Industry News

Jebsen & Jessen Group has appointed Karl Tilkorn as Chief Executive Officer of its newly established Material Handling business unit. This move is part of the conglomerate’s strategy to enhance its material handling operations globally. Tilkorn’s leadership comes after the Group’s acquisition of the Industrial Products business from Konecranes in 2023, and the more recent acquisitions of Safetech and EMS in Australia.

The Material Handling unit, operating under the MHE brand, is a S$170m enterprise across the Asia Pacific. It offers a range of services, including manufacturing and engineering solutions in industrial automation and material handling. The unit serves diverse sectors, from construction to aerospace.

Tilkorn, who previously led the MHE-Demag joint venture, rejoined Jebsen & Jessen in 2023 and played a key role in rebuilding the MHE portfolio. “Karl’s appointment is in line with longer-term value creation for the MHE business as part of the Group’s Aligned to Thrive strategy,” said Per Magnusson, Group CEO of Jebsen & Jessen.

Tilkorn expressed his enthusiasm, stating, “I’m honoured to lead the MHE team as we step into this new chapter. This new organisational structure has given us clarity, agility and strategic focus to strengthen our leadership position.”

With this appointment, Jebsen & Jessen aims to drive growth and innovation within the Material Handling sector, reinforcing its commitment to delivering value to customers across the region.

Prudential Singapore has introduced a new range of Integrated Shield Plan supplementary riders, the PRUExtra Care series, offering comprehensive medical protection at reduced premiums. The three riders—PRUExtra Premier Care, PRUExtra Preferred Care, and PRUExtra Plus Care—are at least 30% cheaper than previous offerings, with PRUExtra Preferred Care being up to 55% more affordable for some age groups.

The new riders come with additional benefits, including an extra cover for critical illnesses, which increases the policy year limit by up to $100,000 for hospitalisation or surgery due to early, intermediate, or late-stage critical illnesses. Additionally, a retrenchment premium waiver benefit allows customers of PRUExtra Premier Care and PRUExtra Preferred Care to apply for a 12-month premium waiver if they remain unemployed for six months, even if they find new employment during this period.

Dr Sidharth Kachroo, Chief Health Officer at Prudential Singapore, stated, “By balancing more affordable premiums with meaningful enhancements, the PRUExtra Care riders lower the barrier to comprehensive medical protection for individuals.”

These riders complement Prudential’s main Integrated Shield Plans, which offer broader coverage, including higher ward classes and access to private healthcare. The riders provide additional coverage for out-of-pocket expenses and treatments not covered by MediShield Life or main plans, such as non-cancer drug list treatments and non-listed cell, tissue, and gene therapy products.

Prudential encourages customers to review their protection needs with a financial representative to ensure they make informed decisions about their coverage. The new PRUExtra Care series aligns with the Ministry of Health’s updated rider requirements, effective from 1 April 2026.

Rajah & Tann Singapore has announced a significant reorganisation of its Disputes practice to address the growing demand for specialised expertise in high-stakes, complex litigation. The firm, which boasts the largest Disputes team in Singapore with over 200 lawyers, is restructuring its practice into four focused areas: Banking & Financial, Commercial & Corporate, Employment, and Private Client.

Kelvin Poon, SC, will lead as the Regional Head of Dispute Resolution, whilst Avinash Pradhan takes over as Head of International Arbitration, strengthening the firm’s cross-border dispute resolution capabilities. Adrian Wong, Head of the Dispute Resolution Group, explained that the reorganisation responds to evolving market needs, with clients seeking deeper sector expertise due to increasingly complex disputes involving multiple parties and jurisdictions.

The firm has also carved out a dedicated Fraud, Asset Recovery & Investigations team to handle the rising caseload of white-collar crimes and corporate malfeasance. This move is part of Rajah & Tann’s strategy to develop subject mastery and identify emerging trends in a dynamic legal environment.

Managing Partner Ng Kim Beng highlighted the firm’s commitment to adapting to market demands by building specialised practice groups. He noted that Rajah & Tann’s internationally recognised Arbitration practice enhances its ability to support clients in cross-border disputes, offering expert guidance in major arbitration centres worldwide.

The reorganisation aims to equip Rajah & Tann with the expertise needed to navigate complex, multi-jurisdictional challenges, ensuring comprehensive solutions for clients.

