Industry News

Lum Chang Creations has announced the acquisition of new contracts worth approximately S$24.9m, bolstering its order book to around S$144m as of 30 April 2026. The new projects include the Covenant Evangelical Free Church, valued at approximately S$21.7m, and the Baba House at Neil Road, estimated at S$3.2m.

The company’s year-to-date revenue for the third quarter of the financial year 2026 reached S$71.9m, marking an increase of S$18.4m from the first half of the financial year 2026. This growth is supported by a 104% surge in net profit attributable to equity holders during the first half of the financial year 2026.

Lum Chang Creations’ Managing Director, Lim Thiam Hooi, expressed satisfaction with the company’s progress, stating, “The addition of the Covenant Evangelical Free Church and Baba House projects to our order book reflects the enduring trust our clients place in our specialist expertise. With our order book standing at approximately S$144m, we have excellent revenue visibility.”

The company has also been included in the MSCI Global Micro Cap Indexes and has received in-principle approval for a transfer to the SGX-ST Mainboard. These developments position Lum Chang Creations to pursue new growth opportunities and deliver long-term value to shareholders.

With a strengthened order book and strategic advancements, Lum Chang Creations is poised for continued growth and expansion in the coming years.

Franklin Templeton, a global investment leader, and DigiFT, a regulated digital asset exchange, have announced a strategic partnership to advance institutional tokenisation. This collaboration will make the Benji Technology Platform and its tokenisation products accessible to accredited and institutional investors through DigiFT’s platform. DigiFT, holding licences from the Monetary Authority of Singapore (MAS), is authorised to distribute regulated securities tokens to institutional investors in Singapore.

The partnership is built on a shared commitment to institutional tokenisation. Franklin Templeton pioneered the use of public blockchain for mutual fund transactions in 2021, whilst DigiFT has developed a comprehensively regulated platform for institutional tokenised asset distribution in Asia. The collaboration aims to leverage these strengths, with DigiFT serving as a key distributor across the region.

In 2025, the market for tokenised real-world assets on public blockchains surged from approximately $5.5b to $18.6b, highlighting inefficiencies in digital markets. The Benji Technology Platform addresses these by supporting the tokenisation of US government securities, offering continuous yield accrual and near-instant on-chain settlement. This enables various institutional treasury management and payment use cases.

Henry Zhang, Founder and Group CEO of DigiFT, stated, “DigiFT was built with a specific conviction that institutional investors deserve access to the world’s best on-chain financial instruments through a platform that meets the regulatory standard they require.” Chetan Karkhanis, SVP at Franklin Templeton, added, “The partners we choose reflect our long-term commitment towards bringing the benefits of blockchain and tokenisation to the industry.”

This partnership marks the beginning of what both organisations expect to be an expanding and enduring collaboration in the tokenisation space.

Aster Chemicals and Energy has committed US$80m to expand its ethylene export capacity at the Bukom facility in Singapore. The project, which includes the installation of a parallel ethylene chiller system and enhanced export logistics, aims to double the facility’s capacity by 2027. This expansion will also strengthen integration with Aster’s Cilegon operations in Indonesia.

The investment highlights Singapore’s pivotal role in the regional petrochemical value chain, addressing the rising demand for ethylene across Asia. Engineering and construction contracts have been awarded to Toyo Engineering Corporation and UTOC Engineering, chosen for their technical expertise and local execution capabilities.

Mashhad Dohadwala, Aster’s Director for Projects & Technology, stated, “Awarding these contracts moves us firmly into the delivery phase of our vision to build greater ethylene export capacity, stronger supply reliability, and deeper integration across our value chain.” He emphasised the strategic importance of Singapore as a high-capacity export origin within the global energy and chemicals network.

Eiji Sakata of Toyo Engineering expressed commitment to delivering high-quality execution, whilst Kelvin Yeo of UTOC highlighted the opportunity for enhanced collaboration with Aster. Both partners are poised to contribute significantly to the project’s success.

This development not only reinforces Singapore’s status as a strategic petrochemical hub but also promises to enhance the region’s supply chain capabilities, meeting the growing ethylene demand in Asia. Completion of the project is anticipated in 2027, marking a significant milestone in Aster’s expansion strategy.

Singapore’s residential rental market has demonstrated resilience in the first quarter of 2026, with leasing activity rising by 4% quarter-on-quarter. According to Savills’ latest briefing, the number of transactions increased from 20,051 in the last quarter of 2025 to 20,862 in Q1 2026, indicating a robust demand for private residential properties.

