Industry News

GigaDevice, a prominent semiconductor company based in Beijing, has inaugurated its global headquarters in Singapore. This strategic decision, announced on 3 June 2025, aims to bolster the company’s international growth by enhancing customer engagement and strengthening its supply chain and ecosystem across key markets. The Singapore hub will serve as a central platform for global coordination and product innovation.

Founded in 2005, GigaDevice has swiftly built a competitive portfolio, with its SPI NOR Flash holding the second-largest global market share at 20.4%, and ranking seventh in the 32-bit general-purpose microcontroller (MCU) segment. The company caters to various sectors, including industrial, automotive, consumer, and the Internet of Things (IoT), and is known for its reliable and innovative semiconductor solutions.

As demand for smart, connected technologies rises, particularly in industrial automation and automotive electronics, GigaDevice is focusing on innovation and ecosystem collaboration. Jennifer Zhao, CEO of Global Business at GigaDevice, stated, “We chose Singapore not just for its strategic location, but for its clarity, consistency, and global ambition.”

Singapore’s infrastructure, pro-innovation environment, and talent pool make it an ideal location for GigaDevice’s global headquarters. The company plans to expand its international presence and build a more connected and agile global ecosystem from its new base. This move underscores Singapore’s status as a premier technology and business hub, offering a foundation for global scalability and agility.
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ST Engineering has announced a significant five-year maintenance, repair, and overhaul (MRO) contract with Air Cairo, marking the company’s expanding footprint in the Middle Eastern aviation market. The contract involves supporting the LEAP-1A engines that power Air Cairo’s Airbus A320neo fleet, with services to be conducted at ST Engineering’s MRO facility in Singapore. The first engine is expected to be inducted in mid-2025.

The partnership with Air Cairo, a new customer for ST Engineering, underscores the company’s growing reputation as a leader in engine overhaul services. Captain Ahmed Shanan, chairman and CEO of Air Cairo, expressed satisfaction with the collaboration, stating, “We are pleased to form a partnership with ST Engineering, the globally recognised leader in engine overhaul, to support the maintenance of the LEAP-1A engines powering our Airbus A320neo.”

Tay Eng Guan, head of Engine Services at ST Engineering, highlighted the strategic importance of the contract, noting, “This latest contract demonstrates increasing confidence in our expertise as a Premier MRO provider for the LEAP engines, whilst marking another significant step in expanding our LEAP engine support for Middle Eastern operators.”

ST Engineering is the first independent MRO provider in Asia designated as a Premier MRO provider in CFM International’s LEAP open MRO ecosystem. The company achieved testing capabilities for the LEAP-1A and LEAP-1B engines at its Singapore facility in 2024 and is currently expanding its capabilities to include full MRO services. This contract with Air Cairo is expected to further solidify ST Engineering’s position in the competitive aviation market.
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City Developments Limited (CDL) has emerged as the top bidder in the Urban Redevelopment Authority’s (URA) government land sales (GLS) tender for the Lakeside Drive site, offering $608m. This bid translates to a land rate of $1,132 per square foot per plot ratio (psf ppr), marking one of the highest rates for an Outside Central Region (OCR) residential GLS plot in recent years.

The tender attracted six bids, with the second-highest bid of $1,025 psf ppr submitted jointly by Frasers Property and MJR Investment, an affiliate of Mitsubishi Estate Group. The bid spread, with a 25% difference between the highest and lowest bids, indicates varying assessments of the site’s potential amongst developers.

The Lakeside Drive plot is strategically located near the Lakeside MRT station and offers proximity to schools and the Jurong Lake District (JLD). It also promises scenic views from the nearby Jurong Lake Gardens. Despite these advantages, there is some uncertainty about the depth of private housing demand, given slower sales at recent launches in Jurong and the absence of new condo launches in Jurong West for nearly nine years.

Wong Siew Ying, Head of Research and Content at PropNex, noted, “We anticipate there could be possible pent-up demand for private homes in this area, including from HDB upgraders who are currently residing in the Jurong area.”

The last major project in the area, Lake Grande, achieved a strong take-up rate of over 60% during its launch in July 2016 and sold out by 2018. With the top bid land rate, the average selling price for the future development on the Lakeside Drive plot is estimated to be above $2,400 psf.
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Developers have shown a cautious approach at the Urban Redevelopment Authority (URA) tender for the Lakeside Drive site, which closed recently. The site, located next to Lakeside MRT, received six bids, with the highest bid of $608m or $1,132 per square foot per plot ratio (psf ppr) submitted by CDL entities. This comes amid a backdrop of slowing new home sales and economic headwinds due to tariff uncertainties.

