Industry News

Global pop culture and art toy leader POP MART has unveiled its latest two-storey store at Resorts World Sentosa, marking the debut of Southeast Asia’s first POP BAKERY. This new venture aims to transform the store into a landmark for pop culture enthusiasts in Singapore and the region, offering exclusive limited-edition products and immersive activities.

Located in Villa A of Resorts World Sentosa, the store is strategically positioned opposite Universal Studios Singapore. The first floor showcases POP MART’s flagship retail offerings, whilst the second floor is dedicated to POP BAKERY. This bakery, originally from POP LAND in Beijing, combines POP MART’s classic IP gourmet system with Singaporean flavours, featuring creations like the Twinkle Twinkle Tangy Coconut Mousse and PUCKY Xiao Long Bao Dessert.

Justin Moon, Chief Growth Officer at POP MART, expressed excitement about the new store, stating, “This new store at Resorts World Sentosa brings our characters to life in a space where fans can shop, discover and immerse themselves in the POP MART universe.”

Xiaoyang Zhang, Head of POP BAKERY, highlighted the significance of the launch, noting it as a milestone in POP MART’s commitment to Singapore. The store aims to blend traditional art toy culture with experiential consumption, offering a playful environment for fans of all ages.

The opening aligns with Resorts World Sentosa’s vision to enhance its retail and dining offerings. CEO Lee Shi Ruh remarked, “This addition strengthens our retail and dining offering with an experience that’s playful, shareable and completely unique to Singapore.”

The store will regularly host meet-and-greet sessions with POP MART characters, including the overseas debut of Twinkle Twinkle, enhancing the interactive experience for visitors.

OCBC has introduced its agentic AI platform, HELIOS, to streamline the onboarding process for wealthy clients, reducing the time to open private banking accounts to 15 business days. This is a significant improvement from the industry median of six weeks. The platform, part of OCBC’s Next Frontier strategy, automates the collection and verification of customer data, completing much of the Know-Your-Customer (KYC) process before relationship managers engage with clients.

HELIOS’ intelligence-gathering capabilities allow for a more thorough and efficient due diligence process, maintaining high compliance standards. The platform also generates high-quality leads for relationship managers, a first for a bank in Southeast Asia. This initiative aligns with the Monetary Authority of Singapore’s goal to reduce account opening timelines to within one month by the end of 2026.

The rollout of HELIOS is underway in Singapore, Hong Kong, and Dubai, with completion expected by the third quarter of 2026. It will also extend to OCBC’s Premier Private Client segment by year-end. Loretta Yuen, OCBC’s Head of Group Legal and Compliance, highlighted the platform’s ability to identify potential concerns earlier and assess financial crime risks more holistically. Jason Moo, CEO of Bank of Singapore, noted that HELIOS provides a competitive edge by combining risk intelligence with business growth.

Beyond onboarding, HELIOS will support ongoing customer monitoring, enhancing risk management and compliance reviews. This development is part of OCBC’s broader investment in AI, digital, and data-driven growth, with plans to spend over $1b annually for the next three years.

The Global Sustainable Tourism Council (GSTC) has unveiled a new Food and Beverage Standard that mandates at least 30% of main dishes at certified hotels and resorts be plant-based. This initiative, a first for the GSTC, aims to enhance sustainability in the hospitality sector by requiring dishes to be at least 95% plant-based by weight. The standard is expected to impact over 2,000 hotels worldwide that are already part of GSTC’s certification framework.

In Singapore, where many hotels are GSTC-certified under the Singapore Hotel Sustainability Roadmap and the Singapore Tourism Board’s eco-friendly initiatives, this new requirement could significantly influence menu offerings. The standard introduces a visible shift in sustainability efforts, which have traditionally focused on less guest-facing aspects like energy and water conservation.

Lever Foundation, a global NGO that collaborated with GSTC on this standard, argues that adopting plant-based menus can reduce food costs and increase guest satisfaction. This is particularly relevant for Singapore, given its high food and beverage input costs and reliance on imported animal protein.

The new standard also aligns with Singapore’s broader food resilience strategies, such as the “30 by 30” goal, which aims to bolster food security by increasing local production. The emphasis on plant-based sourcing supports resource efficiency, requiring less land, water, and emissions, thus fitting into national conversations about sustainability and food security.

As hotels prepare for certification or renewal, the GSTC’s new standard could reshape dining experiences, making sustainability a more tangible aspect of the hospitality industry.

The Singapore Government has announced changes to the Additional Buyer’s Stamp Duty (ABSD) regime, extending timelines for large-scale en bloc redevelopments and lifting the 15-month wait-out period for downgraders purchasing non-subsidised HDB resale flats. These measures are designed to support housing developers and ease the transition for private property owners.

