Industry News

OCBC Group has announced a record net profit of S$4.19b for the first half of 2026, marking a 13% increase from the previous year. This growth was primarily fuelled by a significant rise in non-interest income, which surged by 36% year-on-year to S$3.51b. The bank’s total income for the period reached S$7.998b, an 11% increase from the previous year.

The bank’s performance in the second quarter of 2026 was particularly strong, with net profit reaching S$2.22b, up 22% year-on-year. This was supported by a record total income of S$4.17b, an 18% increase from the same period last year. Non-interest income in the second quarter rose by 51%, driven by a 28% increase in fees and an 85% rise in trading and investment income.

OCBC’s wealth management sector played a crucial role, with fees up 39% year-on-year, reflecting broad-based growth across all wealth product channels. The bank’s wealth management assets under management grew by 13% to S$350b.

The bank maintained a healthy liquidity position, with a non-performing loan ratio steady at 0.9% and credit costs at 14 basis points. An interim dividend of 47 pence per share was declared, representing a 15% increase from the previous year.

Looking forward, OCBC’s robust performance across various sectors, including wealth management and insurance, positions it well for continued growth. The bank’s strategic focus on diversifying income streams and managing costs effectively has contributed to its strong financial results.

Wee Hur Holdings has announced a significant donation of S$1.5m to the Singapore University of Technology and Design (SUTD) to bolster student entrepreneurship and sustainability initiatives. The donation was unveiled at a ceremony on 5 August 2026, attended by Jessica Tan, Member of Parliament for East Coast GRC (Changi-Simei), as the Guest of Honour.

The funds will be channelled through SUTD’s Design*AI Innovation & Venture Exploration (DIVE) platform, which supports innovation projects, venture development, and overseas learning opportunities. Additionally, the donation will establish the Wee Hur Think Tank, a dedicated space on campus for students to develop and test their ideas.

Goh Wee Ping, Chief Investment Officer of Wee Hur Holdings, emphasised the company’s commitment to nurturing young talent. “We have always believed that good ideas deserve the chance to grow, and that the next generation is worth investing in,” he stated. “Through this gift and the Wee Hur Think Tank, we want to give young people the room to test ideas, learn quickly, and build ventures that last, in Singapore and beyond.”

SUTD President Professor Phoon Kok Kwang expressed gratitude for the donation, highlighting its impact on empowering students to explore ideas beyond the classroom. “With Wee Hur’s support, more students will be able to embark on entrepreneurial journeys, such as robotics, where design, engineering, and imagination come together to solve complex challenges,” he said.

This initiative aligns with Wee Hur’s long-standing values of discipline and prudence, reflecting its dedication to building enduring value through education and innovation.

Uni-Asia Group Ltd., a Singapore Exchange (SGX) Mainboard-listed company specialising in maritime assets, has announced a significant step in its fleet renewal strategy by ordering a new 40,000 deadweight tonnage (dwt) double-hull bulk carrier. The agreement with Nihon Shipyard Co., Ltd. marks the group’s second newbuild order, featuring an eco-type engine and a dual-fuel ready design. This move positions Uni-Asia ahead of tightening international environmental standards.

The new vessel is expected to be delivered between the fourth quarter of 2029 and the first half of 2030. The acquisition will be financed through a combination of internal cash and external debt. This strategic investment underscores Uni-Asia’s commitment to sustainability and innovation in maritime operations.

The eco-specification of the new bulk carrier aligns with global trends towards greener shipping solutions. As environmental regulations become increasingly stringent, the dual-fuel ready design ensures compliance and operational flexibility. This proactive approach not only enhances Uni-Asia’s competitive edge but also contributes to reducing the environmental impact of its fleet.

Uni-Asia’s decision to invest in advanced maritime technology reflects its dedication to maintaining a modern and efficient fleet. The company’s focus on sustainability and compliance with evolving standards is expected to bolster its market position and operational efficiency in the long term.

The Assembly Place, Singapore’s leading Community Living operator, has announced a significant financial upturn for the first half of 2026, with revenue rising by 33.9% to S$15.6m and net profit surging 80.7% to S$2.2m. This growth is attributed to the expansion of its Community-Driven Stays segment, which saw the number of keys under management increase from 3,018 to 3,520.

