Industry News

Digital Realty has announced the introduction of a new FastConnect point-of-presence for Oracle Cloud Infrastructure (OCI) in Singapore, offering businesses in the region improved low-latency access and enhanced redundancy for hybrid, cloud-adjacent, and AI-driven workloads. This development is part of Digital Realty’s ongoing collaboration with Oracle, reinforcing Singapore’s status as a strategic hub for digital infrastructure and AI transformation.

The new connectivity option will enable enterprises across Southeast Asia to efficiently support their cloud and AI workloads. Serene Nah, Managing Director and Head of Asia Pacific at Digital Realty, stated, “The launch of OCI FastConnect in Singapore marks an important step in our continued partnership with Oracle, and ongoing commitment to helping customers deploy cloud and AI workloads with speed and confidence.”

In addition to the FastConnect service, Digital Realty is launching the first Oracle Solution Centre in Singapore through its PlatformDIGITAL. This facility will allow businesses to design, test, and validate hybrid and AI architectures in a secure environment. Chris Chelliah, Senior Vice President of Technology and Customer Strategy at Oracle Japan & Asia Pacific, highlighted the importance of this development, noting that it provides “high throughput, private, and secure connectivity” essential for evolving AI applications.

Earlier this year, Digital Realty participated in the launch of the Oracle AI Centre of Excellence in Singapore, further cementing its role in advancing AI and cloud technologies in the region. This initiative is expected to facilitate the training of teams and experimentation in secure cloud environments, driving digital transformation across Asia Pacific.

FedEx has unveiled its Global Economic Impact Report for the fiscal year 2025, showcasing a substantial $5.7b contribution to the Asia Pacific (APAC) economy. The report, developed with Dun & Bradstreet, highlights FedEx’s role in enhancing connectivity and innovation across the region, which is increasingly pivotal in global trade.

Operating in APAC for over 40 years, FedEx employs tens of thousands across 43 markets, linking them to the global economy. In FY25, the company indirectly contributed $1.6b to the region, with significant investments in the Transportation, Storage, and Communications sector, and the Manufacturing sector. Salil Chari, senior vice president of marketing and customer experience at FedEx Asia Pacific, noted, “Asia Pacific is one of the most dynamic and diverse markets in the world… Our customers span small e-commerce entrepreneurs to global manufacturers.”

Key developments in the report include new flight routes, such as a direct round-trip between Singapore and the US, and a new route connecting Guangzhou, Bangalore, UAE, Liège, and Paris. FedEx also opened new facilities in Bali and Thailand’s Eastern Economic Corridor to meet rising demand. The company spent $1.9b with suppliers in APAC, with 88% being small enterprises, underscoring its commitment to local entrepreneurship.

FedEx’s sustainability initiatives include adopting electric vehicles in multiple APAC markets and installing solar panels at its South Pacific Regional Hub in Singapore. These efforts are part of FedEx’s broader goal to achieve carbon-neutral operations by 2040. The report underscores FedEx’s ongoing investment in the region, aiming to make supply chains smarter, faster, and more sustainable.

The Straits Times Index (STI) saw an increase of 8 points, or 0.17%, closing at 4,531.36, driven by gains in United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC). Despite a decline in DBS shares, the positive performance of UOB and OCBC helped the STI maintain its upward trajectory.

The market’s optimism was further bolstered by Wall Street, where all major indices posted gains amidst expectations of an interest rate cut. This global sentiment provided a favourable backdrop for local stocks.

In other market developments, an offer has been made to take LKH private at $0.52 (S$0.72) per share. Meanwhile, Manulife US Real Estate Investment Trust (REIT) has announced a strategic shift towards retail and industrial sectors, indicating a potential change in its investment focus.

Cordlife, a healthcare company, is facing a $3.95m (S$5.45m) civil claim from clients over damaged cord blood units, highlighting ongoing challenges in the sector.

Additionally, the FTSE ST Industrials Index has shown significant growth, rising 40% so far in 2025, according to Singapore Exchange (SGX) Research. This reflects a robust performance in the industrial sector, contributing to the overall market strength.

Looking ahead, the market will be closely watching the anticipated rate cut decision, which could further influence investor sentiment and market dynamics.

The Urban Redevelopment Authority (URA) has announced the launch of a land tender for three private residential sites at Dunearn Road, Kallang Close, and Lentor Central as part of the second half of 2025 Government Land Sales (GLS) programme. These sites are expected to yield approximately 330, 470, and 560 units, respectively, with tenders closing in early 2026.

