Industry News

TADA, Singapore’s pioneering zero-commission ride-hailing platform, has announced its commitment to maintain its current fee structure throughout 2026. This decision supports the Singapore Budget 2026, which aims to alleviate cost-of-living pressures for households. TADA’s move comes as other platforms increase fees to cover new operational costs, such as those from the Platform Workers Act.

TADA’s strategic roadmap is underpinned by three consecutive years of operational profitability, supported by a lean operational model and positive cash flow. With 40,000 drivers in Singapore and 300,000 globally, TADA covers nearly half of Singapore’s private-hire fleet. The company is also preparing for global expansion, with plans to introduce its zero-commission model in New York by June 2026 and in Africa by the fourth quarter of 2026.

Founder Kay Woo highlighted the risk of “enshittification,” where platforms prioritise shareholder profit over user experience and driver benefits. “It’s a vicious cycle if platforms continue to squeeze every dollar of profit out of the driver and the rider,” Woo stated. TADA’s commitment to maintaining its fee structure is seen as a vital extension of the Singapore Budget 2026 relief measures.

TADA’s pilot programme in December 2025 demonstrated significant income gains for drivers, with some earning up to 75% more on peak days. The company’s initiatives aim to address driver shortages and improve service reliability, aligning with national goals to strengthen the social compact.

UOB Group has announced an operating profit of S$7.7b for the financial year ending 31 December 2025, driven by robust fee momentum in its wholesale and retail banking sectors. However, net profit decreased by 23% to S$4.7b, primarily due to pre-emptive general allowances set aside in the third quarter to bolster provision coverage against macroeconomic uncertainties.

The bank’s Board has proposed a final dividend of 71 cents per ordinary share, culminating in a total dividend of S$1.56 per share for FY25, excluding the pre-emptive provision from the final dividend calculation. Additionally, a special dividend of 50 pence per share was distributed in two tranches during the year.

Despite a 3% decline in net interest income, UOB saw a 7% increase in net fee income, reaching a record S$2.6b, thanks to significant growth in wealth management and loan-related fees. Asset quality remained stable with a non-performing loan ratio of 1.5%, and credit costs improved to 19 basis points in the fourth quarter.

Group Wholesale Banking’s operating profit fell 8% due to lower interest rates, but investment banking and customer-related treasury income achieved record highs. Retail Banking reported a 9% decline in operating profit to S$2.3b, with growth in wealth management and card billings offsetting income pressures.

UOB will also provide a one-off supplementary payout to junior employees, recognising their contributions in challenging times. Deputy Chairman and CEO Wee Ee Cheong highlighted the bank’s strong balance sheet and commitment to enhancing regional connectivity and digital capabilities to support customers and seize new opportunities.

CBRE has announced the sale of a rare 184-room freehold hotel located at 12 Lorong 12 Geylang, Singapore, at a revised price of S$110m. The property, previously listed at S$120m in 2024, is being offered through an Expression of Interest (EOI) exercise, closing on 26 March 2026 at 12pm.

The eight-storey hotel, occupying a 15,731 sq ft site, features a gross floor area of approximately 43,500 sq ft. It includes a spacious lobby, private parking, and rooms averaging 175 sq ft, each with ensuite bathrooms and large windows. The property is strategically located in the Geylang area, which has seen rapid gentrification and a rise in co-living operators, making it an attractive investment for both investors and owner-occupiers.

Michael Tay, Deputy Managing Director and Head of Capital Markets at CBRE, highlighted the scarcity of such assets in the Geylang area, noting, “There are fewer than five hotels with more than 150 rooms in the area, and such freehold assets are tightly held and rarely made available.” He expects interest from family offices, high-net-worth individuals, and real estate funds.

The hotel offers multiple value-creation opportunities, including potential conversion of the back alley into outdoor amenities and refurbishment to enhance room rates. Its proximity to the Singapore Indoor Stadium and major transport links further boosts its appeal, positioning it well for alternative accommodation models like co-living and long-stay concepts.

Singapore’s National Quantum Federated Foundry (NQFF) has teamed up with Qolab, a quantum computing company co-founded by 2025 Physics Nobel Laureate John Martinis, to develop components crucial for scaling quantum computers. The partnership focuses on creating cryogenic low-pass filters, which are essential for building larger and more powerful quantum systems.

