Industry News

Singapore’s residential leasing market experienced a significant decline in activity during the fourth quarter of 2025, with a 27.4% drop in islandwide leasing contracts. This downturn was attributed to seasonal factors, such as the year-end festive period, and a slower influx of expatriates and international students, according to Savills’ latest briefing.

Despite the subdued leasing activity, the report indicates that rents for non-landed private residential properties are expected to remain stable. The limited number of new completions, projected at around 6,083 units, and current vacancy rates below 6.5% are likely to support rental prices. Local demand from residents awaiting the completion of their private homes may also help counterbalance the reduced expatriate demand.

Alan Cheong, Executive Director of Research & Consultancy at Savills, noted that the modest year-on-year gains in 2025 provide a baseline for 2026. “Overall, rents for non-landed private residential properties are forecast to remain broadly flat in 2026,” he stated.

The report suggests that whilst the leasing market faces challenges, the steady supply and local demand dynamics could help maintain rental stability in the coming months. As the market adjusts to these conditions, stakeholders will be closely monitoring the impact on rental trends and vacancy rates.

The Great Room by Industrious, a hospitality-led coworking brand, is set to open its 10th Singapore location at Keppel South Central in June 2026. This new site, located in Tanjong Pagar, will offer panoramic harbour views, dedicated offices, meeting rooms, and signature social spaces, including the Drawing Room and Coffee Bar. The expansion is part of the brand’s ongoing regional growth, following recent announcements of new locations at Shaw Tower and Stamford Place.

Keppel South Central, a 33-storey Grade A development, is noted for its climate-conscious systems and innovative smart technology. It recently won the BCA Project of the Year (Commercial) award in 2025. Albert Foo, Managing Director of Property Development and Operations at Keppel’s Real Estate Division, stated, “Keppel South Central exemplifies our vision for the future of workspaces—where sustainability, technology, and human-centric design converge.”

The Great Room’s new location will be its first to achieve the Green Mark Healthier Workplace certification, underscoring its commitment to wellbeing and sustainable design. Su Anne Mi, CEO and Co-founder of The Great Room, highlighted the brand’s focus on creating spaces that are “calm, welcoming and designed with intention.”

This expansion marks a significant milestone for The Great Room, which now boasts 13 locations across Asia Pacific, including Bangkok, Hong Kong, and Sydney. As part of the Industrious network, the brand continues to deliver premium, hospitality-led workplaces, supporting modern and hybrid work models.

Singlife has unveiled the Singlife Legacy Indexed Income, a universal life plan designed to address the increasing demand for retirement security. This plan offers flexible, index-linked income streams with a 0.00% floor rate to ensure no negative returns, alongside a guaranteed 0.7% loyalty bonus from the eleventh policy year. The plan allows policyholders to customise income phases and change the Life Assured up to five times, facilitating legacy planning across generations.

The plan’s income streams are tied to the performance of five global indices, including the S&P 500 and Nasdaq-100, providing growth potential and resilience against inflation. Lu Ping Wong, Head of Savings and Investments at Singlife, highlighted the importance of diverse income streams amidst rising life expectancy and living costs, stating that the plan complements existing retirement income sources like CPF Life payouts.

Additional features include lifelong protection against death and terminal illness, penalty-free partial withdrawals, and guaranteed acceptance without medical underwriting. The plan also offers the option to spread net premiums over 12 months to manage market fluctuations.

Singlife, a prominent financial services company in Singapore, continues to expand its offerings with innovative solutions aimed at enhancing financial security for its customers. The introduction of this plan underscores Singlife’s commitment to providing flexible and robust financial products tailored to evolving consumer needs.

Veremark, a global workplace trust company, has acquired Singapore-based Risk Management Intelligence (RMI), a background verification firm, as part of its international expansion strategy. This acquisition, announced on 26 February, follows Veremark’s recent $26m Series B funding round and aims to bolster its screening capabilities in the Asia-Pacific region, particularly in government visa checks for Singapore.

