Industry News

HSBC Singapore has announced the appointment of Ying Wang as Head of Distribution, International Wealth and Premier Banking, and Irene Zeng as Managing Director, Head of Business Development, China Corridor, Corporate and Institutional Banking. These strategic appointments aim to enhance HSBC’s China corridor proposition, supporting Chinese businesses and entrepreneurs as they expand into Singapore and the ASEAN region.

Singapore serves as a crucial hub for Chinese enterprises seeking regional and international opportunities. The new appointments underscore HSBC’s commitment to facilitating growth for Chinese businesses through integrated banking, trade, and wealth solutions. Wong Kee Joo, CEO of HSBC Singapore, highlighted Singapore’s role as a leading trade and business hub, stating, “Irene and Ying bring deep expertise in developing the China corridor, strengthening our ability to serve this fast-growing client segment and connect them to new engines of growth across the region.”

The appointments are part of HSBC’s broader strategy to leverage Singapore’s position as a springboard into Southeast Asia, providing a multi-corridor hub for global expansion. By reinforcing its leadership team, HSBC aims to better serve the needs of Chinese companies and their owners, helping them capture growth opportunities across ASEAN.

LMS Compliance has announced a significant 32.5% increase in revenue for the financial year 2025, reaching RM33.63m. The company’s net profit also saw a substantial rise, growing by 29.8% to RM6.76m. This growth is attributed to the company’s strategic shift from a traditional laboratory testing firm to a comprehensive Environmental, Social, and Governance (ESG) assurance platform.

The Executive Director and CEO of LMS Compliance, Louis Ooi, highlighted the company’s operational discipline and strategic expansion as key drivers of this robust performance. He stated, “This strong performance reinforces our strategic shift from a traditional laboratory testing company to a comprehensive ESG assurance platform, powered by regulation-led growth.”

In addition to its financial success, LMS Compliance has proposed a final cash dividend of 1.00 Singapore cent per share, increasing the total dividend payout to S$1.37m. This move underscores the company’s commitment to rewarding shareholders whilst reinvesting for sustainable growth.

The strategic acquisition of ACC and the establishment of MY CO2 Inspection have expanded LMS Compliance’s capabilities into the novel food sector and electric vehicle and goods inspection services. As global regulatory standards evolve, the company is well-positioned to capture emerging opportunities and accelerate scalable growth.

Looking ahead, LMS Compliance aims to continue delivering enduring value to its stakeholders, leveraging its strengthened position in the ESG assurance market.

Colliers has provided insights into the 2026/27 Land Sale Programme, highlighting a cautious forecast for land revenue at $18b, down from the previous year’s $21b estimate. This adjustment reflects the government’s alignment with current market conditions and expected tender responses. The programme includes inviting Expressions of Interest for developing post-secondary student hostels on three sites, with potential public tenders as early as next financial year.

Eric Tsang, Acting Head of Valuation & Advisory Services at Colliers, noted that the 2025/26 financial year saw land revenue of approximately $17.5b, about 83.3% of the original estimate. This was due to limited land sale sites and smaller site scales. The forecast for the coming year remains cautious, considering market conditions and the pace of land disposal.

Elliott Hau, Head of Financing Valuation, highlighted the release of 13 residential sites in collaboration with the MTR Corporation and Urban Renewal Authority. These include sites in Stanley, Sai Kung, and Tung Chung Area 106A, carried over from the previous programme, and new sites in Shek Mun, Ho Man Tin, and the Northern Metropolis. The distribution aligns with the government’s future development plans.

Alvin Leung, Senior Director, mentioned the potential tendering of luxury residential sites at Cape Road in Stanley and Clear Water Bay Road in Sai Kung. These sites, previously untendered due to subdued market sentiment, may be launched to capitalise on the recovery in the luxury property market.

The continued suspension of commercial land sales aligns with expectations, given the elevated Grade-A office vacancy rate of 17.5%. The market requires more time to absorb recent supply, despite improved sentiment and leasing activity.

The Business Receipts Index (BRI) for Singapore’s services industries, excluding wholesale trade, retail trade, accommodation, and food services, showed a 3.6% increase year-on-year in the fourth quarter of 2025. This growth was primarily driven by the recreation and personal services sector, which saw a 9.2% rise in revenue, largely due to the arts, entertainment, and recreation segments, including gaming.