The collaboration leverages Singapore’s robust semiconductor and deep tech ecosystem to address a significant bottleneck in quantum computing. “Building useful quantum computers requires scaling from dozens to millions of qubits, and that means we need not just more qubits but also reliable, manufacturable supporting hardware,” said Martinis, who is also Qolab’s Chief Technology Officer.

Cryogenic filters play a vital role in quantum computing by shielding superconducting qubits from unwanted high-frequency signals. These filters are currently large and difficult to manufacture at scale. The partnership aims to develop filters that can be integrated directly with qubit circuits, allowing for more compact and reliable quantum systems

The filters are expected to be deployed at the University of California, Los Angeles, signalling confidence in Singapore’s capabilities. Ling Keok Tong, Executive Director of the National Quantum Office, noted that the collaboration “demonstrates how Singapore can contribute critical quantum hardware components to the global ecosystem.”

The agreement was signed in the presence of Minister for Digital Development and Information Josephine Teo, highlighting Singapore’s commitment to advancing its role in the global quantum supply chain.

Singapore’s core Consumer Price Index (CPI) unexpectedly declined in January, driven by lower education and holiday prices, according to UOB Global Economics and Markets Research. The core CPI fell by 0.3% month-on-month, contrasting with a 0.4% rise in December, and registered a 1.0% year-on-year increase, falling short of Bloomberg’s 1.5% estimate and UOB’s 1.6% prediction.

The decline in core inflation was primarily attributed to a significant drop in education costs, which fell by 2.28% in January. This decrease was partly due to the reduction in childcare fee caps for Anchor Operator and Partner Operator schools, effective from 1 January 2026. Additionally, recreation, sport, and culture expenses saw a third consecutive monthly decline, influenced by reduced hotel, chalet, and package holiday costs. Airfares also experienced a notable pullback, decreasing by 4.2% month-on-month.

The Monetary Authority of Singapore (MAS) anticipates further normalisation in core inflation, with an updated projection range of 1.0–2.0% for 2026. MAS remains confident that imported costs will remain contained, and subdued producer prices in Asia will limit inflationary pressures. The statement also highlighted the potential for sustained productivity growth, which could offset wage pressures and maintain measured services and goods inflation.

UOB maintains its 2026 core and headline inflation forecasts at 1.5% and expects MAS to adjust the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) policy band in April 2026. This adjustment aims to align the S$REER more closely with equilibrium levels, rather than initiating a series of tightening measures.

Reclaims Global Limited, a Singapore-based eco-friendly service provider, has announced the acquisition of new contracts valued at approximately S$3.08m. These contracts, spanning from 1 November 2025 to 31 January 2026, involve demolition, reinstatement, and related construction works. The company expects these contracts to positively influence its net tangible assets and earnings per share during their duration.

The contracts were awarded by a mix of public and private-sector clients, highlighting the ongoing demand for Reclaims Global’s expertise in demolition, earthworks, and waste removal. The service durations range from one month to a year, ensuring a steady contribution to the company’s operations.

Tan Kok Huat, Executive Director and CEO of Reclaims Global, expressed satisfaction with the influx of contracts, stating, “We are encouraged by the steady flow of new contracts secured. Whilst the individual contract sizes may not be significant on their own, collectively, they provide meaningful contribution to our operations.”

Reclaims Global, listed on the SGX-Catalist since 2019, continues to focus on project selection, execution excellence, and margin sustainability. The company, established in 2009, has built a strong reputation for reliable execution and timely delivery within Singapore’s construction sector. With its integrated business model, Reclaims Global remains a key player in the industry, specialising in excavation, logistics, and recycling services.

APAC Realty Limited has reported a remarkable 214% increase in profit after tax for the financial year 2025, reaching S$20.5m. This surge is attributed to a significant rise in new private residential sales across Singapore. The Group’s revenue for the year ending 31 December 2025 was S$675.6m, with new home sales revenue jumping 113.3% to S$230.2m compared to the previous year.

The company’s gross profit rose by 39.6% year-on-year, benefiting from increased brokerage income due to heightened new home sales activities. CEO Marcus Chu noted the resilience of the property market in 2025, highlighting renewed confidence among homebuyers, particularly in the new private residential segment. “We expect transaction activity in 2026 to stay healthy,” he said.

