Industry News

Beng Kuang Marine Limited has announced significant contract progress for its subsidiary, Asian Sealand Offshore & Marine Pte Ltd (ASOM), securing approximately S$112.4m in contracts and purchase orders for the first nine months of 2026. This includes a notable US$5.84m life extension purchase order in the third quarter for offshore personnel services on a Floating Production Storage and Offloading (FPSO) vessel in Angola.

ASOM’s recent achievements underscore its focus on FPSO lifecycle services, with the new order covering essential tasks such as supervision, rigging, scaffolding, and welding. The company’s Chief Executive Officer, Yong Jiunn Run, highlighted the importance of these contracts in supporting Beng Kuang Marine’s development into a specialist offshore lifecycle platform. “Underpinned by FPSO operators’ long-term focus on production reliability, ASOM’s contracted workload supports our continued focus on FPSO lifecycle services,” he stated.

The group’s subsidiaries, including PT. Nexus Engineering Indonesia (NEI) and International Offshore Equipments Pte Ltd (IOE), have a combined remaining workload of approximately S$71.5m. ASOM leads with S$59.8m, followed by IOE and NEI with S$7.8m and S$3.9m, respectively.

Looking ahead, ASOM’s contracts include FPSO maintenance and tank-services frameworks, with some projects extending beyond the financial year 2026. The company aims to deepen customer relationships and enhance service quality across maintenance cycles, ensuring a sustainable business model with greater workload visibility.

Singapore’s real estate market continues to thrive despite global uncertainties, with investment sales reaching S$42.4b in the first nine months of 2026, according to Knight Frank Singapore’s latest report. This figure already surpasses the total sales of S$40.7b recorded for the entire year of 2025.

Residential investments led the activity in Q3 2026, contributing S$4.3b to the total sales. Government Land Sales (GLS) played a significant role, with four private residential sites and one commercial and residential site awarded for a combined S$6.5b. Notably, the acquisition of 8 Thomson Lane for approximately S$1.0b highlights developers’ eagerness to secure private market development sites.

Commercial investment sales, however, saw a decline, totalling S$2.0b in Q3 2026. Key transactions included the acquisition of Wheelock Place by Singapore Central Private Real Estate Fund for S$1.1b and the purchase of Scotts Square by Royal Holdings and RB Capital for S$310m. These deals underscore the sustained interest in Orchard Road retail-linked assets.

Industrial investments rebounded, with transaction values more than doubling to S$2.0b, driven by public-sector land sales. Meanwhile, the living and hospitality sector saw a notable transaction with CapitaLand Ascott Trust acquiring Coliwoo Midtown for S$134m.

Outbound investments from Singapore also rose significantly, with a 31.7% increase quarter-on-quarter, reaching S$16.9b in Q3 2026. Knight Frank projects that total investment sales could reach around S$50.0b by year-end, setting a new annual record.

Singapore’s Centre for Liveable Cities (CLC) and México por el Clima (MPC) have signed a Memorandum of Understanding (MoU) to foster collaboration in promoting sustainable and liveable urban environments. The agreement, signed by CLC’s Executive Director Hwang Yu-Ning and MPC’s Executive Director Erica Valencia, aims to facilitate the exchange of knowledge and experiences in urban planning, biodiversity, and climate resilience.

The MoU marks the first formal partnership between CLC and MPC, highlighting the mutual benefits of sharing best practices in sustainable urban development. The collaboration will involve organising programmes such as site visits, lectures, webinars, and conferences in both Singapore and Mexico City. Notable events include the Mexico Climate Action Week 2026, the World Cities Summit Mayors Forum 2027 in Mexico City, and the World Cities Summit 2028 in Singapore.

Additionally, the MoU will enable the design and implementation of capability development and study visit programmes, building on CLC’s previous engagements in Mexico City. Both organisations will leverage their networks to broaden their international reach and influence.

Hwang Yu-Ning expressed optimism about the partnership, stating, “CLC is delighted to work with our MPC counterparts in advancing efforts to continue building liveable and sustainable cities and communities.” The collaboration is expected to enhance global efforts in addressing urban challenges and promoting sustainable development.

Taipei City and the Taiwan External Trade Development Council (TAITRA) highlighted the potential of Taipei–Singapore technology collaboration during Tech Week Singapore 2026. The event, held at the Sands Expo and Convention Centre, featured the Taipei Pavilion, where 12 Taipei-based technology companies showcased solutions in AI-ready data, edge computing, cybersecurity, and smart-city applications.

