Industry News

Singapore’s industrial production (IP) experienced a significant rise in April, increasing by 5.8% month-on-month seasonally adjusted (m/m sa) and 17.6% year-on-year (y/y), according to UOB Global Economics and Markets Research. This growth exceeded Bloomberg’s estimates of 1.9% m/m sa and 12.0% y/y, largely due to robust demand for semiconductors, which saw a 12.9% m/m sa increase.

The transport engineering sector also contributed to the positive figures, with a 10.2% m/m sa rise, driven by marine and offshore engineering and aerospace gains. However, the precision engineering sector faced a slight decline of 3.5% m/m sa, whilst biomedical output weakened, with pharmaceuticals and medical technology experiencing sharp monthly declines.

Despite these gains, the ongoing conflict in the Middle East has negatively impacted the petrochemical sector. April’s data showed contractions in petrol and petrochemicals, with several Asian refineries cutting runs due to disruptions in the Strait of Hormuz.

UOB’s recent upgrade of Singapore’s 2026 GDP growth forecast to 3.2% from 2.5% reflects the strong industrial performance. The bank anticipates that AI-related tailwinds will continue to support growth in the second and possibly third quarters of 2026, offsetting the drag from energy and petrochemical supply disruptions. However, potential risks remain, particularly if critical semiconductor inputs face significant disruptions.

DesignSingapore Council has unveiled the Design 2035 Masterplan, a comprehensive 10-year strategy to enhance Singapore’s design sector and urban vibrancy. The plan, launched today, is backed by more than S$40m in new initiatives and programmes over the next three years. It focuses on addressing major shifts such as Artificial Intelligence, climate change, and Singapore’s transition into a super-aged society.

The Masterplan identifies five key areas for impact: Purposeful Innovation, Responsible Resource Use, Caring Communities, A Culturally Distinct City, and A Vibrant Design Industry. A highlight of the plan is the inaugural Singapore Design Biennale, set for May 2027, which will replace the annual Singapore Design Week. This six-week international event aims to position Singapore as a global cultural hub.

Other initiatives include the Good Design Research and Development programme, which fosters collaboration between design and business communities, and the Good Design Placement scheme to accelerate mid-career designers into strategic roles. The International Design Awards Scheme will also be introduced to enhance the global profile of Singaporean design.

Eugene Chin, Director of Partners at DesignSingapore Council, stated, “This 10-year roadmap will be realised through iterative three-year action plans to drive wider adoption of design across the economy and deepen community participation.”

The Masterplan also aligns with national priorities like the National AI Strategy and the Singapore Green Plan 2030, encouraging designers to contribute to sustainable urban development and technological inclusivity. The full Design 2035 Masterplan is available for public download, inviting community participation in shaping Singapore’s design future.

Singapore’s manufacturing sector experienced a significant boost in April 2026, with output increasing by 17.6% compared to the same month last year. This growth was largely driven by the electronics cluster, which saw a remarkable 44% rise, fuelled by strong demand in the infocomms and consumer electronics, as well as semiconductors segments, particularly due to robust AI-related demand.

Excluding biomedical manufacturing, which declined by 16.1%, the overall manufacturing output still rose by 21.5%. The chemicals sector also faced challenges, with a 17.6% decrease attributed to disruptions in feedstock supply affecting petroleum and petrochemicals.

Other sectors showed promising growth. General manufacturing increased by 16.9%, supported by higher production of structural metal products and beverages. Precision engineering rose by 15.1%, driven by increased production of semiconductor equipment and various precision components. Transport engineering grew by 10.1%, with the aerospace segment benefiting from higher production of aircraft parts and ongoing maintenance, repair, and overhaul activities.

The Singapore Economic Development Board (EDB) will release the next monthly manufacturing performance report on 26 June 2026. This continued growth in manufacturing highlights Singapore’s resilience and adaptability in the face of global economic challenges, positioning the nation as a key player in the international market.

Standard Chartered has unveiled “A Seat, Beyond” in Singapore, a client engagement programme centred around the Beyond World Elite Credit Card. This initiative, launched in collaboration with Mastercard last year, aims to deepen relationships with the bank’s affluent clients by offering exclusive benefits and experiences.

The programme was inaugurated with an event at the National Gallery Singapore, featuring Steven Bartlett, host of The Diary of a CEO podcast and the youngest investor on Dragons’ Den. Bartlett shared insights on investing in next-generation businesses and personal wellness. Top-tier clients were also invited to a private session with Bartlett for more intimate discussions.

