Industry News

The Assembly Place Holdings Ltd. has introduced its eighth brand, Gather House, marking its entry into the premium capsule hostel market. Following a soft launch in early August 2026, the first phase of Gather House, located at 65 South Bridge Road, has achieved over 90% occupancy and received positive reviews.

Gather House aims to cater to younger, independent travellers by offering competitively priced accommodation without compromising on quality. The hostel will eventually comprise 132 beds across two phases, with the second phase at 63 South Bridge Road pending its Temporary Occupation Permit.

Eugene Lim, Executive Director and CEO of The Assembly Place, expressed enthusiasm about the new venture, stating, “The launch of Gather House marks an exciting milestone for TAP as we introduce our eighth brand to broaden TAP’s platform beyond our established co-living offerings and into new segments of the hospitality market.”

The Assembly Place has been expanding its accommodation ecosystem, recently venturing into various segments, including migrant workers’ accommodation and AI-powered co-living spaces. This strategic growth is supported by partnerships with service providers, enhancing the guest experience through curated services and experiences.

With the success of Gather House’s initial phase, The Assembly Place is optimistic about its potential and looks forward to fully developing the hostel to accommodate more guests. The company’s continued expansion reflects its strategy to leverage operating capabilities and project management expertise across the real estate and hospitality sectors.

Singapore’s prime residential market is poised for significant growth in the second half of 2026, with capital values expected to increase by 2% to 3.9%, as reported by Savills’ World Cities Prime Residential Index. This projection places Singapore among the top seven of 30 global cities anticipated to experience growth of 2% or more, alongside cities like Cape Town and Seoul.

In the first half of 2026, Singapore’s prime capital values saw a modest rise of 0.4%, whilst prime rents climbed 1.7%, surpassing the global average rental growth of 1.1%. At $1,850 per square foot as of June 2026, Singapore remains the most expensive prime residential market in Southeast Asia, significantly outpacing Kuala Lumpur and Bangkok.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “The relatively modest growth in Singapore’s prime residential values in the first half masks a market that remains fundamentally well supported. Underlying demand remains resilient, whilst higher land prices over the past two years continue to support pricing expectations.”

Globally, the prime residential markets have shown resilience despite geopolitical uncertainties, with average capital values rising 0.6% in H1 2026. Savills anticipates continued positive but moderate growth into H2 2026, with 16 of the 30 cities expected to see capital value increases.

Kelcie Sellers, Associate Director at Savills World Research, highlighted the importance of selecting the right city for investment, stating, “Cities able to combine constrained supply, strong household wealth creation, and sustained international demand are likely to outperform.”

As Singapore’s market continues to show strength, it remains a key player in the global prime residential sector, with expectations of further growth in the coming months.

Singapore’s Dyna.Ai, in collaboration with Dolbix Consulting and Nikkoku Soft, has announced a pilot programme for an AI-powered insurance sales support platform, set to launch in August 2026 across Toyota Corolla Kagawa dealerships in Japan. This initiative seeks to tackle the ongoing labour shortages and stringent compliance requirements in Japan’s automotive retail industry.

The pilot will be tested in live showroom environments, focusing on enhancing the efficiency of sales representatives. It introduces features such as instant policy lookup, compliance checklists, and automatic discussion summaries, which aim to streamline administrative tasks and ensure compliance with Japan’s Insurance Business Act. These tools are designed to help sales staff manage the increased workload resulting from staffing shortages, as highlighted by a Teikoku Databank survey indicating that over 50% of Japanese companies face such challenges.

Joe Shiba, President of Dyna.Ai Japan, stated, “This partnership shows how enterprise AI can be tailored to solve specific operational bottlenecks in regional retail markets.” The platform is built to comply with local regulatory standards, including the Act on the Protection of Personal Information, whilst supporting licensed insurance representatives.

The pilot reflects a broader trend towards embedded finance, with the global market projected to reach $588.49b by 2030, according to Grand View Research. Following initial testing, the companies plan to introduce advanced features later in 2026, paving the way for a nationwide rollout.

Zig by ComfortDelGro has announced an investment of over S$10m to enhance its private hire vehicle (PHV) fleet with new electric and hybrid models from BYD, supplied by Vantage Automotive. This move is part of Zig’s strategy to transform its point-to-point business from a traditional taxi-led operation into a hybrid fleet-and-platform model, offering more options to hirers and strengthening service availability on the Zig app.