The report highlights that private residential rents have experienced a modest recovery, driven by stronger leasing demand. Despite the ongoing global economic and geopolitical uncertainties, rental levels are expected to remain stable throughout the year, supported by a limited supply of new units. In Q1 2026, 911 units were completed, with an additional 5,371 units anticipated to be delivered by the end of the year.

Vacancy trends, however, varied across different sub-markets, reflecting uneven supply absorption conditions. Savills maintains that private residential rents are likely to stay broadly flat for the entirety of 2026, with manageable supply levels contributing to this stability.

The underlying resilience of the rental market, despite economic headwinds, suggests that conditions will remain relatively stable in the near term. This stability is crucial for both landlords and tenants navigating the current economic landscape.

Spinoff Robotics, a drone technology start-up from the Singapore University of Technology and Design (SUTD), has been acquired by Nanoveu Limited, an Australian-listed company valued at A$65m. This acquisition aims to merge Nanoveu’s AI chip capabilities with Spinoff Robotics’ advanced drone technology, creating a unified system that enhances performance, cost efficiency, and capability.

Founded in 2021 by SUTD’s Associate Professor Foong Shaohui and doctoral researchers, Spinoff Robotics has developed two flagship platforms: ALICE and METRON. ALICE is a tethered aerial platform designed for extended missions, whilst METRON offers precise 3D modelling for remote inspections. These platforms have been deployed in Singapore with organisations such as Gardens by the Bay and the Land Transport Authority.

Nanoveu’s CEO, Alfred Chong, who mentored Spinoff Robotics during the ARISE programme, expressed his enthusiasm for the acquisition, highlighting the start-up’s engineering aspirations and successful customer engagements. Dr Tan Chee How, co-founder of Spinoff Robotics, will lead Nanoveu’s new Drone Division, bringing his expertise in cost-effective drone design.

The acquisition aligns with global trends in defence and security, targeting markets such as national infrastructure monitoring and hazardous facility inspections. Nanoveu plans to expand its drone capabilities, including GPS-free navigation and AI-driven flight optimisation, whilst collaborating with SUTD and other research institutions. The global military drone market is projected to reach US$98.24b by 2033, underscoring the strategic importance of this acquisition.

In April 2026, Singapore’s property market experienced a significant boost, with 1,548 units sold—an increase of 19.1% from the previous month and more than double the sales from April 2025. This surge was driven by the launch of new residential projects, including Tengah Garden Residences and Vela Bay, marking the first private developments in their respective areas.

Developers launched 1,426 units in April, a 36.7% increase from March 2026. Tengah Garden Residences emerged as the best-selling project, with 855 units sold, capitalising on its strategic location near Hong Kah MRT station and other amenities. Vela Bay also performed well, selling 370 units and setting a new benchmark median price of $2,865 per square foot in the Outside Central Region (OCR).

Mark Yip, CEO of Huttons Asia, noted that buyers were eager to seize the first-mover advantage, opting to purchase rather than wait for future opportunities. The high sales rates at both projects indicated that buyers were not deterred by limited car parking options, as both developments are in car-lite precincts.

The majority of sales in April were concentrated in the OCR, accounting for 87.7% of transactions. Singaporean buyers made up 89.1% of the market, the highest proportion since August 2025. Most transactions were priced below $2.5m, aligning with buyer preferences.

Looking ahead, fewer units are expected to launch in May 2026, with sales projected to be between 400 and 500 units. Upcoming projects include Duet @ Emily, Hudson Place Residences, and Verde Joo Chiat, which are anticipated to attract interest despite the tighter market conditions.

Seatrium Limited has announced a significant contribution of approximately S$1.7m to the Seatrium Professorship at the National University of Singapore College of Design and Engineering (NUS CDE). This latest funding brings the total contributions, including government matching grants, to over S$5m, reinforcing Seatrium’s commitment to advancing Singapore’s offshore, marine, and energy sectors.

The expanded partnership aims to nurture engineering talent and foster collaboration between industry and academia. Chris Ong, CEO of Seatrium, stated, “This latest contribution expands the scale and scope of our collaboration with NUS – enabling deeper engagement in offshore engineering, energy transition, and sustainability.”

Established in 2023, the Seatrium Professorship has already delivered impactful outcomes, such as public lectures and specialised courses for NUS students and Seatrium engineers. The programme has also facilitated direct collaboration between NUS CDE and Seatrium’s technical teams, enhancing the practical application of research.

The new funding will support an integrated suite of initiatives, including appointing academic and industry-linked professorships to anchor research leadership and strengthen global linkages. This aligns with Singapore’s Research, Innovation and Enterprise (RIE2030) priorities, focusing on energy transition and sustainability.

