Industry News

Adidas has launched its latest flagship store at Jewel Changi Airport, offering a distinctive shopping experience that merges global innovation with Singapore’s local charm. The two-level store, inspired by the city’s Peranakan heritage, features modern treatments of intricate tile motifs, creating a seamless blend of sport, culture, and design.

The store’s highlights include the integration of Jewel’s iconic Rain Vortex, providing a striking backdrop that celebrates Singapore’s architectural marvel. Additionally, the ‘Made for You’ Zone allows customers to personalise their adidas gear, enhancing the shopping experience with customisation options. For fashion-forward visitors, the Y-3 Premium Corner showcases the exclusive adidas × Yohji Yamamoto collaboration.

This new flagship store exemplifies adidas’s commitment to evolving the retail experience by combining performance and lifestyle elements. It aims to reflect how today’s consumers live, train, and express themselves, making it a destination within a destination at Jewel Changi Airport.

The recent Government Land Sales (GLS) tender for the Dorset Road site attracted nine bidders, with UOL Group Limited submitting the highest bid of $1,338 per square foot per plot ratio (psf ppr). This competitive bidding underscores developers’ urgency to replenish their land banks, driven by strong sales in recent project launches. UOL’s projects, UPPERHOUSE at Orchard Boulevard and PARKTOWN Residence, have seen significant sales, with the latter more than 90% sold.

The scarcity of available land parcels in the Farrer Park area has intensified competition. The last site sold in the vicinity was on Northumberland Road in May 2021, fetching $1,129 psf ppr. Earlier, in January 2017, a site on Perumal Road was sold for $1,007 psf ppr. The robust participation in the Dorset Road tender may also be attributed to the anticipated low supply of projects in the Rest of Central Region (RCR) in 2026.

In 2025, approximately 12 projects with 4,786 units are expected to launch in the RCR, dropping to just three projects with 2,015 units in 2026, including the Dorset Road site. This limited supply could support RCR home prices in the future.

The top three bids for the Dorset Road site were within a narrow range of less than 2%, indicating developers’ cautious approach to maintaining affordability and mitigating risks of potential government intervention. The site is strategically located near the Central Expressway (CTE) and Farrer Park MRT station, with educational institutions and shopping centres nearby, enhancing its appeal.

MOGOX, in collaboration with MKX Technologies and BYD Singapore, has been awarded a contract by Singapore’s Land Transport Authority (LTA) to pilot the country’s first Level 4 (L4) autonomous public bus service. Scheduled to commence in the second half of 2026, the pilot will operate on Service 191 in one-north and Service 400 along Marina Bay and Shenton Way, linking major locations such as Marina Bay Cruise Centre and Gardens by the Bay.

This initiative marks the first integration of autonomous buses into a public transport system for daily use outside of China. The project will run for an initial period of three years, following a Request for Proposal issued by LTA in January. MOGOX was selected for its advanced L4 full-stack autonomous driving technology and proven deployment experience. The company will provide integrated hardware and software solutions, including lidar, millimetre-wave radar, and cameras, alongside fleet management and remote operation systems.

Bin Lv, Vice President of MOGOX, highlighted the importance of collaboration with partners MKX and BYD, stating, “In the next phase, we will maintain our joint efforts to implement and advance the autonomous driving project in Singapore.”

MOGOX has a strong track record in China, with its autonomous buses having covered over 2 million kilometres and served more than 200,000 passengers. The company aims to extend its expertise to Singapore, contributing to the development of a safe, smart, and sustainable public transport system. This project is set to position autonomous driving as a showcase of Chinese technological innovation on the global stage.

Institutions have net bought S$481.3m in Singapore stocks during the first seven sessions of October, coinciding with gains in key indices. The Straits Times Index (STI) rose by 3.3%, whilst the FTSE ST Mid Cap & Small Cap Index and FTSE ST Fledgling Index increased by 1.9% and 3.1% respectively. This surge in institutional buying highlights a strong start to the month for the Singapore stock market.

Among the 250-plus Singapore-listed stocks with market capitalisations exceeding S$100 million, Marco Polo Marine, Frencken, InnoTek, Wee Hur, and SATS experienced the highest net institutional buying relative to their market cap. Notably, nearly half of the top 50 stocks by net institutional buying-to-current cap ratio were from the Technology and Industrials sectors.

