Industry News

The Urban Redevelopment Authority (URA) has announced the results of the government land sales (GLS) tender for the Telok Blangah Road site, with Kingsford Development securing the top bid of $918m. This translates to a land rate of $1,326 per square foot per plot ratio (psf ppr), surpassing the second-highest bid by 4.4%. The site is expected to deliver approximately 745 new private homes, contributing to the Greater Southern Waterfront’s development.

The tender attracted three bids, a moderate response attributed to the significant financial commitment required for the large-scale development. Wong Siew Ying, Head of Research and Content at PropNex, noted that developers might be focusing on other upcoming GLS plots. Historically, sites with land prices exceeding $800m have seen limited bids, typically ranging from one to four.

The Telok Blangah Road site boasts strong locational advantages, being close to the Telok Blangah MRT station, the city centre, and commercial amenities like VivoCity mall. Developers are keen to gain a first-mover advantage in this new housing precinct, potentially setting the tone for pricing and capturing early demand.

The future project is anticipated to attract interest from a diverse range of buyers, including HDB upgraders from nearby estates and investors due to its proximity to the central business district and employment hubs. The average selling price is estimated to be above $2,800 psf.

Looking forward, land bidding activity is expected to remain robust, driven by improved buyer sentiment and upcoming GLS site tenders. Developers are likely to replenish their land inventory following strong primary market sales this year, with 10,227 new private homes sold by October 2025.

Pride Health, Asia’s pioneering LGBTQ+ digital healthcare platform, has successfully raised US$300,000 in a pre-seed funding round. The investment, supported by A2D Ventures, Enterprise Singapore, First Move, and depa’s Digital Startup Fund (S2), will enable the Thailand-based company to expand its inclusive healthcare services across Asia, focusing on stigma-free and personalised care for LGBTQ+ individuals.

The platform addresses significant healthcare inequities faced by over 70% of LGBTQ+ individuals in Asia, who encounter barriers due to stigma and a lack of trained providers. Pride Health integrates telehealth consultations, digital prescriptions, and AI-driven personalisation to offer preventive, mental, sexual, and gender-affirming healthcare. Since its launch in March 2025, the platform has onboarded over 1,800 users, achieving a 54% repeat rate, which highlights the trust and demand within the community.

Pride Health plans to expand its services beyond Thailand into Singapore, Malaysia, Hong Kong, Vietnam, and the Philippines through strategic clinical and community partnerships. The funding will also support the development of new clinical verticals, including gender-affirming care and preventive medicine, alongside AI and automation infrastructure enhancements.

Bruce Li, Co-Founder and CEO of Pride Health, emphasised the importance of accessible healthcare, stating, “Everyone deserves the right to their unique healthcare needs. Across Asia, too many LGBTQ+ people are still being denied that right.” The company’s mission is to ensure that everyone can access judgement-free and innovative healthcare.

With this strategic backing, Pride Health is poised to revolutionise the healthcare landscape for LGBTQ+ communities across Asia, setting a precedent for inclusive and personalised care.

Lioner International Group Ltd. has announced the expansion of its Singapore operations, relocating to One Raffles Place in the city’s financial district. This strategic move comes as the company experiences a threefold increase in business revenue in the first half of 2025, attributed to its integrated 3-in-1 wealth planning platform. The platform has gained significant traction among high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients across Singapore and Southeast Asia.

The relocation to One Raffles Place supports Lioner’s rapid business growth and increasing headcount, reinforcing its commitment to the Singapore market. Tony Chan, a partner at Lioner, stated, “Our growth in Singapore reflects the trust clients place in our integrated model. As families face increasing complexity in legacy and wealth planning, they are seeing the true value of Lioner with total solutions all under one roof which aligned with their long-term goals.”

Singapore’s favourable regulatory environment and expanding investor base continue to position it as a leading global wealth management centre. Lioner’s new office aims to meet the rising demand for adviser-led, integrated solutions in estate and succession planning.

Looking ahead, Lioner is preparing for further strategic growth in 2026, with plans to scale its offerings and invest in top-tier talent and technology. As part of its 5th anniversary, the company will celebrate under the theme “Marching Toward 5 Years. Embracing Global Accord,” highlighting its dedication to delivering future-ready solutions for wealth preservation and succession.

Aravest, Hilton, and Wee Hur Property have announced a strategic partnership to introduce DoubleTree by Hilton Singapore Robertson Quay, set to open in 2026. This project will see the transformation of the former Hotel Miramar into a 344-room hotel, marking DoubleTree by Hilton’s first foray into Singapore.

