Industry News

JTC has awarded the tender for the industrial site at Plot A Tuas Bay Drive to Zulin (S.E.A) Pte Ltd, following a competitive bidding process. The tender, which was launched on 26 August 2025 and closed on 21 October 2025, attracted two bids, with Zulin emerging as the successful bidder at a sum of $4.885m.

The awarded land parcel, located at Plot A Tuas Bay Drive, is zoned for Business 2 activities. It spans an area of 6,338.1 square metres and comes with a tenure of 23 years. The site has a gross plot ratio of 1.4, and the project is expected to be completed within 60 months.

This development is significant for Zulin as it expands its footprint in Singapore’s industrial sector. The strategic location and zoning of the site are expected to support the company’s business operations and growth plans.

The tender process reflects JTC’s ongoing efforts to facilitate industrial development in Singapore, providing opportunities for businesses to expand and innovate. The successful bid by Zulin underscores the company’s commitment to enhancing its capabilities and presence in the region.

As the project progresses, it will be interesting to observe how Zulin utilises the site to further its business objectives and contribute to the industrial landscape in Singapore.

Metro Holdings Limited, a property investment and development group, has reported a pre-tax loss of S$12.9m for the first half of the financial year ending 30 September 2025 (1HFY2026). This marks a significant downturn from the S$7.0m profit before tax recorded in the same period last year.

The loss is attributed primarily to a S$13.7m decrease in interest income, alongside a S$4.6m increase in the share of losses from associates and a S$3.5 million drop in joint venture profits. These declines are largely due to higher fair value losses on properties in China. Additionally, the retail division’s contributions fell by S$1.6m. However, the impact was somewhat offset by a reduction in finance costs by S$3.3m, thanks to lower average interest rates and borrowings.

Revenue for 1HFY2026 decreased by 13.9% to S$41.6m, down from S$48.4m in the previous year, driven by reduced retail contributions and lower rental income from GIE Tower in China. Despite these challenges, Metro Holdings maintains a robust balance sheet, with net assets valued at S$1.1b and total assets at S$2.0b.

Metro’s proactive asset management strategy included the sale of approximately 29% of the strata area at VisionCrest Orchard, a Grade-A office building in Singapore. Chairman Tan Soo Khoon noted the ongoing global uncertainties and market headwinds, particularly the slowdown in China’s property sector and Singapore’s retail challenges. He emphasised the company’s commitment to maintaining financial strength and optimising returns through diversified portfolios and prudent capital management.

UBS has announced a strategic partnership with Ant International to explore blockchain-based innovations for global payments settlement and liquidity management. The collaboration, formalised through a Memorandum of Understanding (MoU) signed at UBS’s Singapore office, will see Ant International utilise UBS Digital Cash, a blockchain-based payment platform, to enhance its global treasury operations.

The partnership aims to leverage blockchain technology to improve efficiency, transparency, and security in cross-border payments. UBS Digital Cash, piloted in 2024, will support Ant International’s operations by enabling real-time, multi-currency fund flows without the constraints of traditional payment cut-off times. This initiative will also incorporate Ant’s proprietary Whale platform, a next-generation treasury management solution.

Young Jin Yee, Co-Head of UBS Global Wealth Management Asia Pacific, highlighted the collaboration’s significance, stating, “This partnership underscores our commitment to empowering our clients with best-in-class platforms and providing them with greater access to global financial markets.” Kelvin Li, General Manager of Platform Tech at Ant International, expressed enthusiasm for the partnership, noting the shared belief in blockchain’s potential to transform cross-border payments.

The alliance between UBS and Ant International underscores their mutual focus on innovation and digitalisation, aiming to set new standards in the financial technology landscape. This collaboration is expected to enhance client value by providing more efficient and transparent financial solutions.

Phillip Securities, a Singapore-based financial institution, has partnered with Integral, a leading US currency technology provider, to enhance its institutional foreign exchange (FX) offerings. This collaboration, announced on 13 November 2025, aims to expand Phillip Securities’ FX trading capabilities, traditionally focused on retail markets, by integrating Integral’s pricing and distribution solutions.

The integration will enable Phillip Securities to manage higher volumes of FX Contracts for Difference (CFDs) and offer Direct Market Access (DMA) trading, providing faster and more transparent execution across a broader range of FX instruments. This move is in response to growing market demand for FX CFDs and aims to complement the firm’s existing equity CFD services.

