Regional News

TotalEnergies and RGE have achieved significant progress in their renewable energy initiatives, securing a conditional licence from Singapore’s Energy Market Authority (EMA) to import 1 gigawatt (GW) of renewable energy from Indonesia. This development is part of a broader effort to enhance electricity trade between the two nations, addressing rising energy demands and fostering regional energy access.

The licence will enable Singa Renewables, a joint venture between TotalEnergies and RGE, to deliver clean firm power to Singapore and industrial complexes in Indonesia’s Riau Province. This initiative aligns with Singapore’s ambition to import up to 6 GW of renewable power by 2035, contributing to the ASEAN Power Grid vision.

In a related move, Singapore Energy Interconnections (SGEI) and Singa Renewables have signed a Memorandum of Understanding to develop a subsea interconnector for low-carbon electricity imports. This project, witnessed by Singapore’s Minister for Manpower and Minister-in-charge of Energy and Science & Technology, Tan See Leng, and France’s Minister of the Economy, Finance and Industrial and Digital Sovereignty, Eric Lombard, marks a pivotal step towards enhancing regional power connectivity.

Ong Teng Koon, CEO of SGEI, expressed optimism about the collaboration, stating, “The interconnector project will play a crucial role in enabling clean energy imports into Singapore whilst contributing to win-win outcomes for Indonesia and Singapore.” Gregory Thomassin, Head of Business Development, Renewables APAC at TotalEnergies, added, “Our combined expertise will improve energy access and security for Indonesia and Singapore.”

The interconnector project is expected to bolster Singapore’s renewable energy imports and strengthen its partnership with Indonesia, advancing the ASEAN Power Grid initiative. This collaboration underscores the commitment of both nations to a sustainable and interconnected energy future.
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AVIS Singapore has achieved ISO 45001 certification, an international standard for occupational health and safety, as of December 2024. This milestone underscores the company’s dedication to maintaining the highest safety standards across its operations.

The certification process involved implementing structured internal safety systems to manage risks proactively in vehicle handling, premises, and customer interactions. AVIS Singapore’s leadership-driven culture prioritises the safety and well-being of all stakeholders, supported by regular employee training and feedback mechanisms. The company also ensures compliance with local regulations and global best practices through strategic partnerships with certified consultants.

In addition to its focus on safety, AVIS Singapore holds ISO 9001 for Quality Management and ISO 14001 for Environmental Management. These certifications reflect the company’s commitment to service quality and environmental responsibility. AVIS Singapore is actively integrating hybrid and electric vehicles into its fleet to offer sustainable mobility solutions with reduced emissions.

AVIS Singapore’s comprehensive certification assures customers of high standards across all services, whether for short-term rentals, long-term leasing, or chauffeur services. The company, part of the globally recognised Avis Budget Group, continues to lead the local market with its strategic locations at Changi Airport and Havelock Road, embodying a commitment to innovation and customer focus.
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Boustead Singapore Limited’s Real Estate Solutions Division, through its subsidiary BP-Innovue Pte Ltd, has successfully secured a public tender from JTC Corporation for the Tukang Innovation Drive Plot A. The tender, awarded on 30 May 2025, marks the first project for the newly formed Pan-Asian logistics and industrial real estate platform, UIB, which will oversee the development.

The site, launched by JTC in December 2024, is the first under the Industrial Government Land Sales Programme to benefit from an extended lease period. The 33-year tenure allows businesses to fully utilise a 30-year lease term. Spanning 18,687 square metres, the site will feature a multi-user industrial facility with heavy vehicle parking, and permits strata subdivision.

This development is significant as it represents the initial project for UIB, a platform created in March 2025 to provide integrated logistics and industrial real estate solutions across Asia. The site’s strategic location and extended lease are expected to attract businesses seeking long-term industrial space.

Boustead has stated that the development will not materially impact its financial performance for the year ending 31 March 2026. The company, established in 1828, continues to focus on sustainable infrastructure and technology-driven solutions, reinforcing its position as a leader in engineering and real estate development.

The Tukang Innovation site project underscores Boustead’s commitment to advancing industrial infrastructure in Singapore, potentially setting a precedent for future developments under the enhanced industrial land lease framework.
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JTC has awarded the tender for the industrial site at Plot A Tukang Innovation Drive to Fusion Property Pte. Ltd. and BP-Innovue Pte. Ltd. The tender, which closed on 8 April 2025, attracted five bids and was awarded for a sum of $81,888,888. This site marks the first Industrial Government Land Sales (IGLS) site to benefit from an additional three years of lease tenure, a recent enhancement to the industrial land lease framework.

