Industry News

Sembcorp Industries has announced the commencement of operations for its 600MW hydrogen-ready combined-cycle gas turbine power plant on Jurong Island, Singapore. This development follows the completion of market registration and the attainment of full Generation Registered Facility status from Singapore’s Energy Market Company.

The new plant enhances Sembcorp’s capacity to deliver reliable power to support Singapore’s expanding economy and digital infrastructure. Designed with flexibility, the facility can incorporate low-carbon fuels in the future. Sembcorp’s total gas-fired and renewables portfolio in Singapore now stands at 5.7GW, supporting the power needs of the nation’s data centre and semiconductor sectors. Additionally, the company is exploring over 2GW of regional renewable energy import opportunities to diversify Singapore’s energy mix.

Koh Chiap Khiong, President and CEO of Gas and Related Services and CEO of Singapore at Sembcorp, stated, “This new capacity strengthens our ability to power Singapore’s AI-driven growth and enhance the nation’s energy resilience.” The plant is fully contracted under long-term arrangements, ensuring reliable power delivery whilst aiding Singapore’s energy transition.

Daisuke Muraoka, Managing Director and CEO of JEL, highlighted the collaboration with Sembcorp and Mitsubishi Power in overcoming project complexities. Akihiro Ondo, Managing Director and CEO of Mitsubishi Power Asia Pacific, expressed satisfaction with the project’s completion, emphasising the role of their gas turbine technology in efficient power generation.

Puah Kok Keong, Chief Executive of the Energy Market Authority, noted that the plant’s additional capacity bolsters Singapore’s power supply reliability and security, aligning with efforts to decarbonise the sector.

The Singapore Urban Mobility Week (SUMW) 2026 is set to gather more than 8,000 policymakers, transport operators, and industry leaders from over 50 countries to discuss the future of urban transport. Taking place from 4 to 6 November at the Suntec Singapore Convention and Exhibition Centre, the event will focus on autonomous mobility, smart infrastructure, and sustainable transport systems.

Jointly organised by the Land Transport Authority (LTA), MSI Global Pte Ltd, and MP Singapore, SUMW 2026 will feature over 200 companies showcasing the latest innovations in urban mobility. The event’s theme, “Drive the Future: Autonomous Innovation, Smart Infrastructure, and Urban Mobility,” aims to address key challenges such as the deployment of autonomous vehicles and the renewal of ageing transport infrastructure.

The Leaders Summit on 4 November will include panel discussions led by LTA’s senior leadership, focusing on commuter needs, autonomous vehicle deployment, workforce transformation, and rail renewal. The Industry Forum on 5 and 6 November will delve into topics like intelligent mobility and sustainable transport systems.

Jeffrey Siow, Minister for Transport, will deliver the opening speech, outlining Singapore’s vision for urban mobility. Ng Lang, Chief Executive of LTA, emphasised the importance of planning and innovation to build reliable and sustainable transport systems. “Singapore Urban Mobility Week brings together leaders, innovators, and practitioners from around the world to exchange experiences, learn from one another, and explore solutions to common challenges,” he stated.

The event will also feature the Youth Xchange, showcasing 12 youth-led innovations, and a Hosted Buyers Programme to foster industry collaboration. As cities face evolving travel needs and rapid technological change, SUMW 2026 aims to inspire new partnerships and solutions for the future of urban mobility.

Mi Material Holding Limited, a global leader in precision solder spheres for semiconductor packaging, is set to debut on the SGX Mainboard on 28 October 2026 after raising S$215m through its initial public offering (IPO). The offering, which attracted significant interest, was oversubscribed by 2.2 times, with total subscriptions reaching approximately S$305m.

The IPO, supported by seven cornerstone investors including abrdn Asia Limited and Manulife Investment Management, positions Mi Material among Singapore’s largest semiconductor IPOs in over 20 years. At an offering price of S$1.80 per share, the company is expected to have a market capitalisation of approximately S$891m upon listing.

Mi Material’s CEO, Kevin Tan, expressed gratitude for the investor support, stating, “This marks an important milestone for Mi Material and reflects the progress we have made in establishing our position within the global semiconductor supply chain.”

The company reported strong financial growth in the first half of 2026, with revenue more than doubling to $53.7 million and net profit rising to $14.3 million. Preliminary estimates for the third quarter of 2026 indicate continued momentum, with revenue expected to increase by 15.6% quarter-on-quarter to $37.8 million.

Mi Material plans to use the IPO proceeds to expand its R&D capabilities and manufacturing capacity, including establishing new facilities in the US and Singapore. Trading on the SGX Mainboard is scheduled to commence at 2.00 p.m. on 28 October 2026 under the stock code “MIM”.
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AtkinsRéalis has signed a Manpower Development Agreement with Singapore’s Energy Market Authority (EMA) to enhance the city-state’s nuclear energy capabilities. This collaboration will see Singaporean public officers involved in energy development undertake placements of up to one year in the United Kingdom, working alongside AtkinsRéalis’ nuclear specialists.

