Industry News

The Energy Market Authority (EMA) has granted Conditional Approvals to Sembcorp Utilities Pte Ltd and Southern Solar Alliance Pte Ltd to import a total of 900 megawatts (MW) of electricity from Peninsular Malaysia to Singapore. The electricity will be generated from solar and battery energy storage systems located in Johor, with commercial operations expected to commence around 2029.

Sembcorp Utilities has been approved for a proposed capacity of 300 MW, whilst Southern Solar Alliance, a subsidiary of Malaysian developer Ditrolic Energy Holdings Sdn Bhd, has been approved for 600 MW. Both companies must secure necessary approvals, finalise power purchase agreements, and achieve various project milestones to reach financial close.

This development is part of a broader strategy to enhance bilateral energy cooperation between Singapore and Malaysia. It follows previous approvals for importing 1GW of low-carbon electricity from Sarawak and a Joint Development Agreement involving Singapore Energy Interconnections, SP Group, and Tenaga Nasional Berhad for a potential 2GW interconnection.

The initiative aligns with Singapore’s efforts to decarbonise its power sector, which contributes to 40% of the nation’s carbon emissions. EMA has already granted Conditional Approvals and Licences to 13 electricity import projects from countries including Australia, Cambodia, Indonesia, Malaysia, and Vietnam. The authority continues to seek credible proposals that support the decarbonisation agenda.

Space Nova, a newly launched industrial project, has successfully sold 44 units, with the majority of buyers being end-users. The development is strategically situated near Bartley and Tai Seng MRT stations, and is a short drive from major expressways such as the CTE, KPE, and PIE.

The scarcity of new industrial space in the New Industrial Road cluster has contributed to a price growth of over 30% from 2016 to 2026. The last project in this area was In Space, launched in 2019. This limited supply has bolstered demand for Space Nova, which features a modern façade that enhances its corporate appeal and aids in attracting talent.

The units in Space Nova are designed to maximise efficiency, being column-free with a modular grid layout that allows for easy combination or subletting of spaces. With a floor-to-floor height of at least 6.3 metres, the units are versatile for various trades. Additionally, the development offers ramp-up access to the second and third storeys, providing end-users with the convenience of direct loading and unloading at their doorstep.

Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, highlighted the project’s appeal, stating that its strategic location and modern design make it an attractive option for businesses looking to establish a strong corporate presence. As the demand for industrial space continues to rise, Space Nova’s successful launch underscores the importance of strategic location and innovative design in attracting end-users.

Centurion Accommodation REIT (CAREIT) has announced a distribution per unit (DPU) of 3.499 Singapore cents for the first half of 2026, outperforming its Prospectus Forecast by 9.6%. This achievement is attributed to higher rental rates and bed sales in its Purpose-Built Worker Accommodation (PBWA) and favourable foreign exchange movements.

CAREIT’s gross revenue reached S$108.9m, exceeding the forecast by 5.1%, whilst its net property income stood at S$78.4m, surpassing expectations by 4.3%. The increase in revenue was bolstered by additional income from expanded capacities at Westlite Toh Guan and Westlite Mandai, contributing S$1.1m.

The financial occupancy rates for CAREIT’s PBWA and Purpose-Built Student Accommodation (PBSA) were 92.2% and 98.8%, respectively. Notably, Westlite Toh Guan and Westlite Mandai achieved committed occupancy rates of 99.0% and 87.2% by the end of July 2026, indicating strong leasing momentum.

Since its initial public offering (IPO), CAREIT’s portfolio capacity has grown by approximately 25.7%, now comprising 30,236 operational beds. The trust maintains a healthy aggregate leverage of 29.9%, with a debt headroom of S$380m, allowing for future growth opportunities.

CAREIT’s inclusion in the FTSE EPRA Nareit Global Developed Index as of 22 June 2026 marks a significant milestone, achieved within nine months of its IPO. This recognition underscores the trust’s robust performance and strategic growth trajectory.

The next distribution is scheduled for 17 September 2026, reflecting CAREIT’s commitment to delivering consistent returns to its unitholders.

Koh Brothers Eco Engineering Limited has announced a 29% increase in revenue to $144.1m for the first half of 2026, driven by higher revenue recognition from ongoing projects in its Engineering and Construction segment. However, the company reported a net loss of $5.7m attributable to equity holders, primarily due to increased material and procurement costs amid ongoing geopolitical conflicts and supply chain disruptions.

The company’s gross profit fell to $7.5m from $13.9m in the same period last year, reflecting a 39% rise in the cost of sales. Despite these challenges, Koh Brothers Eco maintains a robust order book valued at approximately $1b as of 30 June 2026, providing strong earnings visibility.