Singapore’s housing market experienced a mixed performance in the first quarter of 2026, according to flash estimates released by the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB). Private home prices saw a modest increase of 0.3% quarter-on-quarter (QOQ), whilst HDB resale prices recorded their first quarterly decline in nearly seven years.

The non-landed homes in the Outside Central Region (OCR) led the growth in private home prices, with a 1.3% QOQ increase. This marks the strongest quarterly rise for the sub-market in five quarters. However, the landed homes segment saw a 1.8% QOQ decline, attributed to a 28% drop in transactions, potentially influenced by geopolitical tensions in the Middle East.

In the Core Central Region (CCR), non-landed home prices rebounded by 0.4% QOQ, supported by successful new launches such as Newport Residences and River Modern. Kelvin Fong, CEO of PropNex, noted that local buyers are increasingly driving demand in the CCR, partly due to a narrowing price gap between city-fringe and central homes.

The executive condominium (EC) segment also performed well, with sales surpassing 1,000 units for the first time in 13 quarters. This demand is driven by first-time buyers and HDB upgraders, despite rising prices.

Looking ahead, the OCR is expected to see further price increases with upcoming launches, whilst the EC market remains robust. However, the landed housing segment may face challenges due to larger price tags and cautious buyer sentiment.

Singapore and Thailand have announced the commencement of applications for carbon credit projects under a new bilateral implementation agreement. This initiative, launched on 31 March, seeks to bolster efforts in reducing carbon emissions through collaborative projects between the two countries. The agreement is part of a broader strategy to meet international climate commitments and promote sustainable development.

This is Singapore’s fifth call for project applications, following the call for project applications with Ghana, Peru, Bhutan and Rwanda. The bilateral implementation agreement allows businesses and organisations in both countries to propose projects that generate carbon credits. These credits can then be traded to offset emissions, providing a financial incentive for reducing carbon footprints. The collaboration is expected to facilitate the exchange of technology and expertise, enhancing the effectiveness of carbon reduction strategies.

Authorised projects will unlock additional carbon mitigation options in Thailand and advance both countries’ climate ambitions. Through targeted financing, these projects will also promote sustainable development and benefit local communities through job creation and reduced environmental pollution. The initiative is significant as it represents a concerted effort by Singapore and Thailand to address climate change through market-based mechanisms.

The Monetary Authority of Singapore (MAS) has announced significant enforcement actions taken in the first quarter of 2026, targeting breaches of financial regulations. These actions include prohibition orders and joint operations with law enforcement to uphold the integrity of Singapore’s financial sector.

In January, MAS issued a seven-year prohibition order against Sun Weiyeh, a former fund manager and director of One Asia Investment Partners. This action followed his conviction for fraudulent activities that affected investors of a fund managed by his firm. The prohibition order prevents Sun from performing any regulated activities under the Securities and Futures Act.

In March, MAS and the police conducted enforcement operations against Capital Asia Investments Pte Ltd and its directors. The firm is under investigation for suspected money laundering offences under the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992. Additionally, the company is suspected of failing to comply with obligations as a licensed capital markets services licence holder under the Financial Services and Markets Act 2022.

Later in March, MAS issued prohibition orders against two former relationship managers, Wang Qiming and Liu Kai, for their involvement in a major money laundering case from August 2023. Wang received a 16-year prohibition order, whilst Liu was handed a seven-year order.

These actions underscore MAS’s commitment to deterring misconduct and maintaining Singapore’s reputation as a trusted financial centre. Further details on these enforcement actions can be found on MAS’s website.

Singapore insurers are grappling with a significant gap between their digital ambitions and operational realities, according to new research by Clearwater Analytics. Whilst 82% of insurers believe they are ahead in digital adoption, 98% acknowledge that legacy technology is hindering their growth. This contradiction highlights a potential underestimation of long-term competitive challenges.

The study, involving executives from firms managing $1.04t in assets, reveals that nearly all respondents agree older technologies are constraining their businesses. This issue is mirrored in Hong Kong, where 96% of executives report similar reliance on outdated systems. Shane Akeroyd, Chief Strategy Officer at Clearwater Analytics, noted, “Our research highlights a critical misalignment between the strategies of Singapore insurers and the operational effectiveness of their current technology stacks.”

Cultural resistance to change is another hurdle, with 96% of respondents indicating reluctance within the industry to adopt new systems. Additionally, workforce diversity is seen as a critical factor, with 72% attributing sector problems to a lack of diverse perspectives.

