Industry News

Singaporeans are increasingly turning to artificial intelligence (AI) for both everyday tasks and significant life events, yet many lack confidence in identifying AI-generated scams, according to a new study by TrendLife, the consumer business unit of Trend Micro Incorporated. The study, “Digital Life and AI Experiences,” highlights a growing gap between AI adoption and preparedness against AI-enabled threats.

The research surveyed over 500 Singaporeans and found that nearly 70% use AI tools during major life events, significantly above the global average. However, fewer than 20% feel very confident in spotting AI-generated scams or deepfakes. This confidence gap is concerning, especially as AI-enabled scams, such as deepfake Zoom impersonations of senior government officials, have resulted in losses of at least S$4.9m.

Despite high awareness of the risks associated with sharing personal information with AI tools, many Singaporeans do not feel adequately prepared to respond to AI-enabled threats. Ashley Millar, Consumer Education Director at TrendLife, emphasised the importance of ingraining safety in every AI interaction, stating, “Our findings show that whilst many recognise the need to better protect themselves in an AI-driven digital world, they do not feel adequately prepared to do so.”

The study also revealed that Singaporeans use AI tools at higher rates than other surveyed markets for tasks such as writing emails, travel planning, and online shopping. However, significant life events like big-ticket purchases and job searches are perceived as particularly vulnerable to scams and identity theft.

To combat these risks, the study suggests practical steps such as creating a family anti-scam playbook and using AI-powered tools to enhance digital protection. As AI continues to integrate into daily life, awareness and preparedness remain crucial for navigating its challenges safely.

Seatrium Limited has announced its financial results for the first quarter of 2026, revealing a robust net order book of S$15.5b across 24 projects, with deliveries scheduled through 2033. The company, which specialises in offshore, marine, and energy sectors, has successfully delivered two major projects: the Trailing Suction Hopper Dredger Frederick Paup and the Wind Turbine Installation Vessel Maersk Viridis.

The company is on track for margin improvements, driven by a better project mix and reduced overheads. The completion of non-core asset divestments is expected to unlock over S$50m in annual operational cost savings and more than S$330m in cash. CEO Chris Ong stated, “We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements.”

Seatrium’s financial health remains strong, bolstered by a S$3b Multicurrency Debt Issuance Programme, which includes a successful issuance of S$400M in senior unsecured notes. This move aims to diversify funding sources and extend maturities.

The company has secured its eighth Floating Storage and Regasification Unit (FSRU) conversion project, LNGT Karadeniz, marking the first of three such projects from a previous letter of intent. Seatrium’s pipeline opportunities exceed S$28b over the next 24 months, spanning oil and gas, offshore wind, and conversions.

Looking ahead, Seatrium aims to convert pipeline opportunities into order book growth, focusing on high-quality projects and strengthening its margin profile for long-term resilience.

FairPrice Group (FPG) has announced an extension and expansion of its price freeze initiative, locking prices on over 500 essential items from 1 June to 31 August 2026. This move, marking the third extension since April, aims to support Singaporean households facing ongoing global economic uncertainties and supply chain disruptions.

The initiative covers a wide range of daily essentials, including rice, cooking oil, eggs, vegetables, fresh and frozen protein, milk, and senior and baby care products. This expansion follows an earlier price freeze on 300 items in May and initially started with 100 essentials in April.

Group CEO Vipul Chawla stated, “Our rapid response in April proved that freezing prices works to protect household budgets. However, dealing with prolonged global uncertainties requires a deeper, more sustained commitment.” He emphasised the importance of keeping daily necessities affordable for all Singaporeans.

Ng Chee Meng, Secretary-General of NTUC, highlighted the significance of this initiative, noting, “For many of our workers and families, the rising cost of living is a real concern. NTUC and FairPrice Group hear their worries and are taking action to help them further.”

This price freeze is part of a broader support ecosystem by FPG, which includes discounts for CHAS cardholders, a BestSellers for Less campaign, and distribution of festive care packs. Looking ahead, FPG plans to introduce tailored support initiatives for seniors and vulnerable communities, ensuring that assistance reaches those who need it most.

Sanli Environmental Limited has reported a 31.3% increase in net profit for the financial year ending 31 March 2026, despite a decline in revenue. The company’s net profit rose to S$2.3m, whilst revenue fell by 11.4% to S$139.6m due to extended project timelines in its Engineering, Procurement, and Construction (EPC) segment. The EPC segment remains the largest contributor to the group’s revenue, generating S$95.3m.

