Regional News

Temasek Polytechnic (TP) students have made a significant impact at the WorldSkills Singapore 2025 competition, held from 3 to 5 April at the Sands Expo and Convention Centre. Competing against 265 of the nation’s top youths, TP’s contingent of 44 students secured an impressive haul of 10 Golds, 8 Silvers, 8 Bronzes, and 6 Medallions for Excellence. The Gold medals were awarded in categories such as Aircraft Maintenance, Autonomous Mobile Robotics, Cooking, and Web Technologies.

In addition to its success at WorldSkills, TP is marking its 35th anniversary with a series of initiatives focused on care and sustainability. TP Cares Week featured activities like a food donation drive, a beach clean-up at East Coast Park, and Project Refresh, which involved transforming homes for those in need. These efforts align with TP’s commitment to fostering an environmentally sustainable Singapore.

Throughout April, TP is celebrating Earth Day with a month-long series of activities aimed at promoting sustainability on campus. Initiatives include a Centralised Waste & Recycling Initiative, an Eco-Life Challenge encouraging sustainable habits, and an Eco-Treasure Hunt. Participants can also join Eco-Campus Tours to learn about TP’s green infrastructure, such as solar panels and rainwater harvesting tanks.

By extending Earth Day activities throughout April, TP aims to instil eco-friendly practices into everyday campus life, reinforcing its leadership in the educational sector’s green movement.
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The Singapore Business Federation (SBF) has expressed its support for the newly formed National Task Force on Reciprocal Tariffs, led by the Ministry of Trade and Industry (MTI), amidst growing concerns over the impact of US and China tariffs on Singaporean businesses. The task force aims to gather input from businesses to address the implications of these tariffs, which have caused significant uncertainty and disruption.

The tariffs, which include a 10% minimum base tariff on Singapore, have broader implications due to Singapore’s extensive offshore presence. According to the SBF National Business Survey, 71% of Singapore businesses operate offshore, with key markets like Malaysia, Indonesia, and China facing reciprocal tariffs of 24% to 34%. This situation has affected businesses that previously adopted a “China + 1” strategy to diversify supply chains.

The global trade tensions are expected to negatively impact Singapore’s economy, particularly in sectors such as logistics, wholesale trade, and financial services, due to the country’s high trade-to-GDP ratio. The SBF warns that businesses may face increased supply chain costs, shrinking margins, and reduced volumes.

In response, businesses are urged to reassess their reliance on the US market and explore opportunities within the region and trade corridors where Singapore has Free Trade Agreements. The SBF emphasises the importance of strengthening economic integration with like-minded nations and enhancing existing agreements like the Regional Comprehensive Economic Partnership (RCEP).

The SBF’s Centre for the Future of Trade and Investment (CFOTI) is actively engaging businesses through surveys and workshops to address these challenges. Upcoming events include a business survey on tariffs, a briefing on US reciprocal tariffs, and a workshop on export control and trade compliance.

Businesses are encouraged to participate in these initiatives and work with CFOTI advisers to develop mitigation strategies, such as market diversification and long-term supply chain resilience planning.
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Global property consultancy Knight Frank has released its latest Global Data Centres Report, forecasting the data centre market to grow at a compound annual growth rate (CAGR) of 18% over the next five years, reaching $4t by 2030. The report anticipates capital expenditure to exceed $286b by 2027, driven by increasing demand for AI-optimised infrastructure, cloud services, and enterprise digital initiatives.

The report highlights a projected 46% increase in global data centre capacity over the next two years, adding approximately 20,828 megawatts (MW). By 2030, capacity could expand by 177%, fuelled by the demand for AI and digital transformation. After a 36% decline in transaction volumes in 2023 due to global interest rate hikes, the market rebounded in 2024 with a 118% increase, reaching $31.8b.

Asia-Pacific (APAC) has emerged as the leading region for data centre investment, capturing $15.5b in cross-border investment in 2024. APAC is expected to add 4,174 MW of capacity by 2027, supported by $58.7b in planned investments.

Singapore’s market is seeing a growing focus on smaller, high-value rack transactions rather than large-scale deployments amidst vacancy registering below 1%. Some operators are now securing prices above S$1,315.79 (US$1,000) per rack, highlighting the premium attached to limited capacity in the city-state. Singapore remains one of Asia Pacific’s leading data centre hubs, neighbouring Johor, Malaysia is also attracting increased investment as hyperscale providers seek alternative expansion options.

Stephen Beard, Global Head of Data Centres at Knight Frank, noted the industry’s rapid transformation, emphasising sustainability and strategic location as key factors. Fred Fitzalan-Howard, Head of Data Centres, APAC, highlighted the region’s potential for substantial growth, driven by increasing investor interest and the rollout of AI infrastructure.

The report underscores the importance of navigating regulatory complexities and sustainability requirements to remain competitive in this high-growth sector.
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Dell Technologies has announced a series of significant advancements across its server, storage, and data protection portfolios, aimed at modernising data centres to be AI-ready. The announcement, made on 9 April 2025, highlights the company’s commitment to helping organisations adapt to the evolving demands of both traditional and modern workloads.

