Industry News

Eng Chien Chan has been appointed as the Market Group Head for Greater China at the Bank of Singapore, effective 17 March 2026. Based in Singapore, Chan will report to Rickie Chan, Head of Private Banking for Greater China and Chief Executive of the Hong Kong Branch.

With nearly three decades in the banking industry, Eng Chien Chan is a seasoned professional known for his leadership and regional expertise. Before joining the Bank of Singapore, he was the Market Head for Taiwan and Co-Head for Offshore China at HSBC Private Bank in Singapore, where he drove significant business growth. His career also includes senior roles at Credit Suisse, Nomura, and Citi, where he managed teams across global markets and specialised in event-driven and cross-asset structured solutions.

Rickie Chan expressed enthusiasm about the new appointment, stating, “We are delighted to welcome Eng Chien to the Bank of Singapore family. His appointment further strengthens our Greater China proposition and deepens our coverage in this strategically important region.” He noted that in 2025, the Greater China business was a major contributor to the bank’s overall growth, highlighting the bank’s ability to attract top talent.

The appointment underscores the Bank of Singapore’s commitment to expanding its influence in Greater China, a region of strategic importance. Eng Chien Chan’s extensive experience is expected to bolster the bank’s growth trajectory in this key market.
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Savills Singapore has launched a rare pair of refurbished shophouses for sale at 277/279 South Bridge Road in the Chinatown Conservation Area. These adjoining properties, with a combined land area of approximately 2,847 square feet and a total built-up area of about 8,259 square feet, are zoned for commercial use under the Master Plan 2025. The shophouses, featuring high-quality finishes such as marble flooring, are currently tenanted, offering investors immediate rental income.

The properties are anchored by Gunkee, a well-known food and beverage operator, ensuring consistent foot traffic. South Bridge Road has become a vibrant lifestyle corridor, hosting premium co-working spaces like The Great Room, co-living brand ST Signature, and heritage pastry brand Tong Heng. The area also features popular names such as Ya Kun Kaya Toast and Nanyang Old Coffee, reflecting strong investor interest in conserved shophouses.

The shophouses benefit from prominent street frontage and high pedestrian visibility, being within walking distance of Chinatown and Maxwell MRT stations. This location provides excellent connectivity and access to a large catchment of office workers, locals, and tourists. Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the dual catchment of tourists and professionals from the nearby Central Business District as a key advantage.

The sale is conducted via an Expression of Interest exercise, closing on 1 April 2026. Notably, there are no Seller’s Stamp Duty or Additional Buyer’s Stamp Duty applicable, and the properties are open to purchase by foreigners and companies.
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Singapore’s private residential leasing market displayed notable regional differences in the fourth quarter 2025, according to a report by Savills Research. Whilst rents for non-landed properties in the Outside Central Region (OCR) fell by 2.0% quarter-on-quarter, the Core Central Region (CCR) and Rest of Central Region (RCR) saw modest increases of 0.7% and 0.6%, respectively. The islandwide vacancy rate dropped to 6.0%, the lowest since Q1 2023, indicating improved absorption despite a decrease in leasing volumes.

Leasing contracts for private residential properties fell by 27.4% quarter-on-quarter to 19,771 transactions, reflecting typical year-end seasonality and a slower inflow of expatriates and international students. On a year-on-year basis, leasing volumes slipped marginally by 0.1%, ending six consecutive quarters of annual growth.

The moderation in leasing demand resulted in varied rental movements across regions. The rental index for non-landed private residential properties edged down 0.1% quarter-on-quarter, marking the first decline since the second quarter of 2024. In the OCR, the rental index fell 2.0% after three quarters of growth, whilst the CCR and RCR saw increases.

Despite softer leasing activity, vacancy rates improved across all regions. The OCR posted the sharpest decline in vacant stock, reducing its vacancy rate to 4.9%. The RCR and CCR also saw improvements, with vacancy rates falling to 6.0% and 8.8%, respectively.

Alan Cheong, Executive Director of Research & Consultancy at Savills Singapore, noted, “In 2025, positive growth dominated across most districts, particularly in median rents. With completions in 2026 expected to remain broadly similar to 2025 and vacancy rates improving, rents should hold broadly firm in the first half of 2026.”
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Singapore’s job market is evolving into a skills-driven arena as Morgan McKinley unveils its 2026 Salary Guide, highlighting the most sought-after roles in the city-state. The guide reveals a persistent shortage of skilled professionals in areas such as artificial intelligence (AI), data, cybersecurity, and sustainability, prompting organisations to prioritise skills over traditional credentials.