The FTSE Asia Pacific Index also saw a gain of 2.6% in early October, although momentum has slowed due to a softer 2026 global trade outlook and renewed US inflation risks. Despite these challenges, the Singapore stock market has maintained a positive trajectory with significant institutional inflows.

Marco Polo Marine and Frencken Group emerged as standout performers, each representing the Industrials and Technology sectors, respectively. Marco Polo Marine reported stable profitability in its recent business update, whilst Frencken Group remains focused on sustainable expansion through strategic investments.

Overall, the Singapore stock market’s performance in early October reflects robust institutional interest, particularly in the Technology and Industrials sectors, setting a positive tone for the remainder of the month.

The Singapore FinTech Festival (SFF) 2025, marking its 10th anniversary, is set to take place from 12 to 14 November at the Singapore EXPO. Organised by the Monetary Authority of Singapore (MAS), Global Finance & Technology Network (GFTN), and Constellar, the event will delve into the theme “Technology Blueprint for the Next Decade of Finance”. The festival aims to explore how emerging technologies can enhance the global financial system’s security and efficiency.

This year’s programme will feature discussions on artificial intelligence, tokenisation, and quantum computing, with insights from both established pioneers and emerging changemakers in the financial technology sector. The event promises to provide a platform for high-impact discussions among regulators, policymakers, and industry leaders.

Ahead of the festival, the Insights ForumTM will be held on 10 and 11 November at the Sands Expo & Convention Centre. This prelude event will gather key stakeholders for in-depth discussions on the future of finance.

Singaporean companies are increasingly looking beyond their borders to fill talent gaps, according to Remote’s Global Workforce Report 2025. The report, which surveyed over 3,600 business leaders across 10 countries, highlights that 76% of HR leaders in Singapore anticipate that more than half of their new hires by 2026 will be based overseas. This trend is driven by the difficulty in finding qualified local talent.

In the past six months, international roles have constituted nearly half (49%) of new hires in Singapore-based companies. The average company now employs talent in three or more countries, a figure expected to rise sharply. However, this global expansion brings challenges. HR teams, often consisting of five or fewer members, face increased responsibilities, including managing compliance and maintaining a consistent employee experience across borders.

The report also notes that 66% of HR leaders have encountered compliance issues when hiring abroad, with each incident costing over $36,200 (US$36,200). Additionally, 29% of companies have been unable to enter new markets due to compliance challenges. To address these issues, HR teams are increasingly turning to integrated platforms that streamline global payroll and compliance processes.

Job van der Voort, CEO and co-founder of Remote, stated, “The first wave of technology in HR made it possible to hire globally. The next wave is transforming how those teams are managed.” As international hiring accelerates, technology will play a crucial role in helping HR teams manage their expanding global workforces efficiently.

Bank of Singapore has introduced an AI-powered tool, Source of Wealth Assistant (SOWA), to automate the creation of Source of Wealth (SoW) reports, significantly reducing the time required from 10 days to just one hour. This innovation aims to enhance the Know-Your-Customer due diligence process by ensuring the legitimacy of clients’ wealth and transactions whilst maintaining regulatory compliance.

Previously, relationship managers manually sifted through extensive documentation, including financial statements and tax notices, to compile these reports. SOWA now automates this process, generating comprehensive and standardised reports, thereby minimising human errors and inconsistencies. The tool leverages the extensive databases of Bank of Singapore and its parent company, OCBC, to validate client information against benchmarks like salary and company revenue.

Relationship managers still play a crucial role by reviewing and refining the AI-generated drafts before they undergo further assessment by internal review teams. This ensures that the bank’s anti-money laundering and counter-terrorism financing controls remain robust. The information processed by SOWA is securely hosted on the bank’s private cloud.

Kam Chin Wong, Global Head of Financial Crime Compliance at Bank of Singapore, highlighted the tool’s impact: “Agentic AI pushes the envelope further by enhancing efficiency, accuracy and consistency in decision-making.” Ruth Yeo, a relationship manager, noted the intuitive nature of SOWA, stating that it allows her to focus more on client engagement rather than manual documentation.

