Industry News

Elite UK REIT Management Pte. Ltd. has announced that units of Elite UK REIT, traded under the stock code SGX:MENU, are now included in the Central Provident Fund Investment Scheme (CPFIS) as of 9 June 2026. This inclusion allows investors to use their CPF ordinary account savings to purchase these units on the Singapore Exchange Securities Trading Limited (SGX-ST).

The units, denominated in Singapore dollars, can only be sold through trading on the SGX-ST, with sale proceeds credited back to the investors’ CPF ordinary accounts. This move offers Singaporeans an additional avenue to diversify their investment portfolios using their CPF savings.

Joshua Liaw, CEO of Elite UK REIT Management, expressed satisfaction with the inclusion, highlighting the potential benefits for investors seeking to leverage their CPF savings for investment in real estate. The REIT, constituted under Singaporean law since 2018, continues to expand its investment opportunities for local investors.

This development is significant as it provides CPF account holders with more flexibility and options in managing their retirement savings. By enabling investments in real estate through the CPFIS, Elite UK REIT aims to attract a broader base of investors looking for stable income-generating assets.

As the units are now part of the CPFIS, investors are advised to consider the risks involved, including the potential for loss of principal, as the value of the units may fluctuate. The inclusion does not guarantee a liquid market for the units, and investors should conduct due diligence before making investment decisions.

Sun Life Singapore has unveiled findings from its Financial Resilience Index, highlighting that rising living costs are eroding financial security across all income levels in Singapore. The report shows a significant decline in the proportion of highly resilient households, dropping from 34% in 2025 to 21% this year, with only 11% of respondents feeling very financially secure.

The survey indicates that inflation is affecting 81% of Singaporeans, with 76% of High-Net-Worth (HNW) respondents—those earning SGD250,000 or more annually—struggling to cover monthly expenses. Despite their financial confidence, 59% of HNW individuals anticipate making lifestyle adjustments if costs continue to rise. Christopher Albrecht, CEO of Sun Life Singapore, noted, “Rising costs are placing real pressure on households in Singapore, including those with higher incomes.”

Everyday expenses, such as groceries and utilities, are cited as the primary financial burdens, affecting 95% and 94% of respondents, respectively. This financial strain has led 24% of households to draw down savings and 14% to pause retirement contributions.

Financial literacy remains a crucial factor in resilience, with those possessing higher literacy levels feeling more confident about their financial future. The use of Generative AI (GenAI) for financial advice is increasing, with 53% of respondents using it at least sometimes, rising to 74% among HNW individuals.

The report underscores the importance of professional financial advice, particularly for complex areas like wealth preservation and legacy planning. As Albrecht emphasised, “Professional advice remains important in helping people make informed decisions that are aligned with their goals and family responsibilities.”

Mooreast Holdings Ltd has successfully completed a private placement, raising S$6m to enhance its financial standing and support working capital needs. This strategic move aims to strengthen the company’s balance sheet, providing the necessary funds to facilitate ongoing operations and future growth initiatives.

The group successfully completed the private placement of 44,450,000 new ordinary shares at a placement price of S$0.135 per share, raising gross proceeds of S$6m.

Investors include Amova Asset Management, Lion Global Investors Limited (as investment manager for and on behalf of its clients) – which are funds registered with the Equity Market Development Programme – as well as Asdew Acquisitions and ICH Synergrowth Fund. ZICO Capital Pte. Ltd. acted as the placement agent, with Maybank Securities Pte. Ltd. appointed as the sub-placement agent.

Net proceeds of approximately S$5.8m to be deployed towards the group’s ongoing projects and working capital. Mooreast Holdings, known for its expertise in the offshore and marine sectors, is expected to leverage this financial boost to further its business objectives. The successful completion of the private placement reflects investor confidence in the company’s strategic direction and financial health.

Looking ahead, Mooreast’s strengthened financial position will likely enable it to explore new ventures and expand its market presence, ensuring continued growth and stability in a competitive landscape.

EHL Hospitality Business School has spotlighted the crucial role of artificial intelligence (AI) and human-centric leadership in the hospitality sector at its inaugural HumanX Summit. As Singapore transitions into an AI-driven economy, only 15% of local workers feel secure in their jobs, highlighting the need for empowering workers amidst technological shifts. The summit underscored the importance of empathy, emotional intelligence, and anticipatory leadership as AI continues to reshape industries.

