From the boardroom to the classroom, this week marks a transformative period for the Singapore market.
We dive into the Monetary Authority of Singapore’s (MAS) newly proposed framework for the SGX-Nasdaq Global Listing Board, a landmark move set to redefine cross-border capital flow.
Beyond the headlines, the REIT sector remains equally active.
We look at Centurion Accommodation REIT’s A$345 million entry into the Sydney student housing market and CICT’s dual-pronged move: divesting retail strata lots while securing a major development win at Hougang Central.
SGX-Nasdaq Dual Listing Bridge Sets Template for Cross-Border Connectivity
The Singapore Exchange (SGX: S68) and Nasdaq (NASDAQ: NDAQ) have moved closer to launching their groundbreaking dual-listing bridge, with SGX RegCo issuing a consultation paper on 9 January 2026 seeking feedback on the listing rule book for the new Global Listing Board.
The framework, expected to go live around mid-2026, will enable companies with market capitalisations of S$2 billion and above to list simultaneously on both exchanges using a single set of offering documents.
This first-of-its-kind formalised partnership represents a significant departure from traditional dual-listing arrangements that required separate prospectuses and regulatory filings for each market.
Minister for National Development Chee Hong Tat, who chairs the Equities Market Review Group, noted that connectivity with other markets has been identified as an important strategy, with the bridge designed to attract quality growth-oriented companies with an Asian nexus and global ambitions.
Industry observers suggest this framework could serve as a model for similar arrangements with other jurisdictions, as Singapore positions itself as a gateway connecting Asian growth companies to global capital markets while maintaining strong governance standards.
Centurion Accommodation REIT Expands Australian PBSA Portfolio
Centurion Accommodation REIT (SGX: 8C8U), or CAREIT, announced on 13 January 2026 the completion of its acquisition of EPIISOD Macquarie Park, a newly developed 732-bed purpose-built student accommodation (PBSA) asset in Sydney, Australia.
The acquisition, valued at A$345 million (S$280.1 million), marks CAREIT’s entry into the Sydney PBSA market and its first investment in the city following its initial public offering in September 2025.
The property will operate under the EPIISOD brand, a premium student accommodation brand pioneered by sponsor Centurion Corporation Limited.
The development features modern amenities including a rooftop pool, wellness centre, yoga studio, and full-service cafe.
A master lease with Centurion Properties until 31 December 2027 provides income stability.
CEO Tony Bin stated that the acquisition represents a key milestone in building a high-quality and diversified accommodation portfolio.
Following completion, CAREIT’s portfolio comprises 15 assets across Singapore, the United Kingdom, and Australia, with an aggregate valuation of S$2.1 billion.
CICT Divests Bukit Panjang Plaza for S$428 Million
CapitaLand Integrated Commercial Trust (SGX: C38U, CICT) is divesting its 90 strata lots in Bukit Panjang Plaza to US developer and fund manager Hines for S$428 million.
The sale represents a 10% premium to the independent valuation of S$389 million as at end-2025, with net proceeds estimated at S$421.2 million after accounting for sale-related expenses.
The disposal, expected to complete in the first quarter of 2026, is part of CICT’s broader portfolio reconstitution strategy.
Assuming the net proceeds are fully utilised to repay existing debt, the REIT’s aggregate leverage is expected to reduce from 39.2% to 38.2%.
CEO Tan Choon Siang highlighted that the sale optimises the portfolio and strengthens CICT’s financial flexibility for growth opportunities.
The 1998-built suburban mall comprises 164,500 square feet of net lettable area, translating to S$2,602 per square foot at the agreed price.
CICT-Led Consortium Wins Hougang Central GLS Site for S$1.5 Billion
In a separate development, a consortium comprising CICT, CapitaLand Development (CLD), and UOL (SGX: U14) was awarded the Hougang Central Government Land Sales (GLS) site for approximately S$1.5 billion, or S$1,179 per square foot per plot ratio.
Under the joint development structure, CICT will develop and own 100% of the commercial component, while CLD and UOL will jointly develop the residential component comprising approximately 830 units.
The development will feature around 300,000 square feet of net lettable area for retail and lifestyle concepts, making it the largest mall in Hougang.
With an expected yield on cost of over 5%, the project compares favourably with recent transactions of operating assets.
Tan Choon Siang noted that Hougang’s private retail space per capita of 2.8 square feet sits significantly below the national average of 11.4 square feet, presenting untapped potential.
The mixed-use development, targeted for completion in 2030/2031, will be integrated with Hougang MRT station and the new bus interchange.
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