Industry News

YTL PowerSeraya has announced a landmark S$500m transition financing deal with DBS, Maybank, and OCBC to develop Singapore’s first hydrogen-ready Combined Cycle Gas Turbine (CCGT) plant. This initiative, revealed during the Singapore International Energy Week 2025, marks the nation’s inaugural transition finance deal aligned with the Singapore-Asia Taxonomy for Sustainable Finance.

The financing is part of a broader S$1.2b term loan facility, with the banks also acting as joint Sustainability Structuring Advisers. This milestone underscores growing confidence in the commercial viability of transition technologies and sets a precedent for sustainable project financing in the region.

In addition to the financing, YTL PowerSeraya is collaborating with Siemens Energy to retrofit the 396MW Taser Power Plant with an Advanced Turbine Efficiency Package. This upgrade aims to enhance performance and reduce emissions, potentially cutting carbon emissions by up to 11,000 tonnes of CO₂ annually upon completion in December 2025.

Furthermore, YTL PowerSeraya is conducting carbon capture feasibility studies with Air Liquide and GE Vernova for its upcoming 600MW Hydrogen-Ready CCGT at Pulau Seraya Power Station, targeted for completion by 31 December 2027. These studies, supported by the Energy Market Authority’s Power Sector Carbon Capture and Storage Grant Call, aim to explore both pre- and post-combustion carbon capture technologies.

These initiatives position YTL PowerSeraya at the forefront of Singapore’s energy transition, contributing significantly to the nation’s net-zero emission vision by 2050.

CBRE has announced the sale of a 2-storey terrace factory located at 51 Quality Road within Singapore’s JTC Food Zone, with an asking price of $4.5m. The sale, conducted via private treaty, presents a unique opportunity for small and medium-sized enterprises (SMEs) to acquire a strategic site for food manufacturing and distribution.

The property spans approximately 13,499 square feet of land and offers a gross floor area of about 10,795 square feet, with potential expansion to 18,899 square feet. Zoned as “Business 2” under the Master Plan 2019, it supports a wide range of industrial uses. The building features warehouse ceiling heights of up to 7 metres and a 300 Amp 3-phase power supply, designed for operational efficiency.

Located within a vibrant food ecosystem, the factory is surrounded by reputable food companies and complementary businesses such as cold chain logistics and food processing. This creates strong synergies for potential occupiers. The property is well-connected, with easy access to the city centre, seaport, and other parts of Singapore via major expressways. It is also a short walk from the future Enterprise MRT station on the Jurong Region Line.

Graeme Bolin, Head of Occupier and Leasing, Industrial and Logistics Services at CBRE, highlighted the property’s strategic advantages: “51 Quality Road represents a compelling opportunity for food manufacturers and distributors to secure a strategic foothold in Singapore’s established food zone.”

With a remaining land tenure of approximately 19 years, this asset offers long-term operational certainty at an attractive price, making it an ideal choice for SMEs looking to future-proof their operations.

Acclime, a prominent corporate services and advisory firm, has announced its acquisition of Crowe Singapore, a leading accounting and advisory practice in Singapore. This strategic move, revealed on 28 October 2025, marks a significant milestone in Acclime’s expansion, positioning it as one of the largest professional services firms in Singapore. The acquisition aims to bolster Acclime’s service offerings across Asia Pacific and the Middle East, enhancing its ability to serve a diverse clientele, including regional enterprises, multinationals, and family offices.

Crowe Singapore brings extensive expertise in assurance, tax, and advisory services, complementing Acclime’s strengths in corporate governance, compliance, and fund administration. The merger promises to deliver consistent service standards and coordinated expertise across all markets. Izzy Silva, Group CEO of Acclime, stated, “Crowe Singapore is one of the most trusted names in the market, and together we’ve created a platform that fundamentally elevates what clients can expect from a regional partner.”

Tan Kuang Hui, Managing Partner of Crowe Singapore, expressed enthusiasm about the merger, noting, “Joining Acclime allows us to bring our clients into a broader ecosystem of expertise and innovation.”

This acquisition is part of Acclime’s broader strategy to enhance its advisory services and fund administration capabilities. Recent acquisitions in Hong Kong SAR, Australia, and New Zealand have strengthened its advisory offerings, enabling the firm to provide sophisticated solutions alongside its core services. The integration of Crowe Singapore underscores Acclime’s commitment to delivering exceptional service through enhanced market knowledge and international reach.

Singapore’s Ministry of Trade and Industry (MTI) and the Energy Market Authority (EMA) have partnered with the International Tracking Standard Foundation (I-TRACK Foundation) to create a framework for Cross-Border Renewable Energy Certificates (RECs) in Southeast Asia. This initiative seeks to address the complexities of tracking renewable energy across borders due to varying government regulations in the region.