The programme, part of the Singapore Nuclear Manpower Development Programme, aims to provide participants with practical insights into the planning, governance, and delivery of nuclear projects. Kelly Trice, Executive Vice-President of Global Services, Nuclear at AtkinsRéalis, emphasised the importance of understanding governance, regulatory frameworks, and safety culture in building nuclear capability. “Through this agreement, AtkinsRéalis will provide Singapore public officers with exposure to these complexities and deepen participants’ understanding of how nuclear projects are planned, licensed and delivered safely and effectively,” Trice stated.

The initiative will offer real-world exposure to nuclear projects, complementing technical knowledge with practical experience. Site-based learning is a key component, aligning with EMA’s focus on understanding nuclear project delivery in practice. Puah Kok Keong, Chief Executive of EMA, highlighted the significance of this partnership in exploring advanced nuclear energy technologies as a potential future energy option for Singapore. He noted, “This partnership will allow our public officers the opportunity to learn directly from experienced nuclear professionals and gain exposure to live project environments.”

This agreement marks a significant step in Singapore’s journey to assess the potential role of nuclear energy in its future energy mix.

Singapore travellers are set to redefine their holiday choices in 2027, focusing on emotional experiences rather than traditional itineraries, according to Booking.com’s latest Travel Predictions. The study, which surveyed over 28,000 travellers globally, including 508 from Singapore, found that 88% of Singaporeans would select a destination based on how they want to feel, with 86% open to using tools that recommend destinations based on their emotional state.

The research highlights a shift towards unconventional travel experiences. For instance, 80% of Singaporeans are interested in trips that allow them to act out of character, with 39% aiming to surprise friends and family with their choices. Additionally, 63% have reconsidered travel companions due to spending differences, and 69% of parents prefer child-free trips to focus on themselves.

Paranormal tourism is also gaining traction, with 57% of Singaporeans interested in ghostly encounters and 55% willing to seek contact with the “other side.” Meanwhile, AI is playing a role in holiday planning, with 71% of respondents interested in AI managing their work whilst they are away, allowing 48% to extend their holidays discreetly.

The findings suggest a growing trend towards personalised and emotionally driven travel experiences. As travellers seek more meaningful and unique adventures, the travel industry may need to adapt to these evolving preferences, potentially reshaping how holidays are marketed and experienced in the future.

Longbridge Securities Singapore and the Securities Investors Association Singapore (SIAS) have signed a Memorandum of Understanding (MoU) to advance investor education and financial literacy in an AI-driven investing landscape. This collaboration, announced on 26 October, combines Longbridge’s technological capabilities with SIAS’s commitment to investor advocacy, aiming to equip retail investors with the skills to make informed decisions.

The MoU outlines a framework for collaboration in investor education, community engagement, and practical learning. As AI transforms how investors access information and research markets, both organisations emphasise the importance of financial knowledge and critical assessment skills. Gavin Chia, Singapore and Regional CEO Southeast Asia of Longbridge Securities, stated, “Through our collaboration with SIAS, we want to bring technology and learning closer together, giving investors opportunities to build their knowledge and practise using these tools.”

The partnership will offer a variety of learning opportunities, including market outlook sessions, hands-on workshops at Longbridge Café, and community programmes. These initiatives aim to connect financial concepts with practical experience, catering to individuals with varying levels of market knowledge and digital confidence. Ang Hao Yao, Vice President of SIAS, highlighted the need for evolving investor education, stating, “Our collaboration with Longbridge aims to make this learning accessible and practical, reaching people with different levels of investing experience and digital confidence.”

Longbridge, an AI-powered online brokerage, and SIAS, a promoter of good corporate governance and investor rights, are committed to fostering a more informed investing community in Singapore. This partnership reflects their dedication to supporting investors in navigating the complexities of modern financial markets.

ST Telemedia Global Data Centres (STTGDC) has obtained a $590m green loan to finance the fit-out and operation of its Tokyo data centre campus, comprising STTGDC TYO1 and STTGDC TYO2. Located in Inzai City, the campus will offer 70.8MW of IT capacity to meet the rising demand for secure and energy-efficient digital infrastructure in Japan.

The loan adheres to the Green Loan Principles, linking financing to environmental criteria such as green building certification and a Power Usage Effectiveness (PUE) ratio of 1.3 or below. Nelson Lim, Group Chief Financial Officer of STTGDC, stated, “This financing reflects the strength of our Japan platform and the confidence of our banking partners in the quality and long-term potential of the Tokyo campus.”

