Industry News

Singapore’s economic growth is projected to moderate over the next two years, with the International Monetary Fund (IMF) forecasting a decrease from 5% in 2025 to 3.5% in 2026, and further to 2.7% in 2027. This slowdown follows a period of expansion driven by technology-related exports and investments, particularly in artificial intelligence (AI) and semiconductors.

Investment remains a key structural driver, with gross capital formation expected to rise from 22.5% of GDP in 2025 to 23.4% in 2026 and 23.7% in 2027. The IMF highlights ongoing initiatives in infrastructure, manufacturing, and digitalisation as crucial for sustaining growth. The S$37 billion Research, Innovation and Enterprise (RIE2030) plan is noted for its role in supporting innovation and workforce development.

Despite the positive outlook, the IMF warns of potential risks, including trade fragmentation, geopolitical tensions, and energy-price shocks. However, Singapore’s strong fiscal and foreign reserve buffers, along with a well-capitalised banking system, are seen as stabilising factors.

The IMF’s assessment underscores themes such as AI-driven productivity and investment-led growth, which align with trends in the Singapore equity market. Key sectors include financial services, infrastructure, and technology, with companies like DBS Group Holdings and Singapore Technologies Engineering playing significant roles.

Singapore’s position as a regional hub continues to bolster its economy, supported by a current account surplus and substantial reserves. The IMF’s projections suggest that whilst growth may slow, the country’s strategic investments and robust financial system will continue to drive economic activity.

Cushman & Wakefield has successfully brokered the sale of the Tan Boon Liat Building to Kingsford Havelock Pte Ltd, a unit of the Kingsford Group, for S$950m. This transaction, subject to certain conditions and owners’ approval, is poised to be the largest collective sale in Singapore for 2026.

The 15-storey industrial warehouse, located at the intersection of Outram Road and Zion Road, occupies a prime site above the Havelock MRT Station. The Urban Redevelopment Authority (URA) has advised a rezoning of the site from “Business 1” to “Residential with Commercial at the 1st storey,” increasing the plot ratio from 3.1 to 4.9. This change allows for a 50% increase in the gross floor area, paving the way for a landmark development featuring twin skyscrapers up to 48 storeys high.

The sale follows a public tender initiated by Cushman & Wakefield after achieving over 80% consensus at a reduced reserve price of S$1b. Christina Sim, Senior Director of Capital Markets at Cushman & Wakefield, noted, “We recognised the exceptional potential of the Tan Boon Liat Building site and initiated a conversion and re-purposing exercise for the project.”

The transaction is contingent upon approval by the Strata Titles Board. The Collective Sale Committee, led by Ashok Melwani, is set to brief owners at an upcoming extraordinary general meeting to secure the necessary mandate for the sale. Recent residential projects in the area, such as Zyon Grand and Promenade Peak, have seen strong demand, indicating a promising future for the new development.

Artificial intelligence (AI) is transforming the hiring strategies of Singaporean businesses, according to new research by Remote, a global payroll and employment infrastructure company. The study found that every Singapore respondent acknowledged AI’s impact on their hiring practices, with 54% relocating roles to new markets and 46% expanding into new regions to acquire AI-skilled talent.

The research highlights the challenges Singapore faces in sourcing qualified talent, with 80% of local leaders finding it harder to secure talent than a year ago. Despite this, 89% of respondents expressed willingness to hire internationally if the process were as straightforward as domestic hiring, although cross-border recruitment remains complex.

Singaporean companies are primarily targeting Southeast Asia, South Asia, and East Asia for international talent. Eli Chuah, Senior Solutions Consultant for APAC at Remote, noted, “AI is changing the workforce conversation in Singapore. Businesses are not only asking which tasks can be automated. They are asking where talent should be located, how teams should be structured, and what infrastructure they need to employ and pay people across borders.”

The study also revealed that 50% of Singaporean companies missed key business goals due to talent shortages, a figure significantly lower than the global average of 72%. As AI continues to influence workforce design, Singapore businesses are preparing for future needs by expanding their talent search both locally and internationally. By the end of 2026, 28% of Singapore respondents expect over half of their new hires to be based outside their primary country of operations.

Keenai, a wealthtech platform developed in partnership with Lighthouse Canton, has named Varun Mittal as Country Head, Singapore, to spearhead its expansion into Southeast Asia. The appointment comes ahead of the launch of Keenai Wealth on 19 August, marking a significant push to offer a comprehensive investment platform for accredited investors in the region.

