Industry News

Boustead Singapore Limited has announced that its subsidiary, Esri Australia, has renewed a significant enterprise agreement worth approximately S$60m with an Australian federal government department. This renewal marks the largest contract by value for Boustead’s Geospatial Division, reflecting a strong mutual commitment to advancing geospatial capabilities.

The contract renewal will enable tens of thousands of Australian government employees to access cutting-edge Geographic Information System (GIS) technology, specifically the Esri ArcGIS platform. This system facilitates enhanced information sharing and collaboration across government, private sector, and community groups, crucial for disaster preparedness and urban planning.

Brett Bundock, Managing Director of Boustead Geospatial Division, stated, “This renewed enterprise agreement reflects significant mutual investment and a long-term commitment to capability development.” He emphasised the growing importance of geospatial intelligence in decision-making processes.

The contract is expected to positively impact Boustead’s profitability and earnings per share for the financial year ending 31 March 2027. However, it is not anticipated to materially affect the net tangible asset value per share for the same period.

Boustead’s Geospatial Division is the exclusive distributor of Esri ArcGIS in several Asia Pacific countries, including Singapore and Australia. This renewal builds on the division’s momentum, providing a robust platform for future collaboration and capability enhancement.

The Monetary Authority of Singapore (MAS) has announced amendments to the Singapore Code on Take-Overs and Mergers, effective from 16 July 2026. The revisions, advised by the Securities Industry Council (SIC), are designed to protect the competitive process of take-over and merger transactions, improve the certainty and timeliness of schemes of arrangement, and enhance disclosures to investors and shareholders.

Key changes to the Code include strengthening Rule 13 to reduce anti-competitive effects of deal protection measures. This involves capping break fees at 1% of the offeree company’s value and requiring explanations from the offeree board and its financial adviser on why such fees are in shareholders’ best interests. Additionally, guidance will be provided on when exclusivity arrangements may be deemed anti-competitive.

For schemes of arrangement, a meeting to approve the scheme must occur within six months of its announcement, and both the offeror and offeree company must expedite the process once shareholder approval is obtained. Offeror statements are also addressed, with restrictions on increasing or extending offers after certain statements are made, and conditions for indicative offer prices.

To enhance shareholder decision-making, offeree companies must obtain independent advice on proposed frustrating actions and disclose expected cash proceeds from asset sales competing with share offers.

The MAS encourages parties with questions regarding the revised rules to consult the SIC before the implementation date.

TAAG and AMPOWER have announced a strategic partnership to bolster the advanced manufacturing sector in ASEAN, particularly in Singapore and Malaysia. This collaboration combines TAAG’s industrialisation expertise with AMPOWER’s market intelligence to support manufacturers and investors in transitioning to high-value production using additive manufacturing (AM).

The alliance comes as Singapore and Malaysia’s manufacturing sectors shift from cost-competitive production to advanced manufacturing, with AM playing a pivotal role. Daniel Johns, founder of TAAG, highlighted the region’s manufacturing ambition, stating, “ASEAN’s manufacturers are asking the right questions about AM technology and business development.”

AMPOWER, founded in 2017 in Hamburg, has established itself as a leader in AM market intelligence, providing insights to OEMs, investors, and policy bodies. The firm, co-founded by Dr. Maximilian Munsch, offers comprehensive market data and strategic advisory services. “TAAG’s strength is building the business to win within the market,” Munsch noted, emphasising the complementary nature of the partnership.

TAAG, with its roots in regulated aerospace AM production, offers a structured programme for commercial and operational transformation. Its Xchange programme is expanding across Singapore and the Asia-Pacific region, providing forums for senior AM executives.

The partnership aims to bridge the gap between market navigation and competitive production, offering tailored solutions for AM service providers, investors, and industrial OEMs. Operating globally, the collaboration promises to deliver a connected offer from market intelligence to production-scale delivery, with no territorial restrictions.

Emirates, the world’s largest international airline, is set to host a pilot recruitment open day in Singapore on 9-10 July 2026 at the Carlton Hotel. This event offers experienced pilots the chance to meet Emirates’ recruitment team and learn about career opportunities within the airline’s expansive global network. The sessions, scheduled for 10 AM and 1 PM on 9 July and 10 AM on 10 July, are open to walk-ins without prior registration.

