Industry News

As Singapore celebrates its 61st National Day, many residents are taking advantage of the extended weekend from 7 to 10 August for short getaways. Data from Trip.com reveals a significant rise in travel activity, with flight and staycation bookings increasing by over 30% compared to the previous year. This trend highlights a growing preference for nearby destinations and luxury staycations.

Bangkok, Kuala Lumpur, and Ho Chi Minh City have emerged as the top international destinations for Singaporeans, with seven out of the top 10 preferred cities being short-haul. “Long weekends have become valuable opportunities for Singaporeans to take a break from their routines,” said Edmund Ong, General Manager of Trip.com Singapore. He noted a strong demand for short-haul getaways and staycations, emphasising the importance of experiences that bring loved ones together.

Whilst short-haul travel dominates, there is a noticeable increase in interest for medium-haul destinations. Busan leads in year-on-year growth, followed by several Chinese cities such as Shenzhen and Chongqing. Island destinations like Phu Quoc and Jeju also feature prominently.

Trip.com data suggests that early planning, ideally eight months in advance, is key to securing the best travel deals. Despite the allure of international travel, staycations remain popular, with a 31% rise in local hotel bookings. Luxury properties such as Mandai Rainforest Resort and The Ritz-Carlton are among the favourites for those opting to stay within Singapore.

As Singaporeans prioritise quality time with family and friends, the National Day weekend serves as a perfect occasion to create lasting memories, whether at home or abroad.

The Singapore Space Summit is set to return on 25–26 February 2027 at the Sands Expo and Convention Centre, Marina Bay Sands, with an expanded focus on industry and innovation. Supported by the National Space Agency of Singapore, the event aims to showcase cutting-edge technologies and innovations shaping the global space economy.

Building on the success of its inaugural event in 2026, which attracted over 2,000 attendees and 300 companies, the 2027 summit will introduce new partnerships and initiatives. Notably, a collaboration with Starburst, a global aerospace and defence innovation platform, will connect startups with investors and industry partners. The summit will also feature an expanded Singapore Pavilion, organised with the Association of Aerospace Industries Singapore, highlighting local enterprises’ capabilities.

Key themes for the summit include orbital sustainability, the commercial space economy, and AI-powered digital twins for resilient cities. Discussions will also cover dual-use technologies and space security. ST Engineering returns as a Founding Partner, with Unseenlabs joining as Co-Sponsor, reinforcing industry support.

Leck Chet Lam, Managing Director of Experia Events, stated, “We are building on this momentum by expanding industry participation and introducing new initiatives that support startups and innovation.”

The summit aims to foster new partnerships and shape the future of the space sector, with more information on the programme and speakers to be announced in the coming months.

Choco Up, a leading growth financing platform in Asia, has expanded its partnership with Koomi to introduce an embedded Accounts Payable (AP) Financing solution for Singapore’s food and beverage (F&B) businesses. This initiative allows merchants to access working capital directly within the Koomi platform, with pre-approved financing of up to S$150,000 available to over 1,000 F&B outlets.

The new financing suite is integrated into Koomi’s restaurant operating platform, which supports more than 1,200 outlets across Singapore, including popular names like Tiong Bahru Bakery and Tim Ho Wan. This integration aims to help businesses manage cash flow, supplier payments, and inventory procurement more efficiently. Percy Hung, CEO and Founder of Choco Up, emphasised the importance of managing cash flow, stating, “For many restaurants, the challenge isn’t demand, it’s timing.”

Singapore’s F&B sector faces rising operating costs and changing consumer spending patterns, creating a need for financial flexibility. Traditional financing options are often limited due to the sector’s higher insolvency rates. By embedding AP Financing into Koomi’s ecosystem, Choco Up and Koomi aim to simplify the financing process. Eligible merchants can access pre-approved funds without the lengthy documentation typically required.

Andrew Tay, COO and Co-Founder of Koomi, highlighted the ease of access, saying, “By embedding AP Financing directly into the platform, we’re making it easier for merchants to access working capital within the workflows they already use.” This partnership seeks to bolster the resilience and growth of Singapore’s F&B ecosystem.

The Berlayar Drive Government Land Sales (GLS) site has garnered significant attention, receiving a top bid of $1,515 per square foot per plot ratio (psf ppr) from Intrepid Investments and GuocoLand (Singapore). This marks the second GLS tender in the Greater Southern Waterfront (GSW), following a previous site at Telok Blangah Road awarded for $1,326 psf ppr in November 2025.