The acquisition will integrate RMI’s team of 70 specialists into Veremark, strengthening partnerships with key institutions such as Singapore’s Ministry of Manpower, the Early Childhood Development Agency, and Nanyang Technological University. Founded in 2012 by recruitment industry veteran Matthew Beath, RMI is known for its personalised and comprehensive background screening services across the Asia-Pacific region. The company collaborates closely with university registrars, student and employment record teams, and local business registration authorities to deliver accurate screenings.

Daniel Callaghan, CEO and Co-Founder of Veremark, highlighted the importance of the acquisition, stating: “As global hiring and workforce mobility continue to accelerate, the capabilities and reach of background screening need to stay one step ahead. RMI’s regional expertise and partnerships with key government and educational institutions allow us to strengthen our international capabilities and double down on our workplace trust offerings.”

Mervyn Ho, General Manager of RMI, expressed enthusiasm for the merger, noting that Veremark is an ideal partner for RMI’s next chapter. He assured customers and partners that business operations would continue as usual, with enhanced capabilities and global offerings under Veremark’s backing.

This strategic move positions Veremark to provide fully compliant, end-to-end screening solutions across the region, reinforcing its commitment to workplace trust and safety.

Singapore has been ranked third globally in the 2026 FM Resilience Index, released by commercial property insurer FM. This annual ranking evaluates 130 countries and territories based on the resilience of their business environments. The index underscores Singapore’s robust position as a resilient hub for business and investment, despite challenges such as inflation, climate hazards, and cybersecurity threats.

The index highlights Singapore’s strengths in political stability, logistics, and digital infrastructure, with near-perfect scores in political risk and internet usage. However, it also points out areas for improvement, such as energy intensity and seismic resilience. Singapore’s energy intensity score was notably low, ranking around 116th globally.

The findings are particularly relevant for sectors like data centres and power generation, which are central to Southeast Asia’s growth. Singapore’s stable governance and advanced engineering standards make it an attractive location for these industries. Calvin Kuan, FM’s client service manager for Southeast Asia, noted, “Resilience now influences everything from site selection to capital planning.”

Globally, the index shows Europe dominating the top 10, with Denmark retaining the top spot. Meanwhile, several Asian markets, including India, have shown upward movement, reflecting the region’s growing strategic importance. The index provides valuable insights for businesses looking to navigate risks and make informed strategic decisions in an increasingly volatile environment.

Eng Chien Chan has been appointed as the Market Group Head for Greater China at the Bank of Singapore, effective 17 March 2026. Based in Singapore, Chan will report to Rickie Chan, Head of Private Banking for Greater China and Chief Executive of the Hong Kong Branch.

With nearly three decades in the banking industry, Eng Chien Chan is a seasoned professional known for his leadership and regional expertise. Before joining the Bank of Singapore, he was the Market Head for Taiwan and Co-Head for Offshore China at HSBC Private Bank in Singapore, where he drove significant business growth. His career also includes senior roles at Credit Suisse, Nomura, and Citi, where he managed teams across global markets and specialised in event-driven and cross-asset structured solutions.

Rickie Chan expressed enthusiasm about the new appointment, stating, “We are delighted to welcome Eng Chien to the Bank of Singapore family. His appointment further strengthens our Greater China proposition and deepens our coverage in this strategically important region.” He noted that in 2025, the Greater China business was a major contributor to the bank’s overall growth, highlighting the bank’s ability to attract top talent.

The appointment underscores the Bank of Singapore’s commitment to expanding its influence in Greater China, a region of strategic importance. Eng Chien Chan’s extensive experience is expected to bolster the bank’s growth trajectory in this key market.
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Savills Singapore has launched a rare pair of refurbished shophouses for sale at 277/279 South Bridge Road in the Chinatown Conservation Area. These adjoining properties, with a combined land area of approximately 2,847 square feet and a total built-up area of about 8,259 square feet, are zoned for commercial use under the Master Plan 2025. The shophouses, featuring high-quality finishes such as marble flooring, are currently tenanted, offering investors immediate rental income.