The professional services industry also contributed significantly, with a 6.1% increase in turnover, boosted by advertising, market research, and research and development activities. In contrast, the transportation and storage sector experienced a 3.5% decline in receipts, mainly due to reduced performance in shipping and freight transport arrangement services.

Quarter-on-quarter, the BRI recorded a 3.3% rise in business receipts, although the education and health and social services sectors saw declines of 4.6% and 0.7%, respectively. The professional services industry showed a robust 9.1% growth, driven by head offices and management consultancies, whilst the real estate sector reported a 3.6% increase in earnings.

The BRI, compiled quarterly, provides insights into the short-term performance of the services industries, guiding business decisions and policy choices. The index is based on data from over 11,000 enterprises and reflects changes in business or operating revenue. As the services sector continues to evolve, the BRI remains a crucial tool for understanding industry trends and economic health.

CapitaLand Ascendas REIT (CLAR) has announced its strategic entry into Spain’s logistics sector with the acquisition of six prime logistics assets for approximately S$185.4m. This acquisition marks CLAR’s first foray into Spain, specifically targeting the major logistics hubs of Madrid and Barcelona. The transaction is expected to enhance CLAR’s distribution per unit (DPU) by 0.1% on a pro forma basis, with a first-year net property income yield of 6.3% pre-transaction costs.

The newly acquired portfolio includes two Grade A logistics properties in Madrid and four in Barcelona, all strategically located along key transport corridors. William Tay, CEO and Executive Director of CapitaLand Ascendas REIT Management Limited, stated, “Our first acquisition in Spain deepens CLAR’s presence in the UK/Europe and enhances the scale, quality, and geographic diversification of our logistics portfolio.”

The acquisition aligns with CLAR’s strategy of investing in modern, well-located assets in developed markets. The properties boast a total gross floor area of 98,825 square metres and are fully occupied by reputable multinational corporations. The acquisition increases CLAR’s logistics portfolio value to approximately S$4.7b, now accounting for 26% of its total portfolio value of S$18.5b.

Spain’s strategic location and robust infrastructure make it a vital gateway to Europe, enhancing CLAR’s logistics capabilities. The acquisition was financed through a combination of internal resources and existing debt facilities, with CLAR’s aggregate leverage expected to rise slightly to 39.1%.

HSBC has launched its fourth and largest wealth centre in Singapore, located on the 33rd floor of the Singapore Land Tower. This new centre marks the bank’s first sky lounge and dedicated Premier Elite space in the city, underscoring HSBC’s commitment to expanding its wealth management services in Singapore. The centre aims to cater to the growing affluent segment by offering enhanced advisory spaces and unique service experiences.

The wealth centre is part of HSBC’s multi-year transformation strategy, which includes a significant investment to expand its physical presence in Singapore. Ashmita Acharya, Head of International Wealth and Premier Banking, Singapore, stated, “Singapore is a priority market and wealth hub for HSBC, and our new Singapore Land Tower Wealth Centre reflects our ongoing commitment to deliver exceptional service and experiences for our clients here.”

The new facility is designed to integrate clients’ wealth and lifestyle aspirations, combining advisory, service, and hospitality expertise. This development is accompanied by enhancements to HSBC’s affluent offerings, such as the launch of the HSBC Premier Mastercard and upgrades to digital wealth platforms. Additionally, HSBC has formed targeted partnerships to provide international digital wealth capabilities and curated lifestyle experiences.

The opening of this wealth centre is a significant milestone in HSBC’s efforts to deepen its wealth footprint in Singapore. It reflects the bank’s strategy to deliver a comprehensive and elevated wealth journey for its clients, aligning with their aspirations and needs.

Beng Kuang Group has announced its intention to acquire full ownership of its subsidiary, ASOM, through a S$60m acquisition. ASOM, which specialises in high-value, mission-critical services in the energy market, has been a significant contributor to the group’s revenue and profitability. The acquisition will allow Beng Kuang Group to consolidate 100% ownership, enabling full recognition of ASOM’s earnings and cash flows, whilst also strengthening operational control and strategic flexibility.

ASOM operates in the offshore lifecycle services segment, providing solutions for asset life extension, regulatory compliance, and operational reliability for offshore floating production assets. The acquisition structure includes performance-based earn-out safeguards, ensuring disciplined capital allocation and alignment with vendors.

The financial impact of the acquisition is notable. If the acquisition had been completed on 1 January 2025, the earnings per share for Beng Kuang Group for the fiscal year 2025 would have increased from 2.61 Singapore cents to 4.8 Singapore cents, marking an approximate 84% rise.

