Industry News

Rental volumes for both condominiums and Housing Development Board (HDB) flats in Singapore experienced a notable decline in February 2026, according to the latest report by 99.co and SRX. The drop is largely attributed to the seasonal slowdown during the Chinese New Year period, which typically sees a pause in leasing transactions as households defer moving decisions.

In the condominium rental market, overall rental prices saw a slight decrease of 0.2% month-on-month. The Rest of Central Region (RCR) and Outside Central Region (OCR) experienced declines of 0.5% and 0.4%, respectively, whilst the Core Central Region (CCR) saw a 0.8% increase. Despite the monthly dip, year-on-year figures show a 2% increase in overall rental prices, indicating resilient demand.

Rental volumes for condos fell by 25.5% from January 2026, with an estimated 4,995 units rented in February. This represents a 1.3% decrease year-on-year and is 4.5% lower than the five-year average for February. The OCR accounted for 35.6% of the total rental volume, followed by the RCR at 33.8% and the CCR at 30.6%.

The HDB rental market also saw a decrease in activity, with rental volumes dropping by 20.1% month-on-month. Approximately 2,239 HDB flats were rented in February, down from 2,802 in January. Year-on-year, this marks a 5% decline, with volumes 9.7% below the five-year average. However, HDB rental prices increased by 0.3% month-on-month, with Mature towns seeing a 0.5% rise.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that whilst the February slowdown is seasonal, the slight year-on-year price growth suggests that underlying rental demand remains strong. This indicates that the market fundamentals are stable, despite the temporary dip in activity.

Marco Polo Marine’s subsidiary, PKRO, has secured a significant 15-year charter contract with Taiwan’s Marine Port Bureau, valued at NT$2.948b (approximately S$118m). This contract, which involves providing emergency towage and salvage services, marks PKRO’s first long-term government charter in Taiwan and is a pivotal step in the group’s regional expansion strategy.

The contract is expected to deliver long-term, recurring revenue, enhancing the group’s financial stability. It also diversifies Marco Polo Marine’s fleet portfolio beyond its current Crew Transfer Vessel (CTV) and Construction Support Operations Vessel (CSOV) operations. Sean Lee, CEO of Marco Polo Marine, expressed pride in the award, stating, “This award is a strong validation of PKRO’s operational expertise and the Group’s ability to deliver specialised marine services to government clients at the highest standards.”

Lee further emphasised the strategic importance of the contract, noting its role in strengthening Taiwan’s maritime safety infrastructure and supporting the growth of its offshore wind sector. “We look forward to contributing to these objectives whilst delivering stable, long-term returns to our shareholders,” he added.

This contract not only reinforces Marco Polo Marine’s presence in Taiwan but also underscores the confidence of regional clients in the company’s capabilities. As the group continues to expand its operations, this milestone contract is expected to play a crucial role in its future growth and success.

The last freehold office floor at 108 Robinson Road in Singapore’s Raffles Place financial district is now available for purchase through an Expression of Interest (EOI) exercise, closing on 22 April 2026. This marks a rare opportunity to acquire a freehold strata floor in a market where such offerings are increasingly scarce due to Urban Redevelopment Authority (URA) restrictions introduced in 2022.

Acquired by PGIM’s real estate business in 2021, the 12-storey building underwent a comprehensive Asset Enhancement Initiative, completed in 2023. The upgrades included modern mechanical and electrical systems, a new glass façade with solar panels, and a refreshed lobby, earning it the BCA Green Mark Platinum certification. The building’s modernisation aligns with current occupier expectations for ESG compliance and high specifications.

In June 2025, three premium floors were sold for a combined S$55.8m, setting a pricing benchmark. The final floor, priced at S$16.2m, is currently leased to a blue-chip serviced office occupier, offering immediate rental income and flexibility for future occupation. The floor comes fully fitted, minimising additional capital expenditure for new owners.

Yap Hui Yee, Executive Director at Savills Singapore, highlighted the strong demand driven by the building’s freehold tenure and efficient layouts. “The earlier transactions established clear benchmarks within the building. This final floor benefits from that price discovery and is being offered at a compelling entry point,” she stated.

The building hosts a diverse mix of international and regional occupiers, including companies like Singlife and Cheque Point. As Singapore continues to serve as a regional headquarters hub, demand for well-located, modernised office assets remains robust.

Randstad Singapore’s 2026 Workmonitor report highlights a growing dependence on direct managers for stability among employees, with 69% of Singaporean talent seeking guidance from their managers amidst economic uncertainty. The survey, which involved over 800 respondents, reveals a significant “confidence gap” as 98% of employers remain optimistic about business growth, contrasted by only 53% of employees sharing this sentiment.

