Industry News

Raffles Education has reported a resilient business performance for the first nine months of 2026, with core earnings of S$22.71m, despite the disposal of Raffles Hefei and the impact of a stronger Singapore dollar. The company has improved its liquidity position, with cash and bank balances rising to S$46.18m as of 31 March 2026, compared to S$16.86m on 30 June 2025.

The group’s total borrowings have been significantly reduced to S$84.99m, down from S$206.78m a year earlier. This reduction includes S$40.99m attributable to its Hong Kong-listed subsidiary, Oriental University City Holdings, and convertible bonds held by the company’s chairman and CEO, Chew Hua Seng. Notably, Raffles Education’s standalone bank borrowings have been reduced to zero.

Finance costs have decreased to S$10.67m, reflecting the group’s ongoing deleveraging efforts and strategic asset monetisation initiatives. The company’s net assets have increased to S$713.17m, supported by substantial freehold property assets.

Raffles Education is focusing on expanding its premium K–12 education segment across ASEAN, with plans to establish a new campus in Jakarta, Indonesia, in the second half of 2026. The group aims to strengthen its financial performance through disciplined cost management, driving margin expansion, and delivering long-term sustainable value as a premier education group in Asia.

Singapore Airlines (SIA) has announced plans to enhance its European network by increasing flight frequencies to Manchester, Milan, Munich, and London Gatwick, alongside launching a new route to Madrid via Barcelona. The expansion, set to commence in July 2026, aims to meet growing demand and improve connectivity through SIA’s Singapore hub.

From 26 October 2026, SIA will introduce a five-times-weekly service to Madrid, marking its 15th European destination and second in Spain. The route will be operated by the Airbus A350-900, featuring 253 seats across Business, Premium Economy, and Economy classes. Tickets for the Madrid service will be available from June 2026.

Key changes include daily flights to Manchester starting 13 July 2026, and twice-daily services to London Gatwick from 25 October 2026, increasing SIA’s total London services to six daily flights. Milan will also see daily flights from 25 October 2026, replacing the current Singapore-Milan-Barcelona service. Additionally, a new three-times-weekly service to Munich will begin on 26 October 2026, raising the total to 10 weekly flights.

Dai Haoyu, Senior Vice President Marketing Planning at SIA, stated, “Europe is an important market for Singapore Airlines, and these adjustments reflect our commitment to it. We are seeing strong demand for travel to Europe, and increasing frequencies to key destinations such as Manchester, Milan, Munich, and London Gatwick in response.”

These strategic adjustments are expected to offer travellers more options for both business and leisure travel across Europe.

Frasers Property Limited has announced a profit of S$88.4m for the first half of the financial year ending 31 March 2026, marking a 77% increase from the previous year when excluding a one-off tax provision reversal. This growth is attributed to successful residential projects in Singapore, Australia, and China, as well as land sales in Australia and Thailand.

The Group’s profit before interest and taxes (PBIT) increased by 13.2%, bolstered by its strategic focus on residential and industrial developments. The company’s increased stake in Northpoint City South Wing in Singapore also contributed to higher retail earnings. However, an impairment on a Thai investment of S$38.2m impacted overall profits.

Panote Sirivadhanabhakdi, Group CEO of Frasers Property, stated, “We remain firmly on strategy, with continued focus on delivery amid the uncertain operating environment. Our integrated investor-developer-operator model positions us to create, sustain and unlock value at every stage.”

Frasers Property’s strategy includes disciplined partnerships to expand its development pipeline and active asset management to sustain recurring income. The recent collective sale award for The Centrepoint’s leasehold rear plot in Singapore is expected to unlock further value from this prime asset.

Looking forward, the Group aims to continue its capital recycling efforts and strategic investments, particularly in Vietnam, to enhance its long-term resilience and earnings quality. The company’s ongoing focus on sustainable value creation is expected to support its competitive edge in the evolving global market.
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Scoot, the budget airline arm of Singapore Airlines, has announced a firm order for five Airbus A320neo family aircraft and exercised options for an additional six from its 2014 agreement with Airbus. These 11 aircraft, set for delivery starting in 2028, will expand Scoot’s total A320neo orderbook to 20, supporting its long-term growth strategy in the Asia-Pacific region.

The new aircraft will enhance Scoot’s capacity and route flexibility, allowing the airline to launch new services and optimise connections within the Singapore Airlines Group network. This move is expected to strengthen Singapore’s position as a global air hub, particularly in Southeast and North Asia. Leslie Thng, CEO of Scoot, stated, “We expect travel demand to continue growing, particularly in the Asia-Pacific region, in the coming years.”