Mittal, a seasoned fintech expert, will oversee Keenai’s introduction to Singapore and beyond, focusing on distribution, partnerships, and client acquisition. His extensive experience includes roles such as Chief Digital and Innovation Officer at Singlife, where he led digital life insurance innovations, and as a key figure at helloPay, which was acquired by Ant Financial. Mittal has also been recognised twice in the Monetary Authority of Singapore’s Top 10 FinTech Leaders list.

Keenai aims to consolidate various asset classes, including bonds, hedge funds, and structured notes, into a single account, leveraging Lighthouse Canton’s institutional infrastructure. This initiative seeks to address the fragmented platforms and outdated systems that have historically underserved accredited investors in Asia.

Shilpi Chowdhary, Founder and Group CEO of Lighthouse Canton and Keenai Global, praised Mittal’s appointment, stating, “Varun has built and scaled platforms that changed how people in this region bank, pay and invest.” Mittal himself expressed enthusiasm for the role, highlighting Keenai’s potential to become the go-to platform for wealth management in the region.

Keenai’s platform will provide access to over 500,000 bonds and 1,000 hedge funds across more than 50 global markets, offering a comprehensive solution for investors. As Keenai prepares for its official launch, the appointment of Mittal is a strategic move to ensure its success in Southeast Asia.

SGX-Mainboard listed CDW Holding Limited’s subsidiary, A Biotech Co. (ABio), has captured significant international interest with its LNP-LANFA drug-delivery technology at the BIO International Convention 2026 in San Diego. The platform, developed in collaboration with Neoregen Biotech, was showcased as a promising alternative to polyethylene glycol (PEG), addressing concerns over PEG’s immunogenicity and hypersensitivity.

ABio engaged in 37 meetings with pharmaceutical companies, biotech firms, and research organisations, presenting pre-clinical data from murine studies. These studies demonstrated a 3.3-fold improvement in the spleen-to-liver distribution ratio, crucial for vaccines and immune therapies. The enhanced splenic distribution is particularly valuable for targeting immune cells effectively.

The convention highlighted strong industry interest in PEG alternatives, driven by the need for safer drug delivery systems. ABio’s LANFA platform, patented in Japan, improves water solubility of compounds whilst maintaining biocompatibility, making it an attractive option for next-generation drug delivery systems.

Tomonori Kato, Chairman and CEO of CDW Holding, expressed optimism about the ongoing discussions with potential partners, stating, “We were encouraged by the level of technical engagement and the interest expressed in evaluating alternatives to PEG for future drug delivery applications.”

ABio plans to continue discussions with the organisations it met, exploring potential licensing and development collaborations. Whilst no definitive agreements have been reached, the interest generated at BIO USA 2026 marks a significant step forward for CDW Holding’s biotech ventures.

GDS Global Limited has announced the acquisition of new contracts in Singapore valued at approximately S$6m. These contracts span public infrastructure, healthcare, education, and industrial sectors, highlighting the company’s expanding influence and expertise in the region. The contracts primarily involve the supply and installation of GDS’s premium insulated fire shutter systems, tailored to meet specific operational, safety, and regulatory requirements.

The new projects underscore the sustained demand for GDS’s advanced door and shutter solutions, supported by Singapore’s ongoing investments in infrastructure development and urban renewal. The contracts are set to be executed over the next two years, contributing positively to the company’s net tangible assets and earnings per share.

Tang Hee Sung, Non-Executive Non-Independent Chairman of GDS, remarked on the resilience of the company’s core business and the confidence customers place in their technical expertise and quality products. “These projects will strengthen our track record in delivering specialised, value-added shutter solutions,” he stated.

The recent strategic acquisitions of Asiabuild Metal Engineering Pte. Ltd. and Integrated Aluminium Pte. Ltd. have further bolstered GDS’s capacity to pursue growth opportunities within Singapore’s built environment. This positions the company to capture a resilient pipeline of opportunities across both public and private sectors, enhancing value creation and sustainable growth for stakeholders.

Yeo Hiap Seng Limited (Yeo’s) has announced the appointment of Adrian Ho as its new Chief Executive Officer, effective 1 September 2026. Ho will take over from Ong Yuh Hwang, who is stepping down after more than three-and-a-half years at the helm. Ong’s resignation, due to personal reasons, will be effective from 31 August 2026, ensuring a seamless transition.

Ho brings over 30 years of experience in the fast-moving consumer goods sector, having held significant roles at Nestlé across Europe and Asia. His extensive career includes strategic and operational leadership positions in Singapore, Malaysia, Japan, Switzerland, and the Greater China region. Notably, as Vice President and Regional Manager for Zone Asia Oceania Africa, Ho was instrumental in setting strategic directions for Nestlé in Greater China, focusing on category growth and profitability.

