Industry News

ETC has announced the sale of 15 Phillip Street, a near-freehold commercial building located in the heart of Raffles Place, Singapore’s Central Business District, at a guide price of S$91m Interested buyers are invited to submit their Expression of Interest by 25 November 2026.

The 10-storey building, which includes a coffee shop on its lower floors, is zoned for commercial use under Master Plan 2025, with a plot ratio of 15 and a building height control exceeding 50 storeys. Notably, the property is exempt from the Urban Redevelopment Authority’s restrictions on strata subdivision, allowing for potential future redevelopment and strata sale.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the strong demand for strategically located assets in Singapore’s active office investment market. “Such prized assets are tightly held and there is hardly any available for sale at under S$100 million. 15 Phillip Street sits within this niche space, offering a near-freehold asset in the heart of Raffles Place,” she stated.

The property is surrounded by prominent commercial buildings and offers easy access to Raffles Place MRT interchange and Telok Ayer MRT station. With no Additional Buyer’s Stamp Duty and no restrictions on foreign ownership, the building presents an attractive opportunity for companies looking to establish a corporate presence in a prestigious location.

The sale of 15 Phillip Street underscores the ongoing interest in Singapore’s commercial real estate market, with potential for asset enhancement or redevelopment to optimise its unutilised gross floor area.

FOMO Pay, a Singapore-based payment institution, and PantherTrade, a Hong Kong virtual asset trading platform owned by Futu Holdings Limited, have launched Travel Rule connectivity to streamline digital asset transfers. This collaboration allows eligible FOMO Pay clients to transfer digital assets directly to PantherTrade accounts without using third-party wallets, ensuring compliance with regulatory requirements.

The integration marks PantherTrade’s first Travel Rule collaboration with an overseas licensed institution, facilitating compliant cross-border digital asset movement. This development is significant as it connects FOMO Pay’s payment infrastructure with Futu’s digital asset trading ecosystem, enhancing access for investors to a diverse range of investment products.

Leona Gan, Director of Business Development at FOMO Pay, highlighted the importance of connecting payments, trading, and financial infrastructure through compliant channels, stating, “Our collaboration with PantherTrade is another step towards enabling more seamless digital asset transfers and a more connected financial ecosystem.”

Sherry Zhu, Global Head of Digital Assets at Futu, emphasised the importance of regulatory compliance and investor protection, saying, “By enabling compliant cross-border digital asset transfers, we are building a bridge to a more connected Web3 ecosystem.”

This partnership underscores the ongoing development of infrastructure that connects payments and regulated digital asset markets, supporting the evolving needs of businesses and institutional participants. As digital assets become more integrated into global financial systems, such collaborations are crucial for simplifying transactions and ensuring compliance.

Knight Frank Singapore has announced the appointment of Nicholas Keong as the new Head of Auction, Residential, and Private Office. This move follows the departure of Tan Tee Khoon, who previously led the Auction & Sales division. Keong, who already oversees Prime Residential Sales & Leasing and Private Office, will now also manage the Auction business, aiming to enhance collaboration and deliver integrated solutions to clients.

The appointment is part of Knight Frank’s strategy to unify its residential services under a single leadership structure, thereby strengthening its platform. The Auction business is crucial for engaging investors and generating deal flow, and its integration with other divisions is expected to provide a seamless client experience and unlock new growth opportunities.

Low Kin Hon, Interim CEO of Knight Frank Singapore, stated, “Nicholas has built a strong reputation within our residential business and brings extensive experience advising clients across a broad spectrum of property transactions.” He added that the appointment would deepen client relationships and enhance team collaboration.

Nicholas Keong expressed enthusiasm for his expanded role, highlighting the synergies between the Auction, Prime Residential Sales & Leasing, and Private Office divisions. “By combining our market expertise, networks, and client relationships, we are well positioned to uncover new opportunities for clients,” he said.

This strategic move underscores Knight Frank Singapore’s commitment to delivering comprehensive advisory and transactional services across all property sectors, enhancing its ability to connect clients with opportunities throughout the property lifecycle.

The inaugural Invest Malaysia Day 2026, held in Singapore, brought together over 200 businesses and investors to explore investment opportunities in Malaysia’s burgeoning sectors. Organised by the Malaysian Investment Development Authority (MIDA), Singapore Business Federation (SBF), and CIMB Singapore, the event highlighted the strengthening economic ties between the two nations.

The forum, officiated by the Malaysian High Commissioner to Singapore, Datin Paduka Anizan Siti Hajjar Adnin, featured keynote addresses from Malaysian state investment leaders and representatives from SBF and CIMB Singapore. The event underscored Malaysia’s appeal to Singaporean businesses, offering insights into sectors such as manufacturing, digital economy, logistics, and renewable energy.

Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, emphasised Malaysia’s strategic initiatives like the New Industrial Master Plan 2030 and the Johor-Singapore Special Economic Zone, which provide avenues for investment. “MIDA is committed to helping investors identify suitable locations and connect with relevant agencies,” he stated.

The programme included briefings on Malaysia’s business landscape, sustainability transitions, and a panel discussion on Malaysia’s investment appeal. Parallel sessions focused on state-specific opportunities in Selangor, Johor, Pahang, and Sarawak.

Benjamin Tan of CIMB Singapore highlighted the importance of the Singapore-Malaysia partnership, noting, “Strengthening these connections will unlock new opportunities across the region.” The event’s strong engagement reflects growing confidence in Malaysia’s economic outlook and the potential for enhanced regional collaboration.

Singapore has unveiled its first joint Hospitality and Tourism Student Chapter, a collaborative effort by six Institutes of Higher Learning (IHLs) to connect students with industry professionals. Launched at the Singapore Hospitality and Tourism Conference (SHTC) on 23 October 2026, the initiative aims to inspire students to pursue careers in the hospitality and tourism sector.

The conference, organised by the Institute of Technical Education, Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic, and Temasek Polytechnic, with support from the Singapore Tourism Board (STB), gathered around 480 participants. It featured keynote addresses, panel discussions, and a career fair with over 20 employers, including new exhibitors like Banyan Tree and The Lo & Behold Group.

A Memorandum of Understanding was signed between the IHLs and industry partners, including the Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS) and the Singapore Hotel Association (SHA). This agreement formalises the Student Chapter, providing students with networking opportunities and hands-on experience.

Ong Huey Hong, Assistant Chief Executive of STB, emphasised the importance of people in Singapore’s tourism sector, stating, “We are committed to building a strong and sustainable pipeline of tourism talent for Singapore.” Fu Chuan Chong, Co-Chair of the Tourism, Hotel Operations & Management Sector Coordination Team, highlighted the chapter’s role in fostering collaboration and innovation among students.

The event also spotlighted the role of artificial intelligence in enhancing hospitality experiences, with a student panel discussing AI’s potential to support a more human-centric approach. Marina Bay Sands sponsored a Student Hackathon, allowing students to apply their skills to real-world challenges.

The initiative marks a significant step in preparing Singapore’s future hospitality and tourism professionals, ensuring they are equipped to meet industry demands.

The Monetary Authority of Singapore (MAS), Bank Negara Malaysia (BNM), and Bank of Thailand (BOT) have joined forces with industry players to advance cross-border digital money settlements through the BLOOM initiative. This collaboration, announced on 23 October 2026, seeks to develop common approaches for the use of digital money across borders, including acceptance, exchange, and settlement.

BLOOM, a public-private initiative, unites policymakers, financial institutions, payment networks, and technology providers to enhance digital money’s role in international financial activities. As various digital money use cases, such as tokenised deposits and regulated stablecoins, emerge, the initiative aims to ensure effective cross-border usage through greater coordination.

The initiative’s focus includes developing settlement infrastructure and frameworks that promote interoperability for cross-border digital money transactions. It will address international standards and jurisdiction-specific supervisory expectations whilst accommodating local requirements.

BLOOM’s membership has expanded to include notable participants such as Airwallex, Mastercard, Maybank, and the World Bank Group. These participants are working on digital money applications across payments, treasury, and trade finance. The World Bank Group’s involvement brings valuable insights into payment systems modernisation and financial inclusion.

Participants will concentrate on three key areas: acceptance and settlement across jurisdictions, interoperability across digital money arrangements, and programmable controls. This approach aims to reduce the need for separate arrangements with each counterparty, lowering costs and improving market entry times.

Leong Sing Chiong, Deputy Managing Director at MAS, emphasised the importance of collaboration to address practical issues around acceptance, settlement, and interoperability. Aznan bin Abdul Aziz, Deputy Governor of BNM, highlighted the potential for frictionless cross-border payments, whilst Dr Daranee Saeju of BOT noted the opportunity to explore innovations whilst maintaining prudent oversight.

Singapore’s Grade A Central Business District (CBD) office market is experiencing a surge in rental prices, driven primarily by constrained supply rather than increased demand, according to Savills’ Q3 2026 report. The vacancy rate for these prime offices has dropped for the fourth consecutive quarter, reaching 4.9%—the lowest since Q1 2020. This decline in vacancy has bolstered landlords’ confidence, leading to a 1.4% quarter-on-quarter increase in average rents, now at a record S$10.56 per square foot.

The report highlights that the limited availability of office space is the main factor behind the rental growth, despite moderate leasing activity. Savills notes that the bullish outlook for the Grade A CBD office market could be tempered by potential risks, such as a rapid unwinding of AI investments or a spike in downstream petroleum product prices. However, if these risks do not materialise, the current supply-demand imbalance is expected to persist, with rents projected to rise by 5% in 2026 and between 5% and 7% in 2027.

