Industry News

A consortium of developers, including UOL Group Limited, Singapore Land Group Limited, CapitaLand Development, and Kheng Leong Company, is set to unveil Skye at Holland, a high-end residential development in Holland Village, Singapore. This marks the first significant private residential launch in the area since 2019. Public previews will commence on 26 September, with the official launch slated for 11 October.

Skye at Holland, a 99-year leasehold development, spans approximately 133,343 square feet and features two 40-storey towers. It offers a range of indoor and outdoor facilities, surrounded by Good Class Bungalow areas. The development will be the tallest in the Holland Village vicinity upon completion.

The flats are priced from $1.51m for a two-bedroom unit, $2.40m for a three-bedroom unit, and $3.34m for a four-bedroom unit with a private lift.

Located near Holland Village MRT station, Skye at Holland is well-connected to key areas and surrounded by vibrant enclaves such as Dempsey Hill. The development is also close to popular schools and nature spots like the Singapore Botanic Gardens. Skye at Holland is expected to achieve its Temporary Occupation Permit in 2029.

Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) and Indosuez Wealth Management have inaugurated a new office in Singapore, located at the IOI Central Boulevard Towers in the city’s central business district. This move consolidates their operations into a modern, 43,420 square feet workspace across two floors, aligning with Crédit Agricole Group’s strategy for growth in the Asia-Pacific region.

The new office is part of Crédit Agricole Group’s workplace enhancement initiative, designed to foster collaboration, flexibility, and sustainability. Antoine Sirgi, Senior Country Officer for Singapore, emphasised the office’s role in adapting to evolving work environments, stating, “This new chapter reflects Crédit Agricole CIB’s commitment to adapting to the evolving work environment whilst supporting the continued growth of our business activities.”

The opening coincides with two significant milestones: Crédit Agricole’s 120 years in Singapore and the nation’s 60th year of independence. Laurent Proutière, Chief Executive Officer Asia and Singapore Branch Manager at Indosuez Wealth Management, highlighted Singapore’s importance as a regional hub, noting, “The relocation demonstrates our confidence in Singapore’s role as a regional hub for wealth management by investing in fresh premises that support our business and growing client base in Asia.”

Seatrium Offshore Technology (SOT) has signed a Memorandum of Understanding (MoU) with Cochin Shipyard Limited (CSL), India’s largest shipbuilder, to bolster cooperation in the offshore sector across India and Asia. This strategic partnership aims to leverage SOT’s engineering expertise and CSL’s infrastructure to address the growing demand for maritime infrastructure and energy solutions in the region.

The collaboration will focus on Maintenance, Repair, and Overhaul (MRO) projects for clients operating in Asia, with plans to explore further opportunities in other key offshore markets. The MoU establishes a framework for joint marketing, project execution, and technology collaboration, paving the way for a long-term partnership to support regional energy transition and offshore development.

Winston Cheng, senior vice president and head of SOT, highlighted the significance of this agreement, stating, “This MoU is a strategic milestone in Seatrium’s efforts to expand our global footprint across Asia, with India identified as a key market for long-term growth.” He emphasised the potential for collaboration and innovation in India’s rapidly developing offshore energy sector.

The partnership builds on a previous collaboration between Seatrium Letourneau USA, Inc. and CSL, signed in November 2024, for the joint design and supply of critical equipment for jack-up rigs in the Indian market. This agreement lays the foundation for Seatrium’s long-term involvement in India’s offshore industry, supporting the country’s efforts to enhance energy security amidst rapid industrialisation and urbanisation.

As India is poised to lead global oil demand growth, reaching an estimated 6.6 million barrels per day by 2030, this collaboration positions Seatrium as a key player in driving sustainable offshore development in the region.

The Singapore Department of Statistics has released the Services Producer Price Indices for the second quarter of 2025, revealing varied trends across different sectors. Cargo handling prices increased by 0.7% compared to the first quarter, whilst sea freight transport experienced a notable decline of 4.2%. Other sectors, including freight forwarding and accounting services, saw decreases of 1.6%, with postal and courier services dropping by 1.0% and computer consultancy and information services by 0.7%. Telecommunications services and warehousing and storage prices remained unchanged.

