Industry News

Digital Edge has announced the acquisition of a fully powered land parcel in Ansan, South Korea, to develop SEL5, a 60 MW hyperscale data centre. This move is supported by a 90 MVA power agreement, one of the largest in Ansan, addressing the region’s power supply constraints. The site will feature a dual-feed power architecture with two independent 154 kV substations, ensuring high grid resilience and 99.999% availability for AI and cloud workloads.

The SEL5 facility is designed to support ultra-high-density workloads and advanced liquid cooling technologies. Its cooling architecture, including a chiller plant with integrated free cooling, aims to achieve a market-leading annualised Power Usage Effectiveness (PUE) below 1.25. John Freeman, CEO of Digital Edge, stated, “With SEL5, we have secured large-scale power in a highly constrained market and paired it with a resilient, scalable site capable of supporting next-generation hyperscale deployments.”

South Korea remains a key digital infrastructure market in Asia, driven by increasing cloud adoption and AI demand. The SEL5 site benefits from strong infrastructure fundamentals, including low-latency access to central Seoul, and is located within Ansan’s Sihwa National Industrial Complex, a hub for digital infrastructure and AI ecosystems.

This acquisition expands Digital Edge’s footprint in South Korea to five data centres across Seoul, Incheon, Ansan, and Busan. Headquartered in Singapore, Digital Edge, backed by Stonepeak, continues to empower businesses across Asia Pacific with sustainable and reliable digital infrastructure.

Singapore’s retail sales growth forecast for 2026 has been upgraded to 3% by RHB Bank, following an unexpected surge in April’s figures. Retail sales expanded by 5.4% year-on-year in April, surpassing Bloomberg’s anticipated 4.4% growth, and marking a 0.3% month-on-month increase. This brings the year-to-date growth to 4.3%.

Despite the positive revision, Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, cautions that the momentum is expected to slow in the latter half of the year. “We are cautious on discretionary demand, especially in department stores, recreational goods, watches and jewellery, and furniture and household equipment,” Gan noted. However, essential sales in food are likely to provide some support, whilst high fuel prices are expected to boost petrol services receipts nominally.

The report highlights the mixed outlook for different retail sectors, with discretionary spending facing challenges, whilst essential goods and services may offer stability. This nuanced view reflects broader economic trends and consumer behaviour in Singapore, as the nation navigates a complex economic landscape.

As the year progresses, the retail sector will be closely monitored for any shifts in consumer spending patterns, which could impact future forecasts and economic strategies.

AsiaPhos Limited has announced its intention to acquire a 51% shareholding in DC Alliance Pte. Ltd., which owns Pier Data Centre in Perth, Australia. This acquisition, valued at approximately S$7m, signifies a strategic pivot for AsiaPhos from commodity trading to digital infrastructure. The move is expected to bolster the company’s revenue through stable infrastructure-backed earnings.

The acquisition is contingent upon several conditions, including satisfactory due diligence and the execution of definitive agreements. AsiaPhos aims to expand the data centre’s existing IT capacity to 8 megawatts, anticipating a significant increase in revenue upon completion. The company is also collaborating with China Mobile International to explore joint opportunities in data centres and artificial intelligence computing services.

Pier Data Centre, a Tier III facility, offers expansion potential, which AsiaPhos plans to leverage. The acquisition aligns with the company’s strategy to diversify its business operations and tap into the growing demand for digital infrastructure. The proposed acquisition is subject to regulatory approvals, including those from the Australian Foreign Investment Review Board and the Singapore Exchange.

AsiaPhos has been granted a 90-day exclusivity period to conduct due diligence and finalise the acquisition terms. During this period, the vendors are restricted from engaging with other potential buyers. The acquisition is expected to position AsiaPhos as a significant player in the data centre sector, with future growth opportunities in digital infrastructure.

ASMPT, a leading provider of semiconductor and electronics manufacturing solutions, has announced a significant repeat order for eight Thermo-Compression Bonding (TCB) tools from a prominent global integrated device manufacturer. These tools will be instrumental in producing advanced client and datacentre CPUs, as the industry increasingly adopts chiplet-based architectures to meet the growing demands of heterogeneous computing.

The order underscores ASMPT’s leadership in TCB chip-to-wafer applications and highlights the strong relationship with its customer. Robin Ng, Group CEO of ASMPT, stated, “This latest achievement reinforces our established leadership in TCB chip-to-wafer applications and underscores the strength of our relationship with the customer and their confidence in ASMPT’s ability to support high-volume manufacturing.”