Chief Executive Officer Paul Shin stated, “With an order book of approximately $1b providing strong earnings visibility, we remain focused on disciplined project execution, operational excellence and prudent cost management for our ongoing projects.” These projects include significant undertakings such as the Multi-Storey Lorong Halus Bus Depot and the Tuas Water Reclamation Plant.

The company is also eyeing a transfer to the SGX Mainboard, which it views as a significant milestone that could enhance its corporate profile and broaden access to institutional investors. This move is part of Koh Brothers Eco’s strategy to strengthen its position in engineering, sustainable infrastructure, and environmental solutions.

Looking ahead, Koh Brothers Eco plans to continue selectively tendering for projects to bolster its order book whilst maintaining a healthy balance sheet with cash and bank balances of $61.3 million.
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Bridge Data Centres (BDC), a Singapore-based hyperscale data centre provider, and Morong Electric have launched PowerCore 50, the world’s first fully prefabricated power module designed for high-density AI data centres. The innovative module aims to address the increasing demands of AI infrastructure by significantly reducing power infrastructure delivery timelines.

PowerCore 50 is engineered to handle high-density AI workloads and integrates seamlessly with BDC’s proprietary iPower Cube and Bridge Omni Platform. This prefabricated module combines BDC’s global delivery experience with Morong Electric’s electrical manufacturing expertise, offering a streamlined solution to the challenges faced by traditional power infrastructure models.

The module’s design includes factory preintegration, standardised global transport, parallel construction, and maintenance without downtime. Each unit is fully assembled and tested offsite, integrating essential components such as transformers, power distribution, and cooling systems. This approach eliminates the inconsistencies of conventional field construction and allows for rapid deployment.

Built on a standard 40ft ISO container frame, PowerCore 50 facilitates global shipping without the need for oversized freight premiums, ensuring efficient cross-border deployments. The module’s design allows for simultaneous onsite civil works and factory prefabrication, cutting delivery timelines by more than 50% compared to traditional methods.

Zhang Binghua, Chief Technology Officer of BDC, highlighted the module’s significance, stating, “PowerCore 50 raises the bar on system integration, cross-climate operation, delivery speed, and intelligent operations and maintenance.” Zhang Kai, Chairman of Morong Electric, added that the launch marks a critical milestone in their strategic partnership, aiming to advance industry-wide technical standardisation.

Both companies plan to continue developing prefabricated power modules to support the sustainable growth of AI operations globally, focusing on low-carbon, scalable solutions.

United Overseas Bank (UOB) has reported a net profit of S$1.5b for the second quarter of 2026, marking a 10% increase from the previous year. This growth underscores the bank’s resilience amidst economic uncertainties and market volatility. For the first half of 2026, UOB’s net profit rose by 3% compared to the same period last year.

The bank’s board has declared an interim dividend of 88 cents per ordinary share, reflecting a payout ratio of approximately 50%. Despite a healthy 5% loan growth and active balance sheet management, net interest income decreased by 2% due to margin pressures from a lower interest rate environment. However, net fee income rose by 5% year on year to S$665m, driven by record wealth management fees.

UOB’s non-performing loan ratio stood at 1.6%, with credit costs for the quarter remaining within expectations at 28 basis points. The bank’s Group Wholesale Banking division continued to perform well, with transaction banking contributing nearly half of the total wholesale banking income. Trade loans increased by 33% year on year, and CASA (current account savings account) balances grew by 9%.

In the ASEAN-4 markets of Malaysia, Indonesia, Thailand, and Vietnam, trade loans rose by 14% and CASA balances by 9%, highlighting UOB’s strong regional franchise. Wealth management income for the first half of 2026 increased by 16%, with assets under management reaching S$204b, a 7% rise from the previous year.

UOB’s Deputy Chairman and CEO, Wee Ee Cheong, stated, “Our results reflect the resilience of our diversified franchise, and the momentum building across our key ASEAN markets. Looking ahead, we see significant opportunities to grow wealth, support cross-border ambitions and capture a larger share of trade and investment flows across ASEAN.”

Aedge Group Limited, a Catalist-listed multi-services provider, has successfully completed a share placement, raising approximately S$3.5m. The placement, finalised on 6 August 2026, involved the issuance of 16,667,000 new ordinary shares at S$0.21 each. This move attracted significant interest from institutional and strategic investors, including Azure Capital and ICH Synergrowth Fund, as well as notable private investors such as Michael Kum of M&L Hospitality and Lim Thiam Hooi of Lum Chang Creations Limited.

The placement, fully subscribed, reflects strong demand and represents about 10.3% of Aedge’s existing issued share capital, increasing to 9.3% of the enlarged share capital post-placement. Hong Leong Finance Limited acted as the placement agent.