The collaboration combines Hilton’s global hospitality expertise, Aravest’s investment strategy, and Wee Hur’s development capabilities. The hotel will undergo a comprehensive upgrade, including refreshed guestrooms, dining and leisure spaces, and new amenities such as a kids’ club and pickleball courts. Located along the Singapore River, the property will offer easy access to Clarke Quay, Boat Quay, and Orchard Road, making it an ideal base for both business and leisure travellers.

Moses K Song, CEO of Aravest, expressed confidence in the project’s potential, stating, “The acquisition of Hotel Miramar, together with Wee Hur as our trusted partner, marks Aravest’s first foray into the Singapore hospitality sector and reflects our high conviction in Singapore’s attractiveness as both a commercial and leisure destination.”

Maria Ariizumi, Hilton’s vice president of Development for South East Asia, highlighted the strategic importance of the project, saying, “Rebranding this primely located property as DoubleTree by Hilton is another chance to show how Hilton helps owners efficiently refresh and reposition assets.”

The project underscores the partners’ commitment to enhancing Singapore’s hospitality landscape through innovative asset enhancement initiatives. With this opening, Hilton will expand its Singapore pipeline, adding to its portfolio of more than 500 rooms, including the upcoming NoMad Singapore.

The latest TELUS Mental Health Index, released today, indicates that whilst the mental health of Singaporean workers has reached its highest point since 2022, financial stress remains a significant concern. The report highlights that 66% of workers are anxious about meeting basic financial needs, and 20% have cut back on health spending due to economic pressures.

The Index, which measures the mental health of workers, shows an overall score of 63.5, marking a modest improvement. However, financial insecurity continues to be a leading stressor, with 69% of workers reducing their spending in recent months. Those without emergency savings report an average mental health score of 36.2, significantly lower than the 73.2 score of those with savings.

Financial strain is particularly pronounced among workers with an annual household income below S$150,000, who are less confident in meeting their needs compared to higher earners. The report also notes that 35% of workers feel their mental health negatively impacts their productivity, whilst 53% experience reduced concentration due to poor sleep.

Leadership readiness to address mental health issues remains a challenge, with only half of people leaders feeling equipped to manage such concerns. Furthermore, communication about workplace wellbeing programmes is often unclear, with 25% of workers rarely receiving information on available resources.

The findings underscore the need for a comprehensive approach to mental health in the workplace, emphasising the importance of clear communication and tailored wellbeing services. As Singapore’s economy continues to face inflationary pressures, addressing these mental health challenges becomes increasingly crucial.

Lendlease Global Commercial REIT has announced its acquisition of a 70% stake in PLQ Mall, a key retail hub in Singapore, as part of its strategy to expand its suburban retail portfolio. The acquisition, valued at S$885m, represents a 21% discount on the mall’s latest valuation and is expected to increase the REIT’s total asset value to S$3.9b by 12 November 2025.

Located in the heart of Paya Lebar, PLQ Mall is a vibrant urban lifestyle destination featuring over 200 retail, dining, and entertainment outlets. The mall’s prime location, with excellent connectivity via the Paya Lebar MRT interchange and major expressways, supports its long-term income growth potential. The acquisition is expected to enhance Lendlease REIT’s income stability and portfolio resilience, with Singapore now representing 89% of its portfolio.

The acquisition will be financed through a private placement offering of no less than S$270m. The transaction is not subject to unitholders’ approval under the Listing Manual. Guy Cawthra, CEO of the Manager, stated, “This acquisition marks a strategic step forward in strengthening our resilient suburban retail portfolio in Singapore. It offers immediate DPU accretion for Lendlease REIT’s unitholders underpinned by an attractive entry valuation.”

The move aligns with Lendlease REIT’s focus on acquiring higher-yielding assets with long-term growth potential. The suburban retail component of the portfolio will expand to 62.7%, supported by consumer demand for essential services. The acquisition is expected to deliver consistent growth, with the proportion of essential services rising from 57.7% to 59.9% of the retail gross rental income.

Wee Hur Holdings has announced a strategic move involving the partial disposal and restructuring of its interest in the Grenfell Property, located at 188 Grenfell Street, Adelaide, South Australia. This decision is part of their PBSA Fund 3 initiative, aimed at optimising the development and financial structuring of the property.

The company’s Chief Investment Officer, Goh Wee Ping, highlighted the unique approach of Wee Hur Holdings, stating, “This is a greenfield strategy, where we are creating value from the ground up. There’s little inherent value at the land-acquisition stage, the real value is unlocked after development and stabilisation of the asset.”