These indices are crucial for understanding the cost dynamics within Singapore’s service sectors, impacting businesses and economic planning. The decline in sea freight transport prices could be indicative of shifting global trade patterns or competitive pressures, whilst the rise in cargo handling suggests increased demand or operational costs.

These indices not only reflect current market conditions but also help businesses and policymakers anticipate future trends, making them an essential tool for strategic decision-making in Singapore’s dynamic economy.

OCBC has announced the appointment of Carina Lee as the new Group Chief Risk Officer, effective 1 January 2026. Lee, currently the Group Chief Credit Officer for the wholesale banking business, will take over from Noel Gerald DCruz, who is retiring after a distinguished 36-year career with the bank.

Lee brings over 28 years of banking experience, having joined OCBC in January 2021. She has been pivotal in managing the credit risks of the bank’s wholesale banking loan portfolio and has led initiatives to diversify the loan portfolio into high-growth sectors like Technology, Media, and Telecommunications. Prior to OCBC, Lee held senior roles in a global bank, focusing on operational risk management and credit policy.

Helen Wong, OCBC’s Group Chief Executive Officer, praised DCruz’s contributions, stating, “Noel’s pivotal role in establishing a robust risk management foundation has been instrumental in the growth and stability of our businesses.” She also expressed confidence in Lee’s capabilities, noting her “well-calibrated approach to risk and reward.”

Lee’s appointment comes at a time of increased volatility and uncertainty in the operating environment, making effective risk management more crucial than ever. Her extensive experience and leadership qualities are expected to be valuable assets to OCBC’s management team.

Karl Hudson has been appointed as the new General Manager of JW Marriott Singapore South Beach, bringing with him a wealth of experience from overseeing the opening of more than 80 hotels during his tenure with Marriott International. Hudson, who previously served as Regional Vice President for Japan and Guam, aims to enhance the hotel’s distinctive character and strengthen its position as a premier destination for both business and leisure.

Hudson’s leadership will focus on three key areas: M.I.C.E excellence, destination dining, and luxury lifestyle positioning within Marina Bay. He emphasises the importance of preserving the hotel’s unique energy and creativity, stating, “My focus is on preserving and amplifying what makes this hotel unique. Its energy, creativity, and sense of place give it character.”

Located in Marina Bay, the 634-room hotel is a significant player in Marriott International’s luxury portfolio. It boasts a striking Grand Ballroom with a Forest of Lights installation and versatile event spaces, making it an ideal venue for world-class gatherings. Hudson plans to steer the hotel’s next phase of growth by focusing on people, personalisation, and place-making.

Hudson believes that true luxury is deeply personal, shaped by how guests feel. “For some, luxury is tradition and refinement. For others, it’s about surprise and delight,” he explains. Under his leadership, JW Marriott Singapore South Beach aims to be both approachable and elevated, ensuring it remains a standout destination where business and leisure converge seamlessly.

Network instability is significantly impacting Singaporean businesses, with 60% reporting revenue losses of US$5m or more due to network outages or poor performance, according to an IDC InfoBrief commissioned by Expereo. The report, “Enterprise Horizons 2025: Technology Leaders Priorities: Achieving Digital Agility,” reveals that cybersecurity has become the top priority for financial investment over the next year, with 62% of businesses planning to focus on it, followed by networking/connectivity at 48% and artificial intelligence (AI) at 40%.

Following a series of high-profile IT disruptions, 46% of Singaporean businesses have been forced to re-evaluate their technology infrastructure. This shift has led to networking and connectivity becoming more prominent on the C-suite agenda, with 34% of tech leaders acknowledging its increased importance. The urgency is underscored by the fact that 32% of organisations report inadequate network performance as a threat to their growth plans, whilst 44% say network limitations hinder their ability to support large-scale data and AI initiatives.

Ben Elms, CEO of Expereo, emphasised the strategic importance of connectivity, stating, “Connectivity is now the backbone of business. As organisations race to adopt new AI solutions, the C-suite must treat network performance with the same urgency as cybersecurity and AI itself.”

Eric Wong, President, APAC, at Expereo, noted the direct correlation between network performance and financial success, highlighting that nearly a third of businesses in Singapore have experienced revenue losses exceeding US$5m due to network outages. The report also indicates a skills gap, with 51% of organisations struggling to find or retain skilled networking professionals. Consequently, 26% of businesses plan to rely more on external partners to bridge this gap.