Despite these challenges, confidence remains high, with 82% of insurers considering themselves ahead of competitors in digital transformation. Moreover, 94% predict a surge in domestic mergers and acquisitions (M&A) over the next three years, driven by growth ambitions and risk diversification.

Akeroyd emphasised the importance of bridging the gap between digital confidence and operational reality, stating, “Those that close the gap will be best positioned to lead consolidation rather than become a target of it.”

Grab, in collaboration with WeRide, has officially launched Singapore’s first autonomous public ride service, Ai.R, in Punggol. The service, which began operations on 1 April 2026, allows residents to experience autonomous rides within their community. The Ai.R fleet, featuring WeRide’s GXR and Robobus models, has already completed over 30,000km of autonomous travel during its trial phase.

The launch follows a community engagement phase where more than 1,000 passengers, including local residents and leaders, provided feedback to enhance the service. Alejandro Osorio, Managing Director of Grab Singapore, stated, “This service is about more than just deploying state-of-the-art AVs; it is about building a future where technology and the community move forward together.”

The Ai.R service operates on weekdays from 9:30 AM to 5:30 PM, offering free rides until mid-2026. Passengers can choose from two full shuttle routes or a shorter 20-minute “Mini Route.” The initiative aims to gather insights into usage patterns to refine service and pricing standards.

WeRide’s General Manager in Singapore, Dr. Kerry Xu, expressed pride in delivering the autonomous service, highlighting its technological readiness and commitment to advancing urban mobility. The project also opens new career paths for Grab’s driver-partners, with roles such as Safety Operator and Remote Operator being introduced.

The Ai.R service represents a significant step towards a seamless and sustainable transport ecosystem in Singapore, with Grab and WeRide actively collaborating with local authorities to ensure safe integration of autonomous vehicles into the national transport system.

JTC has announced the launch of a new Purpose-Built Dormitory (PBD) site at Lok Yang Way, Singapore. The site, released in collaboration with the Ministry of Manpower and the Ministry of National Development, spans 2.84 hectares and is set to provide accommodation for up to 5,000 workers. The dormitory will also feature up to 1,000 square metres of commercial space.

The Lok Yang Way site is zoned for Commercial and Community Institution (C&CI) use and comes with a 30-year tenure. The tender for the site is open until 23 June 2026, with submissions closing at 11:00 am. Interested parties can purchase the tender packet for $185.30, inclusive of GST, through the official government portal.

This development is part of Singapore’s ongoing efforts to enhance living conditions for foreign workers by providing purpose-built accommodations. The initiative aims to address the need for better housing solutions and integrate commercial facilities to support the community.

The launch of this site is expected to contribute significantly to the local infrastructure, offering both residential and commercial opportunities. The strategic location and comprehensive facilities are designed to meet the needs of the workforce whilst fostering a supportive environment.

For more details on the site and tender process, interested parties are encouraged to visit JTC’s official website.

Singapore’s private residential market has shown continued price growth in the first quarter of 2026, despite a drop in overall sales volume. According to the Urban Redevelopment Authority’s (URA) flash estimates, private residential prices rose by 0.3% quarter-on-quarter (qoq), a slight moderation from the 0.6% growth seen in the previous quarter.

The landed residential segment experienced a 1.8% qoq decline in prices, following five quarters of growth. This dip is expected to be temporary, with a rebound anticipated due to limited supply and strong local demand. In contrast, non-landed residential prices increased by 1.0% qoq, driven primarily by the Outside Central Region (OCR), which saw a 1.3% rise. The Rest of Central Region (RCR) and Core Central Region (CCR) also experienced growth, with prices up by 0.9% and 0.4% qoq, respectively.

Sales volume for private residential properties in Q1 2026 is estimated at 4,041 units, representing a 40% decline from Q4 2025. The resale market accounted for more than half of the total sales volume, whilst new launches continued to perform well, with three out of four major projects selling over 50% of their units during their launch month.

Wong Xian Yang, Head of Research at Cushman & Wakefield, noted that the market is becoming increasingly price-sensitive. Developments offering long-term value are likely to attract stronger interest. Looking ahead, private residential prices are expected to grow by 2.0-4.0% year-on-year in 2026, supported by low borrowing costs, rising land prices, and resilient buyer confidence.