Industry News

Strategic Marine has successfully delivered two new StratCat 27 Crew Transfer Vessels (CTVs) to Louis Dreyfus Armateurs (LDA), enhancing their offshore wind support fleet. These vessels, sister ships to Acti’Vent and Esti’Vent, are set to be deployed in the burgeoning offshore wind sector across France and Europe.

Built at Strategic Marine’s Singapore shipyard, the 27-metre aluminium catamarans are designed to meet the rigorous demands of offshore renewable operations. They can accommodate 24 technicians and are equipped to ensure safety, performance, and comfort in challenging marine environments. Potential deployment areas include France, the UK, Poland, Taiwan, Korea, and Japan.

Gaël Cailleaux, renewables managing director at LDA, expressed confidence in the vessels’ ability to support the growing offshore wind market, stating, “In line with our commitment to deliver operational excellence, we are confident that these two StratCat 27 will reliably support the growing offshore wind market in France and Europe.”

Chan Eng Yew, CEO of Strategic Marine, highlighted the significance of the delivery, saying, “We are delighted to deliver these two state-of-the-art CTVs to our valued customer Louis Dreyfus Armateurs. These vessels are the second pair of CTVs which we have delivered in the past 2 years.”

The delivery underscores both companies’ dedication to advancing offshore wind operations and supporting the energy transition in the region. The StratCat 27 design continues to demonstrate its value across Europe and Asia, contributing to the long-term growth of offshore wind infrastructure.
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Mapletree Investments Pte Ltd has reported a robust financial performance for the financial year ending 31 March 2025, achieving a revenue of $2.2b and a recurring profit after tax and minority interest of $637.4m. The company’s strategic acquisitions and asset recycling activities have played a pivotal role in this success, increasing its assets under management to $80.3b.

Group CEO Hiew Yoon Khong highlighted the company’s disciplined approach amidst a challenging environment of high interest rates and geopolitical tensions. “The Group deepened our focus on our core sectors—logistics, student housing, office, and data centre—through prioritising operational performance and investing selectively in specific markets with growth potential,” he stated.

Mapletree’s logistics sector saw significant growth, with new acquisitions in the UK and Spain, and the launch of the Mapletree Emerging Growth Asia Logistics Development Fund targeting Malaysia, India, and Vietnam. The student housing sector also expanded with a GBP 1b acquisition of 31 assets in the UK and Germany, elevating Mapletree to the fourth largest student housing owner in the UK.

In the office sector, Mapletree invested in India’s Global Business City and acquired land in Hanoi for a Grade A mixed-use project. The data centre sector also saw expansion, with new developments in Japan and Hong Kong.

Looking forward, Mapletree aims to continue its growth trajectory by enhancing operational performance and pursuing development projects in alignment with its long-term objectives.
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HL Bank Singapore recently hosted a high-level forum titled ‘ASEAN’s Next Engine of Economic Growth’ to explore the vast cross-border opportunities presented by the Johor-Singapore Special Economic Zone (JS-SEZ). The event, held on 3 June 2025, brought together key figures from organisations such as the Iskandar Regional Development Authority, Bank Negara Malaysia, and the Malaysian Investment Development Authority, alongside experts from Hong Leong Bank (HLB) and HL Bank Singapore.

The JS-SEZ, covering over 3,500 square kilometres, is set to become a hub for advanced industries and innovation, significantly boosting trade between Malaysia and Singapore. With nine flagship zones, it aims to create a diversified economic landscape. Hong Leong Bank is leveraging its extensive presence in both markets to offer seamless financial solutions to businesses looking to capitalise on these opportunities.

Ng Wee Lee, chief executive of HL Bank Singapore, emphasised the bank’s commitment to supporting Singaporean businesses in the JS-SEZ, stating, “Our commitment to Singaporean businesses extends beyond just transactions; we are invested in their long-term prosperity.”

The forum highlighted HLB’s comprehensive banking services, which include tailored financing solutions for corporate and SME clients, as well as cash management and global markets expertise. Yow Kuan Tuck, managing director of business & corporate banking at HLB, noted, “The JS-SEZ is not just about today’s opportunities but has the potential to reshape part of the economic future of ASEAN.”

As the JS-SEZ continues to develop, Hong Leong Bank’s cross-border financial solutions are poised to play a crucial role in supporting businesses and fostering economic integration in the region.
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SAE-REN, a new Korean-inspired wellness destination, has officially opened its doors at Orchard Gateway Emerald in Singapore. This unique sanctuary combines ancient Korean self-care rituals with cutting-edge biohacking and regenerative therapies, offering guests an opportunity to rebalance, renew, and reconnect with themselves in a serene environment.

