Industry News

Foundation Healthcare Holdings has successfully listed on the Mainboard of the Singapore Exchange Securities Trading Limited, raising approximately S$242m in gross proceeds. This milestone marks the largest healthcare services listing on the SGX-ST since 2012 and the most significant by a fully Singapore-based business in over two decades.

The initial public offering (IPO) saw overwhelming demand, with the retail tranche oversubscribed by 9.4 times and the overall offering by 3.8 times. This strong investor confidence highlights the company’s innovative technology-enabled platform and its rapid growth trajectory. Foundation Healthcare, a leading multi-speciality private healthcare group in Singapore, connects various stakeholders in the healthcare ecosystem through a single integrated platform.

SeaTown Holdings International, an Asia-focused alternative investment firm, has been a key partner in Foundation Healthcare’s journey. In 2023, SeaTown invested S$150m to support the company’s growth. Since then, Foundation Healthcare has expanded its network from 67 to 108 medical specialists and acquired 38 specialist practices, achieving a combined pro forma revenue of S$265.9m in FY2025.

Dickson Loo, Managing Director of Private Equity at SeaTown, expressed his enthusiasm for the partnership, stating, “It has been a privilege to partner with the team at Foundation Healthcare. We believe the company is well positioned to continue investing in its network, technology and growth opportunities.”

Foundation Healthcare’s successful listing aligns with SeaTown’s strategy of partnering with strong management teams to build scalable platforms in sectors with long-term growth potential. The company is now poised for further expansion in Singapore and the region.

Singapore businesses have emerged as the most resilient globally, capable of maintaining operations for four to six months amidst a major supply chain shock, according to Proxima’s 2026 Global Supply Chain Resilience Outlook. The survey, which included 515 CEOs from firms with over $500m in revenue across five countries, revealed that 23% of Singaporean companies could endure such disruptions, compared to 13% globally.

The report highlights Singapore’s proactive stance in addressing supply chain vulnerabilities, with 93% of businesses having documented and tested plans for potential disruptions. AI is identified as both a significant threat and opportunity, with 22% of Singaporean firms viewing it as the biggest financial risk, yet 50% are leveraging AI for cost modelling and 48% for procurement automation.

Chris Hampden, Senior Vice President at Proxima, noted, “Singapore’s performance demonstrates how trade-based economies are reshaping supply chain strategy in response to sustained global volatility.” He added that many Singaporean businesses are willing to pay a premium to ensure supply chain continuity, with 44% of CEOs prepared to increase supplier costs by 11% to 20%.

The findings also reveal that supplier disruptions pose a significant risk, with 58% of firms indicating potential revenue losses of 11% to 20% from a two-week disruption. Additionally, Singapore firms have experienced notable changes in overseas demand due to protectionist policies, with 34% reporting increased demand and 23% noting a decrease.

As Singapore continues to strengthen its supply chain resilience, the focus remains on overcoming challenges such as data quality and skills gaps to fully harness AI’s potential.

Lion Global Investors (LGI) and BIBD Securities have introduced the Lion-BIBDS Islamic Income & Growth Fund, a Shariah-compliant multi-asset fund aimed at providing regular income and long-term capital appreciation. This marks the second collaboration between the two firms, expanding Islamic investment solutions for investors in Singapore, Brunei, and beyond.

The fund employs an actively managed strategy, allocating approximately 70% to Shariah-compliant global equities and 30% to fixed income instruments. This approach aims to capture growth opportunities whilst ensuring income generation and capital preservation. The portfolio may also include cash, cash equivalents, and Islamic liquidity funds to maintain liquidity and adapt to market changes.

Investors have the option to choose between accumulation or quarterly income distribution, with all distributions undergoing a Shariah-guided dividend purification process. The fund may also invest in Shariah-compliant collective investment schemes and exchange-traded funds (ETFs), including a small allocation to gold ETFs for diversification.

Teo Joo Wah, CEO of Lion Global Investors, stated, “The launch of the Lion-BIBDS Islamic Income & Growth Fund reflects our continued commitment to broadening access to high-quality, values-aligned investment solutions.” Jason Wong, Managing Director of BIBD Securities, added, “This second collaboration with Lion Global Investors reflects our shared commitment to expanding access to quality Shariah-compliant investments.”

Endorsed by the BIBDS Shariah Advisory Body, the fund is managed by a team with an average of 26 years of investment experience. It aims to help investors achieve long-term financial goals whilst adhering to Islamic principles.

Frasers Property, in collaboration with CSC Land Group and Sekisui House, is set to launch Dunearn House, a 99-year leasehold residential development in Singapore’s District 11. The preview begins on 10 July 2026, with sales starting on 25 July 2026. Located just a four-minute walk from Sixth Avenue MRT station, Dunearn House is the first private residential project within the Bukit Timah Turf City masterplan and the first launch in the Swiss Club landed enclave in 33 years.