The net proceeds of approximately S$3.4m will be directed towards expanding Aedge’s investment properties division and supporting general working capital. This expansion aims to rejuvenate under-utilised industrial and commercial properties into modern worker-accommodation assets. Current projects, such as Amethyst House and Beryl House, are fully occupied, with Carnelian House undergoing repositioning.

Terence Wong, CEO of Azure Capital, expressed confidence in Aedge’s strategy, stating, “Aedge is a profitable and cash-generative group with a track record built over more than two decades.” Lim Thiam Hooi also highlighted the potential for collaboration in the built environment sector.

Aedge’s Executive Chairman, Poh Soon Keng, noted the calibre of investors as a vote of confidence in the company’s strategic direction, emphasising the financial flexibility gained to scale their investment properties division. The placement is expected to enhance trading liquidity and broaden the shareholder base.

OCBC Group has announced a record net profit of S$4.19b for the first half of 2026, marking a 13% increase from the previous year. This growth was primarily fuelled by a significant rise in non-interest income, which surged by 36% year-on-year to S$3.51b. The bank’s total income for the period reached S$7.998b, an 11% increase from the previous year.

The bank’s performance in the second quarter of 2026 was particularly strong, with net profit reaching S$2.22b, up 22% year-on-year. This was supported by a record total income of S$4.17b, an 18% increase from the same period last year. Non-interest income in the second quarter rose by 51%, driven by a 28% increase in fees and an 85% rise in trading and investment income.

OCBC’s wealth management sector played a crucial role, with fees up 39% year-on-year, reflecting broad-based growth across all wealth product channels. The bank’s wealth management assets under management grew by 13% to S$350b.

The bank maintained a healthy liquidity position, with a non-performing loan ratio steady at 0.9% and credit costs at 14 basis points. An interim dividend of 47 pence per share was declared, representing a 15% increase from the previous year.

Looking forward, OCBC’s robust performance across various sectors, including wealth management and insurance, positions it well for continued growth. The bank’s strategic focus on diversifying income streams and managing costs effectively has contributed to its strong financial results.

Wee Hur Holdings has announced a significant donation of S$1.5m to the Singapore University of Technology and Design (SUTD) to bolster student entrepreneurship and sustainability initiatives. The donation was unveiled at a ceremony on 5 August 2026, attended by Jessica Tan, Member of Parliament for East Coast GRC (Changi-Simei), as the Guest of Honour.

The funds will be channelled through SUTD’s Design*AI Innovation & Venture Exploration (DIVE) platform, which supports innovation projects, venture development, and overseas learning opportunities. Additionally, the donation will establish the Wee Hur Think Tank, a dedicated space on campus for students to develop and test their ideas.

Goh Wee Ping, Chief Investment Officer of Wee Hur Holdings, emphasised the company’s commitment to nurturing young talent. “We have always believed that good ideas deserve the chance to grow, and that the next generation is worth investing in,” he stated. “Through this gift and the Wee Hur Think Tank, we want to give young people the room to test ideas, learn quickly, and build ventures that last, in Singapore and beyond.”

SUTD President Professor Phoon Kok Kwang expressed gratitude for the donation, highlighting its impact on empowering students to explore ideas beyond the classroom. “With Wee Hur’s support, more students will be able to embark on entrepreneurial journeys, such as robotics, where design, engineering, and imagination come together to solve complex challenges,” he said.

This initiative aligns with Wee Hur’s long-standing values of discipline and prudence, reflecting its dedication to building enduring value through education and innovation.

Uni-Asia Group Ltd., a Singapore Exchange (SGX) Mainboard-listed company specialising in maritime assets, has announced a significant step in its fleet renewal strategy by ordering a new 40,000 deadweight tonnage (dwt) double-hull bulk carrier. The agreement with Nihon Shipyard Co., Ltd. marks the group’s second newbuild order, featuring an eco-type engine and a dual-fuel ready design. This move positions Uni-Asia ahead of tightening international environmental standards.

The new vessel is expected to be delivered between the fourth quarter of 2029 and the first half of 2030. The acquisition will be financed through a combination of internal cash and external debt. This strategic investment underscores Uni-Asia’s commitment to sustainability and innovation in maritime operations.

The eco-specification of the new bulk carrier aligns with global trends towards greener shipping solutions. As environmental regulations become increasingly stringent, the dual-fuel ready design ensures compliance and operational flexibility. This proactive approach not only enhances Uni-Asia’s competitive edge but also contributes to reducing the environmental impact of its fleet.

Uni-Asia’s decision to invest in advanced maritime technology reflects its dedication to maintaining a modern and efficient fleet. The company’s focus on sustainability and compliance with evolving standards is expected to bolster its market position and operational efficiency in the long term.