Industry News

The rise of generative AI and large language models is transforming the data centre industry, with a significant shift towards hyperscale facilities. UOB Kay Hian’s latest report highlights that these expansive data centres, which offer unmatched efficiency and scalability, are becoming essential to meet the growing computational demands of AI technologies. The report maintains an “OVERWEIGHT” rating on the sector, recommending a “BUY” for Keppel DC REIT (KDCREIT) and Digital Core REIT (DCREIT), whilst downgrading Mapletree Industrial Trust (MINT) to “HOLD”.

Hyperscale data centres, characterised by their large power capacities of 20-50MW and above, are increasingly favoured due to their ability to support high-density computing. According to Synergy Research, the number of such centres rose by 144 to 1,136 in 2024, with major cloud providers like Amazon Web Services, Google Cloud, and Microsoft Azure accounting for 59% of this capacity. This trend is expected to continue, with hyperscale capacity projected to double every four years.

The report also notes the emergence of gigawatt data centres, with significant investments from tech giants like Meta Platforms and joint ventures such as Stargate. These facilities require dedicated power plants to support their massive energy needs.

Singapore is well-positioned to benefit from this trend, given its status as a connectivity hub with low latency applications. However, the city-state faces challenges due to power constraints and a tight vacancy rate of 2%. The government aims to invest at least $7.3b (S$10b) to enhance its infrastructure, supporting the burgeoning AI applications.

As the demand for AI-ready data centres grows, the leasing model is gaining traction among hyperscalers, offering a more flexible and cost-effective approach. This shift is expected to reshape the data centre landscape, with enterprise on-premises data centres projected to decline in capacity share.
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Singaporeans are embracing technology this holiday season, with a significant shift towards artificial intelligence (AI) and advertisements as key shopping aids. According to the 2025 Holiday Shopping Report by Integral Ad Science (IAS), 74% of Singaporeans are using AI for gift inspiration, whilst 77% find advertisements helpful in their purchasing decisions.

The report highlights a transformation in shopping habits, with traditional wish lists being replaced by algorithms and targeted ads. Despite economic pressures, the festive spirit remains strong, as 57% of Singaporeans plan to increase their holiday spending, and 66% are keen on finding discounts.

Mobile devices are set to dominate the shopping experience, with 71% of consumers planning to use them for most of their purchases. E-commerce sites, social media, and video platforms are the top channels for festive shopping, with 64%, 61%, and 47% of Singaporeans respectively turning to these platforms.

The report also notes that half of the shoppers begin their holiday shopping as early as August, with spending peaking in November. Discounts are a major motivator for 74% of shoppers, whilst festive content and family recommendations also play a significant role.

Laura Quigley, Senior Vice President of APAC at IAS, commented, “Singapore’s holiday shopping season is increasingly shaped by precision and timing. Our data shows impressions alongside holiday content surge by 150% between November 15 and December 3, a clear signal for brands to frontload their campaigns.”

As AI and ads continue to influence consumer behaviour, brands have a unique opportunity to convert consumer interest into meaningful sales outcomes this festive season.
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Seatrium, a Singapore-based integrated shipyard, is currently embroiled in arbitration proceedings initiated by Keppel Offshore & Marine over a S$68.4m claim linked to Brazil’s Operation Car Wash. This follows the expiration of an indemnity agreement between the two companies in February 2025. Despite this legal challenge, Seatrium has secured over S$300m in new contracts this August, bolstering its position in the offshore oil & gas and renewables sectors.

The arbitration stems from a merger agreement in 2023, where Seatrium had initially set aside S$82.4m for indemnity provisions. However, these were reversed in 2024 due to the absence of binding agreements with Brazilian authorities before the indemnity’s expiration. The arbitration will be held in Singapore, though a date has not yet been set.

On a more positive note, Seatrium has been awarded significant contracts, including the integration of four powerships for Karpowership of Turkey, with an option for two more. This project, valued at approximately S$50m per vessel, is set to commence in the first quarter of 2027. Additionally, Seatrium has secured a contract from Golar LNG to upgrade the FLNG Hilli Episeyo vessel, estimated at S$100m, starting in the third quarter of 2026.

Seatrium’s robust S$18.6b orderbook, with a pipeline of S$30b, underscores its strategic focus on offshore, renewables, and energy transition projects. The company remains committed to converting these opportunities into secured orders, leveraging its expertise in series-build efficiencies and operational streamlining. Despite the arbitration, Seatrium’s outlook remains positive, with a target share price of S$2.96, reflecting a 29.3% upside.
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ICH Asset Management (ICHAM) has unveiled the ICHAM Defined Growth Fund, Asia’s first open-ended fund dedicated to autocall structured products. Exclusively available to accredited and institutional investors, the fund aims to deliver annualised returns of 9-10% in US dollars. It combines the benefits of structured products with the flexibility of a Singapore Variable Capital Company (VCC) subfund, offering a transparent fee structure and monthly liquidity.

