Industry News

Coliwoo has announced a 50:50 joint venture with Macritchie Developments to acquire the REHAU Building at 1 King George’s Avenue. This strategic move aims to transform the commercial property into a mixed-use space combining co-living and commercial facilities. The freehold site is advantageously positioned near two MRT stations, several educational institutions, and the Central Business District (CBD).

Kelvin Lim, Executive Chairman and CEO of Coliwoo, highlighted the significance of this acquisition, stating, “This joint venture acquisition allows us to add a strategically located property to our portfolio, increasing our keys under management and advancing our growth trajectory. The REHAU Building represents the type of value-creation opportunity we actively pursue – converting an underutilised commercial space into co-living spaces that address genuine market demand.”

The acquisition aligns with Coliwoo’s strategy to expand its portfolio through strategic partnerships, optimising capital deployment whilst meeting market demand for co-living spaces. This development is part of Coliwoo’s broader growth trajectory, aiming to enhance its presence in the property market by leveraging underutilised spaces.

The joint venture is expected to bolster Coliwoo’s position in the market, offering innovative living solutions in prime locations. The transformation of the REHAU Building into a mixed-use development underscores the company’s commitment to addressing the evolving needs of urban dwellers.

Changi General Hospital (CGH) has announced the establishment of the Lee Yong Kiat Faculty Professorship in Academic Healthcare Leadership and Medical Humanities, marking its 90th anniversary. The announcement was made during a celebratory dinner attended by Ong Ye Kung, Minister for Health and Coordinating Minister for Social Policies. This professorship, the first of its kind in Singapore, aims to integrate clinical practice with a broader understanding of patient care and ethics, honouring the legacy of the late Professor Lee Yong Kiat.

Named after Professor Lee, a pioneer in Singapore’s medical community, the professorship seeks to support emerging healthcare leaders in research and innovation. Professor Lee was renowned for his holistic approach to healthcare, combining scientific excellence with patient-centred care. Clinical Professor Ng Kee Chong, CEO of CGH, stated, “This faculty professorship will ensure that his values and vision continue to nurture and shape healthcare leaders.”

In addition to the professorship, CGH launched a commemorative coffee table book titled ‘Together, We Flourish: 90 Years of Innovative Care’, chronicling the hospital’s journey from its beginnings as a ‘cottage’ hospital to a comprehensive healthcare campus. The book highlights CGH’s commitment to innovation and excellence in healthcare.

CGH continues to advance medical care with initiatives such as the AI-powered Wound Care Management Mobile App and the CGH-NNI Integrated Spine Centre’s pioneering awake, robot-assisted spinal surgery. These efforts reflect CGH’s dedication to meeting Singapore’s evolving healthcare needs and its mission to advance healthcare for the future.

Singapore’s office employees are adapting to return-to-office (RTO) mandates, yet expectations for flexibility and workplace wellbeing are on the rise, according to JLL’s 2025 Workforce Preference Barometer. The survey, which included 500 Singaporean office workers, highlights that whilst 69% face required in-office days, a significant portion is advocating for flexible work hours, enhanced wellbeing amenities, and digital upskilling.

The survey indicates that nearly half of the workforce experiences moderate to high burnout, underscoring the importance of wellbeing and time autonomy in attracting and retaining talent. “Singapore’s office professionals have shown considerable resilience and adaptability in embracing return-to-office policies, but their expectations around time autonomy, wellbeing, and continuous digital upskilling are advancing rapidly,” said Kamya Miglani, Head of Work Dynamics Research, Asia Pacific, JLL.

Despite broad support for RTO policies, 37% of employees express concerns about potential impacts on productivity and quality of life. Satisfaction with workplace features such as desk availability and natural lighting is high, yet gaps remain in access to wellness spaces and creative environments. Notably, 82% of those satisfied with their workplace express positive sentiment towards RTO policies.

Flexibility in working hours is a decisive factor, with 61% of employees willing to switch employers for better flexibility. However, only 41% currently enjoy flexible work hours. Additionally, burnout affects 49% of the workforce, with those experiencing it being three times more likely to consider changing jobs.

Singapore leads in AI skills training, with 71% of employees participating in employer-led programmes, though only 30% feel confident using AI tools. This skills gap is particularly pronounced among those aged 50 and above. As expectations for flexible hours and comprehensive workplace amenities rise, employers must rapidly adapt to meet these demands.

Sumsub, a leader in verification and anti-fraud solutions, has announced two significant initiatives at its inaugural What The Fraud Summit in Singapore, held from 19 to 20 November 2025. The company introduced the integration of Singpass into its Non-Doc Verification platform and signed a Research Collaboration Agreement with Nanyang Technological University (NTU) to develop watermarking for personal images, aiming to combat deepfake fraud in the Asia-Pacific region.