The site, zoned for Business 2 use, spans 18,687 square metres and comes with a gross plot ratio of 2.5. The project is expected to be completed within 60 months. The extended 33-year lease tenure is designed to offer developers more flexibility in planning and executing industrial solutions, as highlighted by Wong Yu Wei, Deputy Chairman of Boustead Projects Limited. He stated, “The additional three years of lease tenure for greenfield developments is timely as it gives developers greater flexibility in delivering full lease term industrial solutions.”

This development is part of JTC’s ongoing efforts to enhance the industrial land lease framework, providing a longer runway for developers and supporting the success of investment products for end users. The extended lease is expected to facilitate better planning and execution, ultimately benefiting the industrial sector.
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The National Basketball Association (NBA) and the Karim Family Foundation (KFF) have announced a multi-year partnership, naming KFF as the Official Community Partner of the inaugural NBA Rising Stars Invitational. This landmark event, set to take place from 25 to 29 June at the Kallang Alive Precinct in Singapore, marks the NBA’s first regional high-school basketball tournament, featuring boys’ and girls’ teams from 11 countries and territories across the Asia-Pacific region.

The collaboration was unveiled by NBA Asia’s Head of Marketing Communications, Sheila Rasu, and KFF Principal, Cindy Karim, during a launch event at Spectra Secondary School. The event included a Jr. NBA/Jr. WNBA clinic for students, highlighting the foundation’s commitment to youth empowerment through sport. As part of the partnership, KFF will host a Jr. NBA/Jr. WNBA clinic on 28 June for local children, including those from SportCares, Sport Singapore’s philanthropic arm.

Cindy Karim expressed enthusiasm about the partnership, stating, “We are delighted to be the Official Community Partner of the NBA Rising Stars Invitational. My family and I have always believed in the power of sport to inspire ambition, build character and unite communities.”

The tournament will feature a five-day schedule, beginning with round-robin play and culminating in semi-finals and finals. Participants will also engage in skill development and cultural exchange activities. The Jr. NBA/Jr. WNBA programme aims to teach fundamental basketball skills and core values, whilst the Her Time to Play initiative focuses on increasing opportunities for girls and women in basketball.

Further details about the festival, including ticket information, will be announced later. For updates, visit nba.com/risingstarsinvitational.
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Science Centre Singapore (SCS) is celebrating the nation’s 60th year of independence with a series of engaging events and promotions designed to spark scientific curiosity. Running from 1 June to 31 December 2025, the centre offers exclusive Omni-Theatre ticket deals, limited-edition keepsakes, and interactive trails.

Visitors can enjoy Omni-Theatre tickets for as low as $6, a significant discount from the usual $14. The theatre will premiere new shows, including ‘Cities of the Future’, which highlights urban innovations, and ‘Animal Kingdom: A Tale of Six Families’, an exploration of nature’s family dynasties. These offers are available exclusively to Singapore Citizens and Permanent Residents.

KidsSTOP™, SCS’s dedicated children’s science centre, hosts ‘Our Void Deck’, an interactive installation that runs until 11 August 2025. This exhibit brings the essence of Singapore’s community life indoors, featuring activities like identifying local dishes by scent and crafting birthday messages for the nation.

The Young Scientist Badge programme returns with a special SG60 edition. Young explorers can complete two of five self-guided trails to earn a commemorative badge. Trails include the Young Ecologist and Young Engineer, with the Young Mathematician Trail launching on 1 June.

Further celebrations include the STEM Fiesta during the National Day weekend and a special exhibition on dinosaurs and mass extinctions, developed with the Lee Kong Chian Natural History Museum. These events aim to inspire wonder and honour Singapore’s heritage.
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UOB Global Economics and Markets Research has released its weekly outlook for 2–6 June 2025, detailing significant economic events across the globe. The report covers key developments in Singapore, Asia-Pacific, and major developed economies, providing insights into upcoming central bank decisions and data releases.

In Singapore, the 22nd IISS Shangri-La Dialogue, Asia’s premier defence summit, will take place from 30 May to 1 June. Notably, China will not be represented by its defence minister for the first time since 2019. Key economic data releases include the May Purchasing Manager’s Index (PMI) and April retail sales figures.

Across the Asia-Pacific, various holidays will be observed, including Eid Al-Adha and the Dragon Boat Festival. The Reserve Bank of India is expected to announce a 25-basis point cut in its repo rate on 6 June, according to UOB economist Jester Koh. Key data releases include Australia’s Q1 GDP and China’s Caixin PMIs.

In developed economies, the European Central Bank and the Bank of Canada are anticipated to cut interest rates by 25 basis points. The US will see a busy week with the release of the Beige Book report and several Federal Reserve officials speaking. Key US data includes the May ISM surveys and the Labour Market Report.