The number of bids for the Lakeside Drive site was notably lower than previous tenders in the area. Comparable sites, such as Lake Grande, Lakeville, and Lakefront Residences, received 9, 12, and 14 bids, respectively, when tendered between 2010 and 2015. The recent Bayshore site tender in March 2025 also saw eight bids, highlighting the tempered enthusiasm for the Lakeside Drive site.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that the response was weaker than expected given the site’s proximity to the MRT station and several schools. The Lakeside Drive site is the first Government Land Sales (GLS) tender in the vicinity in a decade, with the last being Lake Grande in 2015, which drew nine bids and was sold at a land rate of $630 psf ppr.

Looking ahead, the new development at Lakeside Drive could potentially launch at prices starting from $2,300 psf. This reflects the ongoing demand for residential properties in the area, despite the current economic challenges. The cautious sentiment among developers may continue to influence future tenders in the region.
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Strata industrial sales in Singapore have plummeted to a five-year low, with only 351 transactions recorded in the first quarter (Q1) of 2025, according to Savills Research. The decline is attributed to investor caution due to reconfiguring supply chains and increasing business costs, which have led to postponed expansion plans.

Despite the sluggish sales, the JTC multiple-user factory price index rose by 1.9% quarter-on-quarter (QoQ) in Q1. Savills noted that 30- and 60-year leasehold property prices also saw growth, increasing by 3.3% and 1.2% QoQ, respectively. This trend suggests a preference for assets with manageable financial commitments during uncertain economic times. Conversely, freehold property prices fell by 0.7% QoQ.

In the rental market, factory and warehouse segments maintained stable leasing momentum, with a 1.3% year-on-year (YoY) increase in total leasing volume. However, businesses are adopting a cautious approach, delaying leasing decisions and reassessing space needs. Warehouse logistics emerged as the most active segment, with a 6.1% increase in tenancies from the previous year.

Looking ahead, lease renewals are expected to dominate industrial space demand, as landlords offer incentives to retain tenants. Multiple-user factory rents are projected to rise by up to 3% this year, whilst warehouse and business park rents are likely to remain flat due to older developments offsetting higher rents from new facilities.

Ashley Swan, executive director of Commercial & Industrial at Savills Singapore, remarked, “The Singapore industrial market remained fairly resilient in the face of continued economic uncertainty.” Alan Cheong, Executive Director of Research & Consultancy, added, “The imposition of tariffs by the US has raised economic uncertainties, affecting corporate decision-making and slowing transaction velocity.”

The cautious sentiment is expected to persist, impacting business expansion plans and industrial space demand throughout the year.
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Kuehne+Nagel and SATS Ltd. have launched an expedited delivery service for urgent aircraft parts in Singapore, enhancing their strategic partnership to bolster air logistics resilience. This initiative, part of a 2023 Memorandum of Understanding (MoU), aims to optimise value chains and improve sustainability in global air cargo logistics.

The new service, introduced at Singapore Changi Airport, addresses Aircraft-on-Ground (AOG) emergencies, where aircraft are grounded due to technical issues. These situations can lead to significant operational and financial impacts, making rapid access to spare parts crucial. The solution promises reduced delivery times and improved real-time shipment visibility, facilitating quicker aircraft returns to service.

Beyond Singapore, Kuehne+Nagel and SATS are expanding their collaboration to improve warehouse and lorry efficiency and optimise multi-modal Sea-Air logistics. A pilot project at Frankfurt Airport, involving Worldwide Flight Services (WFS), a SATS company, and Kuehne+Nagel, aims to accelerate import cargo clearances by streamlining cargo pick-up and delivery processes.

Additionally, the companies have launched Sea-Air logistics services in Los Angeles and Singapore, enhancing connectivity and reducing transit times, costs, and carbon emissions. Yngve Ruud, EVP Air Logistics at Kuehne+Nagel, highlighted the partnership’s role during the Red Sea crisis, stating, “We’re excited to expand this collaboration with SATS to enhance value in supply chains through lorrying, warehousing, and time-critical shipment solutions.”

Francois Mirallie, Deputy CEO Gateway Services Global at SATS, emphasised the shared commitment to building resilient supply chains, noting, “Together, we are delivering agile, customer-centric solutions that meet the evolving needs of our ecosystem partners.” The companies plan to extend their collaboration to include healthcare and aerospace sector solutions.
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The Singapore Institute of Purchasing and Materials Management (SIPMM) has released the May 2025 Purchasing Managers’ Index (PMI), revealing a contraction in the manufacturing sector. The PMI, a key indicator of manufacturing health, fell to 49.8, down from 50.2 in April. A reading below 50 signifies a contraction, highlighting the sector’s struggle amidst global economic uncertainties.

