Industry News

Aster has announced a significant investment of $125m to revitalise Singapore’s critical offshore infrastructure. This strategic initiative focuses on upgrading the Single Buoy Mooring (SBM) and pipeline facilities, essential for high-volume energy imports and the competitiveness of Singapore’s refining and petrochemical sectors.

The contracts for this multi-phase programme have been awarded to global partners, including Allseas and DOF, who will handle the engineering, installation, and commissioning of the SBM and pipeline infrastructure. The upgraded facilities are expected to provide over 20 years of reliable service, reinforcing Singapore’s position as a vital energy and logistics hub.

Mashhad Dohadwala, Aster’s Director for Projects & Technology, emphasised the importance of robust infrastructure, stating, “The upgraded SBM pipeline is projected to provide more than 20 years of reliable service, supporting Singapore’s growth, competitiveness, and laying the groundwork for continued economic development.”

Allseas Vice President Projects, Matthijs Groenewegen, expressed enthusiasm about the collaboration, noting, “We are delighted to have been selected for this key infrastructure project, and look forward to working together with Aster to ensure safe and efficient delivery.”

This investment not only aims to improve operational efficiency by easing jetty capacity demand but also supports Aster’s future growth plans, including the rejuvenation of its refinery and condensate splitter unit. As Singapore continues to grow as an energy and logistics hub, this development marks a significant step in ensuring the reliability and competitiveness of its energy infrastructure.

GuocoLand has launched Faber Residence, a new 399-unit riverfront condominium located within the exclusive Faber Walk landed enclave in Clementi. The development, which is set to begin sales previews on 3 October 2025, promises a blend of landed-style living, nature connectivity, and urban convenience.

Faber Residence comprises nine five-storey blocks on a 25,795.4 sqm site, offering a mix of two- to five-bedroom flats. Notably, 80% of the units are three-bedroom or larger, designed with efficient and flexible layouts. Prices start from S$1,995 per square foot, with a two-bedroom unit priced at S$1.29m.

The development is strategically located within 1km of Nan Hua Primary School and near other reputable educational institutions such as Singapore Polytechnic and the National University of Singapore. It is also close to key business hubs, including the International Business Park and the future Jurong Lake District, enhancing its appeal to both homeowners and investors.

Residents will benefit from excellent connectivity, with the Ayer Rajah Expressway and Pan Island Expressway nearby, and several MRT stations within easy reach. The future Jurong Town Hall MRT station will further enhance accessibility.

Faber Residence offers a unique low-rise living experience amidst nature, featuring a curated network of gardens and courtyards with over 140 plant species. Residents will have direct access to the Ulu Pandan Park Connector and other nature trails, making it an attractive option for nature lovers.

Jointly developed with TID Pte. Ltd. and Hong Leong Holdings Limited, Faber Residence is expected to be completed in 2029.

The Wealth Management Institute (WMI) has unveiled a groundbreaking report, “Asia’s Succession Moment: Closing the Planning Gap to Safeguard Legacy,” at the WMI Global-Asia Family Office Summit 2025. The report challenges traditional views on succession, presenting it as a continuous journey rather than a singular legal or financial event. This approach, termed the Legacy Flywheel, emphasises small, consistent actions that foster family unity and resilience over time.

The research underscores the importance of treating succession as a long-term process anchored in shared purpose. According to WMI CEO Foo Mee Har, “Unlike traditional succession models that focus on single moments of transition, the flywheel represents succession as an ongoing cycle where shared purpose guides governance structures.” This method transforms succession from a source of anxiety into an opportunity for deeper family connection and stronger stewardship capabilities.

Philanthropy is identified as a crucial element in this process, acting as a bridge-builder that unites families around shared values. By engaging in philanthropic activities, families can develop trust and communication skills essential for successful transitions. The report suggests that philanthropy provides a low-conflict environment for different generations to collaborate and practise leadership skills.

The Legacy Flywheel proposes three actionable steps for families: starting with purpose, building governance around purpose, and using philanthropy strategically. These steps aim to create a sustainable legacy and strengthen family bonds across generations. As Foo Mee Har notes, “This research shows that when families approach succession as a living practice, they create momentum that can sustain their legacy.”

The study, enriched by insights from the Family Firm Institute, combines interviews with a comprehensive literature review and case analysis, offering a fresh perspective on family succession planning in Asia.

OKX Singapore, in collaboration with StraitsX and Grab, has launched OKX Pay, the first stablecoin-powered scan-to-pay service in Singapore. This innovative service enables customers to use stablecoins such as USDC and USDT for everyday transactions at GrabPay merchant-partners by scanning a GrabPay SGQR code. The service is integrated within the OKX SG App, now available on the App Store and Google Play.

