Industry News

Carousell has launched an innovative Neighbourhood Leaderboard in Singapore, mapping the climate impact of secondhand transactions for World Environment Day on 5 June. This interactive platform visualises carbon savings across various item categories, encouraging community engagement in sustainable practices.

The platform, accessible at impact.carousell.com, aims to make carbon data transparent, showcasing how everyday actions contribute to environmental goals. “For too long, climate metrics have been delivered as abstract, top-down numbers,” said Marcus Tan, Co-founder of Carousell. “We want to use this visibility to spark local pride and encourage more users to actively participate in circular trade.”

Key features include a Neighbourhood Leaderboard, updated daily to track potential CO₂e avoided, a Carbon Calculator for estimating savings per transaction, and Impact by Category visualisations. The platform uses a lifecycle assessment methodology developed with Vaayu, a European climate-tech firm, to ensure accurate carbon avoidance metrics.

Carousell’s initiative bridges the gap between corporate sustainability reporting and consumer actions, turning abstract data into practical tools for community benchmarking. The broader Carousell Group has reportedly avoided approximately 262 million kilograms of CO₂e in a year, equivalent to the carbon footprint of over 507,000 passengers flying from Singapore to London.

This platform not only highlights local dynamics but also encourages individuals to contribute to a circular economy by listing unused items. By doing so, Carousell hopes to make secondhand the first choice for consumers in Greater Southeast Asia.

Neolix, a leader in L4 autonomous logistics, has announced a strategic partnership with Singapore-based QuikBot Technologies to develop an end-to-end autonomous delivery solution. This collaboration will integrate Neolix’s autonomous mobility capabilities with QuikBot’s Autonomous FinalMile Delivery Platform-as-a-Service to create a seamless delivery chain from public roads to individual doorsteps.

The partnership will support Neolix’s pilot deployment in Singapore, aligning with the Ministry of Transport’s initiatives to establish a comprehensive legislative framework for autonomous vehicles. This move is part of a broader effort to transition from testing phases to full commercial operations, with autonomous public shuttles already active in residential areas and public bus trials expanding in Marina Bay and one-north.

Singapore’s mature autonomous vehicle ecosystem provides an ideal launch market. The collaboration aims to standardise the interface between public roads and building interiors, facilitating rapid deployment in other markets such as the UAE, Japan, and South Korea. Neolix has already logged over 150 million autonomous kilometres across 300 cities globally, whilst QuikBot has extensive experience in last-mile delivery, having worked with companies like FedEx.

Will Zhao, Executive President of Neolix, stated, “We are bringing proven operating experience to a market with clear regulatory expectations.” Alan Ng, CEO of QuikBot, added, “For the first time, a delivery vehicle can navigate into a building and complete handoff to the right door without human intervention.”

This partnership marks a significant step towards realising the potential of autonomous delivery systems, promising to enhance urban logistics efficiency and resilience.

Thakral Corporation Ltd has reported a significant increase in its adjusted attributable profit for the first quarter of 2026, reaching S$3.3m. This marks a more than twofold rise compared to the same period last year, largely due to a 47% surge in revenue from its Lifestyle segment, which hit S$109m. The growth was primarily fuelled by strong performances in South Asia and Greater China, with increases of 52% and 55% respectively.

Despite the impressive profit figures, Thakral faced a S$31.5n unrealised fair value loss on its investments in GemLife and The Beauty Tech Group (TBTG), attributed to broader market weaknesses in March 2026. However, both investments have shown signs of recovery in the second quarter.

The Lifestyle segment’s success is attributed to Thakral’s exclusive distributorship with DJI in South Asia and the expansion of its beauty and fragrance brands in Greater China. The company plans to continue this momentum by opening 20 to 30 DJI stores across India and South Asia over the next few years.

Looking ahead, Thakral anticipates a 25% growth in its Lifestyle segment for the full year 2026. The company is also advancing its mixed-use healthcare-led development in Gurugram, India, following the acquisition of a majority stake in TIL Investments Private Limited. CEO Inderbethal Singh Thakral expressed confidence in the company’s strategic direction, emphasising the long-term potential of its investments.

The Singapore government has announced its land sales programme for the second half of 2026, maintaining a stable supply of private housing to meet ongoing demand. PropNex highlights a significant focus on the Rest of Central Region (RCR), with four of the nine Confirmed List sites located in this sub-market. Additionally, there is a strategic adjustment in the supply of executive condominium (EC) units, reflecting recent policy changes.

The Confirmed List for 2H 2026 will offer 4,745 private homes, including 735 EC units, marking a 3.7% increase from the first half of the year. This represents the highest half-yearly supply since 1H 2025. The programme includes eight residential sites and a White site in the Jurong Lake District, with several sites moved from the Reserve List to the Confirmed List.