An extraordinary general meeting will be convened to seek shareholders’ approval for the acquisition and the issuance of consideration shares. Further details will be announced in due course. This strategic move is expected to bolster Beng Kuang Group’s position in the energy market, offering enhanced operational capabilities and financial performance.

Frasers Property, through its subsidiary Frasers Property Cuppage Pte. Ltd., has successfully acquired the leasehold rear plot of The Centrepoint on Orchard Road, Singapore, for S$391.9m. This strategic purchase consolidates Frasers Property’s ownership of the seven-storey landmark, enhancing its position in the iconic shopping district.

The leasehold rear plot, part of The Centrepoint at 176A Orchard Road, includes 66 retail units and 66 residential flats. This acquisition aligns with national efforts to rejuvenate the Orchard Road precinct. Frasers Property already held a majority stake in the rear plot, owning over 52% of the units by strata area, and is the majority shareholder in the freehold front plot with about 96% ownership.

Soon Su Lin, CEO of Frasers Property Singapore, expressed satisfaction with the acquisition, stating, “We are pleased to strengthen our ownership of The Centrepoint. This gives us greater flexibility to unlock the site’s long-term potential, including assessing broader rejuvenation plans for the area.”

The Centrepoint, completed in 1983, maintains a high occupancy rate of approximately 98% and continues to be a significant contributor to Frasers Property’s retail portfolio in Singapore. The acquisition is subject to obtaining a sale order or consent from all subsidiary proprietors.

Frasers Property’s longstanding presence on Orchard Road, with The Centrepoint as its first asset, is further solidified by this acquisition, reflecting the Group’s confidence in the long-term value of strategically located sites.

ComfortDelGro Corporation Ltd has announced a record revenue of S$5.06b for the financial year ending 31 December 2025, marking a 13% increase from the previous year. The company’s Profit After Tax and Minority Interests (PATMI) also rose by 9.4% to S$230.3m. This growth is attributed to the company’s strategic international expansion, with overseas revenue now making up 55.3% of the total.

The company’s Public Transport segment saw a 15.1% increase in operating profit, largely due to renewed London bus contracts and the commencement of Metroline Manchester’s operations. The Taxi and Private Hire segment also experienced growth, with a 4.4% rise in operating profit following the acquisition of Addison Lee. Additionally, the Inspection & Testing Services segment reported a 56.1% increase, driven by the high volume of On-Board Unit installations for Singapore’s Electronic Road Pricing 2.0 project.

ComfortDelGro has also made strides in its autonomous vehicle initiatives, launching a robotaxi pilot in Guangzhou and a driverless shuttle programme in Singapore. These projects are part of the company’s efforts to enhance its capabilities in smart and sustainable mobility.

The company has proposed a final dividend of 4.59 cents per share, bringing the total dividend for FY2025 to 8.50 cents per share, representing an 80% payout ratio. Looking ahead, ComfortDelGro plans to continue its focus on operational excellence and international growth, with new contracts and expansions in various regions, including the UK, Australia, and New Zealand.

The latest report by Knight Frank Singapore and the Dormitory Association of Singapore Limited reveals that the pressure on worker dormitory beds in Singapore has eased, with occupancy rates declining slightly from 98.3% in the first half of 2025 to 97.1% in the second half. This moderation comes amidst a 0.8% increase in the foreign worker population in the Construction, Marine Shipyard, and Process industries, totalling 460,300 work permit holders as of June 2025.

The report highlights the addition of new dormitory facilities, including the Pioneer Lodge at Soon Lee Road, which added 10,500 beds in 2025, and the NESST Tukang Dormitory, which opened in January 2026 with 2,400 beds. These developments have contributed to the easing of demand pressures.

Despite the stabilisation, the report notes that bed rents have seen a slight decrease, with the islandwide average falling by 1.0% to S$485  per bed per month in the second half of 2025. The east and central zones experienced stable or reduced rents, whilst the west saw a 1.1% decline.

Looking ahead, the report anticipates that the ongoing Dormitory Transition Scheme and New Dormitory Standards will lead to temporary supply constraints as dormitories undergo upgrades. This could result in moderate rent increases of around 5% in 2026. The Ministry of Manpower plans to mitigate disruptions by staging upgrade works to maintain a balanced dormitory ecosystem.