The Singapore market has calmed down; equity prices have stabilized in 2026 to date, lagging their north Asian neighbors.

Having said that, domestic momentum is still good. The underlying macro growth story is still moving forward driven by positive real estate, construction and immigration trends (albeit with weak tourism and retail consumer activity).

We have no real worries about macro risks, as Singapore is a relative external outperformer with a huge surplus position, and despite continued fears of "overheated" property markets at home we still see prices and rents close to decade lows on an income-adjusted basis.

So we'll continue to hold the market for now. Singapore is not an "Asian tiger" by any stretch, but as long as domestic demand is broadly growing we're happy to maintain equity exposure ... subject to a review of trends again in the coming quarters.