Industry News

RHB Bank has revised its full-year forecast for Singapore’s non-oil domestic exports (NODX) to 11.5%, up from the previous estimate of 7.5%. This adjustment comes as a result of a robust year-to-date performance, with NODX averaging an impressive 18.6% in the first half of the year. The announcement was made by Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank.

The sustained strength in electronics exports is anticipated to be a major contributor to Singapore’s NODX performance throughout 2026. Recent trade data highlights the resilience of regional demand, which continues to be a crucial factor supporting Singapore’s external sector. In June, Singapore’s NODX grew by 20.7% year-on-year, although it experienced a month-on-month seasonally adjusted decline of 8.9%. This growth rate was a moderation from the 38.4% year-on-year increase observed in May and fell short of Bloomberg’s estimate of 28.7% year-on-year.

Gan’s report underscores the importance of electronics in driving export growth and the role of regional demand in bolstering Singapore’s trade sector. As the year progresses, these factors are expected to maintain their influence, potentially leading to further adjustments in economic forecasts.

Looking ahead, the revised forecast suggests a positive outlook for Singapore’s trade performance, with electronics exports and regional demand continuing to play pivotal roles in shaping the country’s economic landscape.

Travellers seeking a blend of urban excitement and serene island life can now enjoy a seamless journey between Singapore and Cambodia, thanks to a new partnership between METT Singapore and Song Saa Private Island. This six-night package, available from 6 July 2026 to 31 January 2027, offers two nights in Singapore followed by four nights on Cambodia’s Song Saa Private Island.

METT Singapore, located near Orchard Road and Fort Canning Park, provides a luxurious city stay with access to The Longevity Suite’s wellness facilities. Guests can indulge in cryotherapy and personalised wellness rituals to combat jet lag before heading to Cambodia. “Singapore is already a natural transit point for many of our guests travelling to Cambodia,” said Melita Koulmandas, founder of Song Saa Private Island.

The journey continues with a scenic speedboat ride to Song Saa, situated in the Koh Rong Archipelago. The resort, known for its commitment to marine conservation, offers 24 private villas and activities such as yoga and sound bath rituals. “The combination works because of the contrast. Singapore offers movement, dining and culture, whilst Song Saa offers privacy, nature and stillness,” Koulmandas added.

Priced from $5,100 (US$5,100) for two guests, the package includes all transfers and taxes. This itinerary allows travellers to experience the vibrant culture of Singapore before unwinding in the tranquil setting of Song Saa, creating a balanced exploration of Southeast Asia.

Lentor Garden Residences experienced a robust sales performance on its launch day, with young couples and singles, often supported by their parents, dominating the buyer demographic. The development’s efficient unit layouts were particularly appealing, resulting in a complete sell-out of the 3-bedroom Compact and 3-bedroom Compact + Study units, with all 15 units of each type snapped up within hours.

The development’s appeal extended beyond these compact units. The 2-Bedroom Premium (HS) units achieved a 93% sales rate, with 28 out of 30 units sold, whilst the 3-Bedroom Premium units saw a 79% take-up, with 61 out of 77 units sold. The commercial segment also mirrored this success, with all three retail shop units sold at an average price of $2,550 per square foot.

Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted the strong demand for functional spaces at a reasonable price point, with unit prices averaging between $2.05 million and $2.21 million. He highlighted the development’s strategic location near Lentor MRT station and Lentor Modern mall, as well as its proximity to reputable schools like Anderson Primary School and CHIJ St Nicholas Girls’ School, as key factors enhancing its attractiveness.

With limited housing supply in the Lentor precinct and only one more project expected to launch next year, sales momentum for Lentor Garden Residences is anticipated to continue. The development’s competitive pricing, thoughtful design, and premium location are expected to keep it in high demand among owner-occupiers and families.

Savills Singapore has revised its 2026 investment sales forecast upwards to S$55–S$60b, a significant increase from the initial S$35–S$40b projection. This adjustment follows a robust performance in the first half of the year, with investment sales reaching S$15.02b in the second quarter alone, nearly tripling the S$5.95b recorded in the same period last year.

