SINGAPORE – Marina Square mall will close on March 31, 2027, for a major overhaul, owner Singapore Land Group (SingLand) said on Sept 1.
The redevelopment will introduce luxury residences, serviced apartments, offices and a 304-key hotel, said property developer SingLand, a subsidiary of UOL Group.
The site’s three existing hotels – Pan Pacific Singapore, Parkroyal Collection Marina Bay and Mandarin Oriental Singapore – will remain open during the redevelopment, which is slated for completion in 2031.
Tenants told The Straits Times that they will be relocating their businesses amid a challenging retail landscape.
DBS analyst Tabitha Foo had a “buy” call on UOL, calling the revamp “highly anticipated”, and said “a new landmark emerges in the Marina Bay area”.
She projected a gross development value of close to $5.5 billion for the new Marina Square, referring to the market value of the real estate project once construction is finished.
This amount excludes the current three hotels, which implies that valuation might increase over five times the current valuation, she said.
UOL was trading down 0.1 per cent at $9 on Sept 4.
Yishun cineplex to be redeveloped
Redevelopment is also taking place in Yishun, where Singapore’s first cinema multiplex is set to be redeveloped into a mixed-use development with 110 residential units.
Frasers Property announced that Yishun 10 will close in March 2027 to make way for the new development, which will also include a retail podium at street level. It is targeted for completion in 2031.
Frasers bought the Yishun cineplex from cinema operator Golden Village for $48 million in June 2025.
The developer said on Aug 31 that it has also acquired Cuppage Terrace – a cluster of 17 conservation shophouses in the Orchard Road area – for an agreed property value of $175 million.
The purchase follows Frasers’ successful collective-sale tender for the leasehold rear plot of nearby The Centrepoint for $391.9 million in February.
Frasers shares closed up 1 per cent at $1.02 on Sept 4.
STI targets and new ETF listing
The Straits Times Index (STI) closed at 5,801.96 on Sept 4, up over 1.5 per cent through the week.
DBS analysts raised their year-end target for the blue-chip index to 5,850 on Aug 31.
They said Singapore equities remain supported by conducive conditions such as stronger economic growth, attractive dividend yields and Singapore’s safe-haven status, but further upside will likely be earnings-driven.
Their top eight STI picks are OCBC, Singtel, UOL, City Development, Yangzijiang, Seatrium, ST Engineering and SATS.
The Singapore Exchange (SGX) also announced the listing of a new exchange-traded fund (ETF) tracking mid-cap companies.
Called the CGS Fullgoal Singapore Next 50 Active ETF, the fund is benchmarked to the iEdge Singapore Next 50 Index, which covers the next 50 largest companies after the 30 STI constituents.
It is intended to give investors a convenient way to diversify beyond the STI into Singapore’s small- and mid-cap stocks.
At least 80 per cent of the portfolio is invested in Next 50 constituents, while the remaining 20 per cent may be invested in the broader Singapore market, including STI constituents.
Units in the ETF, which is listed at $1, last traded at 99.7 cents on Sept 4. The fund had assets of $28.7 million as at Sept 3.
SGX head of global financial markets Ng Yao Loong said on Sept 3: “Singapore’s mid-cap segment is home to many established businesses that are growing, innovating and expanding their regional footprint.”
He added that this new ETF expands investor access to “a dynamic segment of the market that is increasingly attracting interest, while reinforcing the depth and diversity of Singapore’s stock market”.
Singapore growth forecast raised
Besides the expected growth of Singapore’s capital markets, professional forecasters also raised their projections for Singapore’s gross domestic product (GDP) in 2026.
Private-sector economists polled by the Monetary Authority of Singapore bumped up their 2026 growth forecast for Singapore’s economy to 5 per cent, up from 3.5 per cent previously.
This follows a surprise surge in exports and manufacturing output in the first half of the year.
The Ministry of Trade and Industry had earlier upgraded its GDP growth forecast to between 4.5 per cent and 5.5 per cent, up from 2 per cent to 4 per cent, amid the global AI boom.
