Industry News

OUE REIT Management Pte. Ltd., the manager of OUE Real Estate Investment Trust (OUE REIT), has announced a resilient operational performance for the third quarter of 2025. Despite a year-on-year decline in overall revenue and net property income (NPI) due to the divestment of Lippo Plaza Shanghai, both metrics increased on a like-for-like basis by 1.2% and 2.0% respectively, driven by the strength of its Singapore-centric portfolio.

The commercial segment, comprising office and retail properties, saw revenue and NPI rise by 4.2% and 3.8% year-on-year, supported by prime locations in Singapore. The hospitality segment remained stable, with a slight NPI decline of 0.4% due to the rescheduling of the F1 Singapore Grand Prix. Finance costs saw a significant reduction of 19.7% year-on-year, attributed to disciplined capital management and a decrease in the Singapore Overnight Rate Average.

Chief Executive Officer Han Khim Siew highlighted the portfolio’s resilience amid economic uncertainties, noting, “Our prime commercial assets achieved positive rent reversions and sustained high occupancy.” The Singapore office portfolio recorded a positive rental reversion of 9.3% for lease renewals, whilst Mandarin Gallery, a retail asset, achieved a positive rental reversion of 5.6%.

Looking ahead, OUE REIT aims to optimise asset performance and explore value-creation opportunities. With a focus on tenant retention and proactive market engagement, the trust is well-positioned to capture trends in the Singapore office and retail markets. The issuance of S$150m in Green Notes further strengthens its financial position, extending the average term of debt and reducing future obligations.

The Singapore Department of Statistics has reported a 0.7% year-on-year increase in the Consumer Price Index (CPI) for September 2025. This marks a 0.4% rise from the previous month, indicating a modest upward trend in consumer prices.

The CPI is a critical measure of inflation, reflecting changes in the price level of a basket of consumer goods and services. The September figures suggest a steady, albeit slight, increase in inflationary pressures within the Singaporean economy. This data is crucial for policymakers and economists as they assess the economic landscape and make decisions regarding monetary policy.

These developments underscore the importance of staying informed about economic indicators, which can impact everything from household budgets to national economic policy. The CPI data will continue to be a focal point for understanding Singapore’s economic health in the coming months.

Singapore’s industrial sector demonstrated resilience in Q3 2025, according to the latest JTC Industrial Statistics. The manufacturing sector experienced a 6.1% quarterly growth, reversing previous declines, although it showed no annual growth. Leonard Tay, Head of Research at Knight Frank Singapore, highlighted the sector’s stability amidst economic volatility.

The all-industrial price index rose by 0.6% quarter-on-quarter, with significant transactions such as the sale of a data centre for S$354m and the acquisition of multiple properties by an EZA Hill-led consortium for S$329m. Despite a 9.2% drop in sales volume and a 34.1% decline in total sales value to S$1.5b, easing interest rates have attracted institutional investors back into the market.

The rental index increased by 0.5%, with occupancy rates improving slightly to 89.1%. Although leasing activity slowed, rental growth was noted in certain segments. Tay noted that “local SMEs are selectively exploring suitable premises to purchase for business continuity.”

Transport engineering, particularly aerospace, continues to expand, driven by increasing air travel accessibility in Asia. ST Engineering’s new facility in Paya Lebar is set to double engine maintenance capacity by 2027. Additionally, the development of Tuas Port is expected to boost shipping and logistics activities, with PSA Singapore and Cosco collaborating on a new facility.

Investor interest in industrial properties is projected to remain strong, with prime logistics, data centres, and specialised manufacturing facilities attracting attention. The all-industrial price index has risen 3.6% in 2025, with factory values expected to grow closer to the higher end of the 3% to 5% range.

The Urban Redevelopment Authority has concluded the tender for a site at Upper Thomson Road (Parcel A), part of the 1H2025 Government Land Sales programme. The site, which can accommodate approximately 595 residential units and 2,000 sqm of commercial space, received five bids. The highest bid came from Wee Hur Property and GSC Holdings at S$613.939m, surpassing the next highest bid by 2.1%.

The tender’s robust participation reflects confidence in the site’s future sales potential. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted the site’s appeal due to its direct connection to the Springleaf MRT station on the Thomson-East Coast Line and proximity to green spaces like Springleaf Nature Park. “Future homes here may appeal to buyers looking for homes within a tranquil living environment and walking distance to an MRT station,” Quek stated.

The popularity of new homes in the area, including the nearby Lentor Hills, supports this optimism. The adjacent Parcel B, now Springleaf Residence, saw a 92% uptake during its launch weekend. Similarly, Lentor Modern, an integrated development, sold 84% of its units during its launch weekend in September 2022.