Dunearn Road, the second site under Bukit Timah Turf City’s long-term rejuvenation plan, is set to become a vibrant housing estate over the next 20 to 30 years. Located near Sixth Avenue MRT station, the site will include 1,400 square metres of commercial space on the ground floor, enhancing convenience for future residents. The first Turf City parcel saw nine bids, and Realion (OrangeTee & ETC)’s Deputy Group CEO, Justin Quek, anticipates three to six bidders for this site, with land rates between S$1,300 and S$1,400 per square foot per plot ratio (psf ppr).

Kallang Close, near Kallang MRT station, offers potential river views and proximity to Kallang Riverside Park. The area’s transformation from industrial estates to new neighbourhoods promises a vibrant future. The Dorset Road site in the Kallang Planning Area previously attracted nine bids, and Quek expects similar interest here, with four to seven bidders and land rates of S$1,200 to S$1,300 psf ppr.

Lentor Central, the eighth plot in Lentor Hills estate, is close to Lentor MRT Station and Lentor Modern mall. Despite seven parcels already sold, demand remains strong, with limited unsold units in launched projects. Quek predicts one to three bidders for this site, with land rates between S$900 and S$1,000 psf ppr.

These developments highlight the ongoing transformation and growth in Singapore’s residential landscape, with significant interest expected from developers.

Shopee, a leading e-commerce platform in Southeast Asia, Taiwan, and Brazil, has announced a S$50m investment over the next year to accelerate the growth of Singapore’s small and medium enterprises (SMEs). This initiative coincides with Shopee’s 10th anniversary and aims to address key growth areas identified by SMEs, such as reducing start-up costs, enhancing skills, and expanding internationally.

The investment will support SMEs at various stages of their growth journey. For new sellers, Shopee offers 0% commission fees for the first 120 days and a 30-day free trial of the Shopee Coin Cashback Programme. This initiative aims to ease cost pressures and help businesses establish their online presence.

Shopee is also expanding its upskilling programmes, including the Seller Mentor Programme, which pairs new entrepreneurs with experienced sellers. Additionally, the platform will introduce AI-powered tools to improve operational efficiency, such as AI Product Photo and AI Model Try-On features.

For growing SMEs, Shopee is enhancing fulfilment support through its Fulfilled by Shopee (FBS) service, offering a 12-month free trial with benefits like free handling fees and storage. The platform also invests in marketing solutions, such as the Shopee Affiliate Marketing Solutions and YouTube Shopping Affiliate Programme, to help SMEs broaden their reach.

To support international expansion, Shopee provides export programmes like the Shopee International Platform (SIP) and the Singapore–Malaysia Direct Selling Programme, enabling SMEs to access new markets with minimal complexity.

Shopee’s Director of Singapore, Chua Kel Jin, stated, “As we celebrate our 10th anniversary, this latest investment reflects the commitment we made on day one to walk alongside SMEs in their growth journey.” The platform remains dedicated to supporting local entrepreneurs through continued investment in capability building, fulfilment, and regional access.

As Singapore’s homes become increasingly compact, maintaining healthy indoor air quality has emerged as a significant concern. With the population now at 6.11 million and thousands of new high-density residential units entering the market each year, families are spending more time in smaller, enclosed environments where pollutants can accumulate more quickly. This is particularly concerning in Singapore’s humid climate, which averages 82% humidity year-round, as it can trap mould, dust mites, and volatile organic compounds (VOCs), posing heightened risks for households with children, seniors, pets, or those near busy roads or construction zones.

To address these challenges, Levoit, a leading air purifier brand, offers advanced technology to help Singaporeans create healthier indoor environments. In line with Singapore’s Smart Nation 2.0 initiative, Levoit integrates Internet of Things (IoT)-enabled air purification with app-based monitoring, providing residents of smaller high-density homes with real-time insights into pollutants, humidity, and PM2.5 levels. “With the right technology, families no longer have to choose between space, comfort, or air quality—smart solutions make healthy living possible without compromise,” said Oscar Mei, Regional Business Director Asia Pacific at VeSync.

Levoit’s air purifiers feature a three-stage filtration system, including a pre-filter for large particles, a HEPA filter for fine particles, and an activated carbon filter for odours and harmful VOCs. As the year-end holidays approach, Levoit encourages households to create healthier living spaces, offering up to 50% off their products during the 12.12 shopping period on Shopee.

By combining advanced filtration with intelligent monitoring, Levoit empowers families to maintain cleaner, safer, and more comfortable home environments in today’s compact urban living spaces.

YY Group Holding Limited, a global leader in on-demand workforce solutions and integrated facilities management, has announced the creation of a Chief Product Officer (CPO) role, appointing Eli Yu to lead the position. This strategic move aims to accelerate product innovation and drive the company’s global growth and expansion.

