Kah Peng Aw, Chairman of Shell Companies in Singapore, stated, “Asia Square Tower 1 provides a strong platform for Shell Singapore’s continued growth. We are confident this move will strengthen collaboration across our teams and with external partners.”

Pei Teng Foo, Chief Executive of SCPREF, expressed enthusiasm about the move, highlighting it as a testament to the quality and strategic positioning of SCPREF’s assets. “Shell’s decision to relocate to our portfolio is a strong endorsement… and underscores the appeal of the SCPREF’s assets to multinational companies,” Foo remarked.

SCPREF, managed by Hongkong Land, focuses on ultra-premium commercial properties in Singapore, with an initial portfolio valued at S$8.2b. This includes AST1, which offers connectivity to multiple MRT stations and a range of amenities, reinforcing its appeal to blue-chip tenants like Shell.

IHH Healthcare, a global integrated healthcare provider, reported significant growth in 2025, supported by its expanding network of 190 facilities across 10 countries. The Group has outlined a strategic roadmap towards 2030, focusing on clinical innovation, patient care, and environmental stewardship, as detailed in its newly released 2025 Annual and Sustainability Reports.

The Group successfully met 14 out of 16 sustainability goals set in 2022, demonstrating its commitment to transforming healthcare delivery across four core pillars: Patients, People, Public, and the Planet. This progress includes achieving gender parity in leadership roles, conducting over 4.2 million health screenings, and launching a large-scale solar project in Türkiye.

Looking ahead, IHH aims to maintain international benchmarks in clinical quality, improve billing transparency, and enhance patient satisfaction through better Net Promoter Scores. The Group also plans to sustain gender parity in leadership, reduce workplace injuries, and provide free or subsidised cancer treatments to underserved communities.

Environmental targets for 2030 include reducing emissions by 42% from the 2025 baseline, achieving a 30% recycling rate for non-hazardous waste, and improving water efficiency by 10%. These initiatives are part of IHH’s broader strategy to reach net zero by 2050.

Despite dynamic near-term conditions, IHH remains optimistic about its long-term growth, driven by strong demand for quality healthcare and its commitment to sustainability.

DBS, in collaboration with Enterprise Singapore and the Infocomm Media Development Authority, has launched an enhanced version of its Spark GenAI programme to accelerate AI adoption among small and medium enterprises (SMEs) in Singapore. This initiative aligns with the country’s National AI Strategy 2.0, which seeks to integrate AI more effectively across businesses.

The updated programme introduces a three-tier approach tailored to SMEs’ varying levels of AI readiness. The tiers—Start, Accelerate, and Scale—offer guidance from basic AI tools to comprehensive integration across operations. Participating SMEs will benefit from advisory support, workshops, and access to a global network of over 16,000 solution providers through IMDA’s Open Innovation Platform. Eligible businesses can also receive up to 50% grant support for AI-enabled solutions.

A new AI playbook, “Implementing AI for Impact,” developed with KPMG and supported by SkillsFuture Singapore, complements the programme. It provides practical use cases, success stories, and a readiness diagnostic tool to help businesses assess their AI capabilities.

Chen Ze Ling, Group Head of Corporate and SME Banking at DBS, emphasised the programme’s role in reducing adoption barriers and supporting businesses in building future-proof capabilities. Johnson Poh from IMDA highlighted the importance of equipping SMEs to harness AI’s potential, whilst Geoffrey Yeo from Enterprise Singapore reiterated the commitment to providing practical tools for AI adoption.

The enhanced Spark GenAI programme is part of DBS’ ongoing efforts to leverage AI in business transformation, following its recognition as the World’s Best AI Bank in 2025.

Private home prices in Singapore experienced a modest increase in the first quarter of 2026, whilst sales activity saw a decline, according to the latest data from the Urban Redevelopment Authority (URA). The overall price index for private residential properties rose by 0.9%, reflecting a cautious sentiment among buyers amidst macroeconomic uncertainties and rising interest rates.

Sales of private homes, excluding executive condominiums (ECs), fell for the second consecutive quarter, with a total of 5,413 units sold in Q1 2026. New sales saw the most significant drop, decreasing by 31.5% quarter-on-quarter, attributed to fewer project launches during the Chinese New Year period. Resale volumes also dipped by 8.6%, marking the lowest quarterly resale volume in two years.

Despite the overall slowdown, certain market segments performed well, including new homes in attractive locations and suburban homes with accessible price points. Notably, developments like Rivelle@Tampines and Pinery Residences sold over 90% of their units within the first weekend.

Rental prices showed a slight rebound, increasing by 0.3% after a previous decline. However, the private rental market faces challenges due to potential rate hikes and macroeconomic pressures, particularly affecting expatriate tenants. Nonetheless, emerging sectors such as AI are expected to bring an influx of expatriates, potentially stabilising rental demand.

Looking ahead, the property market’s trajectory remains uncertain, with geopolitical tensions in the Middle East potentially influencing costs and interest rates. However, upcoming launches like Vela Bay and Tengah Garden Residences are anticipated to bolster new home sales in the second quarter. Realion (OrangeTee & ETC) Group projects private residential prices to grow by 2.5% to 4.5% in 2026, with 23,500 to 25,500 transactions expected for the year.