The study underscores the importance of managers in fostering a sense of belonging, with 74% of employees reporting strong relationships with their managers—a 5% increase from 2025. Additionally, 70% of respondents feel more connected to their managers than to their organisations. Despite this, 63% of employees turn to artificial intelligence (AI) for work advice, indicating a shift in how guidance is sought.

The report also highlights the role of collaboration in enhancing productivity, with 83% of employees stating they are more productive when working with others and considering diverse perspectives. Cross-generational collaboration is particularly valued, with 79% relying on colleagues from different generations to broaden their perspectives.

Randstad’s findings suggest that whilst AI is becoming a popular tool for advice, the role of managers as “trust architects” remains crucial. Employers are encouraged to leverage generational diversity to create supportive environments that enhance employee loyalty and engagement. The survey, conducted in partnership with Evalueserve, collected data from 9 October to 30 October 2025, across multiple countries, including Singapore.

CBRE has announced the sale of a large industrial site at 151 Gul Circle, Singapore, with an asking price of S$18m. The property, located in the established Gul industrial precinct, is being marketed via private treaty and offers a substantial land area of approximately 297,507 square feet.

The site features a gross floor area of around 105,041 square feet and is zoned “Business 2” under the Master Plan 2019. This zoning allows for a potential built-up area of approximately 416,510 square feet, offering more than 300,000 square feet of untapped plot ratio for redevelopment or intensification, subject to approval. The property is particularly suitable for construction-led and engineering-related businesses due to its operational flexibility and abundant yard space.

The existing facility includes a single-storey factory with mezzanine, boasting a ceiling height of up to 8.1 metres in the main production area. It is equipped with a 22 kV substation and DG storage facilities, catering to a wide range of industrial activities. Additional amenities such as a canteen, surface parking, and a guard house enhance the site’s operational convenience.

Strategically positioned, 151 Gul Circle offers excellent connectivity, with quick access to the Ayer Rajah Expressway and proximity to Joo Koon and Gul Circle MRT stations. Graeme Bolin, Head of Occupier and Leasing, Industrial and Logistics Services at CBRE, highlighted the site’s strategic location within Singapore’s western manufacturing corridor as a key advantage for modern industrial users.

With limited large industrial land parcels available in the region, this site presents a compelling opportunity for occupiers and investors seeking a sizeable industrial base.

Singapore’s homegrown food-tech company, WhyQ, is set to revolutionise corporate dining with the launch of its AI-driven platform, “WhyQ Intelligence,” in Q3 2026. Founded in 2016, WhyQ has evolved from digitalising Singapore’s hawker heritage to becoming a leading Business to Business (B2B) corporate dining operator, managing high-volume meal deployments across key business hubs.

WhyQ currently partners with over 500 merchants, delivering more than 2,500 meals daily. The company specialises in corporate meal programmes for 50 to 1,000 employees, offering budgets from S$8 to S$25 per meal. The platform combines hawker favourites with curated restaurant brands to provide nutritionally balanced menus.

The new AI platform aims to transform corporate catering from a mere expense into a strategic workplace tool. It offers personalised nutrition tracking, AI-powered meal recommendations, and gamified wellness scoring for employees. For HR leaders, it provides a dashboard linking meal participation with attendance and engagement trends, alongside automated audits for dietary requirements.

Co-Founder and CEO Varun Saraf stated, “WhyQ Intelligence bridges the gap between cafeteria logistics and data-backed employee wellness. We design customised menus that balance taste, nutrition, and operational efficiency.”

Food safety remains a priority, with rigorous audits and a strict four-hour protocol from cooking to consumption. Co-Founder and COO Rishabh Singhvi emphasised, “Corporate catering requires accountability, not just aggregation. We’ve built a ‘safety-first’ logistics engine.”

Approximately 20% of WhyQ’s volume comes from hawker partners, with the rest from curated brands like SaladStop! and KFC. The platform’s operational discipline and focus on food safety have enabled WhyQ to retain major enterprise accounts.

Huttons Asia has provided insights into the proposed rezoning of land parcels at Holland Road, which is set to transform the area near the Botanic Gardens into low-density housing and Good Class Bungalows (GCBs). This prime location, close to Cluny Hill and Gallop Road/Woollerton Park GCB areas, is expected to attract significant interest due to the limited supply of bungalows in these coveted zones.

The Singapore government’s plan to welcome up to 30,000 new citizens annually could further drive demand, particularly among ultra-high-net-worth individuals (UHNWIs) seeking to purchase GCBs. According to Lee Sze Teck, Senior Director of Data Analytics at Huttons, “These new GCBs will likely be highly sought after.”