Sanli’s gross profit margin improved from 9.3% in FY2025 to 11.1% in FY2026, attributed to cost efficiencies and savings in raw material costs within the EPC segment. The company also reported a strengthened balance sheet, with a net asset value per share of 18.27 Singapore cents as of 31 March 2026.

The group has an order book valued at S$748.1m with a focus on timely project execution for both private and public sector clients, including PUB and LTA. Sanli’s Emerging Business Segments saw significant growth in chemical manufacturing, with sales of magnesium hydroxide slurry exceeding 1,000 tonnes, up from less than 200 tonnes in the previous year.

Sanli’s CEO, Sim Hock Heng, highlighted the company’s commitment to improving operating margins and exploring new opportunities within the environmental industry. The company has proposed a final dividend of 0.189 Singapore cents per share, representing approximately 30% of the net profit attributable to shareholders.

CapitaLand Ascott Trust (CLAS) has announced the divestment of The Robertson House by The Crest Collection in Singapore for S$360m. The transaction, set to complete in the third quarter of 2026, is with an unrelated third party and represents a 4% premium over the property’s book value as of 31 December 2025. The sale will yield a net gain of approximately S$38.1m for CLAS.

The divestment aligns with CLAS’ strategy to reconstitute its portfolio and improve financial flexibility. Chief Executive Officer Serena Teo stated, “The divestment of The Robertson House by The Crest Collection at an attractive price of close to S$1.1m per key underscores CLAS’ disciplined approach to portfolio reconstitution.” The proceeds will be used to invest in higher-yielding properties, support asset enhancement initiatives, repay high-interest debt, or fund general corporate purposes.

Despite the sale, Singapore remains a key market for CLAS, which will continue to operate four lodging properties in the city-state. Among these, Somerset Clarke Quay Singapore is undergoing redevelopment and is expected to be completed by the end of 2026, contributing income from early 2027.

CLAS, Asia Pacific’s largest lodging trust, manages a diverse portfolio across 16 countries, focusing on serviced residences and hospitality assets. The trust’s strategic divestment is part of its ongoing efforts to strengthen its portfolio’s resilience and pursue value-accretive opportunities in developed markets.

Thakral Corporation Ltd has completed the acquisition of an additional 81.6% stake in TIL Investments Private Limited, increasing its ownership in the Gurugram mixed-use healthcare-led development to 95.3%. The acquisition, valued at S$93.9m, was finalised through a combination of S$50m in cash and the issuance of 24,217,108 new shares at S$1.8128 each.

The project, located on a 21-acre site in New Gurugram, is set to begin its execution phase, anchored by a hospital and wellness centre. These will be followed by residential and commercial components developed through revenue-sharing partnerships. The remaining 4.7% of TIL is held by Platinum Healthcare.

Inderbethal Singh Thakral, CEO and Executive Director of Thakral, expressed enthusiasm for the project, stating, “We are excited to play a meaningful role in Gurugram’s next phase of development, with a deliberate, multi-pronged approach across hospitals, wellness, residential and commercial uses on a single 21-acre site.”

The development is strategically positioned in Gurugram, a key office hub within Delhi NCR, known for its luxury housing market and proximity to major infrastructure. The phased development model aims to limit Thakral’s exposure to development and operational risks whilst ensuring revenue from the land.

This acquisition strengthens Thakral’s strategic control over the site, which has a development potential of over 2.5 million square feet, and aligns with the company’s broader investment strategy in India, a market projected to see significant economic growth in the coming years.

KSH Holdings Limited has announced a significant financial turnaround for the fiscal year ending 31 March 2026, reporting a net profit of S$6.8m. This marks a substantial recovery from the previous year’s loss of S$5.9m. The construction and property development group attributes this success to a robust order book valued at S$965m, which provides a solid foundation for future earnings.

Despite a 17.4% decline in total revenue to S$149.9m, primarily due to the completion of several projects in the first half of the fiscal year, KSH has maintained profitability. Newly secured projects in the latter half of the year are expected to contribute to revenue in the coming periods. Executive Chairman and Managing Director Choo Chee Onn highlighted the group’s focus on timely delivery and cost management as key factors in sustaining profitability.

KSH’s property development ventures in Singapore, including The Arcady at Boon Keng and One Sophia, have shown promising progress with steady sales. The group’s share of unrecognised revenue from property development units sold stands at approximately S$187m, which will be recognised progressively.