A significant development from the event was the signing of a Memorandum of Understanding (MOU) between the Taiwan Artificial Intelligence Association (TAIA) and Singapore AI Association. This agreement aims to foster cooperation in AI advisory services, technical and market intelligence exchange, and SME expansion, thereby strengthening ties between Taiwan’s technology ecosystem and Singapore’s enterprise community.

Jules Shih, Manager at TAITRA, remarked, “Singapore and Taipei bring complementary strengths to the next phase of AI adoption.” The collaboration is expected to leverage Singapore’s enterprise deployment capabilities and Taipei’s expertise in AI infrastructure and systems integration.

The Taipei Pavilion demonstrated the breadth of Taipei’s AI ecosystem, with companies like BigObject Inc. and NETIO Technologies Co., Ltd. presenting innovative solutions. The pavilion underscored Taipei’s ambition to become an AI innovation hub, with initiatives such as smart-city projects and collaborations with NVIDIA.

The partnership between Taipei and Singapore is built on a strong trade relationship, with Taiwan becoming Singapore’s largest goods trading partner in 2025. The collaboration aims to translate AI innovation into practical outcomes for enterprises and communities across the region.

Singapore-based space technology company OculloSpace has successfully launched its first experimental sounding rocket, AZAD “The Dreamer”, from Etlaq Spaceport in Oman on 1 October 2026. The rocket reached an apogee altitude of 10 km, marking a significant achievement in the company’s development of launch and space technology capabilities.

The mission, named Karman X1, was conducted in collaboration with Oman-based aerospace company Stellar Kinetics MCT and supported by international partners from Singapore, Oman, and Australia. The two-stage rocket, measuring 4.3 metres and weighing 26 kg, completed its flight with telemetry received throughout, although the upper-stage parachute did not deploy. Despite this, Stellar Kinetics reported that most mission objectives were achieved, providing valuable data for future developments.

Initiated by Franco Gan, founder and CEO of OculloSpace, the AZADRocket programme represents two years of development and is self-funded. “Six months ago, we sent our first satellite to orbit, and now we have flown our own rocket,” Gan stated, highlighting the company’s rapid progress.

Following the success of this mission, OculloSpace is developing AZAD-2, a next-generation rocket targeting an altitude of 100 km, the Kármán line, which is widely recognised as the boundary of space. The company plans to use insights from The Dreamer to advance AZAD-2, exploring opportunities for suborbital research and commercial payload services.

OculloSpace is seeking partnerships with strategic investors, space industry partners, and research institutions to further its development goals.

Seviora Holdings, Temasek’s primary asset management platform, has announced plans to integrate its three wholly-owned asset management companies—Azalea Investment Management, SeaTown Holdings International, and Seviora Capital—into a single platform. This integration, set to take effect on 1 January 2027, aims to streamline operations and enhance investor access to Seviora’s comprehensive investment capabilities.

Gabriel Lim will continue as CEO, with Yeo Hong Ping as COO. Chue En Yaw, currently CEO of Azalea, will lead Seviora’s Global Fund Solutions, whilst Patrick Pang, CEO of SeaTown, will head the Private Capital business. The integration is expected to create a more seamless platform for clients and partners, leveraging the synergies of the combined entities.

Gabriel Lim expressed enthusiasm for the integration, stating, “Coming together as a single platform is the natural next step—one that gives clients easier access, through a single relationship, to the breadth of our investment capabilities.” He added that this move reinforces Seviora’s ambition to be a leading capital gateway between Asia and the world.

Chue En Yaw highlighted Azalea’s track record in making private equity more accessible and sees the integration as an opportunity to leverage the Group’s wider expertise. Patrick Pang echoed this sentiment, noting the benefits of scale and resources for SeaTown’s private credit and equity teams.

The integration will not affect Fullerton Fund Management and InnoVen Capital, which will continue as separate entities. Upon completion, the unified business will operate under the Seviora name, with further brand details to be announced.

Allianz Insurance Singapore has underscored the increasing necessity for travel protection as flight disruptions continue to plague travellers in Asia, despite robust international travel demand. The company highlighted that disruptions such as unexpected overnight stays, missed connections, and lost luggage have become common, transforming well-planned trips into stressful experiences.

The travel landscape in Asia has shifted significantly, with disruptions becoming more frequent since early 2025. This trend is driven by strong travel demand, airspace constraints, volatile weather, rising fuel costs, and tightly interconnected flight networks. Even routine delays can escalate, leading to unexpected expenses and extended layovers, creating significant uncertainty for travellers.

Allianz Insurance Singapore offers solutions like Allianz Travel Protect to help customers navigate these evolving risks. This includes coverage for travel delays up to $3,000, overseas medical coverage up to $2 million, and automatic policy extensions for covered reasons when trips are unexpectedly prolonged. These features ensure travellers are supported when plans change.

