Industry News

ClavystBio, a life sciences investor established by Temasek, and the Agency for Science, Technology and Research (A*STAR), Singapore’s leading public sector R&D agency, have signed a Memorandum of Understanding (MoU) to foster the growth of MedTech ventures in Singapore. This collaboration will leverage ClavystBio’s venture-building expertise and A*STAR’s scientific capabilities to support the creation, development, and commercialisation of medical technologies.

The partnership is set against the backdrop of Singapore’s burgeoning biomedical sector, which saw MedTech output reach S$20b in 2023. With Asia’s MedTech market projected to grow to $225b (S$304b) by 2030, the collaboration aims to position Singaporean innovations for global expansion. Over the next two years, ClavystBio and A*STAR will focus on co-creating new ventures, investing in A*STAR-affiliated companies, and fostering collaborations between A*STAR and ClavystBio’s portfolio companies.

Key areas of focus include fostering new ventures from research, advancing MedTech product development, and accelerating commercial readiness in diagnostics and digital health. MedTech Catapult and the Diagnostics Development Hub (DxD Hub), both hosted by A*STAR, will play pivotal roles in these efforts. MedTech Catapult will support medical device development, whilst DxD Hub will focus on diagnostics and digital health ventures.

Anselm Tan, Digital Health and MedTech Lead at ClavystBio, emphasised the partnership’s potential to cultivate a thriving MedTech ecosystem in Singapore. Irene Cheong, Assistant Chief Executive of Innovation and Enterprise at A*STAR, highlighted the MoU as a significant step in co-creating globally investible MedTech ventures. This collaboration aims to transform Singapore’s MedTech landscape by bridging innovation with commercial success.
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Singapore Airlines (SIA) has partnered with PALO IT to implement a pioneering AI software engineering methodology, achieving a 44% faster project delivery compared to traditional methods. This collaboration focused on PALO IT’s Gen-e2™ methodology, which transforms AI from a mere coding assistant to an intelligent agent throughout all project phases.

The Proof of Concept (PoC) demonstrated the potential of an AI-first approach, with AI generating 95% of the code, documentation, and architecture diagrams. This resulted in significant productivity gains, enhanced code quality, and improved developer experience. GitHub Copilot played a crucial role, enabling SIA’s digital product squad to develop a website feature ready for user acceptance testing in just five weeks, compared to the forecasted nine weeks using traditional methods.

The success of this PoC has prompted plans to expand the use of this innovative approach across SIA’s wider IT teams. The methodology’s ease of adoption was highlighted by positive feedback from the development team, who reported improved software engineering practices.

Sharryn Napier, GitHub’s APAC VP, expressed enthusiasm about the partnership, stating, “We’re excited to deepen our partnership with PALO IT and enable more companies to unlock innovation at scale through AI-driven software development, just as we’ve seen with Singapore Airlines.”

This initiative marks a significant step in the two-year partnership between PALO IT and GitHub, aiming to harness AI’s full potential in software engineering. As SIA plans to scale this approach, the collaboration underscores the transformative impact of AI in digital product development.
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Changi Airport Group (CAG) has awarded a contract worth S$999m for the construction of intra-terminal tunnels at Terminal 5 (T5) to a joint venture between Penta-Ocean Construction Co., Ltd. and Koh Brothers Building & Civil Engineering Contractor (Pte.) Ltd. The project, following the recent groundbreaking of T5, is expected to take over four years to complete.

The intra-terminal tunnels will facilitate efficient passenger and baggage transfer across T5’s concourses and support the routing of common utilities. The tunnel system will include the Automated People Mover System, Baggage Handling System, and a Common Services Tunnel (CST) for utilities like electrical power and water services. Additionally, a ventilation building and provisions for future infrastructure are part of the project.

Ong Chee Chiau, CAG’s Managing Director for Changi East, stated, “The award of the T5’s intra-terminal tunnel works marks another important development in the construction of T5 and the wider Changi East project. These tunnels will enable the smooth and efficient movement of passengers, baggage and services.”

Penta-Ocean, known for its expertise in large-scale projects, and Koh Brothers, with a strong track record in infrastructure development, are key players in this venture. Osamu Hidaka of Penta-Ocean expressed honour in being awarded the project, emphasising collaboration and advanced technologies. Paul Shin of Koh Brothers highlighted the milestone in their commitment to Singapore’s transport infrastructure.

The T5 project is part of the broader Changi East development, which includes a third runway and cargo complexes, aiming to enhance Changi Airport’s capacity and operational capabilities by the mid-2030s.
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Singapore’s grocery retail landscape is undergoing significant changes as DFI Retail Group exits the market, intensifying competition among local players like NTUC FairPrice and Sheng Siong. This move is not due to structural issues but rather a strategic decision as the market becomes increasingly competitive. Sheng Siong, known for its cost discipline and strong local presence, is emerging as a leader with peer-leading margins.