Luke Lim, Managing Director of Phillip Securities, highlighted the strategic importance of this partnership, stating, “Diversifying into the institutional markets is a key pillar of our development strategy, and Integral’s solutions give us the pricing precision and distribution efficiency to deliver an institutional-grade FX capability that meets the expectations of today’s professional clients.”

Integral’s CEO, Harpal Sandhu, expressed confidence in the partnership, noting, “Phillip Securities’ selection of Integral is a testament to the value delivered by our solutions for other members of PhillipCapital group, upgrading the trading infrastructure and delivering tangible results.”

This collaboration marks a significant step for Phillip Securities as it seeks to expand its institutional client base and adapt to evolving market conditions. The scalability of Integral’s technology also positions Phillip Securities to incorporate additional FX instruments in the future, further solidifying its presence in the institutional FX market.

China Construction Bank (CCB) Singapore has announced a strategic partnership with NUS Enterprise, the Tianjin Financial Technology Association (TTFA), and Co-Axis to promote green technology and innovation ecosystems. This collaboration will be showcased at the Singapore Fintech Festival 2025, aiming to foster sustainable development and technological advancements.

The partnership is set to leverage the expertise of each organisation to create a robust platform for green technology initiatives. CCB Singapore, known for its financial services, will provide the necessary financial backing and industry insights. NUS Enterprise, the entrepreneurial arm of the National University of Singapore, will contribute its academic and research capabilities. TTFA will bring its experience in financial technology, whilst Co-Axis will offer its technological solutions.

A spokesperson from CCB Singapore highlighted the importance of this collaboration, stating, “This partnership is a significant step towards integrating green technology into the financial sector, which is crucial for sustainable economic growth.”

The Singapore Fintech Festival 2025 serves as an ideal venue for this initiative, given its reputation as a leading global platform for fintech innovation. The event will provide an opportunity for stakeholders to engage with cutting-edge green technologies and explore potential collaborations.

The collaboration is expected to have long-term implications for the financial and technological sectors, potentially setting a precedent for future partnerships aimed at sustainable development. As the festival unfolds, industry observers will be keen to see how these initiatives impact the broader fintech landscape.

ST Engineering has announced the divestment of its 49% equity interest in Shanghai Technologies Aerospace Company Limited (STARCO) to China Eastern Airlines (CEA). The joint venture, established in 2004, provided airframe maintenance, repair, and overhaul (MRO) services in Shanghai. The decision to end the partnership comes as both companies aim to focus on their individual growth strategies.

The sale, valued at approximately $91.2m (S$124.6m), will be completed in two tranches. The first payment of $67.9m (S$92.8m) is due upon completion, with the remaining $23.3m (S$31.8m) to be paid by 31 December 2026, secured by a bank guarantee. This transaction is expected to result in a one-off gain of $35.2m (S$48.1m) for ST Engineering.

The divestment aligns with ST Engineering’s strategy to rationalise its MRO facilities and enhance operational efficiency. Despite the sale, the company maintains that its total MRO capacity remains above pre-COVID levels, supported by ongoing expansions in Singapore, China, and the US. “The Group’s total capacity remains higher than pre-COVID levels, ensuring continued ability to meet customer MRO demand,” the company stated.

The transaction is anticipated to close in the coming months, subject to customary conditions. ST Engineering plans to use the proceeds to reduce debt, expecting annual interest savings of $3.1m (S$4.2m). The company will continue to support CEA as a valued customer, reflecting the strong collaboration between the two entities over the years.

Sanli Environmental Limited has reported a significant 84.1% increase in net profit to S$3.2m for the first half of 2026, despite a slight dip in revenue. The growth was primarily driven by higher margin projects in its Engineering, Procurement, and Construction (EPC) segment, which saw gross profit rise by 16.7% to S$9.3m.

The company’s Operations and Maintenance (O&M) segment maintained its growth momentum, contributing S$25.4m in revenue, a 16.6% increase from the previous year. This segment’s performance underscores Sanli’s focus on securing long-term contracts for water and wastewater plant maintenance.

Sanli’s diversification strategy is also showing promise, particularly in its Chemical Manufacturing business, where production volumes are increasing to meet demand. The company is also expanding its Renewable Energy Solutions, with ongoing projects in Thailand aimed at building a stable revenue stream.

CEO Sim Hock Heng expressed optimism about the company’s trajectory, stating, “We are encouraged to see our gross margins gradually normalising, reflecting the effectiveness of our disciplined cost management and project execution.”