STTGDC TYO1, already operational, boasts a LEED Gold certification and a PUE of less than 1.25, utilising a closed-loop cooling system to minimise water use. Meanwhile, STTGDC TYO2 is being developed to support high-density AI workloads, with plans for future liquid cooling.

The financing was coordinated by Standard Chartered, with support from Mizuho Bank, OCBC, Société Générale, and UOB. Kiyoshi Maeda, CEO of STTGDC Japan, emphasised the campus’s role in supporting customers’ growing cloud and AI needs, stating, “The Tokyo campus is central to our long-term commitment to Japan.”

This development underscores STTGDC’s commitment to sustainable growth and its capacity to meet the evolving needs of digital infrastructure in Japan.

Singapore’s industrial production experienced a notable slowdown in September, declining by 3.9% month-on-month seasonally adjusted, according to UOB Global Economics and Markets Research. This marks a significant drop from August’s 1.0% decrease, translating to a 3.4% year-on-year increase, which fell short of both Bloomberg’s 7.8% consensus and UOB’s 6.6% forecast.

The primary factor behind this slowdown was a sharp decline in electronics output, which fell by 12.8% month-on-month seasonally adjusted. Semiconductor production also contracted by 13.1% in September, following a 7.9% increase in August. Additionally, the transport engineering sector weakened, with a 6.1% month-on-month decrease, due to reduced shipyard activity and lower production of oil and gas field equipment.

Despite the decline in electronics output, UOB suggests that capacity constraints, rather than a drop in AI-related demand, are to blame. The electronics Purchasing Managers’ Index (PMI) showed strength, with the new export orders subindex rising to 53.1, indicating robust demand. Firms are reportedly drawing down inventories to meet this demand, which could support electronics production momentum in the coming months.

The September industrial production figures imply an 8.5% year-on-year expansion in the manufacturing sector for the third quarter of 2026, surpassing the 7.5% growth suggested by the advance GDP estimate. This could lead to a revision of the final third-quarter GDP growth to 5.6% from the initial 5.4% estimate. UOB anticipates that the Ministry of Trade and Industry will adjust its full-year 2026 GDP growth forecast to around 6%, up from the previous 4.5%-5.5% range.

Singapore’s manufacturing sector saw a 3.4% increase in output in September 2026 compared to the same month last year, according to the latest data. When excluding the biomedical manufacturing sector, the output growth was even more pronounced at 9%. However, on a seasonally adjusted month-on-month basis, the overall manufacturing output fell by 3.9%, with a sharper decline of 5.5% when excluding biomedical manufacturing.

The precision engineering cluster led the growth with a significant 31% increase, driven by higher production in semiconductor equipment and industrial rubber goods. Transport engineering also saw a 10.6% rise, bolstered by the aerospace segment’s increased production of aircraft parts and ongoing maintenance, repair, and overhaul activities.

Electronics output grew by 5.7%, supported by strong demand related to artificial intelligence, although the other electronic modules and components segment lagged. General manufacturing industries experienced a 4% increase, with notable production gains in beverages, dairy products, and commercial printing.

Conversely, the chemicals sector faced a 4.6% decline, impacted by reduced output in the other chemicals and petrochemicals segments due to demand and supply challenges. Biomedical manufacturing saw a steep 32.8% drop, primarily due to a shift in the mix of active pharmaceutical ingredients and decreased export demand for medical technology.

Huttons Asia’s CEO, Mark Yip, has commented on the reserve sites at Chuan Grove and Plymouth Avenue/Dunearn Road, suggesting that these sites are unlikely to be triggered for sale. Developers may prefer to wait for the Government Land Sales (GLS) programme in the first half of 2027, given the ample supply in the area.

The Chuan Grove site is overshadowed by the upcoming mega project, One Chuan Grove, set to launch in February 2027. This project is expected to provide sufficient supply, reducing the incentive for developers to trigger the site. Should the site be triggered, Yip estimates the successful bid to range between $1,300 and $1,400 per square foot per plot ratio (psf ppr).

Meanwhile, the Plymouth/Dunearn Road site is considered attractive due to its proximity to Stevens MRT station and the Singapore Chinese Girls’ School. However, the area already has ample supply, with two GLS sites in Bukit Timah and Peck Hay Road just a train station away. Additionally, existing projects like Dunearn House and Amberwood at Holland, along with upcoming projects such as Vanda Green, contribute to the area’s saturation. A third site in Holland Plain is also slated for sale in December 2026. If triggered, Yip predicts the successful bid for the Plymouth/Dunearn Road site to be between $1,600 and $1,800 psf ppr.

The abundance of current and upcoming developments in these areas suggests that developers might hold off on triggering these reserve sites, awaiting more favourable conditions.