The interest in the Berlayar Drive site underscores developers’ confidence in the GSW precinct, particularly given its unique status as the only low-rise land parcel in the area. Mark Yip, CEO of Huttons Asia, highlighted the site’s strong locational attributes, noting its prime city fringe location, proximity to Telok Blangah MRT station, and its sea and greenery views, which are expected to remain unobstructed.

The GLS programme, alongside the recent relaxation of the Additional Buyer’s Stamp Duty (ABSD) timeline for large enbloc sites, may lead to an increase in collective sale sites. This could provide developers with more options, allowing them to be selective in their acquisitions.

Looking ahead, the broader Rest of Central Region (RCR) market may see close to 3,000 units offered for sale in 2027. If all land parcels in the GSW precinct are sold, over 1,800 units could be launched between 2027 and 2028. The Berlayar Drive site, with its low-density appeal, is expected to attract those preferring low-rise living.

Linklaters has successfully advised on the issuance of S$2.6b (approximately $2.025b) Green Singapore Government Securities (Infrastructure) due 2046. This issuance, under the Government of Singapore’s medium-term note (MTN) programme, includes S$7.62m allocated for retail investors via a public offer. The funds raised will support projects aligned with the Singapore Green Bond Framework.

The MTN programme allows the Government to issue securities under the Significant Infrastructure Government Loan Act 2021 (SINGA), with terms agreed between the Monetary Authority of Singapore and relevant dealers. The issuance saw robust demand from investors, highlighting the growing interest in sustainable finance.

Amit Singh, Head of South and Southeast Asia Capital Markets at Linklaters, expressed pride in the firm’s role, stating, “This latest transaction is another important milestone in Singapore’s sovereign green finance journey and reflects the continued development of its sustainable finance market.”

Linklaters, with over 50 years of experience in Asia, has a strong reputation in the region’s capital markets. The firm has been involved in numerous high-profile issuances, including a previous S$2.5b green bond by the Singapore Government. The team for this transaction was led by Amit Singh and capital markets partner Xunming Lim, supported by managing associate Alwyn Loy and associates Ashley Loh and Reeve Chia.

The successful issuance underscores the strength of Linklaters’ capital markets capabilities and the increasing demand for green financial instruments.

A recent study by Sumsub and the Singapore FinTech Association has highlighted a significant gap in AI governance among Singapore businesses. Whilst 94% of companies are employing or testing multi-step AI systems, only 29% can provide an audit trail to verify AI-driven decisions. This lack of traceability poses risks of operational losses, compliance fines, and damaged customer trust.

The report, titled “Sumsub APAC State of Digital Trust: AI Governance Benchmark,” evaluates businesses on AI autonomy, responsibility, and traceability. It reveals that Singapore’s regulatory environment, although advanced, results in conservative self-assessments by local firms. The Singapore government was the first globally to introduce the Model AI Governance Framework for Agentic AI, setting stringent benchmarks for AI use.

Key findings indicate that 70% of Singapore businesses have guidelines assigning responsibility for AI outcomes, with 40% attributing it to individuals and 30% to teams. Despite this, only 16% have expanded AI systems’ scope or autonomy in the past year, reflecting a cautious approach to AI deployment.

Holly Fang, President of the Singapore FinTech Association, emphasised the need for improved governance, stating, “Our joint survey with Sumsub found that fewer than one in three organisations can produce an audit trail for AI-driven decisions.”

The study underscores the importance of developing robust AI governance frameworks to ensure accountability and trust as AI systems become more autonomous. As Singapore continues to lead in regulatory guidance, businesses are urged to enhance their capabilities to track and verify AI decisions effectively.

APAC Realty Limited has reported a profit after tax of S$9.4m for the first half of 2026, despite a challenging market environment marked by reduced transaction volumes. The company, which saw its revenue dip to S$329.3m, attributed the decline to lower sales in new private residential and HDB resale markets. In response, APAC Realty has proposed a special dividend, bringing the total payout to 5.5 Singapore cents per share.

The company’s revenue from new home sales fell by 11% to S$116.8m, whilst other revenue sources decreased by 13% due to lower interest income. However, a slight increase in resale and rental transactions provided some relief. CEO Marcus Chu noted, “Market conditions remained mixed in the first half of 2026,” but expressed optimism for the latter half of the year, citing a healthy pipeline of new launches.