This deployment marks a significant step in Bank of Singapore’s ongoing investment in AI technologies, aiming to improve productivity and client service across its operations.

The recent Government Land Sales (GLS) tender for the residential site at Dorset Road has concluded with nine bids, the highest reaching S$1,338 per square foot per plot ratio (psf ppr). This top bid, submitted by an undisclosed developer, reflects a significant 18.4% increase compared to the land rate of the nearby Northumberland Road site awarded over four years ago. Leonard Tay, Head of Research at Knight Frank Singapore, noted that this demonstrates developers’ confidence in the strong homebuyer momentum and the site’s city-fringe location, despite economic uncertainties and rising development costs.

The Dorset Road site is expected to benefit from its proximity to Farrer Park MRT station and nearby amenities such as City Square Mall and Mustafa Centre. The anticipated selling price for residential units is projected to start from S$2,700 psf, potentially averaging above S$2,800 psf. Tay highlighted that the robust interest in the site is driven by Singapore’s resilient residential market, supported by low unemployment and healthy household balance sheets.

The top bid of S$524.3m or S$1,338 psf ppr, was 19.2% higher than the lowest bid of S$440 million, or S$1,123 psf ppr, indicating varying risk appetites among developers regarding future homebuyer demand. The project is expected to be launch-ready in about a year, with developers keen to capitalise on the sustained demand for well-located neighbourhoods with modern amenities.

The recent tender for the Dorset Road residential site has garnered significant attention, with nine bids submitted, surpassing expectations. The top bid, valued at S$524.3m (S$1,338 psf ppr), was made by a consortium of UOL, Singapore Land Group, and Kheng Leong Co. This bid narrowly outpaced the second-highest offer by 1.0%, highlighting the site’s appeal due to its strategic location and potential for development.
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The Dorset Road site, which can accommodate 425 units, is the most contested Rest of Central Region (RCR) plot this year, following less enthusiastic responses to other tenders. Tricia Song, CBRE Head of Research, Southeast Asia, noted the site’s appeal due to its proximity to the city centre, MRT access, and nearby amenities, making it attractive to developers and potential upgraders from surrounding HDB estates.

The competitive bidding mirrors the interest seen in similar sites, such as the Northumberland Road plot, which received 10 bids in 2021. The Dorset Road site’s connectivity and location near Farrer Park MRT, as well as its proximity to schools and retail centres, are key attractions. However, developers must consider additional costs due to existing buildings and potential asbestos issues.

With the last major launch in the area, Piccadilly Grand, fully sold three years ago, there is an anticipated demand for new developments. The successful consortium may launch units at an estimated price of S$2,700-2,800 psf, reflecting the site’s premium location and market demand.

Ecolab Inc, a global leader in sustainability solutions, has introduced its 3D TRASAR Technology for Direct-to-Chip Liquid Cooling in Southeast Asia, with Singapore as the launch site. This innovation, unveiled at Data Centre World Asia 2025, is designed to improve the cooling efficiency of high-performance computing systems and data centres by monitoring coolant health indicators like temperature, pH, and flow rates in real time.

The technology is part of Ecolab’s comprehensive cooling management portfolio, which aims to optimise Water Use Efficiency (WUE) and Power Usage Effectiveness (PUE), aligning with Singapore’s Green Plan 2030 and Smart Nation initiatives. Gregory Lukasik, CEO and Senior Vice President of Ecolab Southeast Asia, highlighted the importance of building systems that reuse water and energy at scale, especially as artificial intelligence (AI) drives unprecedented growth in data demand.

Asia Pacific, accounting for over 40% of new global data centre capacity, is experiencing rapid growth, with demand expected to double by 2030. In Singapore, data centres already consume 7% of national electricity, with cooling accounting for up to 40% of this usage. Ecolab’s new solution aims to address these challenges by enhancing operational efficiency and sustainability.

Ecolab has been present in Singapore since the 1970s, supporting various industries through its expertise in water and process management. The company is also collaborating with the Institute of Technical Education to develop future-ready talent for the data centre industry. Kelly Lai, Vice President for Materials and Chemicals at the Economic Development Board of Singapore, praised Ecolab’s role in driving sustainable growth through AI-enabled and resource-efficient solutions.