The investment will see the introduction of fully electric and hybrid vehicles, including the BYD SEAL 6 DM-i and BYD M6, into Zig’s fleet. This aligns with the company’s ongoing efforts to renew and electrify its fleet, catering to the rising demand for PHVs among professional drivers. Zig’s private hire driver base grew by 28% in 2025, and the app currently supports over 4,000 drivers.

Hirers of the new vehicles will benefit from the wider ComfortDelGro ecosystem, which includes preferential charging rates through CDG Energy and maintenance support from ComfortDelGro Engineering’s network of workshops. Michael Huang, Head of Singapore Point-to-Point Mobility Business, stated, “This investment reflects our commitment to meeting hirer needs and supporting mobility demand across Singapore.”

Adelene Tan, Managing Director of Vantage Automotive, expressed enthusiasm for the collaboration, noting, “We look forward to working closely with Zig as it grows its private hire fleet and accelerates its electrification ambitions.”

The new vehicles will be gradually introduced into Zig’s fleet and made available to hirers in the coming months, marking a significant step in ComfortDelGro’s broader strategy to optimise its fleet mix and enhance its service offerings.

The condo rental market in Singapore experienced an unprecedented surge in July 2026, with 9,627 units leased, marking the highest monthly volume on record. This represents a 38.1% increase from June 2026, according to the latest 99-SRX Media Flash Report. The rise is attributed to the typical post-holiday period activity, mirroring a similar trend observed in July 2024.

Rental prices also climbed, increasing by 1.6% month-on-month, surpassing the previous peak set in July 2023. Year-on-year, condo rents were up by 2.5%, whilst broader private residential rents showed a more modest growth of 0.7% in Q2 2026 and 1% in the first half of the year. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the limited completion of new private homes is contributing to the elevated rents, as supply struggles to keep pace with demand.

In the HDB rental market, prices rose by 1.7% from June 2026, with Mature and Non-Mature estates seeing increases of 1.2% and 2.2%, respectively. Rental volumes for HDB flats increased by 13.6% month-on-month, although they were 2.6% lower compared to July 2025.

Looking ahead, whilst condo rents are expected to remain firm, particularly in well-connected areas, the influx of 13,480 HDB flats reaching their Minimum Occupation Period by the end of 2026 could introduce more competition among landlords, potentially moderating rental growth.

GO-GENIE, a Singapore-based AI-powered logistics platform, is enhancing its regional logistics ecosystem through strategic partnerships across Southeast Asia and South Korea. Collaborating with LX Pantos, GO-GENIE aims to support Korean beauty brands entering Southeast Asia. In Vietnam, it is working with METUB to develop creator-led commerce, and it is in advanced discussions for a joint venture with a leading business group in the Philippines.

In Singapore, GO-GENIE is part of the Group-Based Upgrading (GBU) programme, a joint initiative by the Institute of Technical Education and the Association of Small & Medium Enterprises, supported by the Skills and Workforce Development Agency. This programme aims to improve logistics operations for SMEs, with GO-GENIE’s Co-Founder and Chief Operating Officer, Markus Lim, playing a key role in the initiative.

The partnerships are crucial as Southeast Asia’s digital economy grows rapidly, presenting opportunities for businesses to scale. However, fragmented logistics networks pose challenges. GO-GENIE’s platform connects brands, logistics partners, and service providers, simplifying cross-border commerce. “Businesses expanding across Southeast Asia are increasingly held back not by demand, but by the complexity of coordinating logistics across markets,” said Ang Ming Cong, CEO of GO-GENIE.

The collaboration with LX Pantos will enhance the K-Beauty HUB Global Warehouse through AI-powered solutions, whilst the partnership with METUB will facilitate creator-led commerce in Vietnam. Additionally, GO-GENIE is preparing for a Series A fundraising round to support further expansion and technology investment. Between 2024 and 2025, the company saw a revenue increase of over 867% and facilitated 223% more logistics services.

Manulife Singapore has unveiled two new products, Manulife Indexed Wealth (MIW) and Manulife Indexed Income (MII), aimed at the growing mass affluent segment in Singapore. These SGD-denominated Indexed Universal Life solutions are designed to offer market-linked growth potential with built-in safeguards, catering to the evolving wealth planning needs of this demographic.

The launch comes as Singapore’s mass affluent population seeks more sophisticated financial strategies, moving beyond traditional wealth preservation. According to Manulife’s Asia Care Survey 2026, 43% of Singaporeans are diversifying across asset classes, whilst 34% are shifting towards income-generating investments. This shift highlights a growing demand for active and diversified wealth planning.