James Lye, Global and Singapore International Banking Head at Standard Chartered, highlighted the programme’s global approach, stating, “Affluent clients today are increasingly global in how they live, work and manage their wealth. As a leading wealth manager, we want our client engagement to reflect that global mindset.”

The Beyond Credit Card, central to the programme, offers enhanced rewards and privileges. Grace Chan, Managing Director of Credit Cards and Personal Loans in Singapore, noted the card’s success in shaping the programme, reflecting clients’ spending habits, particularly in travel and dining.

“A Seat, Beyond” also includes cross-border privileges and plans to introduce an online platform for reservations at Michelin-starred restaurants. Priority Private clients enjoy additional perks, such as an accelerated earn rate on overseas dining and complimentary airport transfers.

This initiative underscores Standard Chartered’s commitment to engaging its affluent clientele with tailored offerings that cater to their international lifestyles and wealth management needs.

Strategic Marine has signed the Protocol of Delivery and Acceptance (PODA) with Mainprize Offshore for the MO15 and MO16 vessels, marking a significant step in their ongoing partnership. These vessels are part of Mainprize Offshore’s strategy to expand its fleet, following a multi-vessel contract agreed at Seawork 2024, Europe’s largest on-water commercial marine exhibition.

The MO15 and MO16 vessels, designed by Walker Marine Design, are tailored for the offshore renewables sector in Europe. They feature advanced propulsion systems, enhanced seakeeping performance, and modern navigation technologies, ensuring stability and efficiency in challenging offshore environments. This design is part of the Supa Swath series, known for its versatility and operational efficiency.

Bob Mainprize, Managing Director of Mainprize Offshore, expressed confidence in the partnership, stating, “The signing of the PODA for MO15 and MO16 marks another important milestone in our partnership with Strategic Marine. Their proven track record in delivering robust, high-performance vessels gives us confidence that both vessels will strengthen our fleet’s ability to support offshore renewables projects across Europe.”

Strategic Marine’s CEO, Chan Eng Yew, highlighted the significance of the agreement, saying, “This agreement reflects our shared commitment to delivering innovative vessel solutions that meet the evolving needs of the offshore renewables industry and underscores the strength of our partnership.”

As the demand for offshore wind operations grows, Mainprize Offshore is positioning itself to meet increasing maintenance and operational requirements across Europe, with Strategic Marine playing a crucial role in this expansion.

ST Telemedia Global Data Centres (STT GDC) has announced a strategic partnership with Alibaba Cloud and Tech Talent Assembly, under the National Trades Union Congress (NTUC), to promote the adoption of generative and agentic AI across Singapore. The initiative, revealed at the Qwen Conference 2026, aims to support up to 1,000 enterprises, developers, and students by providing access to advanced AI tools, structured training, and practical implementation support.

The collaboration is designed to address the growing interest in AI by facilitating its practical application in businesses. Participants will have access to AI tools such as Qwen, Wan, Qoder, and QoderWork, alongside hands-on workshops and guided implementation support. The programme will also include an online AI infrastructure readiness assessment developed by STT GDC, enabling organisations to benchmark their preparedness and identify priority areas for AI adoption.

Desmond Tan, Senior Minister of State in the Prime Minister’s Office and Deputy Secretary General of NTUC, highlighted the importance of the initiative in supporting workers, particularly youths and professionals, managers, and executives (PMEs), in gaining the skills needed for the AI economy. “Through NTUC’s AI-Ready SG initiative, we will continue working closely with our partners to pool resources and strengthen impact on the ground,” he stated.

The programme, commencing in June 2026, places a strong emphasis on small and medium-sized enterprises (SMEs) and mid-career workers, aiming to shift sentiment from AI anxiety to AI agency. Lim Mingcheng, Country Head of STT GDC Singapore, emphasised the role of the partnership in enabling broader access and practical adoption of AI across the economy. Andy Lee, General Manager of Alibaba Cloud Singapore and Thailand, reiterated the commitment to making AI accessible to SMEs and students, equipping them with the necessary skills to innovate and remain competitive.

CEOs in Singapore are increasingly prioritising disciplined growth and long-term transformation through artificial intelligence (AI) and strategic transactions, despite geopolitical risks and macroeconomic uncertainties. According to the latest EY-Parthenon CEO Outlook Survey, which surveyed 1,200 global CEOs including 40 from Singapore, 71% of Singaporean CEOs identified geopolitical uncertainty as the most significant risk to their business over the next year.

