Industry News

Tuan Sing Holdings Limited has announced the acquisition of Westgate Tower in Singapore’s Jurong Lake District for  S$600m. The deal, executed by its subsidiary Greenlane Land Pte. Ltd., involves acquiring 100% of Westgate Commercial Pte. Ltd. and Westgate Tower Pte. Ltd., which own the commercial office units in the 20-storey building.

Westgate Tower, a premium Grade A office property, offers approximately 305,000 square feet of net lettable area and is currently 90% occupied. This acquisition is set to bolster Tuan Sing’s investment property portfolio, providing an additional source of recurring rental income. The property comprises 295 strata-titled office units, allowing management flexibility.

William Liem, CEO of Tuan Sing, stated, “Westgate Tower represents a rare opportunity to acquire a high-quality Grade A commercial asset in Singapore at an attractive entry price.” He emphasised the strategic location and strong occupancy as factors that will enhance the group’s income base.

The acquisition aligns with Tuan Sing’s strategy of investing in quality assets that offer long-term value creation. The purchase will be funded through internal resources and bank financing, with completion expected on 1 December 2026. The Singapore Exchange Regulation has granted Tuan Sing waivers from certain compliance rules, ensuring the acquisition proceeds smoothly.

This move complements Tuan Sing’s existing properties, including 18 Robinson and Dunearn Village, further solidifying its presence in Singapore’s real estate market.

TokenPulse, a next-generation AI inference infrastructure company, has inaugurated its Asia-Pacific Operating Hub in Singapore. The launch event, attended by industry leaders and ecosystem partners, highlighted the growing demand for AI compute and global infrastructure. The company aims to connect North American AI technology with Southeast Asia’s expanding infrastructure, enhancing its capacity across North America, Asia-Pacific, and Europe.

The global AI infrastructure market is expected to double from US$98.2b in 2025 to US$198t by 2027, driven by increasing inference demand. TokenPulse offers high-performance, cost-efficient AI compute by integrating data centre resources, GPU infrastructure, and an optimised inference engine. This positions the company to support foundation model companies, AI platforms, and AI-native applications.

Singapore serves as a strategic hub for TokenPulse’s operations, enabling partnerships across Malaysia, Indonesia, Thailand, and beyond. The hub will facilitate regional operations and infrastructure partnerships, bringing compute capacity closer to customers and AI workloads. CEO Steven Zhou emphasised the shift in AI compute demand from training to inference, noting that “inference is becoming a core competitive factor.”

TokenPulse provides flexible consumption models, including Serverless, On-Demand, and Reserved options, allowing customers to scale their compute capacity without replatforming. The company also offers deployment options such as TokenPulse Cloud, Private VPC, and BYOC (Bring Your Own Cloud).

With a leadership team experienced in AI, machine learning, and global business operations, TokenPulse is poised to optimise inference for performance and cost. Chairman Thomas Pang highlighted Singapore’s mature data centre ecosystem and strong network connectivity as key factors for choosing the location. The company plans to continue investing in compute capacity and ecosystem support to deliver optimal performance at the lowest cost per token.

Singapore’s Minister for Energy, Trade and Industry, Dr Tan See Leng, announced a series of strategic initiatives at the Singapore International Energy Week 2026. Among the key announcements was a five-year Energy Infrastructure Plan by the Energy Market Authority (EMA) to meet the rapidly growing electricity demand with resilience and reliability.

The EMA, in collaboration with the Ministry of Energy, Trade and Industry (METI), also introduced three manpower development schemes aimed at building local expertise in nuclear energy. This move is part of a broader strategy to diversify Singapore’s energy capabilities.

In a significant step towards sustainable energy, the EMA will proceed with further geothermal studies following promising findings from a two-year geophysical survey. The survey indicated the presence of substantial geothermal energy resources deep underground in Singapore, which could be harnessed for power generation, cooling, and heating.

Additionally, a $75 million (US$75 million) Power Decarbonisation Funding Initiative has been launched by the EMA and the Advanced Energy and Decarbonisation Office to advance low-carbon technologies. This initiative underscores Singapore’s commitment to reducing its carbon footprint.

The EMA has also granted conditional approval to Sembcorp Utilities for the import of 1.3 gigawatts of electricity, sourced from regional and domestic low-carbon resources, in partnership with MY Energy Consortium.

These announcements highlight Singapore’s proactive approach to energy sustainability and infrastructure development, setting the stage for future advancements in the sector. The initiatives are expected to bolster Singapore’s energy security and support its transition to a low-carbon economy.

Singapore’s property market experienced varied trends in the third quarter of 2026, according to the latest statistics from the Urban Redevelopment Authority (URA). Cushman & Wakefield’s Head of Research, Wong Xian Yang, noted a decline in private residential sales volume by 16.3% quarter-on-quarter (qoq) and 30.5% year-on-year (yoy), with 5,146 units sold. Despite this, private residential prices rose by 1.4% qoq, marking the eighth consecutive quarter of increase.