The company also announced a proposed final dividend of 1.00 Singapore cents per share, bringing the total dividend for FY2026 to 1.50 Singapore cents per share. This move underscores KSH’s commitment to delivering sustainable shareholder returns.

Looking ahead, KSH remains optimistic about the long-term prospects of the Singapore construction sector, despite navigating a dynamic operating environment. The group continues to focus on prudent capital management and operational excellence to drive sustainable growth.

Beng Kuang Marine has announced the acquisition of the remaining 49% of Asian Sealand Offshore and Marine Pte. Ltd. (ASOM), making it a wholly-owned subsidiary. The transaction was finalised on 28 May 2026, with the company issuing 57,142,856 new ordinary shares at S$0.35 each as part of the Share Purchase Agreement.

The issuance of these shares has increased Beng Kuang Marine’s total issued share capital from 242,534,698 to 299,677,554 shares. As a result, ISUSTAINABILITY PTE. LTD. and SPPG PTE. LTD. have become substantial shareholders, each holding approximately 9.5% of the enlarged share capital.

The acquisition is set to be fully completed with a remaining cash consideration of S$20m, expected by 29 May 2026. This strategic move is anticipated to strengthen Beng Kuang Marine’s position in the offshore and marine sector. Executive Chairman Chua Beng Yong stated, “The completion of this acquisition marks a significant milestone for our company.”

The acquisition aligns with Beng Kuang Marine’s growth strategy, potentially enhancing its operational capabilities and market reach. The company plans to make a further announcement upon the completion of the cash transaction, solidifying its full ownership of ASOM.

OKP Holdings Limited has been awarded a S$165.3m contract by the Land Transport Authority (LTA) for the design and construction of lift shafts and associated commuter infrastructure at pedestrian overhead bridges across Singapore. The 48-month project, which began in May 2026, aims to improve accessibility and connectivity for pedestrians.

The contract involves the construction of lift shafts at 30 existing pedestrian overhead bridges, along with enhancements such as lift lobbies, link bridges, and covered linkways. Additionally, a new covered pedestrian overhead bridge with lift access will be constructed across the Tampines Expressway. This project boosts OKP’s net construction order book to S$760.7m, with projects extending to 2031.

Or Toh Wat, Group Managing Director of OKP, expressed the company’s commitment to sustainable development, stating, “We are deeply honoured to be awarded this new contract, which reflects OKP’s engineering expertise and our proven ability to deliver Design and Build infrastructure works safely, efficiently, and to the highest standards of quality.”

The project aligns with Singapore’s vision of a more inclusive and accessible transport environment, contributing to the city’s long-term transport and sustainability goals. OKP plans to leverage efficient and green construction practices to minimise environmental impact throughout the project lifecycle.

OKP Holdings, listed on the Singapore Exchange since 2002, specialises in infrastructure and civil engineering, with a portfolio that includes airport runways, expressways, and oil and gas infrastructure. The company has also ventured into property development and investment to diversify its earnings.

The Competition and Consumer Commission of Singapore (CCS) has conditionally approved the merger between SP Mobility Pte. Ltd. (SPM) and Strides YTL Pte. Ltd. (ChargEco), following commitments from SPM to address potential competition issues. The decision comes after CCS identified concerns regarding the overlap of Electric Vehicle Charging Points (EVCPs) provided by both companies at Housing Development Board (HDB) car parks in Singapore’s East region.

The merger, initially flagged during a public consultation in January, raised concerns due to the competitive nature of the EVCP market in the East region, where both companies had previously been awarded contracts through a large-scale tender in November 2022. This tender, known as TD116, involved the deployment of EVCPs across various HDB car parks, including those in Bedok and Tampines.

To alleviate these concerns, SPM has committed to maintaining competitive pricing for EVCPs in the East region, ensuring that prices do not exceed pre-merger levels, except for adjustments due to regulatory changes or unforeseen costs. Additionally, SPM has pledged not to discriminate against personal account holders using EVCPs in the East region through selective discount or rebate programmes.

The commitments are set to last for three years from the effective date of the merger’s approval. CCS retains the authority to modify or release SPM from these commitments should market conditions change significantly or if the commitments prove detrimental to SPM’s development.

This conditional approval marks a significant step in the consolidation of Singapore’s EV charging infrastructure, aiming to balance market competition with the growth of sustainable transport solutions.