The report indicates that whilst permanent hiring has stabilised, there is a marked increase in demand for contract and project-based roles. This shift allows companies to maintain agility and cost efficiency without sacrificing capability. Ken Ong, Managing Director of Morgan McKinley Singapore, emphasised that “the ability to attract, retain and grow adaptable, purpose-led talent will set leading organisations apart.”

The guide also notes that candidates are increasingly discerning, seeking roles that offer flexibility, progression, and purpose. Rising living costs and changing expectations have led professionals to prioritise fair pay, hybrid work, and meaningful learning opportunities. As a result, companies are investing more in reskilling and upskilling to bridge the gap between available skills and business needs.

Looking ahead to 2026, the guide predicts that average salary growth will hover around 4%, with retention bonuses and mid-cycle adjustments becoming common. The focus on skills as a strategic differentiator is expected to continue, with forward-thinking employers reimagining workforce models to combine permanent and flexible talent.

In summary, Singapore’s future competitiveness will rely heavily on innovation, technology, and the skilled workforce driving these advancements. The 2026 Salary Guide provides valuable insights for both employers and professionals navigating this dynamic landscape.
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KSH Holdings Limited has announced that its subsidiary, Kim Seng Heng Engineering Construction, has secured a new construction project valued at over S$503m.

This significant addition brings the Group’s total construction order book in Singapore to approximately S$970m, promising to enhance the company’s financial results through to the financial year ending 31 March 2030.

Yeo Hiap Seng Limited, a prominent food and beverage group in Asia, has announced a significant increase in net profit for the financial year ending 31 December 2025, reaching S$21.1m. This comes despite a challenging year marked by an 11% decline in group revenue to S$292.4m, attributed to weakened consumer spending and heightened competition in key markets.

The company’s gross profit margin narrowed by 1.7 percentage points to 31.5%, primarily due to reduced production volumes. However, Yeo Hiap Seng managed to offset some of these challenges through cost optimisation efforts, even as it incurred S$2.8m in costs from implementing new enterprise resource planning software.

A notable contributor to the company’s improved net profit was other gains amounting to S$45.3m, largely from a 50-year land lease extension for its Guangzhou property. The company maintains a robust balance sheet, with cash reserves, including fixed deposits, totalling S$190.8m.

Looking ahead to 2026, Yeo Hiap Seng plans to focus on strengthening its fundamentals through margin improvement, innovation, and portfolio expansion. The company aims to launch smaller pack sizes to cater to lower-income consumers whilst scaling premium products for the middle class. Additionally, Yeo Hiap Seng intends to leverage external partnerships to accelerate product development, particularly targeting the US and European markets.

The Board of Directors has proposed a final dividend of two pence per share for fiscal year 2025, reflecting confidence in the company’s strategic direction and financial health.
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Food Empire Holdings Limited has reported a record-breaking financial performance for the year ending 31 December 2025, with revenue exceeding US$576.9m for the first time. The company also achieved an all-time high in normalised net profit after tax (NPAT), which surged by 37% to US$68.6m. This marks the fifth consecutive year of record revenue for the company.

The group’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) also reached a new high, crossing the US$100 million mark to stand at US$113.5m. Basic earnings per share increased to 12.55 US cents, up from 9.45 US cents in the previous year.

Food Empire’s CEO, Sudeep Nair, attributed the success to strategic investments in brand development and a focus on the Asian market. “This performance is driven by years of disciplined brand investment that have secured our market-leading positions across core markets,” he stated.

The company’s Russia segment led the growth with a 34.8% increase in revenue, reaching US$191m. South-East Asia and Central Asia also saw significant growth, with revenues rising by 14.3% and 25.6% respectively.