The integration of Singpass, Singapore’s national digital identity platform, allows businesses to authenticate Singaporean citizens and residents efficiently, reducing onboarding time from 30 seconds to just 4.5 seconds. This seamless, document-free process enhances security and compliance with local regulations, benefiting sectors such as fintech, insurance, and telecommunications.

In collaboration with NTU, Sumsub will explore the use of human-imperceptible watermarks in personal images to prevent deepfake generation. This initiative addresses the growing threat of deepfake fraud, which has surged by 158% year-on-year in Singapore. The research aims to fill a critical gap in digital safety by developing scalable defences against misuse of personal images.

Andrew Sever, co-founder and CEO of Sumsub, highlighted Singapore’s role as a global leader in digital ecosystems, stating, “Facilitating integration with Singpass and our research partnership with NTU reflect our commitment to supporting the country’s digital trust ecosystem.”

The WTF Summit gathered over 500 leaders from various sectors to discuss challenges in AI-driven fraud and digital identity, reinforcing Singapore’s position as a hub for digital trust innovation. Sumsub’s initiatives align with Singapore’s Smart Nation 2.0 priorities, aiming to build a safer and more inclusive digital future.

A rare opportunity has emerged in Singapore’s property market as a freehold hilltop estate in District 11 is listed for sale for the first time in 70 years. Located off Dunearn Road and Shelford Road, the estate is being offered via private treaty with a guide price of $55m, translating to approximately $2,273.57 per square foot for its 24,189 square feet land area.

The property, discreetly nestled behind mature greenery, offers privacy and exclusivity, accessible via a gently rising driveway. Originally completed in 1953, it predates much of the modern Bukit Timah landscape. Henry Benjamin Lim, Associate Branch District Director and Head of GCB and Prestige Landed at PropNex, highlighted the site’s redevelopment potential under the Urban Redevelopment Authority’s (URA) 3-storey mixed landed zoning. “Its natural elevation supports the possibility of 4 to 4.5-storey homes, including a basement level that can be incorporated without impacting the surrounding streetscape,” Lim stated.

The estate’s regular land shape allows for efficient subdivision planning, with feasibility studies exploring configurations such as four substantial detached homes or up to ten landed homes, subject to regulatory approval. Its proximity to leading schools, MRT stations, and major transport corridors enhances its long-term desirability and value resilience.

This unique offering combines freehold tenure, elevation, and redevelopment flexibility, making it a scarce opportunity in Singapore’s premium residential market.

HSBC has announced the appointment of Ruby Ho as Head of Markets and Securities Services (MSS) for ASEAN, effective immediately. Based in Singapore, Ho will oversee the MSS business in Singapore and across the ASEAN region. With nearly 30 years of experience in financial markets, she joined HSBC in 2011 and has held various positions across different asset classes. Prior to this, she served as Head of MSS in HSBC Taiwan.

Wong Kee Joo, CEO of HSBC Singapore, highlighted the significance of this appointment, stating, “Singapore is a priority growth market for HSBC, and we have continued to build out our regional banking and advisory capabilities, supporting capital and investment needs of our clients in ASEAN. Ruby’s deep knowledge across asset classes and ability to build strong collaboration across our wealth and corporate banking businesses will help us deepen our market share in this region.”

This strategic appointment underscores HSBC’s commitment to strengthening its leadership team and enhancing its market presence in the ASEAN region. With Ho’s extensive experience and proven track record in cultivating client relationships, HSBC aims to further expand its influence and support its clients’ capital and investment needs across the region.

Xero, the global small business platform, has unveiled a new campaign titled “SG60: A Nation Built by Small Businesses” to honour the pivotal role of small and medium-sized enterprises (SMEs) in Singapore’s economy. The campaign features a video series that showcases local SMEs exemplifying values such as resilience, boldness, openness, and multiculturalism—key pillars of Singapore’s 60-year success story.

SMEs form the backbone of Singapore’s economy, accounting for 99% of all enterprises, employing 70% of the workforce, and contributing approximately half of the national GDP. Despite operating with limited resources and facing economic uncertainties, these businesses have consistently made significant impacts on their industries and communities.

Koren Wines, Managing Director of Xero Asia, stated, “In the short span of 60 years, Singapore has evolved into a global business hub and economic powerhouse, its transformation underpinned by grit, tenacity, innovation, and a celebration of diverse perspectives.”

The campaign features inspiring stories from Xero’s small business customers, including Foreword Coffee, a social enterprise promoting inclusivity; Nandina REM, a pioneer in producing aviation-grade circular carbon fibre; GOODSTUPH, an award-winning social marketing agency; and Oriental Remedies Group, which blends Traditional Chinese Medicine with advanced medical technology.