An important consideration in this development is the Additional Buyer’s Stamp Duty (ABSD), which typically applies to land acquisitions. However, as this project involves a land swap, ABSD may not be applicable. Nonetheless, Lee notes that the Leasehold Building Charge (LBC) should be payable due to the change of use.

The proposed rezoning and development of GCBs in this area could significantly impact the real estate market, offering new opportunities for both buyers and investors. As the project progresses, it will be crucial to monitor how these changes influence property values and demand in the surrounding areas.

Singapore’s non-oil domestic exports (NODX) could experience a slowdown in the coming months, according to a report by RHB Bank’s Group Chief Economist and Head of Market Research, Barnabas Gan. The report highlights concerns over geopolitical tensions, particularly in the Middle East, and tariff-related risks that may impact Singapore’s trade performance.

In February, Singapore’s NODX rose by 4.0% year-on-year, a decrease from the 9.2% growth seen in January, and fell short of Bloomberg’s estimate of 5.3%. Electronic NODX showed a significant moderation, growing by 43.2% year-on-year, whilst non-electronic NODX contracted by 6.9% year-on-year.

Gan emphasised that the ongoing geopolitical noise and external risks related to tariffs could negatively affect Singapore’s growth and trade, especially if Middle East tensions worsen into the first half of 2026. Despite these challenges, RHB maintains its full-year NODX growth forecast for 2026 at 3.0%.

The report serves as a cautionary note for Singapore’s trade outlook, urging stakeholders to remain vigilant amidst the evolving global economic landscape. As geopolitical and tariff-related uncertainties persist, the potential impact on Singapore’s trade dynamics remains a key concern for the months ahead.

BSH Home Appliances is celebrating its 30th anniversary in Singapore, highlighting its commitment to innovation and community engagement. Since its establishment in 1996, BSH has expanded its operations and strengthened partnerships with retailers, property developers, and the design community. The company is renowned for its brands Bosch and Gaggenau, which bring a combined heritage of over 400 years in engineering and craftsmanship.

BSH has been pivotal in introducing energy-efficient appliances and smart home solutions to Singaporean households. The demand for dishwashers has notably increased, with Bosch recognised as the world’s leading dishwasher brand for a decade. Bosch also holds the title of Singapore’s Number One Brand for Large Built-In Appliances, reflecting its strong market presence.

Denise Tan, Head of Category Management and Project Builder Business at BSH Singapore, stated, “We bring together strong brands, advanced technology, and deep local understanding. This allows us to serve a wide spectrum of homes, from functional everyday living to refined culinary experiences.”

To commemorate its 30th year, BSH Singapore plans to launch various initiatives, including sales campaigns, employee engagement events, and Corporate Social Responsibility programmes. Chiam Sheh Way, CFO of BSH ASEAN, emphasised the company’s dedication to improving home life, stating, “Our purpose is to improve quality of life at home; making daily tasks simpler, more efficient, and more sustainable.”

Looking ahead, BSH aims to continue investing in Singapore, enhancing its industry partnerships, and developing technology that meets real household needs.

Singapore’s external trade experienced a slowdown in February 2026, with non-oil domestic exports (NODX) increasing by 4% year-on-year, following a robust 9.2% growth in January. The rise in NODX was primarily driven by a significant 43.2% increase in electronic exports, notably integrated circuits (ICs) and disk media products, according to Enterprise Singapore.

The non-electronic segment, however, saw a decline of 6.9%, with non-monetary gold, food preparations, and petrochemicals contributing to the decrease. Despite the mixed performance, NODX grew by 6.7% over January and February, smoothing out the impact of the shifting Lunar New Year holidays.

Non-oil re-exports (NORX) rose by 21.9% in February, easing from a 51.3% expansion in January. Electronics led this growth, with a 40.9% increase, whilst non-electronics saw a modest rise of 0.5%. Key electronic drivers included personal computers (PCs) and telecommunications equipment.

Total merchandise trade grew by 13.6% in February, a moderation from the 23.8% expansion in January. Both exports and imports contributed to this growth, with non-oil exports increasing by 16.4%, although oil exports declined by 16.3%.

The top markets for NODX included South Korea, Taiwan, and Hong Kong, which saw significant growth, whilst exports to the US, Indonesia, India, and China declined. Notably, NODX to South Korea expanded by 50.5%, driven by non-monetary gold, ICs, and pharmaceuticals.

This data highlights the ongoing challenges and opportunities within Singapore’s trade landscape, with electronics continuing to play a pivotal role in driving export growth.