The launch signifies a significant step in integrating stablecoins into regulated payment systems, with Singapore serving as a testing ground for this financial innovation. OKX Pay leverages StraitsX’s XSGD stablecoin, ensuring instant conversion into Singapore dollars (SGD) for merchant settlements, whilst maintaining existing payment flows for merchants.

Gracie Lin, CEO of OKX SG, stated, “OKX Pay addresses real needs for customers by expanding DPTs’ use beyond trading and investing to everyday payments.” Lim Kell Jay, Regional Head of Grab Financial Group, added that the partnership enhances the payment experience for consumers and businesses by broadening payment options without altering existing processes.

The service uses the Purpose Bound Money (PBM) framework for compliant and programmable blockchain transactions. This collaboration highlights Singapore’s role as a hub for financial innovation, with potential implications for stablecoin integration across Asia and beyond. Tianwei Liu, CEO of StraitsX, emphasised that the launch is a blueprint for how stablecoins will underpin global commerce in the future.

Naumi Hotels, a Singapore-based boutique hotel group, has opened its first property in the Middle East with the acquisition of a 237-room hotel in Barsha Heights, Dubai. The hotel, now operational, was acquired by Naumi Group and advised by SunStar Capital, a wealth management firm founded by Executive Chairman Surya Jhunjhnuwala. The property is managed by Naumi Hotels under the leadership of Group CEO Gaurang Jhunjhnuwala.

The expansion into Dubai is a strategic move for Naumi Hotels, known for its bold spaces and unscripted service. Gaurang Jhunjhnuwala stated, “Following Naumi Hotels’ success in the Asia-Pacific region, extending the experience to the Middle East felt like a natural next step.” He highlighted Dubai as a hub of innovation and a key player in the region’s hospitality market.

Naumi Hotels, established in Singapore in 2007, has developed a diverse portfolio with properties in Singapore, New Zealand, Australia, and now the UAE. Each location is characterised by unique design and personalised service, aiming to redefine the modern traveller’s experience.

The Dubai property is conveniently located near Dubai Internet City Metro, Mall of the Emirates, and The Palm. It will undergo a transformation to introduce a new visual identity, featuring whimsical spaces and imaginative experiences. The hotel offers 237 rooms and suites, two restaurants, a spa, a rooftop pool, a fitness centre, and meeting facilities.

Paul Stocker, Group Chief Operating Officer, remarked, “In Dubai, we’ve found the ideal canvas to express our playful sophistication and bring unexpected moments to life.” This launch marks the beginning of Naumi Hotels’ broader expansion strategy across the Middle East.

McKay Brothers has unveiled a groundbreaking private transport service for cryptocurrency and foreign exchange (FX) trading, connecting London and Singapore in less than 137 milliseconds round trip. This new network, announced on 29 September, is designed to cater to the increasing demand for rapid data transport in digital asset trading, where microsecond precision is crucial.

The service links Slough-LD4, home to major crypto platforms like Deribit, LMAX, and Kraken, with Singapore, integrating directly into the AWS cloud hosting Bybit. McKay Brothers’ Level Playing Field policy ensures that all subscribers have equal access to the best latency, making the service particularly appealing to firms that rely on speed for risk management.

This development is significant as it offers the fastest path for traders between these two financial hubs, enhancing the efficiency and competitiveness of digital asset trading. McKay Brothers, known for its robust and resilient networks, provides data transport services to some of the world’s most demanding firms, ensuring reliability and equal access for all its clients.

In addition to the London-Singapore link, McKay Brothers offers a portfolio of long-haul transport services connecting Tokyo, Hong Kong, Chicago, and Ashburn, VA, with the lowest latency available. The company will be showcasing its services at the Token 2049 conference in Singapore, where it will be present at Booth MB4 81.

As digital trading continues to evolve, McKay Brothers’ latest offering positions it at the forefront of providing cutting-edge solutions for the financial markets, ensuring traders can operate with unparalleled speed and reliability.

United Overseas Bank (UOB) has launched a groundbreaking feature for its Singaporean credit cardholders, allowing them to redeem rewards points, known as UNI$, whilst shopping in Johor, Malaysia. This initiative, announced on 29 September 2025, marks UOB as the first Singapore financial institution to offer such a cross-border rewards redemption service.

The new capability enables UOB cardholders to instantly offset their bills at over 150 participating merchant outlets in Johor by using their UNI$ points at the point of sale. This development is part of UOB’s strategy to leverage its strong regional presence and enhance the benefits available to its customers across the Association of Southeast Asian Nations (ASEAN).