The ABSD remission timeline for large sites, defined as those yielding over 700 residential units, has been extended by six months to six years. Mega sites, with over 1,400 units, will see an 18-month extension to seven years. Tricia Song, Head of Research at CBRE Singapore and Southeast Asia, noted that these changes could encourage developers to pursue larger en bloc sites, which offer economies of scale and potential rejuvenation effects on precincts.

Despite the removal of size hurdles, challenges such as divergent owner interests and uncertain deal completion timelines remain. Developers often prefer Government Land Sales (GLS) sites due to transaction certainty and a more straightforward process, with GLS sites currently supplying 7,500-8,000 private condominium units annually.

The immediate lifting of the 15-month wait-out period for downgraders is expected to have a minimal impact on HDB resale prices and private home rentals. Since its introduction in September 2022, HDB has processed approximately 1,800 appeals annually to waive the wait-out period, with about 25% granted. The HDB resale market has shown signs of stabilisation, with prices declining for two consecutive quarters in the first half of 2026.

These changes aim to facilitate large-scale redevelopment projects and provide additional housing supply to meet demand, whilst easing the transition for private property owners entering the HDB resale market.

Toku Ltd, a leading AI-powered customer experience platform in the Asia Pacific, has announced a 13% increase in revenue for the first half of 2026, reaching $18.8m. This marks a significant acceleration from the 4.7% growth recorded in the same period last year. The company attributes this growth to a robust performance in its Subscriptions and Licensing segment, which saw a 10.4% increase, and a strategic expansion of its AI infrastructure.

The company’s balance sheet has been notably strengthened, with cash reserves more than doubling to $4m and no outstanding borrowings. This financial stability comes despite a net loss of $3.8m, which is less than half of the loss reported in the second half of 2025. Toku’s CEO, Thomas Laboulle, highlighted the company’s focus on commercial capabilities and regional presence as key drivers of this positive momentum.

Toku’s strategic initiatives include the launch of Kawa under the Makimoto initiative, enhancing its AI offerings, and a memorandum of understanding with Sestek to develop Arabic-language AI. The company’s order book has grown by 25% to $29.3m, with a gross margin on new bookings reaching 89%, up from 56% in the previous year.

As Toku continues to expand its market presence, particularly in the Middle East, the company aims to convert commercial opportunities into long-term customer relationships, setting a path towards sustainable growth and profitability in the coming years.

Citi has bolstered its FX Options franchise by appointing three senior traders in Singapore, aiming to enhance its market-making and risk-warehousing capabilities for corporate and institutional clients. The appointments reflect Citi’s commitment to maintaining industry-leading execution in the Asia Pacific region.

Eric Poon joins Citi’s FX EM Options Asia trading team as a director. With 20 years of experience in FX Options, including vanilla, exotics, and correlation products, Poon previously worked at BNP Paribas, OCBC Bank, and Royal Bank of Scotland. He will report to Akshay Saxena, Head of FX Options for Asia Pacific.

Richeng Zheng, with around 14 years of quantitative and financial trading experience, joins as a G10 Options trader. Previously at Bank of America, Zheng was the sole G10 options book runner in the Asia time zone. He will report to Nicky Lam, a director in Citi’s G10 FX options trading team.

Ying Zhou will join Citi’s FX trading desk as an EM Options Trader in August. With nine years of experience in EM FX trading, Zhou brings expertise in Asia Emerging Markets exotic derivatives. She joins from Deutsche Bank in Singapore and will report to Akshay Saxena.

Patrick Green, Global Head of FX Options, stated, “Expanding our senior trading presence is core to our strategy to expand our FX Options franchise globally, whilst strengthening and maintaining our leadership position in FX.”

In Q2 2026, Citi reported a 17% increase in Markets revenues to $7b, driven by growth in Equity and Fixed Income markets. This strategic expansion in Singapore is expected to further enhance Citi’s capabilities and client delivery in the FX sector.

Singapore’s property auction market has reached its highest half-yearly level in five years, with 292 properties listed in the first half of 2026. This marks a 12.3% increase from the previous half-year and an 8.6% rise year-on-year, according to ETC, a member of Realion Group.

Mortgagee-sale listings accounted for 74% of the total, highlighting the impact of tighter financing conditions. Joy Tan, Head of Auction & Sales at ETC, noted that the decline in owner-sale listings is due to a robust resale market, allowing borrowers to sell properties before foreclosure. “These trends reflect a market that remains selective rather than a signal of distress,” she stated.

Residential properties dominated the listings at 49.3%, followed by industrial properties at 29.8%, and retail properties at 15.8%. The total transaction value at auction reached S$27.67m, with 13 properties sold, primarily residential and industrial.