Yeo’s Chairman, Na Wu Beng, expressed confidence in Ho’s ability to lead the company into its next phase of development. “Adrian’s deep experience in the consumer goods arena across Asia and internationally will serve the Group well,” he stated. Na also acknowledged Ong’s contributions since joining Yeo’s in 2022, particularly in enhancing business operations and driving product innovation.

The company has implemented a rigorous succession plan to maintain continuity in its strategic priorities and stakeholder engagement. Ho is expected to focus on driving business growth, strengthening product propositions, and enhancing organisational efficiency. Yeo’s, a heritage brand in Singapore, continues to be a leader in Asian beverages, with a strong presence in over 30 markets worldwide.

Savills Singapore has announced the sale of a rare two-storey freehold commercial shophouse at 405 Jalan Besar through an Expression of Interest (EOI) exercise, closing on 27 August 2026. This property, located in one of Singapore’s vibrant city-fringe precincts, is fully tenanted and offers immediate rental income, making it an attractive investment.

The shophouse, with a land area of approximately 1,723 square feet, is zoned “Commercial” under the URA Master Plan 2025. It benefits from strong street frontage and high foot traffic, situated in a neighbourhood known for its heritage shophouses, trendy cafés, and boutique hotels. The property’s existing food and beverage (F&B) approval is a significant advantage, as planning controls on new F&B uses in shophouse precincts have become more restrictive.

Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, highlighted the scarcity of such opportunities, stating, “405 Jalan Besar offers investors and owner-occupiers a unique chance to secure a highly visible commercial asset within a rejuvenated precinct.”

The property is conveniently located near Bendemeer and Farrer Park MRT stations, providing excellent accessibility to key areas such as the Central Business District and Marina Bay. It is also close to amenities like City Square Mall and Mustafa Centre.

Foreign investors can acquire the property without incurring Additional Buyer’s Stamp Duty or Seller’s Stamp Duty, enhancing its appeal. Priced at S$8.5m, the shophouse presents a rare opportunity for long-term growth and operational flexibility in a dynamic area.

ST Telemedia Global Data Centres (STT GDC), a Singapore-headquartered data centre provider, has announced a significant achievement in its sustainability efforts, surpassing its 2028 carbon intensity target three years ahead of schedule. The company’s 2025 Environmental, Social and Governance (ESG) Report reveals a 70.5% reduction in carbon intensity from its 2021 baseline, alongside a substantial increase in renewable energy usage to 83.2%.

The report, themed “Scaling with Responsibility,” underscores STT GDC’s commitment to integrating sustainability into its operations amidst growing demand for AI-driven workloads. Bruno Lopez, President and Group CEO of STT GDC, highlighted the importance of balancing digital growth with resource constraints, stating, “Responsible scaling is not a sustainability commitment alone; it is a commercial and operational imperative.”

Key achievements include a 41.2% improvement in Water Usage Effectiveness from the 2020 baseline and an average Power Usage Effectiveness of 1.44, reflecting enhanced energy efficiency. The company also reported zero work-related fatalities and a Total Recordable Incident Rate of 0.1 over 41 million hours worked, showcasing its focus on workforce safety.

STT GDC’s efforts come as data centre operators face increasing pressure to manage energy efficiency and resource constraints. The company is committed to continuing its progress towards carbon-neutral operations by 2030, aiming to support the next phase of digital growth responsibly. The full 2025 ESG Report is available on STT GDC’s website.

ANTA has successfully concluded the global launch of its latest footwear innovation, ANTA FOLD, at its flagship store in VivoCity, Singapore. The event on 18 July marked the official introduction of ANTA FOLD to the Asia-Pacific market, following earlier launches in Shanghai and Los Angeles. This initiative is part of ANTA’s strategy to expand globally whilst enhancing its localisation efforts in the region.

The launch event featured a community run, which included local running groups, fitness enthusiasts, and Singapore national track athletes Harry Irfan Curran and Laavinia Jaiganth. Participants experienced the new ANTA FOLD H1’s responsive cushioning, inspired by Waterbomb origami, as they ran from ANTA VivoCity towards Sentosa Gateway, highlighting one of Singapore’s iconic waterfront routes.

In addition to the run, the event offered an interactive styling wall and an origami workshop, allowing attendees to engage with the technology behind ANTA FOLD. These activities demonstrated how the shoe’s design integrates performance technology into both business and everyday life, making complex cushioning performance accessible through a simple folded structure.

Singapore, as ANTA’s strategic hub for the Asia-Pacific region, plays a crucial role in bringing the brand’s innovations to local consumers. The launch of ANTA FOLD underscores ANTA’s commitment to making its cutting-edge technology relatable and shareable, aiming to resonate with urban professionals and quality-conscious runners across the region.