The decline in the PMI is attributed to several factors, including a decrease in new orders and exports. This downturn suggests that manufacturers are facing challenges in maintaining demand levels, both domestically and internationally. The SIPMM report noted that the electronics sector, a significant component of Singapore’s manufacturing industry, also experienced a contraction, with its PMI dropping to 49.5.

The contraction in the PMI is significant as it reflects broader economic pressures impacting Singapore’s manufacturing landscape. The sector has been grappling with supply chain disruptions and fluctuating demand, exacerbated by global economic conditions. The SIPMM emphasised the importance of monitoring these trends closely, as they could have long-term implications for the industry.

Looking ahead, the manufacturing sector will need to adapt to these challenges to stabilise and potentially return to growth. The SIPMM’s report serves as a crucial barometer for policymakers and industry leaders as they navigate the complexities of the current economic environment.
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City Developments Limited (CDL) has emerged as the top bidder for the Lakeside Drive Government Land Sales (GLS) mixed-use site, offering $1,132 per square foot per plot ratio (psf ppr). This bid represents the highest level of participation and price for a site in the Outside Central Region (OCR) since November 2023, when Clementi Avenue 1 was sold.

CDL, known for its expertise in developing mixed-use projects with retail components, previously saw success with its Piccadilly Grand development. The strong interest in the Lakeside Drive site is attributed to several factors, including a pause in tariffs between major global economies, the need to replenish landbanks, and the area’s robust upgrading demand.

The site, which has not seen a land sale since 2015, is strategically located with convenient access to Lakeside MRT station and is a mere 250 metres from Rulang Primary School. This proximity is expected to attract potential buyers, particularly those from the more than 2,500 flats in the vicinity that have met their minimum occupation period and are eligible for upgrading.

The commercial space on the first storey of the development will enhance the limited retail offerings currently available at Lakeside MRT station and the nearby HDB neighbourhood. This addition is anticipated to provide residents with greater convenience, reducing the need for travel to meet daily needs.

Mark Yip, CEO of Huttons Asia, commented on the development, highlighting the potential pent-up demand and the site’s appeal due to its strategic location and amenities.
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Jobseeker interest in Singapore’s hospitality and tourism sector has soared by 130% since 2021, according to new data from Indeed, a global hiring platform. This surge coincides with a 48.7% increase in job postings, reflecting the sector’s robust recovery post-pandemic. The rise in interest is attributed to improved perceptions of job security, pay, and working conditions, alongside contributions from skilled talent, including returning alumni and recent graduates.

Indeed spokesperson Shannon Peter Pang highlighted the importance of aligning this influx of talent with appropriate roles to ensure long-term growth. “Thriving jobseeker interest is a good sign of the hospitality and tourism sector’s recovery, but employers must ensure that this influx of talent is matched to the right roles to nurture the industry for long-term growth and resilience,” Pang stated.

The sector’s job postings grew by 14.6% from April 2024 to April 2025, driven by increased travel demand and investments in workforce development. Singapore’s status as a premier travel destination in the Asia Pacific is bolstered by hosting global events and sporting spectacles.

Pang emphasised the need for employers to invest in upskilling programmes and retention strategies, such as competitive benefits and clear career pathways, to maintain workforce motivation and commitment. As Singapore’s hospitality and tourism sector continues to recover, businesses are urged to focus on building meaningful career pathways rather than merely filling positions.
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UNIQLO Singapore has unveiled its first Touchpoint Concept Store at Velocity @ Novena Square, marking a strategic shift in its retail approach. This new store, occupying just 10% of the space of a typical UNIQLO outlet, aims to address the challenges of rising rent prices and moderate consumer demand whilst enhancing the Online-to-Offline (O2O) shopping experience.

The Touchpoint Concept Store is designed to optimise floor space and expand UNIQLO’s reach without compromising on product range or service. Cecilia Tan, e-commerce director at UNIQLO Singapore, emphasised the store’s role in reimagining the in-store experience. “We are committed to scaling our presence and reaching more consumers by seamlessly integrating digital convenience with in-store engagement,” she stated.

Key features of the new store include the Click & Collect service, which enhances the O2O retail experience by allowing customers to enjoy the convenience of online shopping combined with the efficiency of in-store pickup. This service is part of UNIQLO’s broader retail strategy in Singapore, reflecting its MADE FOR ALL philosophy.

The launch of the Touchpoint Concept Store signifies UNIQLO’s commitment to adapting to the evolving retail landscape. By focusing on innovative solutions, the brand aims to maintain its competitive edge and continue meeting consumer needs effectively. As the retail sector faces ongoing challenges, UNIQLO’s approach could set a precedent for other retailers looking to optimise their operations and enhance customer experiences.
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