“When journeys don’t go as planned, what matters most is knowing you’re not navigating the situation alone,” Allianz stated. The company remains committed to helping customers move forward with greater confidence, regardless of how their journey unfolds.

UOB Asset Management (UOBAM) has unveiled its fourth-quarter 2026 investment strategy, emphasising opportunities for investors amidst evolving global monetary policies. Despite the uncertainty, UOBAM notes that economic activity across major regions remains robust, with corporate earnings continuing to support growth. The firm highlights the role of transformational technologies, such as artificial intelligence, in underpinning long-term growth prospects.

UOBAM’s strategy suggests that market volatility should be seen as an opportunity for disciplined investors to secure attractive long-term returns. The firm does not anticipate an aggressive interest rate hike or a surge in bond yields, as factors driving price pressures are moderating. In equities, UOBAM favours the US and Asia, citing the US’s earnings growth and innovation, and Asia’s strong economic growth and leadership in sectors like semiconductors and electric vehicles.

Anthony Raza, Head of UOBAM Multi-Asset Strategy, remarked, “The key story for investors is that the global economy has stayed strong despite a constant stream of headwinds.” He added that whilst the economic cycle shows late-cycle signs, it is premature to abandon a growth-oriented strategy.

UOBAM remains overweight in equities and underweight in fixed income, maintaining a positive outlook on commodities, with gold as a key diversification tool. For more detailed insights, UOBAM’s full Q4 2026 Investment Strategy is available on their website. Established in 1986, UOBAM manages S$439b in assets and has received numerous industry accolades for its innovative and sustainable investment approaches.

Seatrium Limited has been awarded a contract by Excelerate Energy, Inc. to convert a Floating Storage Regasification Unit (FSRU), with an option for a second conversion. This marks Seatrium’s first Engineering, Procurement, Construction, Installation, and Commissioning (EPCIC) FSRU conversion project for Excelerate Energy, a leader in the FSRU industry. Engineering activities are set to begin in the fourth quarter of 2026, with delivery expected in 2028.

The contract involves transforming an LNG carrier into a fully operational FSRU, featuring 170,000 cubic metres of LNG storage capacity, TFDE power generation, and reliquefaction technology. This will enhance the vessel’s performance and operational flexibility. Alvin Gan, Executive Vice President of Repairs and Upgrades at Seatrium, expressed pride in supporting Excelerate Energy’s infrastructure growth, stating, “We will transform this vessel into critical LNG infrastructure.”

Excelerate Energy’s Executive Vice President and Chief Operating Officer, David Liner, highlighted the importance of this conversion for the company’s LNG infrastructure portfolio. “Upon completion, the vessel will become the 13th FSRU in our fleet,” he said, emphasising its role in expanding Excelerate’s LNG infrastructure capabilities.

Seatrium’s track record includes 22 successful FSRU, Floating Liquefied Natural Gas (FLNG), and Floating Storage Unit (FSU) conversion projects since 2007. This new project further cements its position as a leader in complex floating LNG infrastructure solutions, contributing to global energy security.

Frasers Property Limited has announced a leadership transition for its hospitality division, with Eu Chin Fen stepping down as Chief Executive Officer of Frasers Hospitality effective 1 January 2027. This move follows the successful privatisation of Frasers Hospitality Trust in 2025 and the completion of its portfolio optimisation in September 2026. Eu Chin Fen will work with existing leaders to ensure a smooth handover as she pursues personal interests.

The leadership structure of Frasers Hospitality will be strategically segmented to enhance operational focus and real estate portfolio value. Chew Hang Song will continue as Chief Operating Officer of Frasers Hospitality, reporting to the Group CEO. He will be responsible for global brand stewardship and expanding the portfolio through third-party management agreements. Meanwhile, Eric Gan, currently the Chief Financial Officer, will lead Hospitality Investment & Asset Management under Group Investment, reporting to Group Chief Operating Officer Tony Lombardo. Gan will focus on investment strategies and asset portfolio management.

Group CEO Panote Sirivadhanabhakdi expressed appreciation for Eu Chin Fen’s contributions over the past 15 years, noting her role in building a resilient global brand and nurturing a strong executive team. Under her leadership, Frasers Hospitality achieved significant milestones, including the S$2.1b FHT portfolio optimisation and the redevelopment of Fraser Suites Singapore.

Eu Chin Fen stated, “It has been a privilege to lead Frasers Hospitality and work alongside such a dedicated, world-class team.” She expressed confidence in the future leadership and the company’s positioning for its next growth phase.
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