The framework will standardise the tracking and accounting of cross-border RECs, focusing on the physical flow of electricity, permissible REC registries, and the calculation of the residual mix. This standardisation is expected to enhance confidence among companies purchasing cross-border RECs, ensuring exclusive claims for sustainability reporting. The framework also aligns with ongoing efforts by the ASEAN Centre of Energy to develop a regional REC framework by 2027.

Minister of State for Trade and Industry, Gan Siow Huang, highlighted the significance of the framework, stating it reflects Singapore’s commitment to advancing credible cross-border electricity trade and fostering regional collaboration. EMA’s Chief Executive, Puah Kok Keong, emphasised the importance of credibility and trust in REC transactions for driving cross-border electricity trade.

The I-TRACK Foundation’s Roble P. Velasco-Rosenheim noted that the initiative is a meaningful step towards credible cross-border electricity trade tracking in the ASEAN region. The framework will align with international standards, such as those being developed by the I-TRACK Foundation, which are set to be released by the end of 2025.

The development of this framework is supported by organisations including the Climate Group’s RE100 initiative, the ASEAN Centre of Energy, and the Asia Clean Energy Coalition. These collaborations underscore the framework’s potential to strengthen the commercial viability of renewable energy projects across Southeast Asia.

The Energy Market Authority (EMA) of Singapore and the Australian Energy Regulator (AER) have signed a Memorandum of Understanding (MOU) at the Singapore International Energy Week 2025. This agreement is designed to strengthen regulatory exchanges and enhance cooperation in the energy sector between the two nations.

The MOU establishes a framework for collaboration, focusing on the sharing of regulatory practices in gas and electricity markets. It also aims to facilitate greater knowledge exchange on low-carbon technologies and deepen cooperation at multilateral platforms, supporting the region’s energy transition. Key activities under this agreement include knowledge and experience sharing, training and exchange programmes, and dialogues between EMA and AER.

Puah Kok Keong, Chief Executive of EMA, expressed enthusiasm about the partnership, stating, “Energy regulators are at the heart of the energy transition and EMA is delighted to deepen our cooperation with the AER on regulatory best practices and low-carbon energy technologies.” This collaboration builds on the longstanding bilateral energy cooperation and marks the 60th year of diplomatic relations between Singapore and Australia.

Justin Oliver, Deputy Chair of the AER, highlighted the importance of the partnership, saying, “The AER is proud to further its partnership with the Singapore Energy Market Authority and with regulators across the Association of Southeast Asian Nations. Through sharing expertise and experiences, we can strengthen efforts to support energy security and the energy transition across the region.”

This MOU signifies a significant step in fostering international cooperation in the energy sector, with potential long-term benefits for energy security and sustainability in the region.

Trek 2000 International Ltd. has announced a strategic partnership with Aboard AI Inc. to develop an AI-driven solution for aviation safety and fleet management. This collaboration will utilise real-time flight data to enhance aircraft safety, reduce downtime, and improve operational efficiency. The partnership is expected to generate over US$15m in revenue through FY2027, primarily targeting the North American market.

The new system will be powered by Trek’s patented high-speed wireless memory technology, which combines NAND and Dram for AI-intensive data processing and transmission. Aboard AI, known for its expertise in AI-powered data management, will contribute its proprietary algorithms to compute and analyse real-time flight data. This integration aims to bridge the gap of underutilised data, enabling aviation operators to detect early warning indicators and minimise operational downtime.

Wayne Tan, Executive Chairman and Group President of Trek 2000 International Ltd., stated, “This partnership marks a milestone forward for Trek as we extend our proprietary technologies into the aviation technology space.” Eduardo Fonseca, CEO of Aboard AI Inc., added, “We’re pleased to partner with Trek to pioneer an AI-powered solution tailored for the aviation sector.”

The global aviation software market is projected to reach US$18.6b by 2030, with North America representing the largest regional market. This growth is driven by increased pilot training, business travel, and private aircraft ownership, creating a strong demand for data-driven flight-safety innovations. The partnership between Trek and Aboard AI is poised to capitalise on these trends, offering advanced solutions to enhance aviation safety and performance.

ADDX, a Singapore-based investment platform, has announced a strategic partnership with Hines, a global real estate investment manager, to broaden access to high-quality real estate opportunities. This collaboration combines Hines’ expertise in real estate management with ADDX’s digital platform, aiming to make private market investments more accessible to a wider audience.

The partnership comes as the private real estate market benefits from trends such as urbanisation and the increasing demand for logistics, data centres, and sustainable living solutions. These factors offer investors potential long-term capital appreciation and consistent income generation. Hines’ research highlights a strong correlation between global property rents and inflation, suggesting that diversified real estate assets can provide capital appreciation, inflation hedging, and income distributions.

Inmoo Hwang, Group Managing Director and Chief Financial Officer of ADDX, stated, “Partnering with a time-tested manager like Hines reinforces our focus on working with firms that share our dedication to disciplined investing and responsible access to private markets.” Hines, founded in 1957, manages over $90b in assets globally and is recognised for its integrated investment management approach.