Looking ahead, Tan anticipates continued activity in the auction market, driven by ongoing financing challenges and interest rate changes. Residential and industrial mortgagee sales are expected to remain prominent. However, broader macroeconomic and geopolitical uncertainties may temper transaction volumes in the latter half of 2026.

ST Engineering has announced a significant achievement with the award of an $840m contract for the Taoyuan MRT Brown Line in Taiwan. The contract, granted by the Taoyuan City Government, is part of a consortium with Hyundai Rotem and marks a substantial expansion of ST Engineering’s involvement in Taiwan’s rail infrastructure, where it has been active for over 30 years.

The project will see ST Engineering taking charge of overall project management and systems integration. The company will also provide essential rail electronics solutions, including supervisory control and data acquisition (SCADA), communications systems, automatic fare collection, and platform screen doors. Hyundai Rotem will supply the rolling stock and power supply system. The project is set to commence in the fourth quarter of 2026 and is expected to be completed over an eight-year period.

Gareth Tang, President of Urban Solutions at ST Engineering, stated, “Transport agencies are increasingly seeking trusted partners who can seamlessly integrate technologies and systems whilst managing large-scale project delivery. This contract reflects our customer’s confidence in our ability to deliver large-scale rail infrastructure projects.”

The 11.38km Taoyuan MRT Brown Line will feature seven stations, providing a direct rail link between Taoyuan City and the Greater Taipei area, significantly enhancing connectivity and reducing travel times for commuters. This project adds to ST Engineering’s extensive portfolio, which includes over 200 rail projects across 50 cities worldwide, highlighting its expertise in delivering comprehensive rail solutions.

Mapletree Investments has announced the launch of its first China logistics Renminbi (RMB) core fund in collaboration with China Life Capital. The Mapletree China Logistics RMB Fund, valued at approximately RMB1.5b, comprises five stabilised logistics assets. This fund has attracted commitments from international insurance companies, underscoring the confidence in China’s logistics sector and Mapletree’s reputation as a leading logistics real estate developer.

The fund’s portfolio includes high-quality logistics assets located in Nanjing, Wuxi, and Chengdu, with a total leasable area of around 382,000 square metres and an average occupancy rate of 95%. These assets are strategically positioned in key economic regions, benefiting from robust market fundamentals and a diverse tenant base, including third-party logistics providers and e-commerce operators.

Mapletree’s Regional Chief Executive Officer for China, Goh Chye Boon, stated, “The successful launch of the Mapletree China Logistics RMB Fund underscores our ability to grow our domestic investor base in China by unlocking value from stabilised logistics assets.”

The fund marks Mapletree’s first RMB fund in China, combining the expertise of a leading state-owned institutional investor with Mapletree’s asset management capabilities. It aims to deliver stable recurring income and long-term value through proactive asset management and capital recycling strategies.

Mapletree’s commitment to sustainability is evident, with all five properties in the fund incorporating renewable energy solutions and achieving LEED certifications. This initiative is part of Mapletree’s broader strategy to optimise its portfolio and unlock value for investors, further solidifying its position in China’s logistics real estate market.

TA Global Berhad, a prominent Malaysian property developer, has launched its latest ultra-luxury development, CloutHaus Residences, in Singapore. This exclusive two-day showcase highlights the growing interest among Singaporean investors in premium properties within Kuala Lumpur, underscoring Singapore’s role as a key outbound investment market.

CloutHaus Residences, envisioned as “The Ultimate Address of Luxury,” is part of TA Global’s RM3 billion integrated mixed-use development in Kuala Lumpur City Centre (KLCC). Situated just 50 metres from the iconic Petronas Twin Towers, the development offers a rare chance to own a freehold property in one of the city’s most prestigious locations. The project combines exceptional design, world-class hospitality, and unparalleled connectivity, redefining contemporary luxury living.

TA Global’s CEO, Tiah Joo Kim, stated, “Singapore has long been an important market for TA Global, with investors who recognise the value of quality real estate backed by strong fundamentals.” He added that discerning buyers are now seeking homes that offer exceptional quality, personalised service, and enduring value.

The development features two towers rising 276 metres above the Kuala Lumpur skyline, comprising 615 fully furnished serviced residences, a Paradox Hotel, and 242 Paradox-branded residences. Each home is equipped with premium appliances and fittings from renowned brands such as Gaggenau, Gessi, and Laufen.

The Singapore showcase provided prospective homeowners, investors, and industry partners with a private preview of CloutHaus Residences, along with insights into Kuala Lumpur’s evolving high-end residential market and cross-border investment opportunities. As Kuala Lumpur strengthens its position as a luxury living destination, CloutHaus Residences offers Singapore investors a unique opportunity to own a prestigious freehold address.