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Moody’s Ratings has upgraded Grab Holdings Inc’s corporate family rating (CFR) to Ba3 from B1, maintaining a positive outlook. This decision reflects Grab’s enhanced credit quality, driven by its leading market position and disciplined cost management, which are expected to boost its scale and earnings over the next 12 to 18 months, according to Yu Sheng Tay, a Moody’s Ratings Assistant Vice President and Analyst.

Grab, a prominent provider of ride-hailing and delivery services in Southeast Asia, reported double-digit growth in key metrics during Q1 2025. Despite economic uncertainties, the company’s resilient business model and substantial cash reserves provide stability and support for potential growth opportunities. Tay noted, “Grab’s resilient business model provides stability to its earnings and free cash flow generation.”

The upgrade also considers Grab’s prudent financial policies, balancing growth with profitability. The company is expected to see its adjusted EBITDA rise to approximately $300 million in 2025 and $450 million in 2026, up from $163 million in the 12 months ending March 2025. Free cash flow is projected to increase to $370 million to $500 million.

However, risks remain with Grab’s nascent digital banking operations, which are currently loss-making. The company aims for breakeven EBITDA in this segment by H2 2026. Grab’s strong liquidity, with $4.2 billion in unrestricted cash and short-term investments, bolsters its financial flexibility.

Future upgrades depend on maintaining market leadership and improving financial metrics, whilst a downgrade could occur if these conditions are not met.
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Banyan Group Residences is set to showcase its latest luxury real estate offerings at a sales exhibition in Singapore from 31 May to 1 June. The event, held at Fairmont Hotel, will highlight the group’s new projects in Phuket, including the ultra-luxurious Banyan Tree Beach Residences Oceanus. These properties are aimed at high-net-worth individuals (HNWI) amidst growing global demand for premium lifestyle homes in Phuket.

The Banyan Tree Beach Residences Oceanus, located in the prestigious Laguna Phuket area, feature 16 four-bedroom units with sizes ranging from 416 to 768 square metres. These residences are designed to offer unparalleled luxury, with high-quality finishes and direct beach access. Stuart Reading, Managing Director of Banyan Group Residences, noted the significant demand for new homes in Phuket, driven by factors such as urban flight and the island’s appeal as a year-round tropical destination.

In addition to the Oceanus project, the exhibition will present other recent launches, including the Garrya Phuket wellness concept homes and the Laguna Lake Residences Aster. These developments offer a range of amenities, from guaranteed rental returns to stunning communal spaces, catering to diverse buyer preferences.

Banyan Group plans to release $1 billion worth of new luxury residential real estate in Phuket over the next two to three years. The group’s strategy focuses on high-specification residences, with plans for larger branded flats and penthouses in prime locations. The scarcity of beachfront land allows for the creation of spacious, high-spec flats with private pools.

As part of its commitment to enhancing the living experience in Phuket, Banyan Group has introduced “The Laguna Advantage,” offering services such as property management and education privileges for new homeowners. With a strong international pipeline and a focus on quality, Banyan Group continues to lead in luxury property development in Thailand.
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Visa has announced a suite of AI-driven product innovations and strategic partnerships aimed at transforming commerce in the Asia Pacific region. The announcement was made at the Visa Asia Pacific Media Showcase in Singapore, where the company highlighted its commitment to enhancing flexibility, security, and acceptance in digital payments.

The new initiative, Visa Intelligent Commerce, introduces integrated APIs and a commercial partner programme to enable developers to deploy AI commerce capabilities securely and at scale. Visa is currently exploring collaborations with Ant International, Grab, and Tencent to facilitate a seamless checkout experience, leveraging its vast network of 4.8 billion credentials.

Jack Forestell, Visa’s Chief Product and Strategy Officer, stated, “Combining the strength of our global network with our leadership in payment innovation here in Asia Pacific, we are bringing new products and solutions that will transform commerce and deliver trust and security to AI-enabled payments across the region.”

Visa is also expanding its cryptocurrency offerings, including stablecoin-backed cards and programmable money, in partnership with DCS Singapore, DTC Pay, and StraitsX. The Visa Tokenised Asset Platform (VTAP) will further support the issuance and management of fiat-backed tokens, facilitating cross-border money movement.

Additionally, Visa’s Flex Credential, a next-generation card allowing users to toggle between debit, credit, and reward points, continues to gain traction, with plans to launch in Vietnam soon.

These innovations underscore Visa’s commitment to driving the future of commerce in Asia Pacific, with AI agents expected to play an increasing role in routine and complex transactions.
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