The revision underscores strong investor confidence in Singapore’s real estate market, despite ongoing global economic uncertainties. Factors such as lower borrowing costs, capital awaiting deployment, and active capital recycling by Real Estate Investment Trusts (REITs) have bolstered investment activity. The commercial sector, accounting for 53% of total transaction value in Q2 2026, remains a key driver.

Significant transactions include the S$3.9b acquisition of Paragon and the S$2.48b sale of Asia Square Tower 2. Residential investment sales also saw a notable increase of 18.3% quarter-on-quarter, driven by joint ventures in Government Land Sales (GLS) sites. The S$880m collective sale of Loyang Valley marked the largest private residential sale in nearly four years.

Conversely, industrial investment sales experienced a sharp decline of 85.7% quarter-on-quarter, attributed to a lack of major transactions. Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, remarked, “Low borrowing costs, deals in the pipeline, and capital awaiting deployment are setting the conditions for investment sales value to balloon this year.” The momentum from the second half of 2025 is expected to continue throughout 2026.

Frasers Hospitality, a division of Frasers Property, has announced the soft opening of Fraser Residence Wuzhen, marking its first venture into the historic Jiangnan region of China. Situated in the heart of the 1,300-year-old water town, the property offers a blend of modern comfort and traditional charm, just 2.4 kilometres from Wuzhen’s scenic zones.

The new residence features 117 serviced flats, available in one- and two-bedroom configurations, designed for both short and extended stays. Each flat is equipped with a kitchenette, washer dryer, and open living areas. The property also boasts a 24-hour gym, a Residents’ Lounge, meeting spaces, and a Kids’ Playzone. Guests can savour contemporary Jiangnan cuisine at the on-site restaurant, which uses seasonal local ingredients.

Fraser Residence Wuzhen is part of Frasers Hospitality’s broader strategy to expand its presence in Asia, with plans to open 18 new serviced and hotel residences across the region by 2028. Chief Operating Officer Chew Hang Song stated, “Fraser Residence Wuzhen broadens the role our brands can play across China’s evolving hospitality landscape.”

To celebrate the opening, guests booking a stay of two consecutive nights or more before 15 September 2026 can enjoy a 30% discount on the Best Flexible Rate. This new development underscores Frasers Hospitality’s commitment to offering unique experiences in culturally rich destinations.

Huttons Asia has announced that all production units at Generations @ Tannery have been fully sold during its launch. The development’s appeal lies in its rare B1 zoning and freehold tenure, offering potential for capital appreciation and wealth preservation. Falling interest rates, which have decreased by 2.6 percentage points since December 2023, have made ownership more attractive than renting, especially as rents for multi-user factories have risen by nearly 7% over the same period.

The scarcity of B1 zoned industrial land, coupled with the project’s proximity to Mattar MRT Station and the new residential precinct at Mattar, has driven demand. The modern façade of Generations @ Tannery is designed to project a strong corporate image, aiding in talent attraction. The column-free units with a modular grid design allow for flexibility, enabling owners to combine or sublet spaces easily.

Lee Sze Teck, Senior Director of Data Analytics at Huttons, highlighted the robust demand for freehold industrial projects, noting that the proportion of 999-year/freehold multi-user factory units has increased to 16.5% in 2026, up by 4.3 percentage points since 2022. This demand has widened the price gap between freehold and leasehold units to $488 per square foot, compared to $391 in 2020.

Additionally, the industrial canteens at the development were in high demand, with all units sold, as investors recognised the unique investment opportunity in this asset class. The successful launch underscores the strong market interest in strategically located, freehold industrial properties.

Families and tourists in Singapore can now delve into the nation’s rich cultural tapestry through two engaging workshops in Chinatown. Organised by the Chinatown Business Association (CBA), these events aim to provide a hands-on experience of Singapore’s multicultural traditions.

On 18 July 2026, participants can attend the DIY Canvas Bag Workshop, where they will design and personalise reusable canvas bags using vibrant paints. This 90-minute session, priced at S$6 per participant, is suitable for all ages and requires no prior artistic skills, making it an ideal family activity during the school holidays.

The cultural exploration continues on 25 July 2026 with the Traditional Nyonya Kueh Workshop. Attendees will learn to prepare Kueh Koswee and Apom Berkuah, two beloved Peranakan delicacies. Guided by an experienced instructor, this workshop offers beginners an introduction to authentic recipes and the culinary traditions of Singapore’s Peranakan community.