APAC Realty’s financial stability is underscored by a cash balance of S$53.1m and positive operating cash flows of S$12.3m. The Board of Directors has recommended the special dividend to acknowledge shareholder support and participation in the company’s growth.

Looking ahead, APAC Realty anticipates stronger market activity in the second half of 2026, driven by resilient buyer demand and new project launches. The company remains committed to enhancing its digital ecosystem and expanding its regional presence, particularly in ASEAN markets.

Huttons Asia has expressed support for the proposed reduction in consent thresholds for older condominiums in Singapore, a move aimed at facilitating urban rejuvenation. With Singapore’s ageing stock of developments, the change is seen as necessary to meet the increasing housing demands, especially given the limited land resources and rising number of single households.

The proposal could ease the process for older developments to initiate collective sales, addressing maintenance issues such as lift and water seepage problems, which have become more pronounced post-COVID due to increased maintenance fees. Huttons Data Analytics estimates that around 150 private non-landed developments in Singapore are between 40 and 59 years old, with fewer than 10 developments aged 60 years and above.

The changes also include raising the threshold to convene a general meeting for a collective sale committee to 35% of owners, up from 20%, and shortening the time to secure signatures from 12 months to six months. These adjustments aim to protect minority owners whilst still enabling collective sales.

A significant shift is the extension of the collective sale regime to non-strata titled private residential developments with long leases of at least 850 years, which previously required unanimous agreement for a sale. Huttons anticipates more collective sale attempts in the future, though success will depend on factors such as reserve prices and the proportion of foreign owners and investors in the developments.

The proposed changes offer a potential avenue for owners to monetise their assets and consider rightsizing to Housing Development Board (HDB) flats, facilitated by the recent removal of the 15-month wait-out period for private property owners.

DBS Group Holdings has announced the appointment of Jonathan Larsen to its Boards of DBS Group Holdings and DBS Bank, effective 3 August 2026. Larsen, 60, is expected to enhance the board’s capabilities with his extensive experience in financial services and his proven track record in leveraging technology for business growth.

Larsen previously served as the Chief Innovation Officer at Ping An Group and led the Ping An Global Voyager Fund as Chairman and CEO until his retirement in February 2026. His role involved integrating new technologies and business models to support Ping An’s expansion both in China and internationally. Before his tenure at Ping An, Larsen spent 18 years at Citigroup, where he held various senior positions, including Global Head of Retail Banking and Mortgage Businesses.

DBS Chairman Peter Seah expressed enthusiasm about Larsen’s appointment, stating, “Jonathan brings a unique combination of financial services expertise, technology leadership and innovation experience, shaped through decades of senior leadership at leading global and Asian financial institutions. His perspectives will be highly valuable as the DBS Boards continue to guide the bank through an increasingly dynamic and technology-driven environment.”

With Larsen’s addition to the board, DBS aims to further strengthen its position in the rapidly evolving financial landscape.

Inchcape Plus has introduced the BYD T35 electric light lorry to Singapore, marking its Southeast Asian debut. This launch aligns with Singapore’s goal of achieving 100% cleaner-energy vehicles by 2040. The T35, designed for urban logistics, addresses the challenges faced by small and medium enterprises (SMEs) in fleet electrification, offering a cost-effective and sustainable solution.

The T35 is engineered to fit Singapore’s urban infrastructure, including HDB multi-storey car parks, and requires only a standard Class 3 driving licence. It is set to benefit from government green incentives starting January 2026, making it a strategic asset for SMEs looking to convert operational costs into returns on investment. The vehicle features BYD’s Blade Battery, known for its safety and performance, providing a range of 367 km on a full charge.

Inchcape Plus, a leading dealer of BYD electric commercial lorries, offers comprehensive after-sales support to ensure a smooth transition for fleet owners. “The BYD T35 is a shining example of the sustainable solutions Inchcape Plus is bringing to the region,” said Jimmy Toh, Director of New Energy Commercial Vehicle & Vehicle Lifecycle Services at Inchcape Plus Singapore.

The T35’s introduction strengthens Inchcape Plus’s green commercial vehicle lineup, complementing the previously launched BYD T9R heavy-duty lorry. With features like rapid charging and regenerative braking, the T35 minimises downtime and maintenance costs, enhancing operational efficiency for logistics providers. This launch underscores BYD’s commitment to clean mobility, contributing to global carbon emission reductions.