The residential sector saw a significant drop in new sales volume by 44.7% qoq, whilst resale and sub-sales also declined. However, new launches showed healthy take-up rates, with 72.7% of major projects selling over half their units. Wong highlighted that private residential prices could grow by 3.0%-4.0% yoy in 2026, supported by low borrowing costs and local demand.

In the office sector, vacancy rates tightened to 10.0%, the lowest since Q1 2024, driven by steady demand and limited supply. Central Region office rents rose by 0.8% qoq, with the Downtown Core remaining active. The rise of AI-related firms is contributing to demand, reinforcing Singapore’s status as a regional innovation hub.

Retail rents in the Central Region increased by 0.7% qoq, led by tier 1 malls. Despite negative net demand, Orchard Road continues to attract international brands, maintaining its status as a premier shopping destination. The successful backfilling of prime retail spaces indicates ongoing demand for well-located assets.

Overall, whilst the residential market faces challenges, the office and retail sectors demonstrate resilience, supported by strategic demand and limited supply.

Seatrium Limited has announced securing contracts from RigCo Holding, a subsidiary of Keppel Ltd., to complete construction on four high-specification offshore rigs. The contracts, valued at over S$500m, involve a premium seventh-generation drillship, a harsh-environment jack-up rig, and two mid-water semisubmersible rigs. The project is part of an existing master services arrangement between the two companies.

Seatrium’s Executive Vice President, William Gu, highlighted the company’s extensive experience in offshore rig design and construction, noting that “more than two-thirds of the world’s operational jack-up rigs are based on Seatrium’s designs.” He added that the award reflects Seatrium’s ability to deliver complex projects safely and efficiently.

The collaboration comes amid a recovering offshore drilling market, driven by higher utilisation rates and an ageing global rig fleet. Cindy Lim, CEO of Infrastructure at Keppel and Non-Executive Director of RigCo, stated, “The demand for deepwater and harsh environment rigs is expected to increase over the next several years.” The phased completion of these rigs is part of Keppel’s strategy to monetise up to 10 legacy rigs through the Keppel Offshore Fund.

The project underscores Seatrium’s position as a trusted partner in offshore energy projects and highlights the improving fundamentals of the offshore drilling market. The drillship and jack-up rig are expected to be delivered in 2027 and 2028, respectively, with plans for the remaining rigs still under assessment.

Singapore’s core Consumer Price Index (CPI) increased by 0.1% month-on-month in September, a slowdown from the 0.3% rises seen in July and August, according to UOB Global Economics and Markets Research. This softer-than-expected growth is attributed to unique factors such as intense competition among telecommunications companies and temporary discounts from interior design firms during the Hungry Ghost Festival.

Despite the modest increase, UOB warns of broadening inflationary pressures. Upstream and imported price pressures, indicated by the Domestic Supply Price Index (DSPI) and Import Price Index (IPI), have intensified beyond oil-related segments. This suggests a gradual pass-through to the broader CPI basket.

UOB maintains its 2026 core inflation forecast at 1.7% but has slightly lowered its 2027 projection to 2.1% from 2.2%. The Monetary Authority of Singapore (MAS) is expected to keep the current Singapore Dollar Nominal Effective Exchange Rate (S$NEER) slope settings through 2027. However, there is a risk of incremental tightening in early 2027.

Factors contributing to the inflation outlook include potential energy-related supply disruptions due to ongoing Middle East conflicts and rising Brent crude oil prices. UOB anticipates a 5.5% increase in electricity tariffs in the first quarter of 2027, assuming Brent prices remain above US$100 per barrel. Additionally, a 7% rise in bus and train fares in late December could push core inflation to peak at 2.4% year-on-year in January 2027, potentially exceeding MAS’ projections.

Mapletree Investments has successfully transitioned its UK student housing assets to self-management under its in-house operator, Student Castle. This strategic move marks a significant milestone in Mapletree’s growth, allowing the company to directly manage resident experiences, leasing, and pricing strategies, thereby enhancing operational agility and alignment across investment and asset management decisions.

Since entering the student housing sector in 2016, Mapletree has evolved into a vertically integrated manager, with capabilities spanning investment, development, and operations. Matt Walker, CEO of Student Housing at Mapletree, highlighted that self-management is a core component of their long-term strategy, particularly in markets where they have substantial scale. “The successful transition to self-management for our UK portfolio underscores our disciplined execution and sets the groundwork for a similar move for our US student housing portfolio,” he stated.

Student Castle, one of the UK’s top five student housing operators, manages nearly 17,000 beds across major university cities. It recently won Best Customer Service at the Global Student Living Awards 2026, adding to its accolades for Best Booking Experience, Best Private Housing, and Best Value for Money in previous years.