Kelvin Fong, CEO of PropNex, commented, “The steady supply of private housing sites indicates the government’s commitment to balancing the residential property market amid strong demand.” He noted that the ample supply suggests confidence in the underlying housing demand.

Key sites in the programme include the Town Hall Link in Jurong Lake District, which will feature a mixed-use development with 1,200 homes, and the Marina Gardens Lane site, offering 390 units. The Orchard Boulevard site, expected to yield 110 units, is also anticipated to attract interest due to its prime location.

The EC supply for 2H 2026 is set at 735 units, slightly higher than the first half, but overall lower than 2025. This measured approach likely reflects a transitional phase as the government assesses market responses to new EC measures introduced in May 2026.

CapitaLand Ascendas REIT (CLAR) has announced the acquisition of a modern logistics property at 5 Tuas Avenue 5 in Singapore for S$133.9m. The purchase, made from Hup Hin Transport Co Pte Ltd, is expected to be distribution per unit (DPU)-accretive, enhancing CLAR’s income stream with a projected DPU accretion of 0.033 Singapore cents or 0.2%.

The property, completed in 2021, is a seven-storey ramp-up logistics facility with a gross floor area of 50,160 square metres. It features direct ramp access for large container lorries and boasts a 100% occupancy rate with a weighted average lease expiry of five years. The acquisition price represents a 1.5% discount to its independent market valuation of S$136 million as of 1 February 2026.

William Tay, CEO of CapitaLand Ascendas REIT Management Limited, highlighted the strategic significance of the acquisition, stating, “5 Tuas Avenue 5 will enhance our presence in western Singapore, benefiting from structural demand drivers, including the expansion of Tuas Mega Port.”

The acquisition is part of CLAR’s broader strategy to strengthen its logistics portfolio, which will now account for approximately 26.2% of its total portfolio value of S$18.7b. The total investment cost is estimated at S$136.5m, including acquisition fees and related expenses, to be financed through equity and debt.

The transaction is expected to be completed by the second half of 2026, further solidifying CLAR’s position in the logistics sector across Singapore, Australia, the US, and the UK/Europe.

The Assembly Place (TAP) and TS Home have announced a joint venture to transform the historic Phoenix Park in Singapore into the country’s largest community living destination. The development will feature over 700 co-living units integrated with wellness, food and beverage (F&B), and sports facilities, marking the most ambitious project in Singapore’s co-living sector to date.

Located at 300-320 Tanglin Road, Phoenix Park spans 610,487 square feet and includes colonial-era buildings. The site, a historic landmark since 2012, will be redeveloped into a vibrant community hub. TAP’s Executive Director and CEO, Eugene Lim, stated, “Phoenix Park is not just a real estate project — it is an opportunity to redefine what community living means in Singapore.”

The joint venture, TSTAPPRH Pte. Ltd., will oversee the site’s operational management. TAP holds a 39% stake in the venture, whilst TS Home holds the master tenancy awarded by the Singapore Land Authority. The project is TAP’s third collaboration with TS Home, following successful projects like Singapore’s first intergenerational co-living residence.

The redevelopment will include wellness facilities, sports amenities, and F&B outlets, aiming to create a fully integrated live-work-wellness ecosystem. TS Home’s Director and COO, Oh Boon Shi, emphasised the project’s commitment to delivering a vibrant community living destination.

With the addition of Phoenix Park, TAP strengthens its portfolio towards its target of 10,000 keys by 2030, addressing the growing demand for flexible and connected living solutions in Singapore.

Stoneweg Europe Stapled Trust (SERT) has announced the divestment of its French asset, Parc de Meslay, to SNC France Plateformes, a subsidiary of the current tenant’s group, for €5.7m (approximately S$8.5m). The transaction, which is expected to complete in October 2026, is part of SERT’s strategy to optimise its portfolio and increase its focus on logistics, light industrial, and data centres.

Parc de Meslay, a fully leased cold-storage logistics facility, spans approximately 5,613 square metres and is strategically located near Tours, France. The sale price represents a 3.3% premium over the latest independent valuation conducted on 31 December 2025. The proceeds from this divestment will be reinvested into opportunities aligned with SERT’s strategy or used for general working capital.

Simon Garing, CEO of the Manager, stated, “The divestment of Parc de Meslay is part of SERT’s ongoing portfolio optimisation initiatives, consistent with our previously communicated strategy and part of the announced €70m in divestments that SERT is targeting for 2026, supporting long-term, risk-adjusted returns for securityholders.”