ASMPT’s continued momentum in TCB solutions aligns with advancements in other key growth areas, such as TCB for chip-to-substrate, high bandwidth memory, and photonics die bonders. These developments position ASMPT favourably as artificial intelligence ecosystem requirements evolve from training to inference.

Headquartered in Singapore, ASMPT is a global supplier of hardware and software solutions for semiconductor and electronics manufacturing. The company is listed on the Hong Kong Stock Exchange and is part of several key indices, including the HKEX Tech 100 Index and the Hang Seng Composite MidCap Index.

OCBC has announced the expansion of its gold services to include physical gold trading, allowing institutional clients and high-net-worth individuals from its subsidiary, Bank of Singapore, to buy, sell, and store gold in a secure vault in Singapore starting 10 June 2026. This move comes in response to a 50% increase in global demand for gold bars in Q1 2026, as reported by the World Gold Council.

The decision to offer physical gold trading is part of OCBC’s strategy to enhance its capabilities in the precious metals market. The bank aims to cater to clients’ growing preference for local transactions amid geopolitical tensions and economic uncertainties. Previously, Bank of Singapore clients had to transact with a US-based entity for physical gold.

OCBC will offer two sizes of gold bars: large bars weighing approximately 12.4kg and kilobars weighing 1kg. These bars are individually numbered and allocated to clients, providing more security compared to unallocated gold offerings. The expansion is part of OCBC’s broader strategy to strengthen its position as a trusted gold trading centre in Singapore.

Jason Moo, CEO of Bank of Singapore, highlighted the strategic importance of gold in wealth preservation, especially for ultra-high-net-worth clients. Kenneth Lai, Head of Global Markets at OCBC, noted that the new capabilities represent a significant expansion of the bank’s market-making abilities in precious metals. OCBC plans to extend these services to other client segments in the future.

NTT DATA, a global leader in AI and digital business services, has signed a Memorandum of Understanding (MOU) with AXS, Singapore’s leading payment solutions provider, to develop secure and seamless cross-border bill payment services. The partnership will initially focus on interoperability between Singapore and Malaysia, allowing users to pay bills through their domestic platforms.

The collaboration will see e-pay, a bill payment aggregator in Malaysia under NTT DATA Payment Services, serve as the access point for Malaysian billers. In Singapore, AXS will utilise its extensive biller network and digital platforms to facilitate payments. This initiative aims to address the growing demand for convenient cross-border bill payments, particularly for individuals managing expenses across borders.

Jeffrey Goh, Group CEO of AXS, stated, “This collaboration with NTT DATA marks another step in extending AXS’ payment connectivity beyond Singapore.” Masanori Kurihara, Head of Payment at NTT DATA, added, “By combining our strengths, we are creating new value that enhances convenience and improves everyday experiences.”

The MOU also outlines plans to expand the collaboration to additional markets, subject to regulatory approvals. Beyond bill payments, AXS and NTT DATA intend to explore further opportunities in payment-related services. This partnership reflects a long-term commitment to enhancing payment solutions across East and Southeast Asia.

UMS Integration Limited has signed a Memorandum of Understanding (MOU) to establish a joint-venture company in Vietnam, aiming to bolster its growth in the semiconductor and precision engineering sectors. The Singapore-based company intends to invest approximately $3.6m for a 51.6% stake in the new venture, which will consolidate three local precision engineering and metal plating firms.

The MOU, which is non-binding, was signed with Viet Nguyen Mechanical Precision Company Limited, Central Metal Mechanical Company Limited, and Global Metal Plating Company Limited. These companies will be restructured into a new entity, with UMS taking a majority stake. The investment will be funded through UMS’s internal resources and is part of its strategy to expand its manufacturing capabilities and tap into the booming semiconductor market.

UMS CEO Andy Luong highlighted the strategic benefits of the deal, stating, “This deal is both strategic and synergistic for UMS. We can gain from lower costs and better economies of scale in view of the strong growth in the global semiconductor industry.” He also noted that the investment would enhance UMS’s production facilities in Singapore and Malaysia, whilst broadening its geographical footprint to Vietnam.

Vietnam is positioning itself as a significant player in the global semiconductor industry, recently being removed from the US export control list, which could facilitate access to advanced chip-making technologies. The MOU is not expected to impact UMS’s financial results in the current year, but it marks a significant step in the company’s long-term growth strategy.

