Industry News

CapitaLand Ascott Trust (CLAS) has announced the divestment of The Robertson House by The Crest Collection in Singapore for S$360m. The transaction, set to complete in the third quarter of 2026, is with an unrelated third party and represents a 4% premium over the property’s book value as of 31 December 2025. The sale will yield a net gain of approximately S$38.1m for CLAS.

The divestment aligns with CLAS’ strategy to reconstitute its portfolio and improve financial flexibility. Chief Executive Officer Serena Teo stated, “The divestment of The Robertson House by The Crest Collection at an attractive price of close to S$1.1m per key underscores CLAS’ disciplined approach to portfolio reconstitution.” The proceeds will be used to invest in higher-yielding properties, support asset enhancement initiatives, repay high-interest debt, or fund general corporate purposes.

Despite the sale, Singapore remains a key market for CLAS, which will continue to operate four lodging properties in the city-state. Among these, Somerset Clarke Quay Singapore is undergoing redevelopment and is expected to be completed by the end of 2026, contributing income from early 2027.

CLAS, Asia Pacific’s largest lodging trust, manages a diverse portfolio across 16 countries, focusing on serviced residences and hospitality assets. The trust’s strategic divestment is part of its ongoing efforts to strengthen its portfolio’s resilience and pursue value-accretive opportunities in developed markets.

Thakral Corporation Ltd has completed the acquisition of an additional 81.6% stake in TIL Investments Private Limited, increasing its ownership in the Gurugram mixed-use healthcare-led development to 95.3%. The acquisition, valued at S$93.9m, was finalised through a combination of S$50m in cash and the issuance of 24,217,108 new shares at S$1.8128 each.

The project, located on a 21-acre site in New Gurugram, is set to begin its execution phase, anchored by a hospital and wellness centre. These will be followed by residential and commercial components developed through revenue-sharing partnerships. The remaining 4.7% of TIL is held by Platinum Healthcare.

Inderbethal Singh Thakral, CEO and Executive Director of Thakral, expressed enthusiasm for the project, stating, “We are excited to play a meaningful role in Gurugram’s next phase of development, with a deliberate, multi-pronged approach across hospitals, wellness, residential and commercial uses on a single 21-acre site.”

The development is strategically positioned in Gurugram, a key office hub within Delhi NCR, known for its luxury housing market and proximity to major infrastructure. The phased development model aims to limit Thakral’s exposure to development and operational risks whilst ensuring revenue from the land.

This acquisition strengthens Thakral’s strategic control over the site, which has a development potential of over 2.5 million square feet, and aligns with the company’s broader investment strategy in India, a market projected to see significant economic growth in the coming years.

KSH Holdings Limited has announced a significant financial turnaround for the fiscal year ending 31 March 2026, reporting a net profit of S$6.8m. This marks a substantial recovery from the previous year’s loss of S$5.9m. The construction and property development group attributes this success to a robust order book valued at S$965m, which provides a solid foundation for future earnings.

Despite a 17.4% decline in total revenue to S$149.9m, primarily due to the completion of several projects in the first half of the fiscal year, KSH has maintained profitability. Newly secured projects in the latter half of the year are expected to contribute to revenue in the coming periods. Executive Chairman and Managing Director Choo Chee Onn highlighted the group’s focus on timely delivery and cost management as key factors in sustaining profitability.

KSH’s property development ventures in Singapore, including The Arcady at Boon Keng and One Sophia, have shown promising progress with steady sales. The group’s share of unrecognised revenue from property development units sold stands at approximately S$187m, which will be recognised progressively.

The company also announced a proposed final dividend of 1.00 Singapore cents per share, bringing the total dividend for FY2026 to 1.50 Singapore cents per share. This move underscores KSH’s commitment to delivering sustainable shareholder returns.

Looking ahead, KSH remains optimistic about the long-term prospects of the Singapore construction sector, despite navigating a dynamic operating environment. The group continues to focus on prudent capital management and operational excellence to drive sustainable growth.

Beng Kuang Marine has announced the acquisition of the remaining 49% of Asian Sealand Offshore and Marine Pte. Ltd. (ASOM), making it a wholly-owned subsidiary. The transaction was finalised on 28 May 2026, with the company issuing 57,142,856 new ordinary shares at S$0.35 each as part of the Share Purchase Agreement.