The open day comes as Emirates continues to expand its operations, now connecting over 130 destinations across 72 countries. The airline already employs 36 Singaporean pilots, highlighting its appeal to local talent. Rashed Alfajeer, Emirates’ Country Manager for Singapore and Brunei, emphasised the significance of Singapore as a market, stating, “This open day gives pilots in Singapore the opportunity to engage directly with our team, understand the training and career pathways we offer, and explore what a future with Emirates could look like.”

Emirates is investing heavily in its future, with a $135m training facility in Dubai and plans to expand its fleet with Airbus A350 and Boeing 777X aircraft. The airline offers roles such as Direct Entry Captains, First Officers, and positions within the Accelerated Command Programme, promising rapid career progression. Pilots joining Emirates can expect a competitive package, including tax-free salary, extensive leave, and travel benefits, with Dubai serving as the airline’s global hub.

L&K Engineering has emerged as the leading main contractor in Singapore, according to Hubexo’s inaugural Singapore Construction League. The ranking, based on the total value of projects that began construction in 2025, highlights the firm’s dominance with two major high-tech industrial projects valued at over $4b combined. This reflects the increasing influence of semiconductor and advanced manufacturing projects in Singapore’s construction market.

The report, which spans commercial, community, industrial, and multi-residential sectors, reveals that the top 50 contractors initiated 142 projects with a combined value of nearly $28.7b. The top 10 firms alone accounted for over $17.1b across 41 project commencements.

Woh Hup secured the second position with six projects valued at just over $2.5b, whilst Obayashi Singapore ranked third with three projects totalling more than $2.4b. The rankings underscore the strength of Japanese contractors in Singapore’s major project sectors.

Ashleigh Porter, President of APAC at Hubexo, noted, “The inaugural Singapore Construction League highlights a market increasingly shaped by specialised expertise, high-value industry investment, and sophisticated project delivery.”

The rankings also spotlight the growing presence of large regional contractors, with China State Construction Engineering Corporation and Lian Beng Group both making significant contributions. The list is a testament to the evolving landscape of Singapore’s construction sector, driven by technological advancements and a focus on high-value investments.

The Singapore International Water Week (SIWW2026) commenced today at the Sands Expo and Convention Centre, drawing 25,000 global participants, including 700 leaders, to address pressing water and climate-related issues. Running until 18 June, the event focuses on Municipal Water Solutions, Industrial Water Solutions, and Coastal and Flood Resilience.

Deputy Prime Minister Gan Kim Yong highlighted the critical role of water in the economy and society, announcing S$12m in Research Innovation and Enterprise 2030 (RIE2030) funding for industrial water solutions. This complements the S$85m already allocated for municipal water solutions. The event also honoured American microbiologist Professor Joan Bray Rose with the Lee Kuan Yew Water Prize 2026 for her work in Quantitative Microbial Risk Assessment.

The Water Expo, a key feature of SIWW2026, showcases innovations from 35 countries, with 88 exhibitors in the largest Singapore Pavilion to date. The Expo is expected to attract 25% more trade visitors than previous editions, featuring over 50 product launches and 26 new project announcements.

Minister Grace Fu will address the Coastal and Flood Resilience Leaders Summit on 17 June, presenting Singapore’s latest efforts in coastal protection, including the launch of the Coastal Protection Code of Practice. SIWW2026 reinforces Singapore’s position as a global hub for water innovation, supporting climate adaptation and resilience initiatives.

Singapore-headquartered ST Telemedia Global Data Centres (STT GDC) has announced the opening of STT Seoul 1, its inaugural data centre in South Korea. Located in Gasan-dong, Geumcheon-gu, Seoul, the facility offers up to 30 megawatts (MW) of IT load capacity and is designed to support hyperscale and enterprise deployments, including high-density workloads. This development marks STT GDC’s strategic entry into one of Asia’s most advanced digital markets, aiming to meet the growing demand for cloud and AI infrastructure in Northeast Asia.

The data centre, developed through a joint venture with Hyosung Heavy Industries, combines local expertise with STT GDC’s global platform. Charles Chulhoy Huh, Country Head of STT GDC Korea, stated, “STT Seoul 1 establishes an important foundation for STT GDC’s presence in Korea, extending a globally consistent platform into a key Northeast Asian market.”

Hyosung Group Chairman Hyun-Joon Cho highlighted the significance of the facility, noting it as a milestone for Korea’s AI ecosystem. The centre is strategically positioned near critical infrastructure, including telecommunications and transport links, enhancing its operational resilience and efficiency.