The development offers 380 units, featuring two-bedroom, three-bedroom, and four-bedroom options, with prices starting from S$1.475m. It aims to attract families, owner-occupiers, and investors seeking a prestigious address. The project is designed to integrate contemporary architecture with Bukit Timah’s equestrian heritage, providing expansive views and a sense of openness.

Dunearn House is strategically positioned near key educational institutions and offers excellent connectivity via the Downtown Line and the upcoming Cross Island Line. The development is also close to major road networks, providing easy access to Orchard Road and the Central Business District.

The project includes a range of lifestyle facilities, such as a 50-metre lap pool, wellness pools, and themed lounges. It also features sustainability initiatives, including energy-efficient systems and solar panels. The development is designed to meet BCA Green Mark Platinum standards, promoting environmentally responsible living.

Frasers Property CEO Soon Su Lin highlighted the project’s potential to set a benchmark for quality living, whilst CSC Land Group Chairman Qian Liang Zhong emphasised the collaboration’s focus on quality and efficiency. Sekisui House’s Toru Tsuji noted Singapore’s importance as a market for sustainable living solutions.

Singapore’s prime residential market has maintained robust demand in the first half of 2026, according to Knight Frank Singapore’s latest report. The number of prime non-landed home sales totalled 128, with a sales value of S$1.1b, marking a slight decrease from the previous half-year. However, the average unit price rose by 8.3% to S$2,689 per square foot.

The increase in citizenships and permanent residencies granted by the government has bolstered the buyer pool, contributing to the demand for luxury non-landed homes. Nicholas Keong, Head of Residential and Private Office at Knight Frank Singapore, noted that Singapore’s status as a safe haven has encouraged some to upgrade from tenancies to home ownership.

The market outlook for the second half of 2026 suggests consistent sales activity, driven by globally mobile wealth seeking stability in Singapore. Despite a 60% Additional Buyer’s Stamp Duty rate affecting foreign demand, new projects in the Core Central Region could perform well if priced appropriately. Prices are expected to rise by 1% to 3% for the year.

In the landed residential sector, 544 homes were sold in H1 2026, with a sales value of S$4.9b. The Property Price Index for landed homes increased by 2.6% quarter-on-quarter in Q2 2026. Buyers are becoming more selective, considering factors such as land shape and elevation, leading to longer negotiation periods. Landed home values are projected to grow by 3% to 5% for the year.

V2 AI, a prominent enterprise AI consultancy in the Asia-Pacific region, has announced the establishment of a new regional hub in Singapore. This move is part of the company’s international growth strategy, driven by increasing demand for AI solutions across the region. Singapore was chosen for its status as a global technology centre and its supportive environment for AI adoption.

Founded in 2023 in Sydney, V2 AI has rapidly expanded, with offices in Sydney, Melbourne, Brisbane, Kuala Lumpur, and now Singapore. The company has secured a $30 million commitment from Columbia Capital, a growth equity investor with a history of supporting successful technology companies. Craig Howe, the founder and CEO of V2 AI, has extensive experience in leading transformative projects across various industries.

V2 AI specialises in developing AI systems for complex organisations in regulated sectors such as financial services, energy, telecommunications, and government. The consultancy combines technical expertise with robust AI governance to ensure safe and responsible AI deployment. “Enterprise organisations across APAC are entering a new phase of AI adoption,” said Howe. “Singapore provides the ideal platform for our next phase of growth.”

The Singapore hub will be led by Managing Director Hannah Williams, who brings significant experience in the Asia-Pacific commercial landscape. The local team will cover leadership, sales, consulting, engineering, delivery, and change management, complementing V2 AI’s existing operations in Australia and Kuala Lumpur.

The expansion is supported by strategic partnerships with Anthropic, AWS, and Databricks, enabling V2 AI to deliver tailored AI platforms and data capabilities to meet enterprise needs.

Bristol Myers Squibb (BMS), a leading global biopharmaceutical company, has announced the establishment of Singapore as its new Pan Asia Cluster (PAC) hub. This decision, made public on 8 July 2026, coincides with the company’s 60th anniversary in Singapore and is supported by the Singapore Economic Development Board (EDB). The hub aims to accelerate patient access and innovation across the region, enhancing BMS’s commitment to the local life sciences ecosystem.

The new hub will consolidate markets including Hong Kong & Macau, Taiwan, Singapore, Malaysia, Thailand, Vietnam, Indonesia, and the Philippines, employing over 200 staff. BMS plans to leverage this strategic position to strengthen capabilities and talent, with more than 60 clinical trials already underway in the PAC region and five new trials set to commence in Singapore by the end of 2026.