The issuance of these shares has increased Beng Kuang Marine’s total issued share capital from 242,534,698 to 299,677,554 shares. As a result, ISUSTAINABILITY PTE. LTD. and SPPG PTE. LTD. have become substantial shareholders, each holding approximately 9.5% of the enlarged share capital.

The acquisition is set to be fully completed with a remaining cash consideration of S$20m, expected by 29 May 2026. This strategic move is anticipated to strengthen Beng Kuang Marine’s position in the offshore and marine sector. Executive Chairman Chua Beng Yong stated, “The completion of this acquisition marks a significant milestone for our company.”

The acquisition aligns with Beng Kuang Marine’s growth strategy, potentially enhancing its operational capabilities and market reach. The company plans to make a further announcement upon the completion of the cash transaction, solidifying its full ownership of ASOM.

OKP Holdings Limited has been awarded a S$165.3m contract by the Land Transport Authority (LTA) for the design and construction of lift shafts and associated commuter infrastructure at pedestrian overhead bridges across Singapore. The 48-month project, which began in May 2026, aims to improve accessibility and connectivity for pedestrians.

The contract involves the construction of lift shafts at 30 existing pedestrian overhead bridges, along with enhancements such as lift lobbies, link bridges, and covered linkways. Additionally, a new covered pedestrian overhead bridge with lift access will be constructed across the Tampines Expressway. This project boosts OKP’s net construction order book to S$760.7m, with projects extending to 2031.

Or Toh Wat, Group Managing Director of OKP, expressed the company’s commitment to sustainable development, stating, “We are deeply honoured to be awarded this new contract, which reflects OKP’s engineering expertise and our proven ability to deliver Design and Build infrastructure works safely, efficiently, and to the highest standards of quality.”

The project aligns with Singapore’s vision of a more inclusive and accessible transport environment, contributing to the city’s long-term transport and sustainability goals. OKP plans to leverage efficient and green construction practices to minimise environmental impact throughout the project lifecycle.

OKP Holdings, listed on the Singapore Exchange since 2002, specialises in infrastructure and civil engineering, with a portfolio that includes airport runways, expressways, and oil and gas infrastructure. The company has also ventured into property development and investment to diversify its earnings.

The Competition and Consumer Commission of Singapore (CCS) has conditionally approved the merger between SP Mobility Pte. Ltd. (SPM) and Strides YTL Pte. Ltd. (ChargEco), following commitments from SPM to address potential competition issues. The decision comes after CCS identified concerns regarding the overlap of Electric Vehicle Charging Points (EVCPs) provided by both companies at Housing Development Board (HDB) car parks in Singapore’s East region.

The merger, initially flagged during a public consultation in January, raised concerns due to the competitive nature of the EVCP market in the East region, where both companies had previously been awarded contracts through a large-scale tender in November 2022. This tender, known as TD116, involved the deployment of EVCPs across various HDB car parks, including those in Bedok and Tampines.

To alleviate these concerns, SPM has committed to maintaining competitive pricing for EVCPs in the East region, ensuring that prices do not exceed pre-merger levels, except for adjustments due to regulatory changes or unforeseen costs. Additionally, SPM has pledged not to discriminate against personal account holders using EVCPs in the East region through selective discount or rebate programmes.

The commitments are set to last for three years from the effective date of the merger’s approval. CCS retains the authority to modify or release SPM from these commitments should market conditions change significantly or if the commitments prove detrimental to SPM’s development.

This conditional approval marks a significant step in the consolidation of Singapore’s EV charging infrastructure, aiming to balance market competition with the growth of sustainable transport solutions.

ST Engineering has announced the appointment of Jeffrey Lam as Group Deputy Chief Executive Officer, effective 1 June 2026. Lam, who currently serves as Group Chief Operating Officer (Operations Excellence) and President of Commercial Aerospace, will step down from these roles to focus on his new responsibilities. He will continue to report to Vincent Chong, Group President and CEO, and remain a member of the Group Executive Committee.

The appointment comes as ST Engineering experiences significant global growth, supported by a strong order book and strategic execution. The expansion necessitates enhanced focus at the Group level to ensure alignment and synergy across its diverse business segments.

In his new role, Lam will assist the Group CEO in advancing enterprise priorities, capturing synergies, and enhancing organisational excellence. He will also oversee the Commercial Aerospace business. Vincent Chong commented, “This appointment strengthens our leadership bench at the Group level. With his strong track record in business management and leadership, Jeffrey brings the experience and perspectives to advance our strategic priorities and strengthen our organisational capabilities across the Group.”