The fund seeks to enhance diversified equity portfolios by providing capital growth with lower volatility compared to global public equities. “Our fund addresses a significant gap in the market by providing accredited and institutional investors with access to a professionally managed portfolio of autocall structured products,” said Archan Chamapun, CEO of ICHAM. The fund’s structure reinvests coupons and proceeds from matured investments, available in both US dollar and Singapore dollar-hedged share classes.

Felix Chew, lead portfolio manager, highlighted the fund’s strategy of using index-linked structured notes to diversify equity and counterparty risks. This approach aims to transform structured products from opportunistic investments into scalable long-term solutions. The fund employs a systematic investment framework, focusing on capital preservation and competitive pricing.

The ICHAM Defined Growth Fund offers compelling cost savings through its transparent fee structure, eliminating high and opaque transaction fees typical of private banking offerings. Financial advisers can benefit from the fund’s single-ticket solution, simplifying portfolio management for clients. Investors can subscribe to the fund through ADDX, a digital platform regulated by the Monetary Authority of Singapore.
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The Singapore Land Authority has announced a revision in the Land Betterment Charge (LBC) rates, effective from 1 September 2025 to 28 February 2026. The changes, determined in consultation with the Chief Valuer, show varied increases across different use groups, with the most significant rise seen in Use Group E, which includes places of worship and civic institutions, at 2.9%.

The LBC rates for Use Group D, covering industrial properties, rose by 1.6% on average. This increase follows a period of stability and is attributed to several large transactions that have highlighted the asset class’s attractive yields. Use Group B2, which includes non-landed residential properties, saw a 0.7% increase, reflecting stronger participation in state land tenders and a rebound in new home sales due to lower interest rates.

In the commercial sector, Use Group A experienced a marginal rise of 0.1%, a slowdown from the previous 0.6% increase. Notably, only four out of 118 sectors saw a 3.3% increase, with the rest remaining unchanged. Meanwhile, Use Group B1, which pertains to landed residential properties, saw a modest 0.4% increase, indicating rising demand in traditional landed enclaves.

Tricia Song, CBRE Head of Research for Southeast Asia, commented on the revisions, noting that the adjustments reflect ongoing trends in the real estate market. The revisions are part of a regular half-yearly review process aimed at aligning LBC rates with current market conditions. The next review is expected in March 2026.
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Singapore’s industrial sector showed resilience in July 2025, with the Industrial Production Index (IPI) climbing 7.1% year-on-year, according to a report by CGS International. This growth, which outperformed Bloomberg’s forecast of 0.9%, was primarily propelled by the electronics cluster, which expanded by 13.1% year-on-year. However, the sector faces potential challenges due to impending US tariffs on semiconductor imports.

The electronics cluster, a significant contributor to the IPI, saw semiconductor production rise by 9.6% year-on-year, bolstered by global demand for chips used in artificial intelligence, data centres, and consumer electronics. Despite this growth, the announcement of 100% tariffs on chip imports by the US could impact future momentum. “We think it is too early to gauge the full impact until more clarity emerges on how the policy will be implemented,” the report noted.

Other sectors also contributed to the robust performance. The transport engineering cluster grew by 15.8% year-on-year, with the aerospace segment experiencing a 22.7% surge, driven by increased production of aircraft parts and maintenance demand from commercial airlines.

However, the general manufacturing sector contracted by 9.7% year-on-year, reflecting broader trade uncertainties. Singapore’s Manufacturing Purchasing Managers’ Index (PMI) dipped to 49.9 in July, indicating contraction, although the electronics PMI remained in expansion at 50.2.

Looking ahead, CGS International maintains its IPI forecast at 3.0% year-on-year for 2025, citing ongoing tariff uncertainties as a potential risk to the manufacturing outlook.
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Aventis Graduate School has announced the launch of a new suite of postgraduate qualifications aimed at addressing the evolving needs of the healthcare sector. These programmes, designed for professionals and aspiring leaders, focus on integrating artificial intelligence (AI), digital transformation, and healthcare innovation. The offerings include the Graduate Diploma in Gerontology & Active Ageing, the Graduate Diploma in Health Sciences & Services Management, the Master of Science (MSc) in Health Psychology, and the Master of Business Administration (MBA) in Healthcare Management.

The programmes are delivered in a flexible, part-time format, ranging from six to 10 months, allowing healthcare practitioners to acquire cutting-edge skills whilst continuing their careers. Dr Christopher Fong, Programme Director at Aventis, highlighted the importance of these new offerings, stating, “Healthcare today demands leaders who are not only clinically competent but also technologically savvy and strategically agile.”

The Graduate Diploma in Gerontology & Active Ageing provides a comprehensive understanding of the ageing process, focusing on health psychology and person-centred care. It challenges stereotypes of ageing and promotes a positive, inclusive perspective. Meanwhile, the Graduate Diploma in Health Sciences & Services Management combines management principles with healthcare innovation, preparing graduates to lead organisational change.

