Industry News

Stephanie Duran has been appointed as the Acting CEO of the Asia Natural Gas and Energy Association (ANGEA), following the departure of Paul Everingham on 30 June. Duran, who joined ANGEA as Deputy CEO in March, expressed her enthusiasm for leading the organisation through its next developmental phases.

Duran highlighted ANGEA’s pivotal role in the regional energy ecosystem, stating, “ANGEA has become an important figure in the regional energy ecosystem, and I look forward to continuing to work closely with governments and industries across Asia and in supply countries.” She emphasised the significance of natural gas and liquefied natural gas (LNG) in ensuring energy security and aiding decarbonisation efforts in Asia. Additionally, ANGEA plans to advance carbon capture and storage (CCS) initiatives, contributing to policies that support cross-boundary CO2 value chains.

Ryosuke Tsugaru, ANGEA Chair and JERA’s Senior Managing Executive Officer, praised Duran’s regional insights and strategic approach, noting, “Stephanie has impressed the ANGEA membership greatly with her strong regional insights, strategic approach and enthusiasm.” He also acknowledged Everingham’s contributions and welcomed Duran’s leadership to further develop ANGEA’s capabilities.

Duran brings over 25 years of experience from the United States Department of Energy and has spent nearly a decade working in Asia. Based in Singapore, ANGEA collaborates with governments, industries, and communities to provide energy solutions that enhance security, economic growth, and decarbonisation across Asia.

Frasers Centrepoint Trust (FCT) has agreed to sell White Sands, a suburban retail mall in Singapore, for S$467m. The transaction, expected to complete by 30 September 2026, is part of FCT’s strategy to recycle capital and strengthen its financial position by reducing its aggregate leverage from 40% to 36.5%.

The sale price represents an 8.4% premium over the mall’s independent valuation of S$431m as of 31 May 2026. The net proceeds, estimated at S$454.1m, will primarily be used to repay debt, creating additional financial headroom for future investments.

Richard Ng, CEO of Frasers Centrepoint Asset Management Ltd., stated, “The divestment is part of our proactive portfolio management strategy to strengthen FCT’s portfolio resilience and unlock value for unitholders.”

White Sands, located in Pasir Ris and adjacent to key transport links, comprises five storeys and three basement levels, with a net lettable area of approximately 150,352 square feet. It houses 132 tenants, with major sectors including food and beverage, beauty and healthcare, and sundry services.

Post-divestment, FCT’s retail portfolio will consist of eight properties across Singapore, with a total net lettable area of about 2.84 million square feet. This move aligns with FCT’s long-term growth strategy, focusing on optimising its portfolio to deliver sustainable income and value to its unitholders.

Hatten Land Limited has announced its plans to resume trading on the SGX Catalist through a reverse takeover (RTO) of Metrocon Pte. Ltd., a geotechnical foundation engineering specialist, for S$28m. The acquisition, which is part of Hatten Land’s restructuring strategy, will be fully satisfied by issuing 107,705,689 shares at S$0.26 each to LBD Engineering Pte. Ltd., Metrocon’s vendor.

The proposed acquisition is set to be approved at an Extraordinary General Meeting on 22 July 2026. Upon completion, Hatten Land will be renamed Metrocon Holdings Limited, shifting its business focus entirely to geotechnical foundation engineering services. This move is expected to leverage Singapore’s robust construction and infrastructure pipeline.

Metrocon, established in 2016, is a BCA-registered Grade L5 contractor specialising in subsurface construction works. The company has a strong track record in handling technically demanding projects, including those within MRT and LRT zones. Metrocon’s founder, Alvin Lim, expressed confidence in the acquisition, stating it will provide the governance framework and capital market access needed for growth.

The transaction will also involve a compliance placement of up to 25 million new shares at no less than S$0.20 each to meet public float requirements. The enlarged group is valued at S$40m, with the vendor holding approximately 60.2% of the shares post-acquisition.

Metrocon plans to upgrade its contractor registration, expand its equipment fleet, and pursue strategic alliances to capitalise on Singapore’s ongoing construction boom.

Bitdefender’s 2026 Cybersecurity Assessment Report has unveiled that only 48% of Singaporean organisations have full visibility into the AI tools and chatbots their employees use at work. The report, based on a survey of over 1,200 IT and security professionals across six countries, highlights significant concerns about AI-driven threats and data sovereignty.