The rarity of integrated developments with commercial components and MRT access has heightened interest. Recent projects like Parktown Residence also demonstrated strong demand, selling over 87% of units during its launch. This trend suggests developers are eager to secure such desirable land parcels.

Singapore is set to transform its rehabilitation care landscape with the introduction of Rehability, the nation’s first postgraduate training ecosystem for allied health professionals. Developed by NHG Health and Nanyang Technological University, Singapore (NTU Singapore), with support from the Lien Foundation, this initiative aims to address the increasing complexity of rehabilitation needs due to an ageing population and a rise in chronic diseases.

Rehability offers a three-tiered training programme designed to enhance the skills of physiotherapists. The first tier focuses on community-based training, developed in collaboration with partners AWWA and SPD, to upskill healthcare workers. The second tier introduces a Residency Programme, blending classroom learning with workplace-based supervision, culminating in postgraduate qualifications. The final tier offers a Specialist Certificate in Advanced Practice Physiotherapy, enabling experienced physiotherapists to expand their practice scope.

The programme is expected to empower physiotherapists to become first contact practitioners, capable of diagnosing musculoskeletal injuries and potentially ordering X-rays in consultation with doctors. Lien Foundation has committed $2.98m (S$4.08m) to support the programme’s development and delivery.

Doreen Yeo, Co-Director of the NHG Rehabilitation Health Academic Clinical Programme, stated, “Rehability marks a pivotal moment for allied health in Singapore. We are forging a stronger and more comprehensive rehabilitation ecosystem.”

The first intake for the Residency Programme is scheduled for July 2026, with the Master of Science in Rehabilitation Health programme commencing in 2028. This initiative is poised to significantly enhance the capabilities of Singapore’s physiotherapy workforce, ensuring high-quality care for patients across the nation.

The JTC Quarterly Market Report for Q3 2025 reveals a modest increase in Singapore’s industrial occupancy rates, rising by 0.3 percentage points to 89.1% from the previous quarter. This growth is attributed to a decrease in supply due to demolitions in older JTC estates, part of ongoing land rejuvenation plans to cater to evolving business needs. The business park, single-user factory, and warehouse segments experienced occupancy increases of 0.3, 0.1, and 0.8 percentage points, respectively, whilst the multiple-user factory segment remained unchanged.

The rental index for all industrial spaces showed a moderate rise of 0.5% compared to the previous quarter, marking a 2.3% increase from the previous year. Although industrial space prices rose by 5.7% year-on-year, the quarter-on-quarter growth slowed to 0.6%, the slowest since Q3 2024.

In Q3 2025, six tenders for industrial government land sales sites closed, with all three multiple-user development sites attracting multiple bids and being successfully awarded, indicating strong market demand. By the end of September 2025, approximately 0.2 million square metres of new industrial space is expected to be completed in the last quarter of the year, with an additional 1.2 million square metres anticipated in 2026.

JTC anticipates that, barring a significant economic downturn, occupancy rates will remain stable and rental rates will continue to moderate. The organisation remains committed to monitoring the market closely and supporting the needs of industrialists.

The Singapore Maritime Foundation (SMF) has collaborated with the Garden City Fund for the second consecutive year to organise a Plant-A-Tree Programme, uniting nearly 100 MaritimeONE scholars and 17 organisations. The initiative, which took place at the Rail Corridor, saw the planting of 122 trees, funded by $36,600 raised from sponsors. The event was attended by Baey Yam Keng, Minister of State, Ministry of Culture, Community & Youth and Ministry of Transport, as the Guest-of-Honour.

This effort is part of the broader OneMillionTrees movement by the National Parks Board (NParks), which aims to plant one million trees across Singapore over a decade. The movement supports the Singapore Green Plan 2030, which envisions transforming the city into a City in Nature, enhancing climate resilience and integrating urban spaces with nature.

Hor Weng Yew, Chairman of the Singapore Maritime Foundation, emphasised the importance of environmental stewardship, stating, “At the Singapore Maritime Foundation, in addition to recognising academic excellence, we also want to instil in our MaritimeONE scholars the culture of giving back to society. The act of planting trees underscores our commitment to caring for the environment—a cause the maritime community resonates strongly with.”

The initiative not only contributes to improving air quality and biodiversity but also encourages public recreational use of the Rail Corridor, reinforcing the maritime community’s commitment to environmental responsibility.