The new PowerEdge servers, featuring Intel Xeon 6 Processors, promise improved workload consolidation, energy efficiency, and future-ready designs. These servers are designed to handle demanding tasks such as high-performance computing, virtualisation, analytics, and AI inferencing. Dell claims these systems can reduce data centre footprints by up to 80% per 42U rack, saving energy costs and supporting sustainability goals.

In storage, Dell’s PowerStore platform has been updated to offer enhanced AI capabilities, improved performance, and security. The platform now includes AI-powered analytics and enhanced zero-trust security features, aiming to simplify data management and boost efficiency.

Dell’s ObjectScale platform, known for its high performance, has been upgraded to provide massive scalability and efficiency for AI workloads. The new generation introduces all-flash and HDD appliance options, enhancing performance and density.

Dell PowerProtect solutions have also been enhanced to improve cyber resilience, offering up to 91% faster restores and increased efficiency. These updates are designed to help organisations strengthen their data protection strategies whilst controlling costs.

Arthur Lewis, president of Dell’s Infrastructure Solutions Group, stated, “Modern applications require a new breed of infrastructure that will help customers keep pace with everchanging data centre demands.” Simon Robinson, principal analyst at Enterprise Strategy Group, added, “Dell Technologies is delivering updates across its infrastructure portfolio designed to help customers easily overcome these challenges.”

The new products and updates are available now, with some offerings set to launch later in 2025.
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CBRE has unveiled an exclusive opportunity to acquire a redevelopment site at 351 Chai Chee Street, Bedok, designated for health and medical care use. The sale, managed through an Expression of Interest exercise, will conclude on 21 May 2025 at 3pm. This site, covering approximately 60,282 square feet, currently hosts a 4-storey medical facility with a gross floor area of around 58,928 square feet.

The existing facility includes a medical centre and offices on the first two floors, with the upper levels serving as a nursing home. According to the URA Master Plan 2019, the site is zoned for “Health & Medical Care” use, permitting potential developments such as hospitals, clinics, and research facilities, subject to approval.

Michael Tay, head of Capital Markets at CBRE, highlighted the scarcity of privately owned land for health and medical care in Singapore. He noted, “351 Chai Chee Street offers potential developers and private healthcare institutions a rare opportunity to curate a brand-new development within the ever-growing healthcare sector.”

Located in Bedok, Singapore’s second-largest planning area, the site benefits from proximity to Bedok and Bedok North MRT stations, a comprehensive road network, and is just a 10-minute drive from Changi Airport. The area is set for further growth with the development of the Bayshore Estate and the future transformation of Paya Lebar Air Base.

The indicative guide price for the property is $46 million (S$63 million), with an Outline Application submitted for a 12-storey assisted living facility. The site will be sold with a fresh 60-year leasehold tenure.
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Kearney’s 2025 Foreign Direct Investment (FDI) Confidence Index has been released, highlighting the mixed outlook for Asia Pacific (APAC) markets amidst new US tariffs. The index, which surveys global business executives, shows Japan and South Korea climbing in rankings due to their technological advancements and economic performance.

Meanwhile, Singapore and India have slipped in the rankings, reflecting investor concerns over regulatory complexity and trade risks.

The report reveals that eight APAC markets feature in the global top 25, with Japan moving up to 4th place and South Korea reaching 14th. This shift is attributed to strong technology sectors and economic fundamentals. Shigeru Sekinada, Region Chair for Asia Pacific at Kearney, noted, “Japan’s leap and South Korea’s record performance demonstrate the power of innovation and strong market fundamentals.”

Despite these gains, the region faces challenges. Rising commodity prices and geopolitical tensions are tempering investor optimism. Approximately 43% of APAC investors foresee an increase in commodity prices, driven by fears of global conflict and supply chain disruptions. Additionally, a more restrictive regulatory environment is anticipated in both developed and emerging markets.

Southeast Asia continues to shine in the Emerging Markets Index, with Thailand, Malaysia, and Indonesia securing top 15 positions. Investors are drawn to the region’s skilled workforce and manufacturing capacity. Sekinada emphasised the importance of strategic investments, stating, “APAC markets retain their core appeal, offering strong fundamentals that investors value deeply.”

As the region navigates these complexities, Kearney’s findings underscore the need for businesses to engage in scenario planning and strategic investments to mitigate risks and capitalise on opportunities.
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Little Stars Academy, a prominent student care centre in Singapore, has announced the completion of significant renovations aimed at creating a more welcoming and comfortable environment for children. These upgrades, completed on 8 April 2025, are part of the academy’s commitment to providing a holistic, homelike atmosphere that enhances the educational experience.

The centre’s recent improvements include new flooring throughout, covering classrooms, the reception area, pantry, and toilets. Additionally, the toilet facilities have been retrofitted to ensure they are more child-friendly and hygienic. To further enhance comfort, new air-conditioning units have been installed in several classrooms, and the entire centre has been repainted, giving it a fresh and inviting look.