The company’s gross profit also saw a notable increase of 22.7%, reaching S$11.2m, despite a 75.1% rise in the cost of sales. The Assembly Place’s asset-light model and proprietary digital infrastructure have been pivotal in enhancing resident engagement and customer loyalty, contributing to its robust financial performance.

Executive Director and CEO Eugene Lim highlighted the scalability and resilience of the business model, stating, “Our strong first half performance reflects the scalability and resilience of our Community Living business platform.” He also noted the company’s strengthened balance sheet, with total equity rising to S$41.6m and cash reserves at S$11.5m.

In a move underscoring its financial health, the company declared its inaugural interim dividend of 0.1 SG cents per share. Lim remarked, “Whilst modest in size, our inaugural interim dividend represents an important milestone for the Group and serves as a meaningful reward to shareholders.”

Looking ahead, The Assembly Place is poised for further growth with a pipeline of new projects and increasing demand for community living solutions, reinforcing its position as a market leader in Singapore.

Cvent Accelerate Singapore 2026, held at Fairmont Singapore, gathered over 500 professionals from the event, marketing, and hospitality sectors to explore the integration of artificial intelligence (AI) in event technology. The event underscored a significant shift in the Asia-Pacific (APAC) region, moving from questioning AI’s place in event technology to confidently applying it in planning, sourcing, marketing, and measurement.

Will Kataria, Country Head and Senior Director at Cvent Singapore, emphasised that the industry is now focused on using AI to connect people, data, and outcomes into measurable results. This sentiment was echoed throughout the day’s sessions, which included keynotes, panels, and technology showcases. A highlight was the presentation of CventIQ™, Cvent’s AI-powered intelligence layer, which was central to discussions on how AI and connected data are transforming event interactions into business intelligence.

The event also marked the debut of Cvent’s new brand identity, centred around the “Presence Premium” concept. This idea posits that as AI makes digital content more accessible, the value of live human presence increases. Research by Forrester Consulting and Censuswide supports this, with 70% of business leaders acknowledging the growing importance of events in an AI-driven world and 81% noting increased audience trust following in-person experiences.

Cvent has committed over $1b to technology, AI, and product innovation between 2026 and 2029, aiming to empower professionals in the region with the tools needed to lead future developments. The Cvent Accelerate series will continue in Sydney on 11 August 2026.

Yangzijiang Maritime Development Ltd. has announced the sale of four newbuild bulk carriers, each approximately 40,000 deadweight tonnes, with deliveries scheduled between April 2027 and May 2028. This move is part of the company’s broader strategy to monetise maritime assets, having entered into contracts to sell a total of 12 newbuild vessels for an aggregate value of $500m over the past nine months.

The company, a prominent maritime financial solutions provider, also reported the delivery of the first of four medium-range tankers, initially announced in November 2025 with a total contract value of $180m. The first tanker was delivered on 30 July 2026, with subsequent deliveries expected in November 2026 and throughout 2027.

Ren Yuanlin, Executive Chairman and CEO of Yangzijiang Maritime, highlighted the company’s strategic focus on asset monetisation. “Our ability to consistently originate, invest, monetise, and recycle maritime assets is central to the Group’s long-term growth strategy and a core differentiator of Yangzijiang Maritime,” he stated. He emphasised the repeatability of their business model, which allows the company to crystallise value at optimal market points and reinvest capital into new opportunities.

These transactions are anticipated to positively impact the Group’s financial performance in the fiscal years 2026, 2027, and 2028, contingent on delivery schedules and accounting recognition. Yangzijiang Maritime continues to position itself as a key player in the global maritime industry, leveraging its strategic partnerships and diversified investment portfolio.

StarHub has announced an expanded partnership with MyRepublic Mobile, transitioning all MyRepublic Mobile subscribers onto StarHub’s 4G and 5G network. This move builds on their existing Mobile Virtual Network Operator (MVNO) 5G partnership established in 2022 and follows StarHub’s acquisition of MyRepublic Broadband last year.

The integration aims to enhance the network experience for MyRepublic Mobile customers, who will be contacted directly with details about the migration process. StarHub assures that dedicated customer support will be available to ensure a smooth transition.

Nikhil Eapen, CEO of StarHub, stated, “With this step, we further extend our material lead in revenue market share as Singapore’s strong number two mobile operator. We have also taken another step towards leading the ongoing consolidation of Singapore’s telecommunications market.”

Matt Williams, CEO (designate) and Chief of Consumer Business Group at StarHub, added, “Together with the migration of redONE subscribers to eight on the StarHub network, this builds greater scale across our business.”