Scoot’s current fleet includes 63 aircraft, comprising Boeing 787 Dreamliners, Airbus A320 family aircraft, and Embraer E190-E2 jets. The airline plans to phase out its older A320ceo models by 2028 as part of its fleet renewal programme. The A320neo family aircraft are noted for their fuel efficiency, burning up to 20% less fuel, which aligns with the Singapore Airlines Group’s goal of achieving net zero carbon emissions by 2050.

By June 2026, Scoot aims to serve 85 destinations, with 37 operated exclusively by the airline, highlighting its role in enhancing Singapore’s air connectivity.

ST Engineering has announced a significant expansion of its smart mobility initiatives in the Middle East, securing two major projects valued at over $100m. The projects involve the maintenance of an intelligent transport system (ITS) in Qatar and the deployment of the GoParkin smart car park solution in Jordan.

Under a three-year contract that began in the first quarter of 2026, ST Engineering Urban Solutions has been selected by EGIS QBC JV to support Qatar’s national ITS. This involves comprehensive maintenance for the Road Management Centre of Ashghal, Qatar’s Public Works Authority, ensuring efficient traffic management and safe tunnel operations across the country’s road network.

In Jordan, the company will implement its GoParkin smart car park system at the King Hussein Business Park, with the rollout expected to start in the third quarter of 2026. This system will feature automatic number plate recognition, electric vehicle charging, and multimodal payment capabilities, aiming to enhance user experience and operational efficiency.

Gareth Tang, President of ST Engineering’s Urban Solutions business, stated, “These wins underscore our customers’ confidence in our ability to support complex, mobility systems at both national and city scale.”

ST Engineering has a strong presence in the Middle East, having delivered projects like Dubai’s iTraffic AI-powered ITS and Abu Dhabi’s multimodal intelligent transportation platform. Globally, the company has completed over 60 ITS projects in more than 40 cities, contributing to safer and more efficient urban mobility.

The Urban Redevelopment Authority (URA) tender for a residential site at Holland Plain closed with just one bid, submitted by Sim Lian Group. Despite the muted participation, the bid price of $1,491 per square foot per plot ratio (psf ppr) was at the higher end of expectations, according to Tricia Song, Head of Research at CBRE Singapore and Southeast Asia. This follows Sim Lian’s previous acquisition of an adjacent plot at Holland Link in August 2025 for $1,432 psf ppr.

Developers are becoming more selective in their land acquisitions due to economic uncertainties and potential construction cost increases linked to supply chain disruptions from the Middle East conflict. Sites with less attractive features, such as those further from MRT stations, are seeing less interest. The Holland Plain site, which can accommodate 280 units, is located within a 10 to 15-minute walk from King Albert Park MRT station, an interchange for the Downtown Line and the upcoming Cross Island Line.

The Holland Plain precinct is designed to integrate with its green surroundings, featuring park spaces and water-sensitive elements. The URA plans to introduce two new parks in the area. Nearby, the Dunearn Road plots have seen more competitive bidding, with the latest tender closing in April 2026 with six bids.

Sim Lian Group may consider combining the two adjacent plots into a 510-unit development, potentially launching at an average price of $3,000 to $3,100 psf. This move reflects the group’s confidence in the location’s long-term potential.

Asendia, a global e-commerce and mail specialist, has announced a strategic partnership with Singapore Post (SingPost) to bolster cross-border e-commerce logistics in the Asia-Pacific (APAC) region. This collaboration, revealed on 7 May 2026, aims to enhance delivery performance and market access for businesses shipping to and from Singapore and the wider APAC area.

The partnership comes at a crucial time as the European Union prepares to abolish the €150 de minimis customs duty exemption on 1 July 2026, introducing a flat €3 duty on all low-value imports. This change follows the US suspension of similar exemptions in August 2025. Mark Chong, CEO of SingPost, highlighted the importance of this partnership, stating, “By extending our cross-border partnerships, we are providing businesses with the support to manage these complexities.”

Asendia’s recent establishment of a hub in Singapore further strengthens its presence in the region. The partnership will enable international brands and marketplace sellers on platforms like Amazon and eBay to benefit from more efficient parcel shipping into Singapore and the broader APAC region. Additionally, SingPost’s customers will gain access to Asendia’s extensive international network, facilitating expansion into Europe, North America, and beyond.