Both workshops will take place at Chinatown Singapore on Smith Street, conveniently located near Chinatown and Maxwell MRT stations. This setting allows visitors to enhance their experience with a stroll through the area’s heritage streets, traditional shops, and local eateries.

Lim Yick Suan, Executive Director of CBA, stated, “These workshops offer international tourists and local Singaporeans an opportunity to create lasting memories whilst connecting with our local Singaporean heritage in a fun and engaging way.”

Advance booking is recommended due to limited spaces. For tickets and more information, visit the ticketing pages on Peatix.

JTC Corporation has awarded the tender for an industrial site at Jalan Buroh to Soilbuild Group Holdings Ltd, following a competitive bidding process. The site was launched for tender on 31 March 2026 and closed on 9 June 2026, attracting three bids in total. Soilbuild Group’s successful bid amounted to S$214m.

The awarded land parcel, located at Jalan Buroh, is zoned for Business 2 use. It spans an area of 31,151.5 square metres and comes with a tenure of 33 years. The site has a gross plot ratio of 2.5, allowing for significant development potential. The project is expected to be completed within 84 months from the award date.

This development is significant as it reflects ongoing interest and investment in Singapore’s industrial sector. The strategic location and zoning of the site make it a valuable asset for Soilbuild Group, which is known for its expertise in constructing and managing business spaces.

The successful bid by Soilbuild Group is expected to contribute positively to the industrial landscape in the area, potentially attracting further business activities and investments.

A recent survey by PropNex Research has shed light on the diverse demographics and motivations of buyers behind 110 million-dollar HDB resale flats transacted in 2025. The survey, involving PropNex salespersons, revealed that these transactions, priced between $1m and $1.659m, cater to a wide range of needs across different age groups.

The findings indicate that younger buyers, aged 30 to 39, often purchase these flats as their first homes, with 40.5% of this group making such a move. In contrast, 46.3% of buyers aged 40 to 49 were upgrading from smaller HDB flats. Notably, 71.4% of buyers aged 60 and above, primarily retirees, opted for these flats as replacement homes after downsizing from private properties.

Kelvin Fong, CEO of PropNex, stated, “There is no shortage of transaction data on million-dollar resale flats, but almost nothing on who bought them or why.” The survey aims to fill this gap by providing ground-level insights into buyer profiles.

The survey also highlighted that a significant majority of buyers, over 69%, did not pay Cash-Over-Valuation (COV) for their purchases, suggesting that the high prices are supported by valuation. Additionally, more than 70% of buyers held professional, managerial, executive, or technical jobs, with a substantial portion earning between $10,001 and $16,000 monthly.

As million-dollar HDB resale flats become more common, understanding the buyer profile offers valuable insights into the evolving dynamics of Singapore’s housing market.

Singapore’s non-oil domestic exports (NODX) increased by 20.7% in June 2026 compared to the same month last year, according to Enterprise Singapore. This growth, although slower than the 38.4% surge in May, was primarily driven by a significant rise in electronic exports, particularly integrated circuits (ICs), disk media products, and personal computers (PCs).

The electronics sector saw a remarkable 105.1% increase in NODX, fuelled by robust demand for artificial intelligence-related products. In contrast, non-electronic exports fell by 2.9%, with notable declines in non-monetary gold, petrochemicals, and food preparations.

Non-oil re-exports (NORX) also experienced substantial growth, expanding by 60.3% in June, up from a 33.5% rise in May. This increase was largely due to a surge in electronic re-exports, which grew by 83.1%, supported by non-electronic re-exports that rose by 28%.

The total merchandise trade for Singapore expanded by 49.3% in June, extending the 39.6% growth observed in May. Both exports and imports contributed to this increase, with non-oil exports rising by 48% and oil exports by 54.5%.

Key markets for Singapore’s exports included Taiwan, the US, and South Korea, all of which saw significant increases in NODX. Taiwan led the growth with a 123.3% rise, driven by ICs and specialised machinery. The US and South Korea followed with increases of 36.7% and 62.9%, respectively, supported by strong demand for disk media products and ICs.

The data highlights the ongoing strength of Singapore’s electronics sector, whilst non-electronics face challenges. The continued expansion of re-exports underscores Singapore’s role as a key trading hub in the region.