The ongoing trend of rising rents underscores the challenges faced by occupiers in securing space within Singapore’s CBD, as landlords continue to leverage the low vacancy rates to their advantage.

Singapore has announced three significant partnerships to enhance its additive manufacturing ecosystem, unveiled at the Global Additive Manufacturing Summit (GAMS) 2026. These collaborations involve the National Additive Manufacturing Innovation Cluster (NAMIC), A*STAR’s Additive Innovation Centre (AIC), Bavaria Makes, ASTM International, and local enterprises such as ATC Globe Holdings, Forefront Additive Manufacturing, and GD Precision.

The partnerships aim to strengthen research and development (R&D), market access, and talent links between Singapore and Bavaria, Germany. They will facilitate the transition of additive manufacturing solutions from research to production-ready parts, and advance industry standards and workforce development. Dr Ho Chaw Sing, Executive Director of A*STAR Science & Engineering Research Council and CEO of NAMIC, highlighted the summit’s role in connecting leaders and entrepreneurs to accelerate innovation adoption.

NAMIC has signed a four-year Memorandum of Understanding (MoU) with Bavaria Makes, involving global industry players like Siemens and the Technical University of Munich. This partnership will foster joint R&D projects, technology validation, and talent exchanges between Singapore and Bavaria.

Additionally, A*STAR’s AIC has entered a five-year collaboration with local enterprises to streamline the development-to-deployment process for additive manufacturing. This initiative will support sectors such as aerospace and MedTech by providing an integrated pathway from design to production.

NAMIC’s ongoing partnership with ASTM International aims to translate emerging technologies into scalable manufacturing applications. This collaboration will focus on advancing standards, R&D qualification, and workforce development, thereby supporting the broader adoption of additive manufacturing both in Singapore and globally.

GAMS 2026, held alongside Industrial Transformation Asia-Pacific, attracted over 400 delegates from 15 countries, underscoring Singapore’s commitment to becoming a hub for advanced manufacturing.

Qashier, a leading merchant operating system provider, has unveiled QashierGM, an AI-driven general manager designed to streamline business operations for over 25,000 merchants across Southeast Asia. Available at no extra cost to Qashier merchants in Singapore, the AI tool integrates with QashierHQ, a web and mobile app, to provide real-time insights and administrative support.

QashierGM is tailored to each merchant’s specific transactions, offering capabilities beyond typical chatbots. It can explain discrepancies in payouts and identify underperforming outlets, providing business owners with actionable insights. Christopher Choo, co-founder and CEO of Qashier, highlighted that QashierGM acts as a virtual manager, handling routine tasks and collaborating with the entire team through Crew, a new team chat feature.

The AI manager was tested in an open beta starting in September, with feedback from various businesses, including cafés and retail chains. Jun Rong, operations manager at Coexist Coffee Co, praised QashierGM for its efficiency, stating, “It feels like having a general manager who’s been with us from day one.”

QashierGM also allows owners to manage tasks such as updating prices or adding new products, ensuring changes are confirmed before implementation. The Crew chat feature enhances team communication, enabling staff to tag QashierGM for assistance with tasks like sending invoices or checking inventory.

Qashier plans to expand QashierGM and Crew to Malaysia, Thailand, and the Philippines in November, with additional integrations for third-party apps like Gmail and Google Business Profile. This expansion aims to further enhance the AI’s capabilities, making it a comprehensive tool for business management across the region.

International consulting firm TBH has appointed Brittany Lam as a Director in its Asia team, based in Singapore. With over 16 years of experience in investment, consulting, and technical advisory, Lam will bolster TBH’s Strategic Advisory capability across the region. Her role will involve supporting investors, lenders, and developers in transaction advisory, technical due diligence, and major capital investment decisions.

The appointment comes amid increasing capital flows into data centres, energy, and industrial infrastructure across Asia, driving demand for independent advice to assess opportunities and identify risks. Stuart Cassie, Partner & Global Advisory Lead at TBH, noted, “Brittany has advised on some of the region’s most significant transactions and brings a rare combination of finance, technical advisory, and project delivery experience.”

Lam’s expertise in lenders’ technical advisory and technical due diligence will enhance TBH’s ability to support clients from early investment decisions through to financial close and delivery. Since 2010, TBH has contributed to over 100 hyperscale data centre projects across the Asia-Pacific region.

Her experience spans data centres, renewable energy, water, critical minerals, and major industrial developments. Lam has guided clients through major acquisitions and financing processes, including over 2GW of hyperscale data centre projects, providing the necessary technical and commercial due diligence to identify investment risks and test project readiness.

TBH, established in Australia in 1965, offers a range of services including planning, project management, and strategic advisory, and has been involved in over 8,000 landmark projects globally.