Post-divestment, SERT’s portfolio will maintain a weighting of over 61% in logistics, light industrial, and data centres, with Western Europe and the Nordics comprising more than 90% of the portfolio. This move supports SERT’s aim to increase its exposure to these sectors to over 70% by 2027, alongside advancing its data centre development pipeline.

The transaction reflects SERT’s disciplined asset management approach, aimed at sustaining stable distributions and long-term growth for its securityholders.

The Singapore government has announced its Government Land Sale (GLS) Programme for the second half of 2026, maintaining a stable supply of over 9,000 new non-landed private homes. This includes 4,745 units on the Confirmed List, closely mirroring the 4,575 units from the first half of the year. The programme also signals a strategic shift towards decentralising commercial office activity, with the Town Hall Link site moved from the Reserve List to the Confirmed List.

Leonard Tay, Head of Research at Knight Frank Singapore, noted the absence of new commercial sites in the Downtown Core Planning Area, which could lead to increased rental premiums in the central business district (CBD) when economic conditions improve. Tay highlighted the potential of decentralised locations like Jurong East, suggesting that a forward-looking discounted office rent could attract businesses to these areas.

The Confirmed List includes notable sites such as Orchard Boulevard, East Coast Road, and Jurong East Avenue 1. The Orchard Boulevard site, positioned in a quieter area near the bustling Orchard Road, is expected to appeal to luxury residential buyers. Meanwhile, the East Coast Road site offers a boutique residential development opportunity in the Siglap enclave, though its minimum unit size may limit scalability.

Jurong East Avenue 1, an Executive Condominium (EC) site, is anticipated to attract developers and buyers due to its proximity to established residential areas and future transport links. The Town Hall Link site in Jurong East is poised to become a significant integrated development, potentially yielding 1,200 homes and substantial office and retail space. However, the success of decentralised office spaces remains uncertain amongst large corporates.

Singapore has been ranked as the most operationally efficient market in the Asia-Pacific (APAC) region, according to the Vistra Friction Index 2026. The report highlights that businesses navigating regional complexities can gain a competitive edge by effectively managing operational friction. This efficiency is crucial for companies expanding in high-growth economies, where the benefits of overcoming such challenges often surpass the costs.

The Vistra Friction Index evaluates 12 markets across APAC and the Middle East, using a Market Attractiveness Scorecard and a Friction Index. These tools assess factors like economic resilience and regulatory complexity, providing businesses with a strategic guide for aligning growth ambitions with execution realities. Melanie Leydin, Executive Vice President of Global Solutions, South East Asia, stated, “The businesses set to win in Asia-Pacific are those that stop treating complexity as a problem to solve and start treating it as a position to hold.”

The report categorises markets into four strategic profiles: Fast-Track, Competitive Advantage, Efficiency, and Precision Entry Markets. Singapore, along with Australia and Hong Kong SAR, is identified as a Fast-Track Market, offering streamlined regulation and deep talent pools. However, Singapore faces a talent shortage, with 164 open tech jobs for every 100 qualified seekers, leading to a 25% wage premium for critical roles in AI, cloud, and cybersecurity.

Tiffany Lim, Market Lead for Singapore and ASEAN, noted, “Singapore’s unparalleled efficiency is where the opportunity lies. Firms that can mitigate talent crunches and compliance burdens will be best positioned to scale operations across Southeast Asia.” The Vistra Friction Index underscores the importance of managing operational friction as a key differentiator in global expansion.

DFI Retail Group and UK-based health retailer Holland & Barrett have announced a strategic partnership aimed at expanding access to wellness solutions across Asia. This multi-year collaboration will integrate Holland & Barrett’s 155-year heritage in wellness with DFI’s extensive retail network, initially targeting markets in Singapore and Hong Kong.

The partnership comes as Asian consumers increasingly seek preventive and personalised health solutions. Gordon Farquhar, International Managing Director of Holland & Barrett, stated, “As demand for wellness continues to grow across Asia, we are delighted to partner with DFI to bring our heritage and trusted wellness solutions to millions more consumers across the region.”

Under the agreement, DFI will serve as Holland & Barrett’s distribution partner, with plans to expand across the region in the coming years. Andrew Wong, CEO of Health & Beauty at DFI Retail Group, commented, “This partnership is a pivotal step in our journey to deepen our position as the Trusted Adviser for Wellness across Asia.”

Customers can expect a curated range of science-led wellness products, including vitamins and supplements, available both in-store and online. The partnership also promises technology-enabled wellness services, such as AI-powered skin and scalp assessments, to enhance the customer experience.

The collaboration marks a significant milestone in Holland & Barrett’s international expansion strategy and reinforces DFI’s ambition to become Asia’s Trusted Adviser for Wellness. The partnership officially launched in Singapore this month, with further market rollouts planned across Asia.