The economists surveyed identified a sustained AI-driven upturn in the technology cycle as a key support for Singapore’s economic outlook.
A de-escalation or resolution of the Middle East conflict could also lift global growth beyond expectations, with upsides for the Singapore economy.
However, risks include the war escalating or dragging on, while a bursting AI bubble could trigger spillover effects on financial markets, they said.
Shein lists in Hong Kong
Singapore-headquartered fast-fashion company Shein raised US$1.7 billion in its Hong Kong IPO on Aug 31, giving it a valuation of about US$26.3 billion. It offered 280 million shares at HK$48.56 each.
However, it ended its first trading day at HK$48.50 after rebounding from an earlier slide of 10 per cent. The counter ended the week around HK$38.
Shein had initially planned to list in New York and London, but those plans were derailed by regulatory scrutiny, AFP reported.
Founded in China in 2012, the company has been based in Singapore since late 2021.
Its low-price, fast-fashion model has drawn scrutiny over supply-chain transparency, labour practices and environmental sustainability.
Shein reported a net loss of US$99 million in the first quarter of 2026, battling challenges such as tariffs on small shipments and intensifying competition from other fast fashion online firms like Temu.
Other market movers
Home-grown flexible workspace operator JustCo announced its 24th centre in Singapore at Raffles City Tower on Sept 2.
The 16,000 sq ft space spans two levels and can accommodate more than 300 people.
“The expansion comes as demand for premium flexible workspace in prime locations continues to rise, with businesses increasingly prioritising hybrid-work flexibility over long-term fixed leases,” JustCo said.
It noted that flexible workspaces accounted for 5.5 per cent of Singapore’s total office stock as at the first half of 2026, reflecting strong headroom for growth in the office landscape.
JustCo chief commercial officer Kong Wan Long said: “Businesses today are much more deliberate about where they locate their teams.
“They want the flexibility of a managed workspace, but they are not willing to compromise on the quality of the address, connectivity or the experience they offer their employees.”
JustCo listed on the SGX in May 2026 with an IPO price of $0.94 per share. Its shares closed at $0.58 on Sept 4.
Meanwhile, data centre operator STT GDC announced that its acquisition by a consortium that includes KKR and Singtel was completed on Sept 2.
It retains the STT GDC name under a refreshed brand, as the company embarks on what it described as its next chapter as a global digital infrastructure platform. It is focused on delivering reliable, AI-ready infrastructure in Asia, Britain and Europe.
President and group chief executive Bruno Lopez said: “We have spent over a decade building a global platform with the scale, capabilities and operating discipline needed to support the next generation of cloud and AI growth.
“With the KKR-Singtel consortium’s investment, we have greater capacity to grow and execute at scale while remaining true to the values and customer commitment that have defined STTGDC from its inception.”
Separately, Keppel DC REIT and Keppel said on Sept 1 that they have agreed to collectively buy controlling stakes in two data centres in Tokyo for 171 billion yen (S$1.39 billion).
Both entities will own 90 per cent of two freehold, hyperscale, fully fitted data centres located in Inzai City in Japan.
Loh Hwee Long, chief executive of the manager of Keppel DC Reit, said this deepens the firm’s exposure to Japan’s data centre market.
Shares of Keppel DC Reit closed flat at $2.19 on Sept 4.
What to look out for next week
Singapore’s retail sales data due this week will offer a gauge of consumer confidence and spending.
Inflation figures will also be out in the United States, which will have implications for the Federal Reserve’s interest rate decisions during its next session in mid-September.
Global energy markets also continue to be in a volatile situation due to the Middle East conflict, with US forces striking Iranian military targets around the Strait of Hormuz.
Brent crude prices still hover around US$95 to US$96 per barrel.
The bond market is also worth watching, with the sell-off pushing yields to multi-year highs over the past week.
R.J. Gallo, chief investment officer at global asset manager Federated Hermes, said long-term sovereign bond yields have been rising globally amid inflationary pressures, with geopolitical conflicts keeping oil prices elevated.
To learn more about The Straits Times Index, go to the SPH campaign website.