DFI’s departure comes as new housing developments and the Community Development Council (CDC) voucher scheme continue to drive growth in the sector. Sheng Siong is capitalising on these opportunities, with upcoming Build-To-Order (BTO) estates expected to generate over $60m (£48m) in annual revenue, even with limited new supermarket tenders.

Macrovalue, another player in the market, is focusing on premium offerings and profitability, potentially gearing up for an initial public offering (IPO). Meanwhile, Sheng Siong’s strong competitive positioning and stable industry outlook have led to a raised target price of SGD2.30, reflecting its industry-leading operating margins.

The strategic shifts in Singapore’s grocery retail market underscore the importance of adaptability and strategic foresight. As competition heats up, Sheng Siong’s robust operational strategy and market adaptability position it well for continued success. The evolving landscape presents both challenges and opportunities for retailers aiming to maintain or enhance their market share.
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Koh Brothers Eco Engineering Limited, through its subsidiary Koh Brothers Building & Civil Engineering Contractor, has secured a $999m (S$999m) contract in partnership with Penta-Ocean Construction Co., Ltd. The contract, awarded by Changi Airport Group, involves constructing intra-terminal tunnels for the upcoming Terminal 5 at Changi Airport. This project, expected to span over four years, will enhance passenger and baggage transfer efficiency across the terminal’s concourses.

The intra-terminal tunnels will include a series of sub-tunnels housing key infrastructure such as the Automated People Mover System and Baggage Handling System. Additionally, a Common Services Tunnel will support utilities like electrical power and water services. The project also includes a ventilation building and provisions for future underground infrastructure.

Paul Shin, CEO of Koh Brothers Eco, expressed gratitude for the opportunity, stating, “We are honoured by the trust placed in KBCE and Penta Ocean for this mega project by airport operator Changi Airport Group.” He highlighted the contract as a milestone in their commitment to Singapore’s transport infrastructure.

This contract boosts Koh Brothers Eco’s order book to over $1b (S$1b), with visibility extending to 2029. The joint venture with Penta-Ocean underscores a strategic partnership aimed at leveraging synergies and enhancing collaboration. Terminal 5, which broke ground on 14 May 2025, is designed to handle approximately 50 million passengers annually in its first phase, addressing growing travel demands.
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SGX-listed Elite UK REIT Management Pte. Ltd. has successfully closed its private placement, raising approximately £4m. The placement, which concluded on 10 June 2025, was managed by CIMB Bank Berhad, Singapore Branch, Maybank Securities Pte. Ltd., and RHB Bank Berhad, Singapore office, as joint bookrunners and underwriters. The issue price was set at £0.295 per unit after a book-building process.

The private placement attracted significant interest, being oversubscribed with participation from long-only funds, multi-strategy funds, and high-quality private bank clients. A total of 13,560,000 units will be issued, with the issue price representing a 13% discount to the volume-weighted average price of £0.339 per unit on 9 June 2025.

The proceeds from this placement will support Elite UK REIT’s strategic initiatives. The units are expected to commence trading on the Singapore Exchange (SGX) on 19 June 2025, pending approval. Elite UK REIT’s CEO, Liaw Liang Huat Joshua, emphasised the strong market confidence reflected in the oversubscription.

This successful placement underscores the robust demand for investment opportunities within Elite UK REIT, highlighting investor confidence in its growth prospects. The funds raised will enable the trust to pursue further opportunities and enhance its portfolio.
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ETC has announced the relaunch of United House for collective sale by tender, presenting a significant investment opportunity in Singapore’s Orchard Road. The site, located on Kramat Lane, is a freehold land parcel of approximately 1,192.7 square metres, zoned for commercial use under the Master Plan 2019. Offers are invited by 1 July 2025, 3pm.

The Urban Redevelopment Authority has granted in-principle approval for hotel use, making United House an attractive option for boutique hospitality development. The reserve price is set at $121m (S$166m), translating to $2,222 (S$3,045) per square foot per plot ratio for commercial redevelopment or $2,376 (S$3,254) for hotel redevelopment.

Swee Shou Fern, Head of Investment Advisory at ETC, highlighted the growing demand for quality hospitality assets in Singapore, driven by the resurgence of tourism and related sectors. “United House’s rare freehold tenure, central location, and in-principle hotel-use approval offers a unique opportunity to create a flagship or lifestyle boutique hotel right in the heart of Orchard Road,” she stated.

The site benefits from its proximity to Dhoby Ghaut and Somerset MRT stations, as well as cultural landmarks like The Istana and the Singapore Art Museum. This accessibility makes it ideal for modern hospitality concepts catering to both leisure and business travellers.