Vaughan Baker, CEO of MyRepublic, commented, “The ability to enable our 4G customers to experience a service underpinned by StarHub’s network, just as our 5G customers do today, reflects the further strengthening of the quality of partnership between our two organisations.”

MyRepublic Mobile customers will continue to enjoy seamless access to StarHub’s nationwide network throughout the transition, with no immediate action required from them. This strategic move is part of StarHub’s multi-brand strategy to offer distinct services catering to different customer needs, further consolidating its position in Singapore’s telecommunications market.

Leasing activity in Singapore’s private residential market saw a 5.1% increase quarter-on-quarter in Q2 2026, with 22,290 rental contracts commencing, according to Savills Singapore. Despite the rise in demand, rental growth was not uniform across regions, with varied performances in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR).

The non-landed segment was the primary driver of growth, with rental transactions climbing by 5.4% quarter-on-quarter. The CCR and RCR each recorded a 5.7% increase, whilst the OCR saw a 4.8% rise. On a yearly basis, the non-landed private residential market expanded for the ninth consecutive quarter, led by a 6.0% increase in the OCR.

Treasure At Tampines emerged as the most actively leased development, surpassing Normanton Park, which fell to second place. Newly completed Tembusu Grand entered the rankings in third place. Marina One Residences and The Sail @ Marina Bay completed the top five.

Rental performance diverged, with the CCR experiencing a 1.2% increase in rents, driven by demand for smaller flats. In contrast, rents in the RCR remained flat, and the OCR saw a slight decline of 0.3%. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted that whilst economic growth is expected to outperform forecasts, factors such as multinational corporations’ cash flow trends and policy changes may limit benefits to the leasing market. Consequently, private residential rents are expected to remain broadly flat in 2026.

Knight Frank Singapore has successfully advised CapitaLand Ascott Trust on the acquisition of Coliwoo Midtown for S$134m. The transaction, managed by Knight Frank’s capital markets team, underscores the robust investor interest in Singapore’s living sector, particularly for prime, institutional-quality assets.

Melvin Chay, Senior Director of Capital Markets at Knight Frank Singapore, commented on the significance of the deal: “This transaction reflects the continued depth of investor interest in Singapore’s living sector, particularly for well-located, institutional-quality assets. Beyond the transaction itself, it demonstrates the importance of trusted relationships and market connectivity in originating opportunities that are not publicly marketed.”

The acquisition of Coliwoo Midtown, a strategically located asset, is expected to enhance CapitaLand Ascott Trust’s portfolio, offering potential for growth in the competitive Singapore market. This move aligns with the trust’s strategy to invest in high-quality properties that promise stable returns.

The deal highlights the ongoing appeal of Singapore’s real estate market to investors, driven by the city’s strategic location and economic stability. As the demand for living spaces continues to rise, such transactions are likely to become more frequent, reflecting the sector’s resilience and potential for future growth.

All-Link Air & Sea Limited has successfully launched its trading on the Singapore Exchange (SGX) Mainboard on 5 August 2026, under the ticker symbol “ALK”, following its initial public offering (IPO). The company raised approximately S$20.1m, with the IPO comprising 35,824,500 shares through placement and 2,100,000 shares via public offer, priced at S$0.53 each.

The logistics solutions provider, headquartered in Singapore, plans to use the proceeds to expand its operations across ASEAN, focusing on Vietnam and Thailand. The company has a call option over a 30% interest in All-Link Vietnam, which it expects to exercise within a year. The expansion is part of All-Link’s strategy to diversify its customer base, which saw a significant shift with TikTok Group’s revenue contribution dropping from 98% in FY2024 to 45.4% in FY2025, whilst a new US-listed tech customer accounted for 33.6%.

All-Link’s CEO, Peter Neo, expressed optimism about the company’s growth prospects, stating, “We are heartened by the confidence investors have placed in All-Link… The proceeds from this listing will allow us to deepen our network, invest in our digital capabilities and pursue opportunities that build long-term value.”

The company also plans to enhance its presence in Malaysia and the Philippines, which together contributed 9.6% of FY2025 revenue, up from negligible levels previously. All-Link’s asset-light model and strategic partnerships, such as the Non-Compete and Collaboration Deed with All-Link PRC, are expected to support its growth in the evolving trade landscape.