Industry News

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.

Seatrium has received Approval in Principle (AiP) from Bureau Veritas Marine & Offshore for its innovative 30 MW self-powered Floating Data Centre (FDC) concept. This approval validates Seatrium’s proprietary Data-In-A-Box SeaDC solution, which integrates IT equipment, cooling systems, and power distribution within a modular design. The concept, comprising six independent 5 MW modules on a jetty-moored barge, aims to provide scalable and energy-efficient computing capacity for the AI, Cloud, and digital economy sectors.

The Floating Data Centre is designed to address land, energy, and cooling constraints in coastal markets. Beyond the initial 30 MW design, Seatrium is developing solutions for 100 MW and above, paving the way for hyperscale deployment. This development follows a strategic Memorandum of Understanding (MOU) with Bureau Veritas, signed during Singapore Maritime Week, highlighting Seatrium’s commitment to next-generation digital infrastructure.

Seatrium, headquartered in Singapore, is a leading provider of specialised engineering solutions for the global offshore, marine, and energy sectors. With over 60 years of expertise, the company operates across 15 countries and employs more than 24,000 people. Seatrium’s diverse business includes Oil & Gas Newbuilds, Offshore Wind, and Repairs & Upgrades, positioning it as a key player in the global energy transition.

As Seatrium continues to innovate, the company is also exploring new technologies such as Carbon Capture & Storage and New Energies, reinforcing its dedication to a sustainable energy future.

Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust (FCT), has announced the divestment of White Sands mall at a premium of 8.4% over its independent valuation. The transaction, completed in the third quarter ending 30 June 2026, will see the net proceeds used to repay debt, reducing FCT’s pro forma aggregate leverage from 40.0% to 36.5%.

The sale of White Sands, located in Pasir Ris, Singapore, is part of FCT’s strategy to unlock value for capital recycling. The agreed property value stands at $467m, with net proceeds estimated at $454.1m. This move strengthens FCT’s financial position and creates headroom for future growth opportunities.

In addition to the divestment, FCT has jointly submitted a bid for the Bayshore Drive site, the only mixed-use site in the new Bayshore precinct. The total development cost is approximately $613m, with an attractive yield on cost of around 5%. The project is expected to be completed by the end of 2030.

Operationally, FCT continues to perform well, with a strong retail portfolio committed occupancy of 99.6% and a 2.4% year-on-year increase in shopper traffic for the third quarter. Tenant sales also saw a slight increase of 0.2% year-on-year.

Looking ahead, FCT’s financial metrics remain robust, with a quarter cost of debt at 3.0% as of 30 June 2026. The ongoing asset enhancement initiatives at Hougang Mall and NEX are progressing, with significant leasing precommitments achieved.

These strategic moves underscore FCT’s commitment to maintaining a healthy financial position whilst pursuing growth opportunities in Singapore’s retail market.

Landmark REIT has announced a 2.8% increase in gross revenue, reaching S$103m for the first half of 2026. This growth is attributed to positive rental reversions and improved leasing across its portfolio, according to the manager, Landmark REIT Management Ltd. Rental revenue also saw a 3.5% rise to S$56.5m, whilst net property income climbed 4.9% to S$61.1m.

The Trust’s portfolio maintained a healthy occupancy rate of 86.5%, supported by ongoing asset enhancement activities and tenant optimisation efforts. Chief Executive Officer James Liew highlighted the strategic focus on enhancing the quality and resilience of the portfolio, stating, “Through a series of major refurbishments and targeted asset enhancement initiatives, we have enhanced the competitiveness of our malls.”

Significant refurbishments are underway at key locations such as Lippo Icon Cibubur and Lippo Mall Nusantara, aimed at elevating the shopper experience. The Trust also reported a positive rental reversion of 2.4% and successfully renewed 79.3% of expiring leases.

Financially, Landmark REIT improved its capital structure, reducing total debt by 11.5% to S$574.6m and lowering its gearing ratio to 39.63%. The Trust plans to resume distributions to unitholders in FY2027, contingent upon continued financial improvements.

Looking ahead, the Trust remains focused on disciplined execution amidst global market volatility and geopolitical uncertainties, prioritising asset enhancement and prudent capital management.

Quantcast, an AI-driven advertising platform, has appointed Tom Weaving as its new Managing Director for Southeast Asia. Weaving will focus on driving revenue growth in key markets such as Singapore and Hong Kong, alongside other emerging regions. A significant part of his role involves the rollout of Quantcast’s Q+ product, an innovative advertising solution that enables advertisers to reach audiences across the open internet through a unified ad set.