Sanli’s order book reached a record S$781.5m, providing improved revenue visibility. The company is strategically positioned to capitalise on large-scale projects in Singapore’s coastal protection, water infrastructure, and transport initiatives. Looking forward, Sanli aims to expand its order book and strengthen its core capabilities to enhance long-term value for stakeholders.

The Ascott Limited has unveiled a groundbreaking Disability Inclusion Playbook, designed to advance inclusivity within the hospitality industry. Supported by SG Enable, the World Sustainable Hospitality Alliance, and Valuable 500, this open-access resource aims to set a new standard for inclusive hospitality practices worldwide.

The playbook, launched at Citadines Science Park Singapore, was officiated by Eric Chua, Singapore’s Senior Parliamentary Secretary for the Ministry of Social and Family Development and the Ministry of Law. It offers comprehensive guidance across five key pillars: Inclusive Training, Spaces, Hiring, Digital Interfaces, and Programmes. These pillars are intended to empower accommodation providers to create welcoming environments for guests with disabilities, from pre-arrival to departure.

Ascott’s commitment to disability inclusion extends beyond the playbook. By 2026, the company plans to implement community programmes dedicated to disability inclusion at properties in every country it operates. Additionally, Ascott will begin reporting on the hiring of persons with disabilities in its annual sustainability reports. By 2027, all frontline associates will complete disability awareness training, and by 2028, all digital platforms will meet Web Content Accessibility Guidelines.

Beh Siew Kim, Chief Financial and Sustainability Officer for Lodging at CapitaLand Investment, stated, “Real inclusion requires more than guidance—it demands action, accountability, and shared learning.” She emphasised that the playbook is a practical resource developed in collaboration with disability inclusion experts, aiming to inspire other operators to join in this collective journey.

The playbook is part of Ascott’s broader initiative, following a 2024 Memorandum of Understanding with SG Enable, marking a significant step in Singapore’s hospitality sector towards inclusivity. This collaboration has already led to the launch of Singapore’s first hospitality-specific disability inclusion training.

With an estimated 1.3 billion people globally living with permanent disabilities, Ascott’s initiative addresses a substantial yet underserved market in tourism and hospitality.

Cosco Shipping International (Singapore) Co., Ltd has announced significant changes in its leadership team, appointing Jiang Kai as the new executive director and president. This appointment follows the cessation of Wang Shan He as president and the resignation of Guo Hua Wei as a non-independent, non-executive director. The company also revealed a reconstitution of its board and the Strategic and Sustainable Development Committee.

These changes are part of Cosco Shipping’s ongoing efforts to strengthen its leadership and strategic direction. Jiang Kai’s appointment is expected to bring fresh perspectives to the company’s executive team. The reconstitution of the board and committee aligns with the company’s focus on sustainable development, a critical area in today’s business environment.

The departure of Wang Shan He and Guo Hua Wei marks a notable shift in the company’s leadership dynamics. The company has not disclosed the reasons behind these changes, but they are seen as a move to align with evolving business strategies and market demands.

Cosco Shipping’s strategic adjustments come at a time when the shipping industry is navigating complex challenges, including sustainability and global trade dynamics. The company’s focus on strategic and sustainable development highlights its commitment to addressing these challenges head-on.

The reconstitution of the board and committee is expected to support Cosco Shipping’s long-term goals, ensuring that the company remains competitive and resilient in the face of industry changes.

LynkiD has announced a strategic partnership with Singapore Airlines, allowing its users to convert their reward points into KrisFlyer miles. This collaboration, revealed on 14 November 2025, aims to enhance the travel experiences of LynkiD’s 8 million users by providing access to international travel services and experiences.

For years, loyalty programmes in Vietnam have been limited to domestic rewards. However, LynkiD’s partnership with KrisFlyer, the frequent flyer programme of Singapore Airlines, marks a significant milestone for the Vietnamese loyalty industry. This new alliance enables LynkiD users to redeem their points for a variety of benefits, including international flight tickets, seat upgrades, and duty-free shopping at airports.

Every 550 LynkiD points can now be exchanged for 1 KrisFlyer mile. This opens up a world of possibilities for users, such as redeeming flights or seat upgrades with Singapore Airlines, Scoot, and Star Alliance member airlines. Additionally, users can book hotel stays at global chains like Marriott and Accor and access exclusive travel deals.

The partnership not only elevates the value of LynkiD points but also positions the Vietnamese loyalty brand on a global stage. By transcending geographic boundaries, LynkiD aims to bring Vietnamese loyalty experiences closer to international standards, offering its users world-class travel opportunities.