Wee Hur Holdings distinguishes itself by warehousing projects on its balance sheet before involving external investors. This strategy allows the company to secure sites, advance approvals, and complete design work independently. Goh explained, “A pure-play fund manager wouldn’t have the balance sheet strength or flexibility to do this. This is our edge.”

The decision not to raise the fund at the outset is deliberate. Goh noted, “Bringing investors in too early would drag down their returns because the capital would be sitting idle.” By carrying the project through the initial phase, Wee Hur Holdings aims to unlock multiple income streams, including fund-management fees, development fees, performance fees, and operating income.

This strategic restructuring is expected to enhance the property’s value and provide significant returns once it is construction-ready and transferred to the fund.

The Lien Foundation, KK Women’s and Children’s Hospital (KKH), and SingHealth Community Hospitals (SCH) have launched the Cocoon programme to enhance the quality of life for young patients with chronic, complex medical conditions in Singapore. Supported by $3.4m (S$4.7m) in funding from Lien Foundation, Cocoon is set to benefit over 240 paediatric patients over four years, establishing Singapore’s only paediatric facility at a community hospital.

Located at Sengkang Community Hospital, the facility will provide continuity of care beyond KKH’s acute setting, offering rehabilitation, caregiver training, and psychosocial support. The programme also introduces two structured training courses to cultivate a skilled network of local practitioners in paediatric palliative care. These include a Certificate Course for Paediatric & Perinatal Palliative Care and a Graduate Diploma in Paediatric & Perinatal Palliative Care, launching in 2026.

Children with severe neurological impairment and complex medical conditions often require long-term care, which can be burdensome for families. The Cocoon programme addresses this by providing a rehabilitative environment to reduce hospital-acquired infection risks and support family well-being. Dr Xu Bangyu, Medical Director at Sengkang Community Hospital, stated, “Our facility offers children and their families the space, time, and care they need to rebuild strength, regain hope, and prepare for life beyond the hospital.”

The initiative marks a significant step in addressing the gap in specialised paediatric care facilities in Singapore, aiming to improve the quality of life for both young patients and their families.

SIA Engineering Group has announced a net profit of $83.3m for the first half of the financial year ending 30 September 2025, marking a 21.1% increase compared to the previous year. This growth is attributed to a robust demand for maintenance, repair, and overhaul (MRO) services, which drove a 26.5% rise in group revenue to $729m. Despite a 25% increase in expenditure, the group’s operating profit improved by $9.6m to $13m.

The company’s share of profits from associated and joint venture companies also saw a significant rise, increasing by $12.7m to $71.3m. The engine and component segment contributed $68.6m, whilst the airframe and line maintenance segment added $2.7m. Basic earnings per share for the period stood at 7.45 cents.

In the second quarter alone, SIA Engineering reported a net profit of $40.4m, up $4.8m year-on-year, with operating profit reaching $7.9m. The company declared an interim dividend of 2.5 cents per share, payable on 28 November 2025.

The group continues to expand its MRO capabilities, supported by new agreements with Singapore Airlines and Scoot, valued at $1.3b over two years. Additionally, operations commenced at the new Techo International Airport in Phnom Penh, further enhancing their service network. Despite challenges from geopolitical tensions and supply chain issues, SIA Engineering remains focused on growth in the Asia-Pacific region and enhancing its core services.

Antares Singapore celebrated its 10th anniversary, highlighting a decade of growth and success under the leadership of Li Shan Yeo, the first female CEO in Singapore’s insurance market. Since its inception in 2015, Antares Singapore has evolved from a small team into a significant player in the Asian insurance sector, known for its underwriting discipline and service excellence.

Li Shan Yeo, who has led the company since its establishment, emphasised the importance of local expertise in her speech at the anniversary event. “10 years ago, Antares launched its operations in Asia with a clear objective: to create a team of local underwriting professionals who align with the commitment to consistency and service,” she stated. The company boasts an underwriting team with over 80% female representation, a testament to its commitment to diversity and inclusion.

Michael van der Straaten, CEO of Antares Group, praised the Singapore branch’s achievements, noting its transformation from a one-room office to a robust and diverse platform. “Antares Singapore has become a key pillar of our business,” he said, attributing the success to the dedication and talent of the team.

Under Li Shan’s leadership, Antares Underwriting Asia has expanded its offerings to include Property, Casualty, Marine, Speciality, and Reinsurance. The company has also launched new specialist products and strengthened its marine and energy capabilities, maintaining consistent profitability.

Looking ahead, Antares Singapore aims to continue its trajectory of growth, innovation, and collaboration, building on the strong foundation established over the past decade.