The survey indicates that Singaporean CEOs are maintaining confidence in local growth, with a CEO Confidence Index score of 81.0, the second highest globally. This confidence persists even as 46% of respondents report that sustained energy price shocks pose significant challenges, highlighting the direct impact of geopolitical volatility on operations and finances.

AI investment remains a key strategic priority, with 68% of Singaporean CEOs planning to increase spending in 2026. However, regulatory challenges and skills gaps are potential hurdles, with 27% citing increased compliance complexity due to evolving AI regulations. Sriram Changali of EY-Parthenon notes, “AI has moved beyond the technology function to shape decisions across customer value, strategy, finance, and innovation.”

Talent strategies are also evolving, with 43% of Singaporean CEOs anticipating large-scale reskilling to integrate AI capabilities. Despite fears of AI-driven job reductions, only 18% foresee a decrease in hiring.

As for strategic deals, 88% of Singaporean CEOs plan to pursue mergers and acquisitions (M&A) with a focus on AI capabilities and long-term strategic fit. Singapore remains a top investment destination, followed by China and Malaysia. Geophin George of EY-Parthenon highlights the shift towards strategic alliances and selective M&A, driven by the need for AI capability and strategic alignment.

New data from Indeed reveals a decline in part-time job postings in Singapore, with the overall share dropping to 22.5% in April 2026 from 24% two years prior. Despite this trend, the education and administration sectors continue to offer the highest share of part-time opportunities, with education leading at 25.1% and administration following at 17.4%.

The finance sector, however, remains resistant to flexible work arrangements, with part-time roles constituting only 5.3% of job postings. Marketing has experienced the most significant year-on-year decline in part-time positions, highlighting a shift in the availability of flexible work options across different industries.

Career expert Saumitra Ranjan Chand from Indeed Singapore and India commented, “Part-time roles remain an important source of flexibility for workers seeking reduced-hour arrangements. Our analysis shows that these opportunities are more common in some sectors than others, with education and administration standing out among the professional categories we examined.”

The findings underscore the importance of part-time roles for individuals seeking work-life balance or phased retirement options. As the job market evolves, the availability of flexible work arrangements remains a critical factor for many professionals.

The Civil Aviation Authority of Singapore (CAAS) and Entry Point North (EPN) have signed a Memorandum of Understanding (MOU) to collaborate on air traffic services training. The agreement, signed on 26 May 2026 by CAAS Director-General Han Kok Juan and EPN CEO Anne Kathrine Jensen, aims to address the growing need for air traffic controllers as projected by the International Civil Aviation Organisation (ICAO).

With global air passenger volume expected to nearly triple over the next 25 years, the partnership seeks to enhance training capabilities through instructor exchanges, digital learning, AI-enabled simulation, and joint course development. The collaboration will also explore commercial opportunities in Southeast Asia and other regions.

Han Kok Juan stated, “This partnership with Entry Point North will help CAAS strengthen our training capabilities and enhance the training of our air traffic controllers as we ramp up recruitment to meet rising demand for air travel.” Anne Kathrine Jensen added, “This MOU creates a clear framework for how we can collaborate with CAAS on ATS training and related services.”

The initiative is set to promote best practices in aviation training, ensuring safe and efficient development within the industry. As air travel demand increases, this collaboration is poised to play a crucial role in preparing the next generation of air traffic controllers.

CBRE has announced the sale of four freehold, ground-floor retail units located in the vibrant Siglap precinct. The sale, managed through an Expression of Interest exercise, will conclude on 30 June 2026. These units, situated at Siglap V, boast a prime corner location with dual frontage on Siglap Road and East Coast Road.

The units are collectively priced at $13m, equating to approximately $3,552 per square foot on the strata area. They span a combined area of about 3,660 square feet and are fully leased, providing immediate rental income. Three units are occupied by a spa and massage establishment, whilst the fourth is leased to a hair salon. Notably, the sale is open to foreigners and corporate entities without the imposition of Additional Buyer’s Stamp Duty.

Michael Tay, Deputy Managing Director and Head of Capital Markets at CBRE Singapore, highlighted the rarity and demand for such properties in the Siglap precinct. “Ground-floor commercial units in the Siglap precinct are highly sought after and rarely available,” he stated. Tay also noted the strong interest from family offices and high-net-worth individuals due to recent interest rate reductions.

The location benefits from significant foot traffic from nearby residential areas and is conveniently accessible, being a short walk or drive from Siglap MRT station. It also offers easy connectivity to key areas like the Central Business District and Orchard Road, as well as major expressways such as the East Coast Expressway.