A consortium of Mitsubishi Power and Jurong Engineering Limited has secured an Engineering, Procurement, and Construction (EPC) contract from PacificLight Power Pte. Ltd. to construct a 670MW combined cycle gas turbine (CCGT) power plant on Jurong Island, Singapore. Scheduled to commence operations in 2029, the plant will be the first in the country to incorporate a large-scale battery energy storage system (BESS) and will initially operate on 30% hydrogen, with the potential to transition to 100% hydrogen in the future.

The facility will utilise Mitsubishi Power’s M701JAC gas turbine, renowned for its efficiency and reliability, boasting over 64% combined cycle efficiency. This development aligns with Singapore’s decarbonisation targets, aiming to achieve net zero emissions by 2050. Yu Tat Ming, CEO of PacificLight Power, highlighted the project as a significant advancement in the company’s decarbonisation efforts, stating, “By investing in large-scale energy storage and hydrogen-ready technology, we are future-proofing our infrastructure to meet future energy demands.”

Mitsubishi Power and Jurong Engineering Limited bring extensive experience to the project, having previously collaborated on multiple power generation projects in Singapore. Daichi Nakajima, Executive Vice President of Mitsubishi Power, expressed the company’s commitment to supporting Singapore’s energy transition goals, whilst Koichi Watanabe, CEO and Managing Director of Jurong Engineering, emphasised the collaboration’s role in enhancing Singapore’s power system resilience.

This project represents a crucial step in Singapore’s journey towards a sustainable energy future, reinforcing the nation’s commitment to reducing carbon emissions and enhancing energy security.

Singapore has emerged as the most targeted nation for ransomware attacks in Southeast Asia, according to the 2025 APJ eCrime Landscape Report by cybersecurity firm CrowdStrike. The report highlights a robust Chinese-language underground ecosystem that facilitates cybercrime activities in the region, including Singapore.

The report reveals that Singapore, despite its smaller market size, surpasses Indonesia, Malaysia, and Thailand in ransomware targeting. It is also among the top five most targeted markets in the Asia Pacific and Japan (APJ) region, alongside India, Australia, Japan, and Taiwan. Key industries affected include manufacturing, technology, industrials and engineering, financial services, and professional services.

CrowdStrike’s findings point to a thriving Chinese-language underground ecosystem that supports eCrime across APJ. This includes the now-defunct Huione Guarantee marketplace, which reportedly facilitated $27b in illicit transactions. Additionally, the China-based bulletproof hosting provider CDNCLOUD is said to maintain an office in Singapore, offering services to cybercriminals across Asia.

The report also notes that targeted eCrime threats are evolving beyond ransomware. For instance, account takeover campaigns are targeting Japanese securities companies, whilst a Vietnamese eCrime ecosystem focuses on compromising high-value social media business accounts.

Adam Meyers, head of counter adversary operations at CrowdStrike, stated, “eCrime actors are industrialising cybercrime across APJ through thriving underground markets and complex ransomware operations. Simultaneously, AI-developed malware enables adversaries to launch high-velocity, high-volume attacks.”

The report underscores the need for robust cybersecurity measures to counter these evolving threats, highlighting the role of AI in both facilitating and combating cybercrime.

HMI Medical has announced the opening of HMI Radiology (Novena), a new diagnostic centre in Singapore, aimed at bolstering its radiology services. Located within the Novena Medical Hub, the facility offers a comprehensive range of imaging services, complementing the existing HMI Radiology (Farrer Park) location. This expansion is designed to improve early detection and proactive health management in the community.

The new centre is equipped with state-of-the-art imaging technologies, including the MAGNETOM Lumina 3T MRI, SOMATOM Drive CT, MAMMOMAT Revelation, and MULTIX Impact X-ray. These systems are intended to provide faster, quieter, and more comfortable imaging experiences for patients. The MAGNETOM Lumina 3T MRI, in particular, is noted for its high-resolution imaging capabilities, which allow for more accurate diagnoses whilst reducing scan times and enhancing patient comfort.

The integration of Siemens Healthineers’ high-resolution imaging systems and AI-enhanced workflows is a key feature of the new centre. This integration is expected to drive patient-centric innovation and broaden access to precision diagnostics across diverse clinical environments. According to HMI Medical, the facility aims to deliver a full suite of diagnostic imaging services to aid in early detection and proactive health management in the community.

The establishment of HMI Radiology (Novena) underscores HMI Medical’s commitment to expanding its diagnostic capabilities and enhancing healthcare access in Singapore. As the demand for advanced medical imaging continues to grow, the new centre is poised to play a crucial role in meeting the needs of patients and healthcare providers alike.