MIW targets individuals focused on long-term wealth accumulation and succession planning. It offers exposure to indices like the S&P 500 10% Buffer Index and the S&P PRISM Index, providing market-linked growth with downside protection. MII, on the other hand, is designed for those seeking passive income, offering monthly income from as early as the second policy year through the S&P PRISM Index.

Frank O’Neill, Chief Product Officer at Manulife Singapore, noted, “Growth remains important, but customers are also placing greater emphasis on preserving what they have built, staying invested through market volatility, and planning confidently for the next generation.”

Both MIW and MII provide flexibility and continuity, supporting customers from wealth accumulation to legacy planning. These solutions reflect Manulife Singapore’s commitment to helping customers build, preserve, and pass on wealth with confidence.

Claudia Soh has been officially appointed as the Chief Executive Officer (CEO) of Etiqa Insurance Singapore, effective 14 August 2026. Over the past six months, Soh has served as Acting CEO whilst continuing her role as Chief Financial Officer, guiding the company through significant growth and transformation. Her appointment underscores the Board’s confidence in her leadership as the company embarks on its next phase of development.

With over 20 years of experience in the financial services and insurance sectors, Soh brings a wealth of expertise in finance, strategic planning, and risk management. Her career includes roles at the Monetary Authority of Singapore and senior positions within the insurance industry. During her tenure at Etiqa, she has been instrumental in advancing new initiatives and transforming the finance function into a strategic business partner.

Kamaludin, Group CEO of Etiqa Insurance and Takaful, expressed confidence in Soh’s ability to drive innovation and adapt to changing customer needs. “Claudia has demonstrated strong leadership, strategic clarity, operational excellence, and resilience,” he said.

Soh emphasised the importance of agility and innovation in her new role, stating, “As customer expectations continue to evolve, we must remain agile, innovative, and focused on delivering purposeful value.”

Etiqa Insurance Singapore plans to deepen its distribution capabilities and partnerships, particularly with Maybank, to enhance its financial and protection solutions. This strategic focus aims to support customers’ evolving needs in protection, savings, and financial wellness.

Singaporean retail investors are among the most decisive and diversified globally, according to eToro’s Q2 Retail Investor Beat survey. The survey highlights that Singaporean investors are less likely to be uncertain about their investment choices compared to the global average. Only 12% of Singaporeans were unsure about which sector to invest in next, compared to 19% globally. Similarly, only 11% were uncertain about asset classes, against 17% globally.

The survey also reveals that Singaporean investors are highly diversified across asset classes. For instance, 82% hold cash assets compared to 67% globally, and 54% hold domestic bonds versus 39% globally. Singaporeans also have a higher exposure to foreign equities and bonds than their global counterparts.

Despite their diversification, Singaporeans are underweight in materials and mining stocks, with only 17% holding these compared to a 26% global average. However, they diversify across regions, with 58% holding US assets, 27% in China, and 35% in emerging markets, all significantly higher than global averages.

Zavier Wong, Market Analyst at eToro Singapore, attributes this decisiveness and diversification to Singapore’s proximity to major markets like China and Japan, and the high level of market engagement among Singaporeans. “Singapore also has one of the most hyperconnected retail bases globally,” Wong noted, highlighting the swift reaction of local investors to market changes, such as the recent shift in concerns over the Middle East conflict.

This decisiveness and diversification position Singaporean investors uniquely in the global market landscape, potentially allowing them to adapt quickly to future market shifts.

AIA Group Limited has announced a strong financial performance for the first half of 2026, with AIA Singapore achieving a 10% growth in the value of new business (VONB). This growth reflects a sustained demand for wealth and long-term savings solutions among affluent and high-net-worth customers. The company also reported a 14% increase in annualised new premium (ANP) to $644m, supported by growth across all distribution channels.

The Premier Agency channel, a key driver of new business, played a central role in meeting customers’ evolving wealth and protection needs. AIA Singapore’s total weighted premium income rose by 17%, driven by strong business growth and good persistency, whilst operating profit after tax increased by 10% due to improvements in claims variances and business growth.

Lee Yuan Siong, AIA’s Group Chief Executive and President, highlighted the strategic role of artificial intelligence in enhancing distribution and sales productivity, customer value creation, and operational efficiency. “AIA has delivered another strong performance in the first half of 2026, with double-digit growth across our key financial metrics,” he stated.

AIA Singapore continues to expand its agency force, with an 8% increase in new active recruits and over 30% of agents being members of the Million Dollar Round Table (MDRT). The company has maintained its position as the number one MDRT in Singapore for 12 consecutive years.

Looking ahead, AIA remains confident in its ability to exceed its earnings growth target, driven by strong new business and disciplined management of its in-force portfolio.