Located in a 3,252-square-foot standalone space, SAE-REN is designed to provide a tranquil escape from the bustling city life. The interiors feature calming wood accents and a soothing palette of pastel green, gold, and silver, creating an atmosphere that quiets the mind and awakens the senses.

SAE-REN offers a range of innovative wellness treatments, including oxygen therapy chambers that enhance cellular repair and mental clarity, and red and infrared LED light chambers that calm inflammation and recharge the skin’s natural healing rhythm. Additionally, cryotherapy chambers provide a blast of icy precision to tone and energise the body.

The wellness centre also features personalised facial, hair, and scalp rituals grounded in Korean philosophy, addressing concerns such as acne, pigmentation, and premature ageing. These non-invasive treatments are tailored to each guest’s unique skin needs.

Founder and CEO Andrey Akselrod stated, “At SAE-REN, we honour your body’s rhythms, your skin’s voice, your mind’s need for peace. We are here to help you rediscover balance and glow, not just on your face or body, but in your life.”

SAE-REN plans to expand its offerings in the coming months, including a curated selection of wellness and beauty products. A grand opening celebration is scheduled for August, featuring live demonstrations and guided sensory tours.
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The Ascott Limited, a wholly owned lodging business unit of CapitaLand Investment, is expanding its luxury brand, The Crest Collection, into East Asia and the Middle East. This expansion includes new properties in Japan, China, the United Arab Emirates (UAE), and Saudi Arabia, driven by increasing demand for heritage-rich luxury stays. The brand now boasts 16 properties with over 2,700 units across 11 countries.

Among the latest additions is SENKA TOKYO by The Crest Collection, set to debut in Japan in the second half of 2029. In China, the Hong Yuan Hotel by The Crest Collection opened in Haikou, with another property planned for Wuhan by mid-2026. The Middle East will see the opening of Al Mahra Resort by The Crest Collection in the UAE in early 2027, followed by a property in Riyadh, Saudi Arabia, in 2028.

Serena Lim, chief growth officer at Ascott, highlighted the brand’s ability to adapt across various accommodation types, stating, “The Crest Collection meets the aspiration for culturally immersive experiences enriched by each property’s distinctive identity.”

The luxury travel sector is projected to grow significantly, with travellers seeking unique experiences. Tan Bee Leng, chief commercial officer at Ascott, noted, “Curating experiences that resonate with the expectations of the most discerning travellers has become the currency of modern luxury.”

The Crest Collection’s expansion aims to redefine modern luxury by offering story-driven experiences that celebrate local culture and heritage.
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Income Insurance has unveiled findings from its “Singapore Electric Dream” survey, which highlights significant barriers preventing Singaporeans from adopting electric vehicles (EVs). Despite 71% of respondents supporting the nation’s goal of achieving 100% cleaner energy vehicles by 2040, concerns such as costly battery replacements, fire risks at charging stations, and range anxiety remain prevalent.

The survey, conducted by YouGov in March 2025, involved 1,009 car owners, including nearly 200 EV owners. It revealed that younger drivers, particularly Millennials and Gen Zs, are worried about fire risks at charging stations (35%), long charging times (34%), and range anxiety (32%). Meanwhile, older generations, such as Gen X and Baby Boomers, are more concerned about costs, including high battery replacement expenses (36%) and limited resale value (31%).

A notable finding is the demand for EV-specific insurance, with 30% of EV owners expressing concern over the lack of tailored insurance products. Features such as coverage for battery replacement and 24/7 emergency mobile charging service are highly sought after, addressing practical concerns about EV ownership.

Cecilia Siah, VP and head of Motor Business at Income Insurance, stated, “We understand that switching to an EV is a big decision for many drivers. Our team have spoken to car owners who are keen to make the switch but are held back by worries around battery replacement costs or roadside emergencies.”

Despite these challenges, the survey indicates a strong desire among Singaporeans to contribute to environmental sustainability and embrace technological advancements. Financial incentives, such as government subsidies and reduced road tax, are seen as effective motivators for non-EV owners considering the switch.
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Coliwoo, the co-living subsidiary of LHN Limited, has secured the tender to convert the state-owned property at 159 Jalan Loyang Besar into its first resort-style chalet. This marks Coliwoo’s largest expansion in Singapore’s eastern region, with the revamped property set to feature over 350 keys and span a floor area of 106,949 square feet.

Strategically located near Changi Airport and Changi Business Park, the development aims to cater to the rising demand for flexible accommodation, especially with the anticipated opening of Changi Airport Terminal 5 in the mid-2030s. The property will offer a blend of co-living and resort-style amenities, including swimming pools, sports zones, and meditation gardens, alongside social lounges and event spaces.