STT Seoul 1 has achieved the Tier III Certification of Design Documents from Uptime Institute, ensuring high availability and operational resilience. The facility features dual power feeds, a distributed redundant UPS system, and backup generators, alongside a cooling system with a design Power Usage Effectiveness (PUE) of below 1.3.

The launch of STT Seoul 1 underscores STT GDC’s commitment to supporting Korea’s ambition to become a global leader in AI, providing a robust foundation for the nation’s digital economy.

Foodpanda, Singapore’s leading delivery platform, has announced a new partnership with Sheng Siong, one of the nation’s largest supermarket chains. From 22 June 2026, customers can order over 12,000 grocery items from 43 Sheng Siong outlets via foodpanda, with delivery promised within an hour. This collaboration aims to meet the growing demand for quick-commerce in Singapore, where grocery order frequency has increased by 7% since 2023.

The partnership is set to enhance foodpanda’s grocery ecosystem, complementing its existing network of pandamart stores and partners. Bhavani Mishra, Managing Director of foodpanda Singapore, stated, “Sheng Siong has earned the trust of generations of Singaporeans, and we are excited to welcome this beloved household brand onto foodpanda.”

To celebrate the launch, foodpanda is offering S$280,000 in total cash prizes, with S$10,000 awarded daily to one lucky customer ordering from Sheng Siong between 22 June and 19 July 2026. Additionally, shoppers can enjoy up to 40% off selected Sheng Siong products and other promotions during the campaign.

Lin Ruiwen, Executive Director of Sheng Siong Group, commented, “Partnering with foodpanda allows us to extend our value proposition beyond our physical stores and better serve our consumers’ needs.”

This partnership not only expands access to affordable grocery options for Singapore households but also supports larger orders with a new three-wheeler delivery fleet, ensuring efficient and reliable service.

CBRE has announced the sale of a rare freehold site at 2 and 4 Jalan Ulu Siglap, currently operating as a nursing home, through an Expression of Interest exercise closing on 15 July 2026. The 13,523 sq ft site, zoned for residential use, presents significant redevelopment potential with a baseline Gross Floor Area of 18,713 sq ft and a plot ratio of 1.38.

The site, strategically located near East Coast Road, boasts a prominent 26-metre frontage and a 48-metre depth, making it ideal for efficient redevelopment. It is offered at a guide price of $28m, translating to approximately $1,462 per square foot per plot ratio for non-landed residential redevelopment, inclusive of a land betterment charge. For landed housing development, the price is approximately $2,070 per square foot on the land area.

Michael Tay, Deputy Managing Director and Head of Capital Markets at CBRE, highlighted the scarcity and desirability of such freehold land parcels in the Siglap precinct, noting their appeal to developers, homeowners, and investors. Joshua Giam, Director of Capital Markets at CBRE, added that there is strong demand for freehold development options among family offices and high net worth individuals, with potential for alternative redevelopment into service apartments for long-term rental income.

The property is surrounded by an established residential neighbourhood and is close to amenities such as Siglap V, Bedok Mall, and Parkway Parade. It also benefits from excellent connectivity, being a short walk from Siglap MRT station and a short drive from major expressways, providing easy access to the Central Business District and Orchard Road.

StoneX Group Inc., a Fortune 100 financial services firm, has strengthened its presence in Asia by expanding its partnership with Integral, a leading currency technology provider. This collaboration aims to establish connectivity at the Equinix SG1 data facility in Singapore, enhancing access to foreign exchange (FX) and precious metals liquidity whilst reducing trading latency across the Asia-Pacific (APAC) region.

The expansion allows StoneX to leverage Integral’s infrastructure, already utilised at Equinix’s New York and London facilities, to improve trading efficiency for clients in Asia’s rapidly growing markets. Gerard Melia, Global Head of FX Sales at StoneX, stated, “By extending our infrastructure in Singapore, we are improving our ability to serve clients in one of the world’s fastest-growing financial markets.”

Singapore’s status as a global financial hub is attracting significant investment from major financial institutions, driving the demand for localised trading infrastructure. This development builds on Integral’s recent capacity expansion at the SG1 data centre, which now processes over one million tickets daily, supporting a broad regional client base.

Harpal Sandhu, CEO at Integral, commented, “This expansion is a deepening of our longstanding relationship with StoneX, which spans over 15 years, and reflects the trust that global institutions place in our solutions.”

As StoneX enhances its operations in Singapore, the firm is poised to capitalise on rising trading volumes in Asia, offering clients improved speed and access to liquidity. This strategic move underscores the importance of localised infrastructure in meeting the demands of Asia’s dynamic financial markets.