To celebrate its 25th year of listing, Food Empire’s Board of Directors has proposed a total dividend of 12 Singapore cents per share, the highest in the company’s history. Looking ahead, the company plans to expand its manufacturing facilities in Kazakhstan and Malaysia, with further projects in India and Vietnam expected to boost future growth.
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AEM Holdings Ltd. has announced a 51.6% increase in profit before tax for the financial year 2025, reaching S$21.3m. This surge is attributed to strong growth in the Artificial Intelligence (AI) and High-Performance Computing (HPC) sectors. The company’s revenue for the year rose by 5% to S$399.3m, bolstered by the ramp-up of its second AI/HPC customer.

The company’s Test Cell Solutions segment saw a 9% revenue increase, contributing S$251.4m, or 63% of total revenue. This growth was driven by the deployment of AEM’s advanced test solutions, which utilise proprietary PiXLTM thermal technology. Meanwhile, the Contract Manufacturing segment maintained steady revenue despite global trade uncertainties.

AEM’s balance sheet showed a 76.7% increase in cash and cash equivalents, with a significant reduction in loans and borrowings by 82.7%. The Board of Directors has recommended a final dividend of 1.3 Singapore cents per share, reflecting the company’s robust financial performance.

Looking ahead, AEM has provided revenue guidance of S$460m to S$510m for fiscal year (FY) 2026, driven by continued demand for AI/HPC chips. The company is also expanding into the memory test segment, with production shipments expected to begin in late FY 2026. CEO Samer Kabbani highlighted the company’s strategic positioning in the semiconductor market, stating, “The rapid ramp of our strategic AI/HPC customer’s business over the past year validates our leadership in advanced logic test.”
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Singapore’s National University Health System (NUHS) has entered a strategic partnership with GSMA Foundry to revolutionise healthcare delivery through advanced mobile technologies. This collaboration aims to integrate 5G private networks with digital twin, extended reality (XR), Internet of Things (IoT) devices, and ambient artificial intelligence (AI) to enhance healthcare services globally.

The partnership will initially focus on areas such as 5G-enabled remote surgical assistance, XR training, robotic systems, and intelligent facilities management. Adjunct Associate Professor Gao Yujia, assistant group chief technology officer at NUHS, highlighted the potential of these technologies to create “truly intelligent hospitals” that improve clinical workflows and patient outcomes.

Richard Cockle, head of GSMA Foundry, emphasised the transformative potential of connected health, stating that the collaboration aims to deliver secure, scalable solutions that enhance patient care and operational efficiency. Ericsson and Singtel are also key partners in this initiative, with Ericsson’s Daniel Ode noting the tangible benefits already achieved through the integration of 5G, AI, and robotics in Singapore.

At the upcoming MWC26 Barcelona, NUHS will showcase innovations such as a robot nurse companion, 3D holographic surgical planning, and advanced hospital-at-home technology. These demonstrations will highlight the future of healthcare powered by AI and 5G, offering insights into the practical applications and potential of connected health solutions.

The partnership between NUHS and GSMA Foundry marks a significant step towards advancing healthcare technology, with plans to expand these innovations to early adopter centres worldwide.
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Haris Michaels has been appointed as the new head of Energy & Power Eastern Region at HDI Global’s Singapore branch, effective 1 March. This strategic move underscores HDI Global’s commitment to supporting clients and broker partners in navigating the evolving landscape of power generation, traditional energy, and emerging technologies across Southeast Asia.

With over 20 years of industry experience, Michaels has a proven track record in technical, client-focused underwriting, particularly in complex engineering and energy-related risks. He joined HDI Global in 2013 and has previously held leadership roles in Australasia. Michaels relocated to Singapore in August 2025 to expand his regional mandate, succeeding Mark Mackay, who has been promoted to Global Head of Energy & Power at HDI Global.

Alex Tarantino, managing director of HDI Global Singapore, highlighted the importance of the Energy & Power sectors in Asia, driven by increasing investment and complex transition pathways. “With Haris Michaels taking on leadership responsibility for Energy & Power in Singapore, we are seamlessly strengthening continuity for clients and brokers,” Tarantino stated.

Michaels expressed enthusiasm for his new role, emphasising his focus on staying close to clients and broker partners. “My focus will be simple: staying close to clients and broker partners, understanding their projects and challenges, and bringing HDI Global’s technical expertise and responsive service to support them,” he said.

This leadership transition is expected to bolster HDI Global’s position as a trusted partner in the region’s energy transformation, offering consistent support across conventional energy, renewables, and emerging technologies.
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