Paul Ferraro, Global Head of Private Wealth at Hines, expressed excitement about expanding investment opportunities in Asia, noting that platforms like ADDX help connect with a dynamic investor base seeking diversification.

This partnership aligns with ADDX’s mission to democratise private market participation through regulated technology, expanding its ecosystem of trusted partners and alternative investment opportunities.

Organisations implementing advanced responsible artificial intelligence (AI) governance are seeing significant business benefits, according to the latest findings from EY’s Responsible AI Pulse survey. The survey, which gathered insights from 975 C-suite leaders across 21 countries, including 30 from Singapore, highlights that companies with real-time monitoring and oversight committees report measurable gains in revenue and cost savings.

In Singapore, 90% of respondents noted improvements in efficiency and productivity, whilst 83% reported enhanced innovation. However, fewer organisations saw gains in revenue growth (37%) and cost savings (47%). Globally, firms with robust AI governance are 34% more likely to experience revenue growth and 65% more likely to achieve cost savings.

Manik Bhandari, EY Asean Data and Artificial Intelligence Leader, emphasised the importance of responsible AI, stating, “With transparent, well-governed AI systems, organisations can scale AI safely in more products, markets and customer segments.”

Despite these benefits, the survey also revealed that all Singapore organisations experienced financial losses due to AI-related risks, with 63% reporting losses exceeding $1m. Common risks include biased outputs, misinformation, and legal liabilities. The rise of “citizen developers”—employees independently deploying AI agents—further complicates governance, with 70% of Singapore organisations allowing such activities.

The survey underscores the need for comprehensive policies to manage AI agents responsibly. Whilst 71% of organisations have formal frameworks in place, only 7% of Singapore’s C-suite respondents could correctly identify appropriate controls for AI-related risks. Bhandari noted, “Embedding transparency, fairness and privacy from the start is essential.”

uSMART Securities Singapore Pte Ltd (uSMART SG), a prominent fintech brokerage platform licensed by the Monetary Authority of Singapore, has inaugurated its second branch at Somerset, Orchard. The new location, launched on 24 October 2025, introduces a Wealth Management Hub designed to offer investors more personalised and smarter solutions to grow their wealth.

The Somerset branch follows the success of uSMART SG’s initial outlet at Robinson Road. Alfred Kwok, Head of Marketing at uSMART SG, stated, “Expanding our presence in Orchard is a key step towards making investing even more accessible.” The hub provides a space where investors can engage with experts, attend educational sessions, and experience the integration of digital innovation with personal guidance.

The branch also features a partnership with Maybank Asset Management, offering the Maybank Money Market Fund as a reliable cash management solution. Ivan Won, Head of Product and Marketing, remarked, “This marks the first step in our journey to bring a broader suite of Maybank Asset Management products to their clients.”

Visitors to the hub can explore a diverse range of global investment products, including stocks from the US, Singapore, Hong Kong SAR, Japan, and the UK, as well as Money Market Funds, options, and structured products like Fixed Coupon Notes. uSMART SG was recently recognised as the Best Brokerage for Educational Tools for New Investors at the SingSaver BestOf Awards 2025, highlighting its commitment to investor education.

The launch of the Somerset Wealth Management Hub signifies uSMART SG’s continued growth in Singapore and its expanding global presence, including recent ventures into the United States. The company, backed by strategic investor Chow Tai Fook Holding, celebrates its third anniversary locally and seventh globally.

CapitaLand Integrated Commercial Trust (CICT) has announced its business updates for the third quarter of 2025, revealing a modest increase in gross revenue and net property income. For the year-to-date ending 30 September 2025, CICT’s gross revenue rose by 0.1% year-on-year to S$1,191.6m, whilst net property income grew by 0.2% to S$874.2m. The trust’s portfolio committed occupancy reached 97.2%, with retail and office occupancies at 98.7% and 96.2%, respectively.

The retail sector showed robust performance, with a 7.8% rent reversion and a 19.2% year-on-year increase in tenant sales per square foot, largely attributed to ION Orchard’s contribution. Excluding ION Orchard, tenant sales still saw a 1.0% rise. Shopper traffic also increased by 24.8% year-on-year, with a 4.5% rise excluding ION Orchard. The office portfolio experienced a 6.5% rent reversion, with new and renewed leases totalling 618,000 square feet.

CICT completed the acquisition of a 55% interest in CapitaSpring’s office component for S$1,045.0m in August, marking the beginning of income contribution on a full basis. Asset enhancement initiatives are underway at several properties, including Tampines Mall and Raffles City Tower, expected to enhance asset value and tenant experience.

Financially, CICT maintains a healthy position with an aggregate leverage of 39.2% and a reduced average cost of debt at 3.3%. The trust issued S$300m in 7-year fixed rate notes at 2.25% per annum, due in September 2032, further strengthening its capital management strategy.