These renovations align with Little Stars Academy’s mission to make children feel at ease, akin to being at home. By modernising the space, the academy aims to improve student comfort, enhance learning experiences, and attract more families to its nurturing community. The upgrades are expected to delight both children and parents, making the centre an even more welcoming place for learning and growth.

Looking ahead, Little Stars Academy is preparing for an exciting line-up of activities during the upcoming June holidays. The holiday programme will feature field trips, workshops, and outdoor play sessions, offering children enriching experiences beyond the classroom. Parents interested in joining the vibrant learning community can enrol for the year 2026 starting in July 2025.
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United Overseas Bank (UOB) has announced a significant capital injection into its Vietnam subsidiary, increasing its charter capital to VND10t (S$520m ). The fresh injection of VND2 trillion is currently awaiting approval from the State Bank of Vietnam. This move will make UOB Vietnam the second largest foreign-owned bank in the country by charter capital.

The bank’s commitment to Vietnam extends beyond financial investment. UOB plans to establish a new headquarters in Ho Chi Minh City’s business district. The UOB Vietnam Plaza will be a modern, sustainable workspace designed to accommodate the bank’s 1,500 employees and support future business growth in the region. This development marks UOB’s presence with local headquarters in all five of its key ASEAN markets: Singapore, Malaysia, Indonesia, Thailand, and Vietnam.

Wee Ee Cheong, Deputy Chairman and CEO of UOB, stated, “Vietnam is a key market in our ASEAN strategy, and we are dedicated to deepening our presence here for the long term. The upcoming UOB Plaza in Vietnam is more than just a building. It epitomises our long-term commitment to the country.”

UOB Vietnam, which began operations in 1993, has been expanding its services to meet the evolving needs of its customers. The bank is investing in digital technology and artificial intelligence to launch a new digital banking platform this year. Additionally, UOB Vietnam is focused on supporting corporate clients in advancing their sustainability goals.

The bank’s strategic moves in Vietnam are part of its broader ASEAN growth strategy, which includes the acquisition of Citigroup’s consumer banking businesses in the region. The integration of Vietnamese customers is expected to be completed by the end of the year.
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The National Bank of Cambodia (NBC) has officially joined the Regional Payment Connectivity (RPC) initiative, marking a significant step towards enhanced financial integration in Southeast Asia. This announcement was made during the launch of the second phase of the Malaysia-Cambodia cross-border QR payment linkage on 8 April 2025, coinciding with the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Kuala Lumpur, Malaysia.

The inclusion of the NBC brings the total number of RPC signatories to nine ASEAN central banks. Initially established in 2022 by the central banks of Singapore, Indonesia, Malaysia, the Philippines, and Thailand, the initiative has expanded to include Vietnam, Brunei Darussalam, and Lao PDR. The growing participation highlights the RPC’s potential to enhance collaboration on regional payment connectivity and foster greater financial integration within ASEAN.

The RPC initiative aims to facilitate faster, cheaper, more transparent, and inclusive cross-border payments. It has accelerated the development of cross-border payment connectivity through QR code-based payments and fast payment modalities. This initiative supports broader economic activities in ASEAN, including increased market access for small and medium-sized enterprises (SMEs), enhanced trade facilitation, and improved remittance flows.

Chea Serey, Governor of the NBC, stated, “Participating in the RPC initiative will foster regional economic growth and establish a more interconnected payment system within ASEAN.”

The NBC’s participation underscores the commitment to regional economic collaboration and sets the stage for further expansion of the RPC initiative, potentially benefiting the broader ASEAN community.
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Singapore ranked fourth place in the latest World’s Wealthiest Cities Report 2025 by Henley & Partners and New World Wealth.

US continues to dominate the list of top cities for millionaires, with New York securing the first position. New York is home to 384,500 high-net-worth individuals, including 818 centimillionaires and 66 billionaires.

The Bay Area, encompassing San Francisco and Silicon Valley, ranks second with 342,400 millionaires and boasts more billionaires, 82, than New York.

The report highlights Dubai as the fastest-growing city in terms of millionaire population, with a 102% increase over the past decade, moving from 21st to 18th place with 81,200 millionaires.

Shenzhen, Hangzhou, and Dubai outpaced the Bay Area’s 98% growth between 2014 and 2024. Seoul experienced the most significant decline, dropping from 19th to 24th place.

Tokyo maintained its third place this year, whilst Los Angeles has overtaken London for the fifth spot. London, now sixth, and Moscow, 40th, are the only cities in the top 50 to record negative growth over the past decade, with declines of 12% and 25%, respectively.

The report also forecasts significant growth in centimillionaire populations in cities like Dubai, Abu Dhabi, Delhi, and Bengaluru over the next decade. Monaco tops the list of the world’s most expensive cities, with prime flat prices exceeding $38,800 per square metre.
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