The report indicates that 50% of Singapore firms track official enterprise tools but remain unaware of personal accounts and Shadow AI used by employees. This lack of visibility poses a risk as AI tools become more integrated into workplace operations. Furthermore, 53% of Singapore respondents who experienced a security breach were instructed to keep it confidential, despite believing it should be reported. This figure, although slightly lower than the 57.6% reported in 2025, underscores a persistent culture of breach suppression.

Data sovereignty has emerged as a critical factor in vendor selection, with 76.5% of Singaporean respondents willing to switch vendors over concerns about data jurisdiction. This aligns with a global trend where data location and access are becoming decisive criteria for cybersecurity solutions.

The report also highlights that 76.6% of Singapore firms are hesitant to disable legitimate tools exploited by attackers due to fears of operational disruption. This reflects a broader struggle to balance security measures with business continuity.

Andrei Florescu, president and general manager of Bitdefender Business Solutions Group, emphasised the need for modern security strategies to “go beyond reactive defences” to effectively manage AI adoption and compliance.

As AI-powered threats continue to evolve, organisations are urged to enhance their visibility and governance of AI tools to mitigate risks and ensure robust cybersecurity practices.

All-Link Air & Sea Limited has lodged its preliminary prospectus with the Monetary Authority of Singapore, marking a significant step towards its proposed initial public offering (IPO) on the Mainboard of the Singapore Exchange. The company, a freight forwarder originating from ASEAN, has appointed CGS International Securities Singapore Pte. Ltd. as the issue manager, underwriter, and placement agent for the offering.

The final prospectus will be available upon the offering’s launch, detailing the application process for potential investors. Interested parties can access the prospectus via the MAS website or request a copy from CGS International Securities during office hours.

All-Link’s financial trajectory has been notable, with revenue skyrocketing from US$4.8m in FY2023 to US$71.5m in FY2024, largely due to its partnership with TikTok as a logistics partner for US-bound cargo. By FY2025, the company diversified its client base, reducing reliance on TikTok from 98% to 45.4% and securing a global technology company as a new anchor client, contributing 33.6% of its revenue.

The company is poised for further growth, with net working capital increasing from US$2.9m to US$16m between FY2023 and FY2025. Its expansion strategy focuses on Vietnam and Thailand, leveraging its expertise in the logistics “coordination layer” across the ASEAN–China–US trade corridor.

Led by experienced logistics professionals, All-Link aims to strengthen its market position and financial stability through this IPO. The move is expected to bolster its ASEAN expansion plans and enhance its service offerings in the logistics sector.

Singapore’s stock market experienced a significant boost in June, attracting S$611m in net institutional inflow. This marks a reversal of over 40% of the cumulative net outflow recorded in the previous five months, according to the latest market update. The Straits Times Index (STI) reached a record high of 5,241.80, advancing 2.6% during the month, which contributed to a 13.7% total return for the first half of 2026 and a 36.4% return over the past 12 months.

The financial services sector led the charge with S$683m in net buying, despite ending the first half of the year with a net outflow of S$626 million. Key players such as United Overseas Bank (UOB), Oversea-Chinese Banking Corporation (OCBC), DBS Group Holdings, and Singapore Exchange were significant contributors to this inflow. DBS, in particular, saw a turnaround with S$739m in net institutional inflow over May and June, following earlier outflows.

The FTSE ST Consumer Goods & Services Index also performed well, generating a 6.2% total return in June. Singapore Airlines and SATS were notable contributors, with net inflows of S$344m and S$147m, respectively. Singapore Airlines led the market in net institutional inflow for the first half of the year, buoyed by record revenue and passenger numbers.

Looking ahead to the second half of 2026, investors are expected to focus on earnings resilience amid a challenging external environment. Structural themes such as AI, semiconductors, and digital infrastructure remain supportive, whilst Singapore’s role as a regional capital hub continues to strengthen.

The Housing Development Board (HDB) resale market in Singapore experienced a bifurcation in Q2 2026, with the million-dollar flat segment thriving despite a general slowdown. According to Huttons Data Analytics, 6,268 HDB resale flats were sold in Q2 2026, mirroring Q1 2026 figures but marking an 11.7% decline from the previous year.

The market’s sluggishness is attributed to longer selling times, averaging two to three months, and a cautious approach from buyers due to employment uncertainties. The average price of resale flats softened by 0.3% in Q2 2026, reflecting buyers’ negotiating power.

Despite the overall slowdown, the million-dollar flat segment remained robust. In Q2 2026, 491 flats were sold for a million dollars or more, a 19.5% increase from the previous quarter. These high-value transactions accounted for 7.8% of total resale transactions, the first time surpassing 7%. The average price for these flats was $1,147,216, slightly down by 0.3% from the previous quarter.