To support its growth, Student Castle has refreshed its brand identity, aiming to resonate more with its student audience and reflect its premium positioning. The rebranding includes a digital refresh on social media and its website, with physical signage updates expected by the first half of 2027.

Mapletree’s global student housing portfolio now includes 76 assets with over 25,000 beds across the US, UK, Canada, Germany, and Australia, as of 31 March 2026.

Singapore’s Consumer Price Index (CPI) for September 2026 increased by 0.2% from the previous month and 2.2% compared to the same period last year, according to the latest data. The CPI-All Items inflation rate slightly decreased from 2.3% in August to 2.2% in September, primarily due to reduced inflation in transport, information and communication services, furniture, and clothing.

The transport sector saw a notable year-on-year increase of 7.4%, with private transport costs rising by 7.1%. Health-related expenses also contributed to the inflation, with a 3.6% increase, driven by higher costs in medicines and health products. Meanwhile, the information and communication sector experienced a significant decline, with a 5% decrease year-on-year.

Food prices rose by 2.4% year-on-year, with specific categories such as fish and other seafood witnessing an 8.6% increase. In contrast, oils and fats saw a decline of 1.6%. Clothing and footwear prices increased by 2.1%, although footwear alone experienced a 6.3% rise.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes accommodation and private road transport costs, rose by 2% year-on-year. This reflects the underlying inflationary pressures in the economy, excluding volatile items.

The data suggests that whilst some sectors are experiencing reduced inflation, essential services like transport and health continue to exert upward pressure on the overall CPI. This trend may influence future monetary policy decisions as authorities aim to balance economic growth with inflation control.

OUE Real Estate Investment Trust (OUE REIT) is set to bolster its presence in Sydney’s Central Business District with the proposed acquisition of an additional 50% interest in 180 George Street. This move will raise OUE REIT’s total stake in the property to 69.9%, following an agreement to purchase the interest for A$864m (approximately US$774.1m). The acquisition is expected to deliver a 3.21% distribution per unit (DPU) accretion on a pro forma basis for the six months ending 30 June 2026.

The acquisition will be funded through a combination of debt and proceeds from the divestment of Crowne Plaza Changi Airport. This strategic move allows OUE REIT to diversify its portfolio geographically whilst maintaining Singapore as its core market. The acquisition also provides OUE REIT with a majority interest in a premium freehold asset, enhancing its control over property-related decisions and enabling proactive asset management.

180 George Street, completed in November 2022, is a 55-storey commercial tower located in Circular Quay, Sydney. It boasts a 100% occupancy rate as of 30 September 2026, with a high-calibre tenant base including Salesforce, TikTok, and Jones Lang LaSalle. The property is recognised for its sustainability credentials, holding a Platinum WELL Certification and a 6 Star Green Star rating.

Chief Executive Officer Han Khim Siew stated, “The Proposed Acquisition advances Phase 3 of OUE REIT’s portfolio transformation and reinforces our track record as a disciplined capital allocator.” The acquisition is part of OUE REIT’s strategy to enhance portfolio quality and capture opportunities across market cycles and geographies.

Upon completion, OUE REIT’s portfolio value is expected to increase, with assets in Singapore and Australia comprising 82.4% and 17.6% respectively. This acquisition underscores OUE REIT’s commitment to delivering sustainable growth and long-term value for its unitholders.

Maybank Singapore has launched a unique exhibition, The Most Expensive Words, at the Nanyang Academy of Fine Arts, transforming phrases commonly used in scams into calligraphy artworks. This initiative aims to raise awareness about the S$913.1m lost by Singaporeans to scams in 2025. The exhibition, running from 23 October to 1 November 2026, is free to the public.

The artworks showcase phrases like “High returns, zero risk” and “Your bank seeks your assistance,” each tagged with the financial losses they represent—S$336.2m and S$242.9m, respectively. Adam Tan, Head of Community Financial Services at Maybank Singapore, emphasised the importance of recognising these phrases as warning signs. “Scammers often rely on a familiar name, an urgent request, or a promise that sounds too good to miss,” he stated.

The exhibition is part of Maybank’s broader efforts to combat scams by encouraging individuals to pause and think before acting on unsolicited requests. Gerald Singham, Chairman of the National Crime Prevention Council, praised the initiative for creatively bringing crime prevention messages to life.

Collaborating with the Nanyang Academy of Fine Arts Centre for Lifelong Education, the exhibition is integrated into Breath & Brush, which celebrates Chinese ink and calligraphy. Calligraphy Educator Tan Puay Hock hopes the exhibition will prompt visitors to question and share awareness about scam tactics.

The exhibition is a significant step in Maybank Singapore’s campaign to protect the community from scams, urging visitors to ACT: Add ScamShield, Check with official sources, and Tell authorities, family, and friends.