The relaunch coincides with Orchard Road’s ongoing transformation into a pedestrian-friendly, sustainable lifestyle destination. As the district evolves, United House is poised to attract developers seeking flexible redevelopment opportunities.

Asia Pacific continues to dominate the global investment landscape, as revealed in Colliers’ latest Global Capital Flows report for June 2025. The report identifies Singapore, Japan, and Hong Kong as key players, ranking among the top 10 global capital sources in the first quarter, with Singapore in fourth place, Japan seventh, and Hong Kong tenth.

Japan has emerged as a top destination for cross-border capital, securing a spot in the top five for standing assets, whilst Australia ranks eighth. Notably, Japan’s activity remains above its five-year average, underscoring its sustained appeal.

Lucy Mallick, International Capital Lead at Colliers, noted, “Asia Pacific remains the most attractive region for land and development sites, with seven of the top 10 markets maintaining or improving their five-year average share of activity in Q1.” China and Singapore lead this list, followed by Australia, Malaysia, and India. China dominates with 80% of all cross-border activity.

The office sector remains the most sought-after in Asia Pacific, followed by industrial and retail sectors, despite multifamily being the global favourite. The economic outlook for the region is largely positive, though mixed across markets. Whilst forecasts for China, Hong Kong, India, and Australia remain stable, sentiment has weakened for Singapore, South Korea, and Japan. Japan is gradually raising rates due to elevated core inflation, whereas South Korea, Australia, and Singapore have initiated rate cuts in Q1.

Alex Worthington, Director of APAC Capital Markets at Colliers, remarked, “Global investor focus is shifting, with European investors increasing their interest in Asia Pacific markets. We expect momentum to carry into the second half of this year and beyond to 2026.”
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ClavystBio, a life sciences investor established by Temasek, and the Agency for Science, Technology and Research (A*STAR), Singapore’s leading public sector R&D agency, have signed a Memorandum of Understanding (MoU) to foster MedTech ventures in Singapore. This collaboration will leverage ClavystBio’s venture-building expertise and A*STAR’s scientific capabilities to support venture creation, product development, and commercialisation.

The partnership is timely, as Singapore’s MedTech output reached S$20b in 2023, with Asia’s MedTech market projected to grow to $225b (S$304b) by 2030. Over the next two years, the collaboration will focus on co-creating new ventures, investing in A*STAR-affiliated companies, and fostering collaborations between A*STAR and ClavystBio’s portfolio companies.

Key areas of focus include:

– **Fostering new ventures:** A*STAR and ClavystBio will identify promising research to build new MedTech companies, combining scientific expertise with venture capital and guidance.

– **Advancing product development:** MedTech Catapult will aid in developing medical devices, whilst ClavystBio will explore commercial pathways for innovations.

– **Accelerating commercial readiness:** DxD Hub and ClavystBio will shape ventures in diagnostics and digital health, focusing on commercial viability.

– **Strengthening the ecosystem:** The partnership will assess Singapore’s MedTech landscape to identify gaps and investment opportunities.

Anselm Tan, Digital Health and MedTech Lead at ClavystBio, stated, “By combining ClavystBio’s investment and venture-building expertise with A*STAR’s deep scientific capabilities, we are cultivating an ecosystem primed for innovation and commercial success.” Irene Cheong, Assistant Chief Executive of Innovation and Enterprise at A*STAR, added, “This MoU marks a significant step forward in our joint efforts to co-create and grow globally investible MedTech ventures.”

This partnership aims to position Singapore as a leader in MedTech innovation, potentially transforming the local and regional landscape.
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Aventis Graduate School has announced a significant partnership with the Association of Educational Therapists (Singapore) [AET(S)] and Merlion Academy to elevate the standards of educational therapy and special education in Singapore. The collaboration, formalised on 4 June 2025, aims to develop certified training programmes, facilitate research, and create career pathways for educational therapists.

The partnership addresses the growing demand for skilled professionals in educational therapy, a field crucial for supporting children with diverse learning needs. Samuel Teo, General Manager of Aventis Graduate School, emphasised the importance of this initiative, stating, “This partnership marks an important milestone in advancing the professional standards and public understanding of educational therapy in Singapore.”

Key areas of collaboration include professional development, curriculum development, public engagement, career advisory, and research. The institutions will co-develop training programmes, host conferences, and drive research projects to enhance the field’s body of knowledge. Derrick Tan, Executive Director of Merlion Paediatric Healthcare Group, highlighted the integration of practical training with industry standards to better equip aspiring therapists.

Dr Chia Kok Hwee, Managing Principal Educational Diagnostician & Therapist and Secretary of AET(S), expressed enthusiasm for the partnership, noting its potential to promote educational excellence and professional growth. The collaboration aims to create a dynamic ecosystem bridging academic training, industry expertise, and community engagement, ultimately benefiting learners across Singapore.
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