Retail and Food & Beverage (F&B) sectors in Singapore experienced growth in April 2026, with retail sales rising by 5.4% compared to the same month last year. The Food & Beverage services sector also saw a slight increase of 0.4% year-on-year, according to the latest Retail Sales Index (RSI) and Food & Beverage Services Index (FSI) figures.

The total retail sales value for April 2026 was estimated at $4.3b, with online sales accounting for 15.4% of this figure. Excluding motor vehicles, the retail sales value stood at $3.6b, with 18.2% attributed to online transactions. Notably, the Petrol Service Stations industry recorded a significant 14.4% increase in sales, driven by higher petrol prices. Recreational Goods and Motor Vehicles, Parts & Accessories also saw substantial growth, with sales up by 12.3% and 10.7% respectively.

In contrast, Department Stores and retailers of Food & Alcohol experienced declines of 1.1% and 0.1% respectively. On a month-on-month basis, seasonally adjusted retail sales rose by 0.3%, with a 0.4% increase when excluding motor vehicles.

The F&B sector’s total sales value reached $1.5b, with online sales making up 19.9%. Fast Food Outlets and Cafes showed year-on-year sales growth of 3.2% and 2.4% respectively. However, Food Courts & Other Eating Places saw a decline of 3.6%.

These indices provide a snapshot of the economic activity within Singapore’s retail and F&B sectors, reflecting consumer spending patterns and the ongoing shift towards online sales.

Singlife has announced that Fitch Ratings and Moody’s Investors Service have upheld its credit ratings for Singapore Life Holdings Pte. Ltd. and its subsidiary, Singapore Life Ltd., both with a stable outlook. This decision underscores Singlife’s robust financial position and improving profitability amidst competitive pressures in the insurance sector.

Fitch Ratings has maintained an “A” Issuer Default Rating for Singlife, citing its “Extremely Strong” Prism capital score and prudent financial management. The agency also regards Singlife as a “Very Important” subsidiary of Sumitomo Life, its parent company, due to its strategic significance in Southeast Asia. Moody’s has kept its “A2” Financial Strength Rating, noting Singlife’s growing market share in gross premiums and its strength in the financial advisory channel.

Singlife, the fifth-largest life insurer in Singapore, boasts total assets exceeding S$16b and a market share of approximately 9.5% in gross premiums. Both Fitch and Moody’s highlighted Singlife’s solid capital adequacy and low-risk investment mix, which contribute to its resilient business fundamentals.

Group CEO Pearlyn Phau commented, “These ratings affirm how our business is resilient, the strength of our balance sheet and the continued confidence of our parent company, Sumitomo Life.”

As Singlife continues to focus on value-added protection products, it remains well-positioned to seize growth opportunities in the region, further enhancing its financial freedom offerings for customers.

Singapore-listed Wee Hur Holdings Limited has announced its foray into Hong Kong’s purpose-built student accommodation sector with the launch of Starvia by Y Suites on Fortress Hill. The 246-bed, 19-storey facility is set to begin student leasing in the second half of 2026, strategically located opposite Fortress Hill MTR Station for easy access to Hong Kong’s top universities.

The project is a joint venture between Wee Hur Hospitality and Starvia Holdings Ltd. It aims to address the growing demand for student accommodation in Hong Kong, a market currently experiencing a significant shortfall in supply. According to Colliers, the city faces a projected shortfall of approximately 120,000 beds by 2028, driven by an increase in non-local student admissions and government policies positioning Hong Kong as an international education hub.

Starvia by Y Suites will offer a range of fully furnished flats, from Studio Deluxe units to multi-bedroom shared layouts, complete with amenities such as study areas, a gym, and 24/7 security. The development is part of Wee Hur’s strategy to expand its student accommodation platform beyond Australia, leveraging the Y Suites brand to capture demand in Hong Kong’s undersupplied market.

Eric Wang, Deputy General Manager of Wee Hur Hospitality, stated, “Hong Kong is one of Asia’s most compelling student accommodation markets, with strong, policy-backed demand and a clear shortage of quality, professionally managed supply.”

Wee Hur plans to continue exploring opportunities to expand its portfolio in Hong Kong, aligning with its strategy to invest in alternative real estate asset classes that offer stable, long-term returns.