The MBA in Healthcare Management and the MSc in Health Psychology are tailored for those seeking global leadership roles, emphasising business strategy and responsible leadership. Samantha Ong, President of the Singapore Nurses Association, noted the strategic partnership with Aventis, which enhances educational opportunities for Singapore’s nursing community.

These programmes aim to cultivate healthcare professionals capable of navigating complexity and driving sustainable, inclusive healthcare systems.
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Visa has unveiled its Gen Z Decoded study, shedding light on the values and behaviours of Singapore’s Gen Zs, a group poised to become the nation’s next economic drivers. The study reveals that 47% of Singaporean Gen Zs, aged 14 to 27, prioritise financial independence and security, significantly higher than the Asia Pacific average of 33%. Despite their digital fluency, only 36% feel confident managing their finances, with 68% familiar with saving but just 30% understanding investing.

The study highlights the importance of financial management knowledge for this generation, with 65% owning a debit card and 32% having a digital bank account. In the coming year, 22% aim to own time deposits, and 20% plan to acquire credit cards for rewards. Adeline Kim, Visa’s Country Manager for Singapore & Brunei, noted, 41% of Gen Z consumers prefer quick and convenient payment methods, and over half choose based on rewards.

Social media plays a pivotal role in Gen Zs’ shopping habits, with 40% making purchases after seeing ads and 33% trusting only genuine influencers. Platforms like Instagram, YouTube, and TikTok are key engagement channels, with 62%, 57%, and 48% of Gen Zs spending most of their time on these platforms, respectively.

The study underscores the need for businesses to adapt to Gen Zs’ expectations by offering seamless, experience-driven interactions. As this generation continues to integrate social media into their shopping journeys, brands that prioritise authenticity and community-driven engagement will forge stronger connections.
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Tiong Seng Engineering Solutions, through its subsidiary Robin Village Development, has signed a Memorandum of Understanding with Rock Africa Limited to develop advanced precast capabilities in Ghana. This partnership, witnessed by Ghana’s President John Dramani Mahama, aims to supply Prefabricated Prefinished Volumetric Construction (PPVC) and other precast components for large-scale housing and infrastructure projects in the country.

The collaboration will kick off with a pilot project in Accra, constructing a hostel with four blocks and approximately 2,280 rooms to accommodate up to 10,000 beds. Robin Village Development will provide design engineering, shop drawings, and training to build a skilled local workforce for factory production and on-site installation. This initiative aligns with Ghana’s national agenda for affordable housing, job creation, and industrialisation, whilst also enhancing Singapore-Ghana collaboration in advanced construction methods.

By introducing Design for Manufacturing and Assembly (DfMA) methods, including PPVC and Prefabricated Bathroom Units, the partnership aims to improve build quality, shorten delivery times, and enhance site safety. Francis Bullen Gavor, Director of Rock Africa Limited, stated, “Ghana’s housing and infrastructure ambitions require new approaches. Our partnership with RVD will help us industrialise construction, improve quality, and create skilled jobs for Ghanaians.”

Pek Zhi Kai, Director of Tiong Seng Engineering Solutions, expressed enthusiasm for the collaboration, highlighting the potential for technology transfer and best practices. Darius Lim, Managing Director of Robin Village Development, emphasised the importance of combining advanced precast solutions with Ghana’s ambitions to deliver faster, safer, and higher-quality housing.

This partnership marks a significant step in Tiong Seng’s international growth, positioning the company to capitalise on emerging opportunities beyond Singapore.
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Space Summit 2026 has revealed its conference agenda as the global space economy experiences unprecedented growth, with projections reaching $1.8t by 2035. Scheduled for 2–3 February at the Sands Expo and Convention Centre, Marina Bay Sands Singapore, the summit will coincide with the Singapore Airshow 2026. The event aims to address capability, regulatory, and investment gaps in the space sector, fostering an inclusive and sustainable future.

Themed “New Frontiers: Shaping a Responsible and Inclusive Space Future”, the summit will gather national space agencies, policymakers, investors, and industry leaders from around the globe. Organised by Experia Events and endorsed by the Office for Space Technology & Industry (OSTIn), the summit will feature discussions on critical infrastructure, dual-use technologies, and the future in-space economy.

Leck Chet Lam, Managing Director of Experia Events, emphasised the summit’s role in fostering global dialogue and partnerships. “Space Summit 2026 will bring together partners whose collaboration will extend across the global space ecosystem. It is about open dialogue, developing partnerships and meaningful connections between public and private sectors,” he stated.

The summit will also spotlight regional initiatives, such as the Earth Observation Initiative, which leverages satellite technology for sustainability and humanitarian challenges. Jonathan Hung, Executive Director of OSTIn, highlighted the summit’s potential to drive economic growth and innovation in Singapore’s space sector.

As Singapore advances its space ambitions, with initiatives like the Space Technology Development Programme, Space Summit 2026 is poised to be a pivotal event for shaping the future of the space industry in the Asia-Pacific region and beyond.
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