Simultaneously, Kevin Chow, currently Head of Aerostructures and Systems at Commercial Aerospace, will succeed Lam as President of Commercial Aerospace.

ST Engineering, a global technology, defence, and engineering group, operates across aerospace, smart city, defence, and public security sectors. Headquartered in Singapore, it serves customers in over 100 countries, reporting revenue exceeding S$12b in 2025.

Skyscanner has rebranded its Hotels platform to “Stays” as travellers increasingly prioritise unique accommodation experiences over traditional sightseeing. According to Skyscanner’s Travel Trends 2026 report, 66% of Millennials and 52% of Gen Z in Singapore have chosen holiday destinations based on the unique properties they wish to stay in. Additionally, 24% of Singaporean travellers now seek accommodations that offer experiences beyond just a place to sleep.

The revamped Stays platform offers over five million properties globally, including aesthetic design hostels, farm stays, capsule accommodations, and floating stays. Brian Plaum, Skyscanner’s Global Stays Expert, noted, “Travellers are putting much more thought into where they stay, not just where they go.” He emphasised the platform’s role in helping travellers maximise their budgets by comparing different accommodation options, exploring cheaper neighbourhoods, and booking with flexibility.

To assist travellers in making the most of their summer getaways, Plaum shared five practical hacks: comparing home rentals and hotels side by side, using the “Neighbourhood Swap” tool to find cheaper areas, opting for modern hostels, utilising the Free Cancellation filter for flexible bookings, and checking real-time price insights to determine the best booking days.

Skyscanner’s move reflects the evolving traveller behaviour, offering a diverse range of options tailored to individual preferences, ensuring that the accommodation itself becomes a memorable part of the travel experience.

Chasen Holdings Limited has reported a return to profitability in FY2026, achieving a net profit of S$7.2m, a significant turnaround from the S$11.8m loss recorded in FY2025. This financial recovery is supported by the company’s strategic initiatives, including the operational launch of the Chasen Logistics Hub and securing approximately S$45m in projects for FY2027 across its three business segments.

The group’s gross margin improved by 1.5 percentage points to 19.7%, reflecting its enhanced operational efficiency. Chasen’s Managing Director and CEO, Low Weng Fatt, highlighted the company’s strategic focus on Specialist Relocation projects, particularly in high-growth sectors such as electronics manufacturing and renewable energy in India. “Our momentum in India is particularly encouraging,” he stated, emphasising the company’s position as a preferred partner in one of the world’s fastest-growing manufacturing economies.

Chasen is also experiencing continued growth in the US and China, particularly in the semiconductor, electric vehicle battery, and OLED/AMOLED display manufacturing sectors. Despite geopolitical challenges, the company has demonstrated resilience by securing a robust pipeline of projects, reinforcing client trust.

With the Chasen Logistics Hub now operational, the company is poised for sustained earnings growth and enhanced shareholder value. As Chasen enters the new financial year, it aims to leverage its strengthened platform and focused portfolio to maintain its upward trajectory.

Standard Chartered has announced the appointment of Shebani Baweja as the new Group Chief Data Officer (CDO), effective immediately. Baweja will report to Alvaro Garrido, Chief Operating Officer for Technology & Operations and Chief Information Officer for Information Security & Data, and will be based in Singapore.

In her new role, Baweja will lead the Group Data Office, focusing on shaping the bank’s data strategy. Her responsibilities include overseeing data governance, management, and usage across the organisation. She aims to build strong data foundations and accelerate the use of data and analytics to support growth, innovation, and better decision-making.

Baweja brings over 20 years of experience in data-led digital transformations. Since joining Standard Chartered in 2008, she has held senior roles in Wealth and Retail Banking and Technology & Operations transformation. Most recently, she served as Chief Information Security Officer for Wealth and Retail Banking and International Markets, where she led the cyber risk strategy.

Alvaro Garrido commented, “As a super-connector bank, Standard Chartered’s foundations in technology and data act as key enablers in providing world-class client services. Shebani’s leadership will be key in strengthening our data-driven culture that simplifies with discipline and keeps risk and integrity at the forefront.”

Baweja expressed her enthusiasm, stating, “Data is central to how Standard Chartered delivers robust, safe and scalable solutions and drives measurable value for our clients and colleagues. I look forward to working with the team to advance our data strategy and power the next phase of client-centric innovation.”

This appointment underscores Standard Chartered’s commitment to leveraging data and analytics to enhance its services and drive innovation.