Lionel Berthe, Head of APAC at Asendia, noted that the partnership addresses key challenges such as border delays and customs clearance, as identified in Asendia’s Beyond Borders survey. The collaboration promises scalable and cost-effective growth for cross-border businesses in the region.

Gigamon’s 2026 Hybrid Cloud Security Survey has highlighted a significant rise in cyber threats in Singapore, with artificial intelligence (AI) playing a pivotal role. Over the past year, 60% of organisations in Singapore reported security breaches, with AI implicated in 84% of these incidents. This trend underscores the rapid adoption of AI beyond formal controls, contributing to increased security risks.

The survey, which included over 1,000 global IT and security leaders, reveals that despite 91% of Singaporean organisations investing in new security tools, many still struggle with visibility into data movement across their networks. Shane Buckley, President and CEO of Gigamon, noted, “AI is embedded in nearly every stage of the attack chain, enabling adversaries to outpace detection and response.”

Key findings from the survey indicate that AI is reshaping both offensive and defensive strategies in cybersecurity. In Singapore, 93% of organisations report that AI autonomously initiates security functions, particularly in alert triage and prioritisation. However, confidence in securing new AI technologies is outpacing actual capability, with 63% of organisations believing their security measures are robust, despite the high breach rate.

The survey also highlights concerns about future threats, with 92% of Singaporean leaders fearing “harvest now, decrypt later” attacks as quantum computing advances. To combat these threats, deep observability has emerged as a critical factor, with 97% of Singaporean leaders agreeing that access to detailed data is essential for detecting modern threats.

As AI continues to drive cyber threats, organisations are urged to enhance their visibility and adopt modern security approaches to protect against evolving risks.

Cybersense Solutions has officially launched its Southeast Asia headquarters in Singapore, marking a significant step in addressing the growing auditability gap in cyber risk governance across the region. With Thailand set as its first regional expansion market, the move comes as new regulations, such as Singapore’s Financial Services and Markets Act 2022 and the SEC’s cybersecurity disclosure rules, push cyber risk governance into boardrooms.

The firm aims to tackle the persistent challenge organisations face in demonstrating clear ownership and accountability in cyber risk decisions. Adrian Harris, Regional Managing Director of Cybersense Solutions, stated, “Most organisations already understand where their vulnerabilities are. The issue is rarely awareness, it’s ownership.”

The launch highlights the increasing expectation for boards to treat cyber incidents as matters of enterprise governance and accountability. Despite heightened awareness, many organisations still manage cyber risk through fragmented structures, lacking defensible governance evidence. This auditability gap is particularly critical in sectors like banking, manufacturing, and the EV and mobility industry, where cyber risk intersects with business continuity and regulatory compliance.

Cybersense Solutions’ engagement model focuses on governance-first cyber risk management, integrating cybersecurity operations, regulatory compliance, and legal defensibility. The firm aims to provide organisations with clearer accountability structures and audit-ready artefacts, emphasising outcomes that withstand scrutiny.

As interconnected and regulated environments grow, the ability to govern cyber risk with clarity and defensibility is becoming a defining leadership requirement. Cybersense Solutions’ establishment in Singapore reflects this shift towards a governance-focused approach to cyber risk management.

The Sabah Trade and Tourism Office Singapore (STTOS) is reinforcing Sabah’s status as a key regional hub for trade, tourism, and investment through strategic initiatives and collaborations with Singapore. These efforts, spanning from 2022 to early 2026, aim to position Sabah as a gateway to the BIMP-EAGA region and a destination for sustainable economic growth.

Over the past year, STTOS has spearheaded several initiatives to bolster bilateral ties. Notable milestones include the Sabah Fest Singapore Edition, which highlighted Sabah’s cultural and trade potential, and the Market Readiness Seminar in Sandakan, designed to help Sabahan businesses enter the Singapore market. Additionally, Sabah’s participation in regional platforms such as SEMICON SEA and SMEICC has further positioned it as an emerging investment destination.

STTOS is actively promoting Sabah as a destination for high-value, low-impact investments, particularly in sectors like manufacturing, the blue economy, and eco-tourism. This focus aligns with global trends towards sustainability and resilience, offering a unique value proposition for investors.

The office continues to facilitate business matching, market entry support, and investment engagement, strengthening economic ties between Sabah and Singapore. Recent collaborations with the Singapore Business Federation and government agencies highlight the growing interest of Singaporean companies in expanding into Sabah, underscoring the region’s appeal as a sustainable investment destination.