Toa Payoh led with the highest number of million-dollar flats at 66, followed by Queenstown and Bukit Merah with 65 and 64, respectively. The increase in non-mature estate transactions suggests potential pricing out of buyers.

Looking ahead, the HDB resale market is expected to remain flat in the second half of 2026. With more Build-To-Order (BTO) flats and resale flats reaching their minimum occupation period, buyers have more options. HDB plans to launch 7,970 flats across seven projects in October 2026, potentially stabilising the market. Huttons estimates between 1,600 and 1,800 million-dollar flats in 2026, with resale transactions ranging from 22,000 to 26,000 and price changes between -2% and 2%.

Cushman & Wakefield has successfully brokered the sale of White Sands, a prominent suburban retail mall in Pasir Ris, for S$467m. The transaction, facilitated by the firm’s Capital Markets team, highlights the continued investor interest in Singapore’s retail sector. White Sands, spanning six retail floors and a net lettable area of approximately 150,352 sq ft, is fully occupied and features a diverse tenant mix, including Pasir Ris Public Library, FairPrice, and Koufu.

The mall’s strategic location, directly connected to Pasir Ris MRT Station, is set to become even more advantageous with the completion of the Cross Island Line in 2030. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, expressed pride in brokering the transaction on behalf of Frasers Centrepoint Trust. He noted, “Investor interest in quality retail assets remains strong, supported by Singapore’s safe-haven status, robust retail operating fundamentals, and favourable interest rate environment.”

This sale is part of a series of significant retail mall transactions managed by Cushman & Wakefield, following deals involving i12 Katong, Swing By @ Thomson Plaza, The Clementi Mall, The Seletar Mall, and Changi City Point. The firm’s continued success in these transactions underscores the strength of Singapore’s retail market and the potential for further investment opportunities in the near future.

The Urban Redevelopment Authority’s (URA) flash estimates for Q2 2026 reveal a modest 0.5% quarter-on-quarter increase in the All Residential Price Index, marking a 1.4% rise in the first half of the year. Leonard Tay, Head of Research at Knight Frank Singapore, noted that the final figures, expected in late July, should align closely with these estimates as no new launches in June have yet to be included.

Three new developments—Hudson Place Residences, Tengah Garden Residences, and Vela Bay—were launched in April and May. These projects were priced with buyers in mind, maintaining stability in the Rest of the Central Region and the Outside Central Region, where indices fell 1.4% and 0.2% respectively. Consequently, non-landed private home prices saw a slight 0.1% decline, reflecting a shift towards sustainable growth post-pandemic.

Looking ahead, Tay highlighted the potential for moderate price growth in H2 2026, driven by government-awarded development sites. Knight Frank projects a 3% to 5% price increase for the year, supported by favourable mortgage rates and demand from HDB upgraders.

In the Core Central Region, prices rose 2.0% as increased citizenships and permanent residencies bolstered demand for high-end homes. Meanwhile, landed property prices surged 2.6%, reaching historic highs. Tay expects landed home values to grow by 3% to 5% this year, with transactions typically ranging between S$5m and S$10m.

Alstom, a global leader in smart and sustainable mobility, has appointed Yann Maixandeau as Managing Director for East Asia. Based in Singapore, Maixandeau will oversee operations and business performance across eight markets, including Hong Kong, Korea, Malaysia, the Philippines, Singapore, Thailand, Taiwan, and Vietnam.

With nearly 20 years at Alstom, Maixandeau brings extensive international leadership experience in strategy, operations, finance, and project management. His previous roles have spanned Singapore, Malaysia, India, South Africa, France, and Brazil. Most recently, he served as Managing Director for Singapore and Malaysia.

Alstom, employing over 1,600 people across the region, has been a significant player in East Asia’s rail sector for more than four decades. The company is involved in various transformative projects, such as Bangkok’s Pink and Yellow monorail lines, Taipei’s Wanda-Zhonghe-Shulin and Circular lines, Hanoi Metro Line 3, and Manila Light Rail Transit Line 1 Cavite Extension. Additionally, Alstom is delivering major strategic projects like the North-South Commuter Railway Extension in the Philippines and signalling systems for Singapore’s Circle Line.

“East Asia is one of the key growth engines for sustainable mobility worldwide,” said Maixandeau. “With our longstanding presence and strong local partnerships, Alstom is well positioned to support this transformation.”

Alstom’s commitment to sustainable transportation is evident in its wide range of solutions, from high-speed trains to digital rail systems.