Professor Tan Eng Chye, President of NUS, expressed gratitude for Seatrium’s support, highlighting the strategic alignment with Singapore’s RIE2030 priorities. The expanded professorship will also establish a technology foresight platform to inform stakeholders on emerging technologies and market trends.

This partnership underscores Seatrium’s role in shaping a future-ready workforce and advancing Singapore’s position as a competitive hub for offshore, marine, and energy innovation.

Forvis Mazars, a global professional services network, has appointed Anthony Atkins as Partner for Consulting (Actuarial Services) in Singapore. With over 20 years of experience in insurance and actuarial fields, Atkins is set to bolster the firm’s presence in the Asia Pacific region. His appointment comes amidst rising demand for actuarial expertise, driven by the complexities of IFRS 17 and increased M&A activity.

Atkins will join the Financial Services Consulting team, complementing the existing insurance practice in Singapore, which includes Tan Yan Song, Partner in Audit and Assurance. The team operates under the leadership of Rudi Lang, APAC Financial Services Leader, offering a comprehensive suite of services including actuarial advisory, audit and assurance, and financial consulting.

Rick Chan, Managing Partner Singapore, expressed enthusiasm about Atkins’ addition, stating, “Tony’s appointment reflects our continued investment in deepening our insurance and actuarial capabilities across Asia Pacific.”

The insurance sector in Asia Pacific is experiencing significant transformation, with IFRS 17 now active in major markets like Singapore, Hong Kong, and Malaysia. Atkins’ extensive background, including leadership roles at a Big Four firm and as Asia Pacific Head of Actuarial Consulting at a global broking firm, positions him well to navigate these changes. His expertise in M&A, market entry, and actuarial due diligence will be invaluable as insurers adapt to new challenges.

Atkins remarked, “I am excited to join Forvis Mazars at such a key moment for the insurance industry across Asia Pacific. The firm’s commitment to supporting clients in financial services and its strong regional network provide an excellent base for trusted actuarial advisory.”

AIA Singapore has launched AIA Protect 3, a new critical illness plan, in celebration of its 95th anniversary. This plan is tailored to cover the three most prevalent critical illnesses in Singapore—cancer, heart attack, and stroke—and is available exclusively to AIA’s individual and corporate policyholders and their families. The initiative aims to address the significant 74% critical illness protection gap in Singapore, where these conditions account for 90% of critical illness claims.

AIA Protect 3 provides multi-stage coverage from early to major stages of illness, with protection extending up to age 85. Policyholders can benefit from a 25% cashback on premiums if no claims are made by age 65 or after 15 years, whichever comes later. The plan is designed to be affordable, with premiums starting at S$0.565 per day, and offers the option to switch to level premiums from age 70.

Irma Hadikusuma, Chief Marketing and Healthcare Officer of AIA Singapore, stated, “Critical illness can affect anyone, often when it is least expected, bringing emotional and financial strain to families.” The plan also integrates with AIA Vitality, a wellness programme that encourages healthier lifestyles and offers rewards.

AIA Protect 3’s launch comes as Singaporeans, particularly those aged 30 and above, increasingly prioritise critical illness protection amidst rising healthcare costs. The plan aims to complement existing corporate insurance coverage, providing a practical solution for individuals to strengthen their protection against high-risk conditions.

Manulife Singapore has announced a partnership with Guardant Health to provide the ShieldTM multi-cancer detection test to its customers, marking a significant step in cancer prevention. This collaboration makes Manulife the first insurer in Singapore to offer this award-winning test, which screens for 10 common cancers with a single blood draw.

The ShieldTM test, which recently won the Oncology Product Innovation of the Year at the Healthcare Asia Medtech Awards, is part of Manulife’s strategy to promote longevity and holistic well-being. Benoit Meslet, President and CEO of Manulife Singapore, emphasised the importance of early health visibility, stating, “Our role is to help customers take charge of their health and finances with confidence.”

Cancer remains the leading cause of death in Singapore, accounting for 26.5% of all deaths in 2024. The introduction of the ShieldTM test aligns with the country’s shift towards preventive and personalised care. Simranjit Singh, CEO of Guardant Health AMEA, highlighted the test’s potential to reduce barriers to cancer screening, saying, “ShieldTM MCD has the potential to address the growing burden of cancer in Singapore.”

The partnership builds on an existing relationship between the two companies, which already offers the Guardant360® Liquid test for advanced solid tumours. This initiative is part of Manulife’s broader commitment to longevity, supported by the Manulife Longevity Institute, which aims to help people live longer, healthier lives.