Steve Sugino, Senior Vice President, Asia Pacific, BMS, highlighted the significance of this move, stating, “Our 60-year legacy in Singapore is proof of our long-term commitment to bringing innovative medicines to patients here and across the region.” The establishment of the hub underscores Singapore’s role as a stable and innovative base in Asia, with a strong life sciences ecosystem and skilled talent pool.

Ho Weng Si, Executive Vice President of EDB, expressed support, saying, “The establishment of its new Pan Asia Cluster hub adds to Singapore’s vibrant biomedical sciences ecosystem, and reinforces our role as a trusted base for companies to drive innovation and regional strategies.”

BMS’s initiative is expected to improve patient access to innovative medicines, contributing to better healthcare outcomes in the region.

Global law firm Norton Rose Fulbright has been appointed to advise lenders on the financing of a new 670MW hydrogen-ready combined cycle gas turbine (CCGT) power plant in Singapore. The project, spearheaded by PLM Power Pte. Ltd., a subsidiary of PacificLight Power Pte. Ltd., is set to support Singapore’s shift towards a lower-carbon energy system, with construction slated to begin in 2026 and operations expected by 2029.

The financing is structured as an “energy transition facility” and involves several major financial institutions, including Malayan Banking Berhad, DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, and United Overseas Bank Limited. Maybank Securities Pte Ltd is acting as the financial adviser for the project.

Aditya Rebbapragada and Nick Merritt, partners at Norton Rose Fulbright, led the transaction team, with support from Andrew Digges, Yu-En Ong, and associate Alden Tan. Chou Ching of Rajah & Tann Singapore LLP provided advice on real estate aspects. Rebbapragada noted the significance of the project, stating, “This financing marks an important milestone in the development of a next-generation power asset in Singapore.”

The new facility is expected to enhance Singapore’s energy security whilst promoting cleaner energy. Merritt emphasised the plant’s role in creating a resilient, diversified power system, combining reliable domestic generation with sustainability benefits. Norton Rose Fulbright is recognised for its expertise in renewable energy projects, particularly in the Asia Pacific region.

Beng Kuang Marine Limited has announced that its subsidiary, Asian Sealand Offshore & Marine Pte Ltd (ASOM), secured approximately S$85.2m in new contracts and purchase orders during the first half of 2026. This includes S$27.6m in the first quarter and S$57.6m in the second quarter. Notably, ASOM won two life extension purchase orders valued at US$28.6m for tank services related to the FPSO life extension programme in West Africa.

The company reported that, as of 30 June 2026, ASOM, along with its other subsidiaries, PT. Nexus Engineering Indonesia (NEI) and International Offshore Equipments Pte Ltd (IOE), had a combined outstanding order book of approximately S$70.7m. ASOM’s share of this was around S$52.3m, NEI’s was S$7.3m, and IOE’s was S$11.1m.

The CEO of Beng Kuang Marine, Yong Jiunn Run, highlighted the successful conversion of West Africa lifecycle mandates into formal purchase orders, emphasising the company’s focus on disciplined execution and opportunity conversion across its offshore lifecycle and engineering businesses.

Looking ahead, Beng Kuang Marine aims to continue executing its contracted work whilst pursuing new opportunities in offshore lifecycle services, shipbuilding, and deck equipment. The company remains committed to supporting repeat integrity, maintenance, and life-extension work over the asset lifecycle, leveraging its established operating relationships in active FPSO campaigns.

Geo Energy Resources Limited has initiated a share buyback programme, purchasing 637,500 shares on 7 July 2026, marking the start of a series of buybacks. This move, approved by shareholders, reflects the company’s confidence in its business fundamentals and long-term prospects. The shares were bought at an average price of S$0.519, representing 6.7% of the day’s traded shares.

The buyback comes as Geo Energy prepares to commence operations at its PT Marga Bara Jaya (MBJ) Integrated Infrastructure, a transformational asset. The company is in discussions with Resource Invest AG for a US$1.5b investment in MBJ. Executive Chairman and CEO Charles Antonny Melati stated, “Commencing this buyback programme is a natural step to take given the continued undervaluation of our current share price.”

Coal prices have been rising, with the Indonesian Coal Index 4200 GAR price averaging US$63.88 per tonne for Q2 2026, up from US$52.38 in Q1. Prices are expected to strengthen further, driven by demand from China, India, and Japan.

The completion of MBJ is set to increase Geo Energy’s coal production to 25 million tonnes annually, with logistical cost savings and new revenue streams. Melati expressed optimism about the company’s future, highlighting the potential for sustainable growth and diversification into premium coking coal. The company aims to deliver attractive long-term returns for shareholders.