The properties are anchored by Gunkee, a well-known food and beverage operator, ensuring consistent foot traffic. South Bridge Road has become a vibrant lifestyle corridor, hosting premium co-working spaces like The Great Room, co-living brand ST Signature, and heritage pastry brand Tong Heng. The area also features popular names such as Ya Kun Kaya Toast and Nanyang Old Coffee, reflecting strong investor interest in conserved shophouses.

The shophouses benefit from prominent street frontage and high pedestrian visibility, being within walking distance of Chinatown and Maxwell MRT stations. This location provides excellent connectivity and access to a large catchment of office workers, locals, and tourists. Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the dual catchment of tourists and professionals from the nearby Central Business District as a key advantage.

The sale is conducted via an Expression of Interest exercise, closing on 1 April 2026. Notably, there are no Seller’s Stamp Duty or Additional Buyer’s Stamp Duty applicable, and the properties are open to purchase by foreigners and companies.
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Singapore’s private residential leasing market displayed notable regional differences in the fourth quarter 2025, according to a report by Savills Research. Whilst rents for non-landed properties in the Outside Central Region (OCR) fell by 2.0% quarter-on-quarter, the Core Central Region (CCR) and Rest of Central Region (RCR) saw modest increases of 0.7% and 0.6%, respectively. The islandwide vacancy rate dropped to 6.0%, the lowest since Q1 2023, indicating improved absorption despite a decrease in leasing volumes.

Leasing contracts for private residential properties fell by 27.4% quarter-on-quarter to 19,771 transactions, reflecting typical year-end seasonality and a slower inflow of expatriates and international students. On a year-on-year basis, leasing volumes slipped marginally by 0.1%, ending six consecutive quarters of annual growth.

The moderation in leasing demand resulted in varied rental movements across regions. The rental index for non-landed private residential properties edged down 0.1% quarter-on-quarter, marking the first decline since the second quarter of 2024. In the OCR, the rental index fell 2.0% after three quarters of growth, whilst the CCR and RCR saw increases.

Despite softer leasing activity, vacancy rates improved across all regions. The OCR posted the sharpest decline in vacant stock, reducing its vacancy rate to 4.9%. The RCR and CCR also saw improvements, with vacancy rates falling to 6.0% and 8.8%, respectively.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “In 2025, positive growth dominated across most districts, particularly in median rents. With completions in 2026 expected to remain broadly similar to 2025 and vacancy rates improving, rents should hold broadly firm in the first half of 2026.”
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Singapore’s job market is evolving into a skills-driven arena as Morgan McKinley unveils its 2026 Salary Guide, highlighting the most sought-after roles in the city-state. The guide reveals a persistent shortage of skilled professionals in areas such as artificial intelligence (AI), data, cybersecurity, and sustainability, prompting organisations to prioritise skills over traditional credentials.

The report indicates that whilst permanent hiring has stabilised, there is a marked increase in demand for contract and project-based roles. This shift allows companies to maintain agility and cost efficiency without sacrificing capability. Ken Ong, Managing Director of Morgan McKinley Singapore, emphasised that “the ability to attract, retain and grow adaptable, purpose-led talent will set leading organisations apart.”

The guide also notes that candidates are increasingly discerning, seeking roles that offer flexibility, progression, and purpose. Rising living costs and changing expectations have led professionals to prioritise fair pay, hybrid work, and meaningful learning opportunities. As a result, companies are investing more in reskilling and upskilling to bridge the gap between available skills and business needs.

Looking ahead to 2026, the guide predicts that average salary growth will hover around 4%, with retention bonuses and mid-cycle adjustments becoming common. The focus on skills as a strategic differentiator is expected to continue, with forward-thinking employers reimagining workforce models to combine permanent and flexible talent.

In summary, Singapore’s future competitiveness will rely heavily on innovation, technology, and the skilled workforce driving these advancements. The 2026 Salary Guide provides valuable insights for both employers and professionals navigating this dynamic landscape.
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KSH Holdings Limited has announced that its subsidiary, Kim Seng Heng Engineering Construction, has secured a new construction project valued at over S$503m.

This significant addition brings the Group’s total construction order book in Singapore to approximately S$970m, promising to enhance the company’s financial results through to the financial year ending 31 March 2030.