The first four videos are now available on the campaign microsite, with more content to be released in the coming months. This initiative aims to inspire other entrepreneurs by highlighting the remarkable achievements and resilience of Singapore’s small business community.

Singapore’s self-storage operators have been ranked first in Asia for their adoption of energy- and water-saving environmental features, according to the latest survey by JLL and the Self Storage Association Asia (SSAA). Released on 21 November 2025, the survey reveals key insights into consumer preferences and industry trends, highlighting Singapore’s leadership in sustainability within the sector.

The SSAA Annual Survey report for 2024 underscores the self-storage industry’s optimism for medium-term growth. “Self storage continues to provide immense and growing value for business customers, personal users, and investors,” said Helen Ng, Chairman of SSAA. The report indicates that Singapore’s self-storage market is heavily dominated by institutional-grade properties, with retailers and start-ups being the largest business users.

Key findings from the survey show that Singapore, alongside Hong Kong, has the highest proportion of self-storage facilities in industrial buildings. Climate-controlled storage is gaining popularity in Singapore, and occupancy rates remain robust at over 84%. The city-state also enjoys healthy rental growth at 5.3%, with expectations of further increases in the next three to five years.

Across the Asia-Pacific region, self-storage stock has grown to 16.3 million square feet, with significant new supply expected in 2025. The survey highlights strong rental growth in Vietnam, the Middle East, and the Philippines, whilst India faces some rental rate compression. The demand from household users is rising sharply in markets including China, South Korea, Singapore, and Thailand.

The survey also notes the increasing use of artificial intelligence in the industry, with many operators implementing AI for access control, electronic locks, and customer-facing applications. Despite challenges in finding suitable real estate, investment in the sector is picking up pace, although operators remain cautious about seeking external investment.

The comprehensive data provided by the survey is invaluable to self-storage companies, investors, and other stakeholders, offering insights into operational success and future prospects.

SATS Ltd has announced a net profit of S$78.9m for the second quarter of the financial year 2026, marking a 13.3% increase from the previous year. The company’s revenue surged by 8.4% to S$1.57b, attributed to robust cargo volume growth and steady contributions from ground handling and food services.

The company’s Gateway Services revenue increased by 10.7% year-on-year to S$1.22b, outperforming the International Air Transport Association’s (IATA) global growth benchmarks. Meanwhile, Food Solutions revenue saw a modest rise of 1.0% to S$356.5m, reflecting stable inflight meal demand amid expanding air travel in the Asia-Pacific region.

Operating profit for the quarter rose by 23.7% to S$157.4m, with the operating profit margin expanding to 10.0% from 8.8% in the previous year. This improvement was driven by favourable operating leverage from volume growth and continued operational efficiency gains.

Despite these positive results, the share of earnings from associates and joint ventures decreased by 7.3% to S$60.6m y-o-y, primarily due to ramp-up costs associated with new customer onboarding in a joint venture.

SATS has declared an interim dividend of 2 Singapore cents per share, payable on 5 December 2025. Looking ahead, the company remains focused on adapting its operations to manage volume shifts whilst maintaining operational discipline.

The Singapore FinTech Festival 2025, held from 12 to 14 November, marked a significant milestone with the launch of the Global Open Source AI Hub. This initiative aims to position Singapore as a leader in open-source artificial intelligence (AI) innovation within the financial services sector. The event, co-organised by the Global Finance Technology Network (GFTN), TiDB, and Yincubator, highlighted the role of open-source technology in fostering scalable, regulation-aware AI adoption.

The Global Open Source AI Hub was officially launched by Tan Kiat How, Senior Minister of State, Ministry of Digital Development and Information, on 14 November. He emphasised Singapore’s commitment to enhancing the global open-source ecosystem, leveraging its strengths in neutrality, trust, and interoperability. The hub is designed to be a strategic platform where policy, technology, and community converge to develop transparent and inclusive AI systems.

The hub focuses on three main areas: talent, community, and commercialisation. It aims to partner with academia and industry to create learning and reskilling programmes, foster collaboration among regulators and developers, and turn open-source innovations into practical applications.

Yincubator introduced the Born Global Package, a framework to accelerate AI-native and open-source start-ups from Singapore. This initiative offers incorporation, intellectual property domiciling, and access to global talent and markets.

A report by TiDB, developed in collaboration with industry partners, was also unveiled. It explores how open-source technologies can facilitate scalable and regulation-aware AI adoption amidst global policy challenges.

The festival concluded with live demonstrations from over 70,000 attendees, reaffirming Singapore’s leadership in global collaboration on digital transformation and sustainable finance.