Yu, an experienced product and technology leader, will oversee the end-to-end product strategy, design, development, and lifecycle management. He will lead cross-functional teams to align market needs with product capabilities, enhancing YY Group’s ability to deliver high-quality digital solutions. The appointment highlights the company’s focus on operational excellence, scalability, and sustainable growth.

Mike Fu, CEO of YY Group, stated, “With the rapid evolution of AI and technology, having a clear, unified product strategy is more important than ever. Bringing Eli on board as our chief product officer marks a major milestone for our organisation, allowing us to optimise product development and strengthen the foundations needed to support our next stage of growth.”

Yu expressed his enthusiasm, saying, “I’m honoured to join YY Group at such an exciting point in its evolution. There is tremendous potential to expand into new areas and create more value for those we serve.”

Yu’s extensive experience in AI, software development, technology, and renewable energy positions him well to drive innovation and build scalable products. His leadership is expected to unlock new opportunities and deliver greater value to YY Group’s users and shareholders.

The FTSE ST Industrials Index has recorded a remarkable 40.7% total return for the first 11 months of 2025, buoyed by dividends and target price upgrades among its constituents. The index, which closed at 915.2, saw its consensus target price rise by 33% from 777.9 to 1,031.9, driven by significant inflows and performance improvements.

Hong Leong Asia emerged as the standout performer, delivering a 141% return on $38m (S$53m) in net institutional inflows. This surge was partly attributed to the launch of the MTU Series 2000 engines by its joint venture, MTU Yuchai Power, in August. The company’s average daily turnover increased from $0.79m (S$1.1m) in the first half of 2025 to $2.95m (S$4.1m) in the second half, reflecting heightened investor interest.

In the small and mid-cap segment, Hiap Seng Industries, Soilbuild Construction, and ASL Marine reported the strongest turnover growth in the second half of 2025. Hiap Seng Industries, in particular, saw a significant increase in average daily turnover after Chandra Asri Group acquired an 11.87% equity interest, boosting its share price from $0.005 (S$0.007) to $0.019 (S$0.026).

The industrial sector remains one of ASEAN’s largest by market capitalisation, with policy initiatives driving productivity and resilience. The Economic Survey of Singapore anticipates continued growth in the construction sector, supported by public residential building and civil engineering projects, despite a forecasted slowdown in manufacturing and trade-related services in 2026.

Country City Investment Pte Ltd has secured the tender from the Singapore Land Authority to redevelop the historic 2 Moulmein Road estate into a dynamic lifestyle and community destination. The 91,000 sqm site, which houses over 40 heritage buildings, has been a significant part of Singapore’s healthcare history since its establishment in 1913 as Middleton Hospital and later as the Communicable Diseases Centre.

The redevelopment aims to honour the site’s legacy whilst rejuvenating it in line with Singapore’s efforts to celebrate its built heritage. Dylan Soh, Business Development Manager of Country City Investment, expressed gratitude for the opportunity to transform the estate into a place for dining, wellness, learning, and play. The project is set to open in the first quarter of 2027.

Country City Investment, known for its successful transformation of Dempsey Hill, plans to incorporate distinct thematic zones, restaurants, sports facilities, and enrichment spaces into the Moulmein Road site. The development will maintain the estate’s rustic charm whilst enhancing accessibility and visitor experience.

The company is committed to sustainability and community engagement, working closely with the Singapore Land Authority, heritage specialists, and community partners to ensure the transformation respects the site’s historical significance. The revitalised estate is expected to enrich Singapore’s hospitality and tourism landscape, offering a vibrant environment with diverse creative offerings throughout the year. Further details on the redevelopment will be shared as the project progresses.

Singapore’s hiring outlook has reached its lowest point in nearly four years, with the Net Employment Outlook (NEO) for Q1 2026 standing at 15%, according to the latest ManpowerGroup Employment Outlook Survey. This represents a decline of five points from the previous quarter and 11 points year-on-year. The survey, which included responses from 504 employers, highlights how economic caution is reshaping workforce strategies across the nation.

Nearly half of the surveyed employers, 46%, plan to maintain their current staffing levels, whilst 32% intend to increase headcount. Conversely, 18% anticipate reducing their workforce. The Finance and Insurance sector reports the strongest outlook, with a NEO of 33%, marking a 23-point increase from the previous quarter, although it is down by six points compared to the previous year.

Economic uncertainty continues to play a significant role in hiring decisions. Among organisations maintaining headcount, 23% are adopting a wait-and-see approach regarding economic developments before making hiring decisions. Meanwhile, 30% of those planning staff reductions cite economic challenges as the primary reason.

The survey underscores the impact of economic conditions on employment strategies, with the NEO data seasonally adjusted to account for typical annual hiring fluctuations. As Singapore navigates these uncertain times, the employment landscape remains cautious, with businesses closely monitoring economic trends before committing to significant staffing changes.