ION Orchard is revving up for the Singapore Grand Prix by transforming into a race-inspired playground, “Live the Race,” featuring collaborations with renowned brands such as TAG Heuer, Lego, Visa, TUDOR, HUGO, and Elemis. From now until 12 October 2025, visitors can enjoy a series of immersive experiences that blend motorsport excitement with luxury shopping.

The mall’s transformation includes several key attractions. TAG Heuer, the Official Timekeeper of Formula 1, will host a pop-up at the L1 Atrium from 25 September to 6 October, featuring an appearance by Oracle Red Bull Racing Team’s Yuki Tsunoda on 2 October. Visitors can explore TAG Heuer’s motorsport history and view the Oracle Red Bull Racing F1 Team Show Car.

Lego’s pop-up at ION2 offers interactive F1 challenges, including Pedal Power VR Racing and a life-sized Formula 1 Williams FW16 Race Car built from over 400,000 Lego bricks. Meanwhile, the “Inside the Garage” experience, presented by Visa, TUDOR, and HUGO, allows fans to engage with authentic race gear and participate in interactive challenges.

Beauty enthusiasts can visit the Elemis pop-up, which features exclusive skincare samples and a chance to win a year’s supply of products. Shoppers can also unlock an exclusive Lifestyle Pack by engaging with race-themed activities at the mall.

ION Orchard’s CEO, Yeo Mui Hong, expressed excitement about the collaboration, stating, “We are creating an immersive experience that transforms Singapore’s premier shopping destination into the ultimate motorsport playground.” This initiative showcases how Singapore’s retail landscape is innovatively integrating F1 partnerships beyond traditional sponsorships.

The Restaurant Association of Singapore (RAS) has announced the winners of the Excellent Service Award (EXSA) 2025, celebrating the exceptional contributions of service professionals in the food and beverage (F&B) sector. Held at Nanyang Polytechnic’s Auditorium, the event was attended by industry leaders, education partners, and key players.

This year, EXSA received nominations from 75 companies, representing over 200 brands and concepts. A total of 2,653 recipients were honoured across four categories: EXSA Star, Gold, Silver, and the prestigious Superstar Award. Pheng You Yen Evan, Assistant Manager at Seoul Garden, was awarded the EXSA Superstar title, distinguishing himself among 2,900 nominees.

A new initiative, The F&B People Collective, was launched to address workforce sustainability by focusing on training, retention, and employee wellbeing. This coalition aims to ensure that F&B employees have clear career growth pathways.

The event also showcased collaboration between the industry and education, with Nanyang Polytechnic students co-producing the ceremony. This partnership aims to nurture the next generation of service champions, reinforcing the importance of practical experience in education.

EXSA, now in its 31st year, continues to recognise individuals who deliver outstanding service, maintaining high standards in Singapore’s vibrant dining scene.

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) has reported a significant shift in the nature of financial disputes in Singapore, with scams and fraud now overtaking insurance payouts and investment issues as the leading cause of consumer complaints. Since 2021, the number of claims related to scams, including phishing and impersonation, has risen sharply, increasing by nearly 200% by 2025.

This surge in scam-related disputes marks a departure from the period between 2005 and 2020, when insurance and investment disagreements dominated. FIDReC attributes this change to the growing prevalence of digital banking and online transactions, which have made consumers more vulnerable to sophisticated scams. The current volume of claims has reached levels not seen since the global financial crisis of 2008, and FIDReC anticipates this trend will continue.

Eunice Chua, CEO of FIDReC, highlighted the evolving landscape of financial disputes, stating, “As FIDReC marks its 20th anniversary this year, we are reminded of how the nature of financial disputes has changed with time.” She emphasised FIDReC’s commitment to raising awareness and maintaining public trust in the organisation.

Common scams include compromised credentials through phishing and impersonation scams, where fraudsters pose as banks or government agencies. Challenges in addressing these issues include limited recovery mechanisms and the need for consumers to be vigilant in monitoring alerts and protecting their credentials.

As part of its anniversary, FIDReC will release a commemorative book on 10 October 2025, celebrating its role in resolving financial disputes in Singapore. The organisation remains dedicated to helping consumers and financial institutions navigate these challenges effectively.