The summit, held on 19 and 20 May at EHL Hospitality Business School in Lausanne, gathered over 800 participants from more than 40 countries. Key announcements included the launch of the EHL Centre of Excellence for Human Intelligence and Leadership (CHIL), aimed at fostering sustainable workplaces through applied research. Additionally, the second edition of the EHL Well-being Report was released, emphasising the integration of AI and supportive work environments as key to guest and employee well-being.

The summit also introduced the EHL Ventures Growth Programme, designed to support startups with human-centric innovations. As the hospitality industry evolves, the emphasis on human capabilities alongside technological advancements is expected to drive future growth. The next edition of the HumanX Summit is scheduled for 11 and 12 May 2027.

Citibank Singapore has joined forces with Porsche Singapore to provide exclusive benefits to its high-net-worth clients. This collaboration, announced on 8 June, marks Citi as Porsche Singapore’s first banking partner to offer unique Porsche experiences, enhancing the premium client experience for Citigold Private Client customers.

The partnership offers two distinct Porsche experiences for clients celebrating their birthdays. The first is a full-day unsupervised test drive in a Porsche model of their choice, complete with Porsche’s signature delivery service, including a comprehensive vehicle handover and orientation in exclusive delivery bays. The second is an extended accompanied test drive, starting with a light breakfast at Porsche Studio Singapore, followed by a 60 to 90-minute guided drive with a Porsche product specialist.

Yeo Wenxian, Head of Wealth for Asia South at Citi and CEO of Citibank Singapore, expressed enthusiasm for the partnership, stating, “We are thrilled to partner with Porsche, a brand that deeply resonates with our clients’ aspirations.” He emphasised the alignment between Porsche’s legacy of performance and Citi’s commitment to exceptional financial guidance.

Andre Brand, General Manager of Porsche Singapore, highlighted the shared commitment to delivering meaningful, experience-led engagements. “At Porsche, we believe the essence of our brand is best understood from behind the wheel,” he said, noting the partnership’s focus on performance, precision, and quality.

This collaboration reflects a strategic move to enhance client engagement through unique, experience-driven offerings, setting a new standard for luxury client services in Singapore.

Clear Robotics, a Singapore-headquartered maritime technology company, has successfully raised $1.75m to develop the world’s largest fleet of zero-emission autonomous ships. This funding will enable the company to advance its mission of revolutionising maritime transport with environmentally friendly technology. The investment, announced on 8 June, marks a significant step towards sustainable shipping solutions.

The funding will be utilised to enhance the design and production of autonomous ships that operate without emissions, addressing the growing demand for sustainable maritime solutions. Clear Robotics is focused on reducing the environmental impact of shipping, a sector traditionally known for its high carbon emissions. The company plans to deploy these ships globally, contributing to cleaner oceans and reduced pollution.

Sidhant Gupta, the CEO of Clear Robotics stated, “This investment is a testament to our commitment to innovation and sustainability in the maritime industry. We are excited to lead the charge in creating a greener future for shipping.”

The initiative is expected to set a new standard in the industry, encouraging other companies to adopt similar technologies. By prioritising zero-emission solutions, Clear Robotics aims to not only reduce the carbon footprint of maritime transport but also inspire a shift towards more sustainable practices across the sector.

As the project progresses, the company anticipates further developments in autonomous technology, which could enhance efficiency and safety in maritime operations. The successful deployment of these ships could pave the way for widespread adoption of zero-emission vessels, significantly impacting the global shipping industry.

The Singapore International Water Week (SIWW) 2026 is set to convene from 15 to 18 June at the Sands Expo and Convention Centre, bringing together over 2,000 global leaders and experts to tackle pressing urban water and climate challenges. This biennial event, now in its 11th edition, will address issues such as ageing water systems, rising energy costs, and extreme flooding exacerbated by climate change and urbanisation.

SIWW2026 will focus on three key themes: municipal water solutions, coastal and flood resilience, and industrial water solutions. The event will feature more than 80 sessions, including high-level panels, roundtables, and workshops. Notably, Singapore’s Deputy Prime Minister will open the event, followed by the Lee Kuan Yew Water Prize 2026 Award Ceremony.

The event will also host a Ministerial Plenary, where Singapore’s Minister for Sustainability and the Environment will join international counterparts to discuss advancing the water and climate agenda. Highlights include the Water Leaders Summit and the Water Expo, which will feature over 500 international exhibitors.

Participants will include representatives from 55 utilities and 30 cities worldwide, as well as senior leaders from organisations like the Intergovernmental Panel on Climate Change and the World Bank Group. SIWW2026 aims to foster collaboration and innovation in water management, supporting Singapore’s strategic goals for sustainability and climate resilience.

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.