Weaving, who will be based in Singapore, brings over a decade of experience in programmatic advertising and sales leadership across Southeast Asia and the broader Asia-Pacific (APAC) region. He previously worked at The Trade Desk, where he was instrumental in expanding its Southeast Asian business.

Paul Sigaloff, Vice President for APAC at Quantcast, expressed confidence in Weaving’s capabilities, stating, “Tom has a proven track record of building and leading high-performing commercial teams and driving commercial growth. This is an exciting appointment for Quantcast as we continue to build our presence across the region.”

Weaving commented on his new role, highlighting the region’s digital maturity and the need for performance-driven solutions. “Southeast Asia is at a pivotal inflection point in its digital maturity and brands need performance more than ever. I’m energised to lead our team in unlocking new levels of performance for our clients,” he said.

Weaving’s appointment is effective immediately, following the recent announcement of Paul Sigaloff as Quantcast’s Vice President for APAC. Quantcast continues to expand its influence in the digital advertising landscape, leveraging its AI-powered platform to enhance client performance.

OrangeTee and Knight Frank have announced a strategic partnership allowing eligible salespersons from KF Property Network (KFPN) to transition to OrangeTee & Tie. This move aims to ensure continuity for clients and support the long-term growth of the salespersons’ businesses. The agreement follows strategic discussions that began in late 2025, highlighting a shared commitment to professional standards and client-first values.

The partnership aligns with Knight Frank’s focus on its core business priorities and regional integration. OrangeTee was chosen for its scale, technology, and governance, which are expected to support the salespersons over the long term. Justin Quek, CEO of OrangeTee, expressed confidence in the partnership, stating, “This reflects the confidence Knight Frank has placed in our governance standards, professional platform and ability to support real estate professionals over the long term.”

Dr Tan Tee Khoon, Head of KF Property Network, emphasised the importance of providing the right platform for their salespersons to grow and serve clients confidently. “OrangeTee stood out because of its professionalism, client-first culture and strong support for long-term success,” he noted.

Salespersons transitioning to OrangeTee will benefit from expanded training, technology, and business development resources. Both organisations are committed to ensuring a seamless onboarding process with minimal disruption to clients. This collaboration positions OrangeTee as Singapore’s fourth-largest property agency by registered salespersons, with approximately 2,567 registered agents.

Ever Glory United has announced the acquisition of more than S$168m in new contracts, pushing its total order book beyond S$1b. This significant milestone provides the company with earnings visibility through 2028 and highlights its continued growth momentum. Since the beginning of 2026, the company has secured nearly S$400m in new contracts.

The CEO and Executive Director of Ever Glory United, Xu Ruibing, expressed the importance of this achievement, stating, “Crossing the S$1b order book mark is a defining milestone for the Group. Our order book has grown from S$732.8m at the start of this year to beyond S$1b in just seven months, a powerful endorsement of our integrated platform and the trust our clients place in us.”

The new contracts include mechanical and electrical works on military infrastructure projects and commercial mixed development projects, showcasing the company’s ability to compete for and win diverse contracts. With Singapore’s construction sector expected to remain robust, Ever Glory United anticipates a healthy pipeline of opportunities.

Xu Ruibing emphasised the company’s focus on disciplined execution, aiming to convert the record order book into quality earnings and sustained value for stakeholders. This strategic approach positions Ever Glory United to capitalise on future opportunities and maintain its growth trajectory.

The latest report from PropNex Research reveals that Singapore’s shophouse market experienced a significant increase in sales value during the second quarter of 2026, despite a subdued transaction volume. The total sales value reached approximately $193.7m, marking a 115.2% quarter-on-quarter increase from nearly $90m in the previous quarter. This surge was attributed to several high-value transactions, including a notable $70m deal for a row of freehold shophouses at Lorong Liput.

Transaction volume, however, remained muted with only 16 deals recorded, a 14.3% increase from Q1 2026 but an 11.1% decrease year-on-year. The market faced challenges due to persistent economic uncertainties and a pricing mismatch between buyers and sellers, leading many investors to adopt a cautious approach.

Leasing activity also saw a decline, with 745 rental contracts signed in Q2 2026, a 7% drop from the previous quarter. The total value of these contracts fell to $7.7m, the lowest since Q1 2021. Despite these challenges, the ongoing recovery in Singapore’s tourism sector is expected to support future leasing demand.

Wong Siew Ying, Head of Research and Content at PropNex, noted that whilst the market remains cautious, the high-value transactions indicate potential for value recovery. Looking ahead, the market may see more competitive rental terms as landlords seek to attract tenants amidst an uncertain economic environment.