UOB’s move is expected to strengthen consumer connectivity between Singapore and Malaysia, providing added convenience for frequent travellers and shoppers. By allowing seamless rewards redemption across borders, UOB aims to enhance the overall customer experience and encourage more cross-border transactions.

This initiative not only highlights UOB’s commitment to innovation but also sets a new standard for financial institutions in the region. As the first of its kind, this feature could pave the way for similar offerings from other banks, potentially transforming the landscape of cross-border banking services in ASEAN.

Traveloka is set to launch its 10.10 Travel Sale from 1–10 October, offering a range of promotions aimed at supporting the growing trend of wellness travel among Singaporeans. The sale includes exclusive fares and discounts on flights, stays, and experiences, making self-care getaways more accessible and affordable.

The 10.10 Travel Sale features enticing offers such as S$100 off flights during Airline Super Brand Days with Malaysia Airlines and Singapore Airlines, with fares to popular wellness destinations like Bali, Bangkok, and Seoul starting from $168 (S$230). Additionally, daily $7 (S$10) Flash Deals on attractions such as Legoland Malaysia and Mandai Rainforest, as well as 50% off flash deals on flights and hotels, will be available at 7pm and 10pm.

Traveloka’s recent study highlights that 38% of Singaporeans travel to rest and recharge, with resorts and villas ranking among the top five most searched accommodation types. Popular wellness destinations include Bali, Penang, and Hanoi, whilst emerging spots like Yogyakarta and Da Nang are gaining attention for their cultural and nature-based offerings.

Baidi Li, VP Commercial at Traveloka, stated, “Travel is no longer just about sightseeing—it is increasingly a way to nurture well-being, build meaningful connections, and support local communities.”

The sale also offers up to $91 (S$125) in all-day coupons and a chance to win free flights on the Traveloka app. By aligning with the rising demand for wellness travel, Traveloka aims to empower Singaporeans to prioritise self-care and meaningful experiences.

Singapore’s Ministry of Finance has announced the allocation of S$2.8b from its sovereign green bonds for the financial year 2024 to fund the Jurong Region Line (JRL) and Cross Island Line (CRL). This allocation is part of the Singapore Green Bond Report for FY2024, which outlines the environmental impact of these projects. The report, released on 29 September 2025, highlights the country’s commitment to sustainable development and climate targets.

The Singapore Government issued a new 30-year Green Singapore Government Securities (SGS) bond in June 2024, raising S$2.5b. Additionally, a 50-year Green SGS bond was re-opened in October 2024, adding S$1.5b. Both issuances were met with strong demand, with subscription rates of 2.4 and 1.6 times, respectively. The total green bond proceeds allocated in FY2024 amount to S$2.8b, with S$3.6b remaining unallocated, expected to be fully allocated by FY2026.

The development of the JRL and CRL aligns with the “Sustainable Living” pillar of the Singapore Green Plan 2030. Once operational, these rail lines are projected to save between 100,000 and 120,000 tonnes of CO2-equivalent annually, equivalent to removing 22,000 cars from the roads. The expansion is also expected to create approximately 1,500 jobs by 2030, enhancing connectivity and reducing travel times for commuters.

CapitaLand Investment has unveiled its strategic initiatives for 2025 during its Corporate Day in Kuala Lumpur, focusing on expanding its funds under management (FUM) and enhancing platform synergies. The company aims to reach S$200 billion in FUM by the second half of 2025, driven by increased capital deployment and strategic alignments.

The company reported a significant increase in capital deployment, with S$3.2b invested year-to-date through private funds and real estate investment trusts (REITs), marking a 79% year-on-year growth. Additionally, CapitaLand Investment has raised S$2.6b in total equity, a 1.3 times increase compared to the previous year. These efforts are part of a broader strategy to fuel growth in key areas such as lodging, logistics, and private credit.

CapitaLand Investment is also focusing on expanding its global reach. The company has earmarked over S$700m for strategic co-investments and is aligning its operations with partners SCCP and Wingate to unlock platform synergies. This alignment is expected to contribute significantly to the company’s FUM ambitions.

The company’s listed funds platform in the Asia-Pacific region has also seen robust growth, with a 16% year-on-year increase in listed FUM, reaching S$71b. The recent listing of CapitaLand Commercial C-REIT on the Shanghai Stock Exchange has further bolstered its institutional subscription rates.

Looking ahead, CapitaLand Investment plans to continue its thematic strategies, particularly in private funds, with a target of over S$2b in committed FUM within the next 12 months. The company is poised to accelerate its growth in the second half of 2025, leveraging its diversified brand strategy and strategic partnerships.