APAC Realty ended the year with a strong cash balance of S$50.4m and generated S$30.2m in operating cash flow. The Board of Directors has recommended a final dividend of 1.8 Singapore cents per share, contributing to a total dividend payout of 4.05 Singapore cents for FY2025. This represents a dividend yield of 6.3%, based on the closing share price of S$0.64 on 20 February 2026.

Looking ahead, APAC Realty anticipates continued robust market activity in 2026, supported by a healthy pipeline of project launches and strategic investments in digital transformation and people development. The Group’s network now spans over 21,900 advisers across 14 Asia Pacific countries and territories, reflecting its commitment to regional growth and collaboration.

Centurion Asset Management Pte. Ltd., the manager of Centurion Accommodation REIT (CAREIT), has reported that the distribution per unit (DPU) for the financial period from 12 August 2025 to 31 December 2025 (FP 2025) reached 1.739 cents. This figure outperformed the initial forecast of 1.630 cents by 6.7%.

Net property income for FP 2025 was S$36.1m, exceeding projections by 4.1%. This was largely due to higher rental rates and increased financial occupancy across the Purpose-Built Worker Accommodation (PBWA) and Purpose-Built Student Accommodation (PBSA) portfolios. The PBWA and PBSA assets achieved financial occupancy rates of 97.6% and 99.1%, respectively, indicating strong demand.

The portfolio’s stability is further supported by a healthy aggregate leverage of 30.7%, following the acquisition of Epiisod Macquarie Park. This leaves CAREIT with a debt headroom of S$348m, based on a 40% leverage threshold, to support both organic growth and potential acquisitions.

The results highlight CAREIT’s robust performance in its inaugural financial period, setting a positive precedent for future growth and stability.

Singapore’s ageing population is facing increasing retirement pressures, with many high-income individuals planning to work beyond retirement age, according to Sun Life’s latest survey, “Retirement Reimagined: Asia’s Retirement Divide.” The survey reveals that 80% of high-income respondents in Singapore expect to continue working past retirement age, driven by financial necessity and a lack of retirement readiness.

The survey highlights that nearly half (48%) of high-income respondents cite income needs as the primary reason for remaining in the workforce, aiming to support daily living costs and secure long-term financial stability. Additionally, many seek mental stimulation (62%), social connections (52%), and a sense of purpose (52%) through continued employment.

Christopher Albrecht, CEO of Sun Life Singapore, noted, “What we’re seeing is not a single retirement experience, but two very different realities. For those who are prepared, working longer can be a choice that offers flexibility and freedom. For others, it reflects financial pressure.”

Financial security remains a key factor in retirement optimism, with 50% of high-income non-retirees citing it as a reason for looking forward to retirement. However, rising costs and economic uncertainties pose significant challenges, with 49% of respondents concerned about future expenses.

The survey also reveals that many high-income individuals face the dual financial burden of supporting both elder relatives and young dependents, leading 45% to postpone retirement. Furthermore, the increasing reliance on generative AI for financial decisions highlights a potential gap in financial literacy, as traditional advice sources see a decline.

Albrecht emphasised the importance of expert guidance, stating, “AI can be a helpful starting point, but it often lacks the nuance and personalisation needed for long-term financial security.”

Singapore’s inflation is expected to remain stable throughout 2026, according to RHB Bank’s latest Global Economics and Market Strategy Report. The bank projects both headline and core inflation to hold at 1.5%, aligning with the midpoint of the official target range of 1.0% to 2.0%. This forecast is attributed to strengthening domestic and external demand conditions.

Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlighted that the resilient economic backdrop and controlled inflation are likely to influence the Monetary Authority of Singapore (MAS) to maintain its current policy parameters at least into the first half of 2026.

In January, the Consumer Price Index (CPI) rose to 1.4% year-on-year, up from 1.2% in December. This increase was consistent with Bloomberg’s consensus and slightly below RHB’s in-house projection of 1.6%. Meanwhile, core inflation, which excludes accommodation and private road transport costs, fell to 1.0% from 1.2% in December.

The report underscores the importance of stable inflation in supporting economic growth and maintaining consumer confidence. As Singapore navigates the global economic landscape, the country’s ability to manage inflation effectively will be crucial in sustaining its economic momentum. Looking ahead, RHB’s projections suggest a steady economic environment, with no immediate changes anticipated in monetary policy.