The renovation, expected to begin between April and September 2025, will align the property with Coliwoo’s co-living concept. The revamped chalet is projected to be operational by the third quarter of the financial year ending 30 September 2026. Kelvin Lim, executive chairman of LHN Limited and founder of Coliwoo, stated, “We believe this project will set a new benchmark for co-living in Singapore, meeting the evolving needs of today’s modern guests and travellers.”

The development will also focus on sustainability, incorporating solar energy systems and green mobility solutions such as electric vehicle charging stations and cycling paths. This eco-conscious approach aims to create a harmonious retreat that respects both architectural heritage and modern design.
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Singapore’s venture capital scene experienced a significant boost in May 2025, with funding reaching $45m, an 85.3% increase compared to the same period last year. This surge is attributed to several high-profile deals, including a $19m investment in VFlow Tech, which led the funding rounds for the month.

The increase in funding is notable when compared to April 2025, which saw $20.5m in venture capital investments. This upward trend highlights the growing confidence in Singapore’s tech sector, particularly in seed-stage and early-stage funding rounds. Notably, SEEDS Capital and UntroD were amongst the top investors, with SEEDS Capital participating in three deals and UntroD in two.

Despite the positive funding trend, no new unicorns emerged in May 2025. However, the consistent investment activity suggests a robust pipeline for potential future unicorns. The month also saw two initial public offerings (IPOs) and two acquisitions, maintaining the same level of exit activity as April 2025.

In contrast, Hong Kong’s venture capital funding for May 2025 was significantly lower, totalling $1.1m, with no new unicorns or IPOs reported. The disparity between the two regions underscores Singapore’s growing prominence as a hub for tech investments in Asia.

Looking ahead, the continued interest from venture capitalists and the steady flow of investments suggest a promising outlook for Singapore’s tech industry, potentially paving the way for more unicorns and successful exits in the coming months.
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Economic instability is reshaping the global workforce, with more than half of workers worldwide living paycheck to paycheck, according to the ADP Research’s People at Work 2025 report. The study, which surveyed nearly 38,000 workers across 34 markets, reveals that 23% of workers globally hold two or more jobs to cover necessary expenses. This trend is mirrored in Singapore, where 60% of respondents report living paycheck to paycheck, exceeding the Asia Pacific average of 48%.

Jessica Zhang, Senior Vice President of APAC at ADP, noted, “Although Singapore’s core inflation rate has stabilised over the past two years, the impact of cost-of-living pressures remains evident. Our findings indicate that many people are earning just enough to meet their needs, with some taking on additional work to manage daily and future expenses.”

The survey indicates that workers take on multiple jobs primarily to cover necessary expenses, save for future spending, and build retirement savings. In regions with low average wages relative to living costs, such as parts of Africa, Latin America, and Asia, holding multiple jobs is often a necessity. In Singapore, workers with three or more jobs cite covering necessary expenses and the inability to secure full-time employment as reasons for their multiple roles.

ADP’s chief economist, Nela Richardson, emphasised the need for employers to adopt a holistic approach to compensation, suggesting that benefits like health insurance and subsidised childcare could alleviate financial pressures and enhance employee loyalty and productivity.
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Singapore is set to become a pivotal hub in Southeast Asia’s renewable energy landscape, as it shifts from its heavy reliance on natural gas to regional grid interconnections. According to Rystad Energy, these interconnections, primarily through subsea cables, could unlock up to 25 gigawatts (GW) of renewable energy capacity, potentially attracting over $40b (£32b) in investments. This move aims to decarbonise Singapore’s energy supply and stabilise electricity prices by reducing dependency on the volatile global gas market.

The proposed interconnections could significantly reduce Singapore’s carbon emissions by up to 13 million tonnes of CO₂e annually. This initiative not only supports Singapore’s sustainability goals but also enhances its energy resilience by diversifying its energy sources. “Singapore stands to benefit the most from Southeast Asia’s emerging regional grid,” said Raksit Pattanapitoon, Lead Renewables & Power Analyst at Rystad Energy. However, he emphasised the need for coordinated cooperation with neighbouring countries to realise these benefits.

Currently, natural gas accounts for 96% of Singapore’s power generation. The Electricity Market Authority (EMA) is crucial in ensuring a reliable supply of imported low-carbon electricity, requiring projects to achieve a 60% load factor within five years. Solar-plus-storage hybrid systems, which can achieve load factors above 90%, are seen as a viable alternative to traditional gas turbines.

Nevi Cahya Winofa, an analyst at Rystad Energy, highlighted that these hybrid systems could offer lower costs than anticipated. As Singapore engages with its neighbours, it must secure unique advantages to maximise shared value in the potential regional power grid.
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