Industry News

Visa, in collaboration with Marina Bay Sands, UOB, and the Singapore Tourism Board, has announced ‘A Moment to Savour’, a premium dining programme set to run from November 2026 to March 2027. This initiative will bring together renowned chefs and restaurants from Singapore and across the globe, offering unique dining experiences in the Marina Bay area.

The programme aims to highlight Singapore’s status as a global gastronomy hub, providing both locals and visitors with memorable culinary experiences. The series will debut at Marina Bay Sands with a two-night dinner featuring the one-Michelin-starred Waku Ghin and two-Michelin-starred MOSU Seoul, led by Chef Anh Sung Jae. Other notable collaborations include Chef Emmanuel Stroobant of Saint Pierre with Chef Christiaan Stoop of Taian Table, and Chef Julien Royer of Odette with Chef San Degeimbre of L’air du Temps.

Visa cardholders worldwide will have access to these exclusive events, with presales available for UOB Visa cardholders and Visa Infinite cardholders. Bookings for the initial sessions open on 28 October 2026.

Adeline Kim, Visa’s Group Country Manager for Regional Southeast Asia, stated, “A Moment to Savour reflects the importance of creating meaningful experiences around the passions that drive travel.” The initiative is part of Visa Destinations, a platform designed to enhance visitor experiences in Singapore.

The series not only celebrates Singapore’s diverse food scene but also strengthens Marina Bay’s position as a leading lifestyle destination. Further details on the 2027 chef collaborations will be announced later.

The Energy Market Authority (EMA) of Singapore and the French Energy Regulator, Commission de régulation de l’énergie (CRE), have signed a Memorandum of Understanding (MOU) to enhance cooperation in energy market regulation. This agreement, formalised during the Singapore International Energy Week (SIEW), aims to leverage each other’s expertise in regional interconnectivity and low-carbon energy technologies.

The MOU will facilitate collaboration between EMA and CRE in regulating electricity and gas markets. It will draw on France’s extensive experience with cross-border electricity interconnections and integrated electricity markets in Europe. This partnership is expected to provide both parties with valuable insights into the regulatory frameworks necessary for supporting greater electricity connectivity and advancing the energy transition.

The collaboration will include practical exchanges such as knowledge sharing, technical training, study visits, and joint workshops. Additionally, EMA and CRE will engage in high-level dialogues and explore opportunities for cooperation at regional and international platforms, including the Association of Southeast Asian Nations (ASEAN) and SIEW.

Puah Kok Keong, Chief Executive of EMA, expressed enthusiasm about the partnership, stating, “Building on the Comprehensive Strategic Partnership between Singapore and France in 2025, we are pleased to deepen our bilateral cooperation with CRE through this MOU.” Emmanuelle Wargon, Chairperson of CRE, echoed this sentiment, highlighting the importance of international cooperation in the global energy transition.

This MOU marks a significant step in strengthening bilateral ties and fostering innovation in energy regulation, with potential implications for future energy systems in both regions.

Singapore-based vision AI startup Ailytics has raised US$7.4m in a Series A funding round led by Tin Men Capital, with participation from SG Growth Capital and Japan’s Safie. The funds will support Ailytics’ expansion into the US, broader Asia-Pacific (APAC), and Gulf regions, leveraging its technology that transforms industrial CCTV into a real-time safety and operations platform.

Ailytics, which began as a project between the Housing and Development Board and the National University of Singapore, has grown significantly, boasting over 400 deployments across 15 countries. Its platform has detected more than 5.7 million hazards and monitored over 500 million square metres of active worksites globally. The company aims to capture the US mid-market and expand into large industrial nations like Japan and the Gulf region.

The startup’s proprietary platform, Ailyssa, provides real-time insights from existing CCTV infrastructure, significantly reducing safety incidents and non-compliances. “In five years, we’ve grown from a Singapore startup to running more than 400 deployments across 15 countries and four continents,” said Lenard Tan, CEO of Ailytics.

The investment also strengthens Ailytics’ position in Japan, a priority market, following a memorandum of understanding with Safie, a major supplier to Japan’s construction industry. Jeremy Tan, Co-Founder of Tin Men Capital, highlighted the startup’s robust unit economics and low client churn as key factors in their continued support.

Ailytics’ growth aligns with Singapore’s AI economic plan, aiming to integrate 10,000 enterprises and 100,000 workers into the AI economy.

RHB Bank has revised its full-year manufacturing growth forecast for Singapore to 9.2%, up from the previous 9.0%, according to its latest Global Economics and Market Strategy Report. This adjustment has led to an upgrade in the 2026 GDP growth forecast to 5.4% from 5.0%, reflecting strong year-to-date manufacturing growth and resilient external demand.

The report, attributed to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, highlights the constructive outlook for Singapore’s manufacturing sector in 2026 and 2027. However, it cautions that the sustainability of industrial production (IP) momentum is dependent on the AI investment cycle and the broader global trade environment.

In September, Singapore’s IP rose by 3.4% year-on-year, a significant slowdown from the 15.4% increase recorded in August. This figure fell short of Bloomberg’s consensus expectation of a 7.1% year-on-year rise and marked the lowest reading since August 2025.

The revised projections underscore the importance of external factors in shaping Singapore’s economic landscape. As the global trade environment and technological investments evolve, these elements will play a crucial role in determining the future trajectory of Singapore’s manufacturing sector and overall economic growth.

Caltex Singapore has announced a series of promotions to celebrate its 90th anniversary, offering customers the chance to win free fuel and exclusive merchandise. From 27 October to 31 December 2026, customers spending a minimum of S$60 on fuel using the CaltexGO app will be automatically entered into a draw to win S$3,000 worth of fuel vouchers. Additionally, limited-edition Caltex Collectible Boxes, featuring four unique designs, are available for purchase with a minimum spend.

The promotion includes hidden rewards within the collectible boxes. Ninety boxes contain a Silver Ticket, granting winners S$90 in StarCash value, whilst nine boxes hold a Golden Ticket, awarding 90,000 Link Points, equivalent to approximately S$900. These initiatives are part of Caltex’s efforts to thank its loyal customers and stakeholders for their support over the decades.

Leong Jee Wong, General Manager of Fuel Sales for Singapore and Malaysia, expressed gratitude to customers, stating, “For decades, Caltex has been proud to keep people and businesses moving with our quality fuels and reliable service.”

Caltex, a Chevron brand, has been a trusted name in the fuel industry since 1936, supporting motorists and businesses across Asia-Pacific, the Middle East, and Africa. The company continues to innovate with products like Caltex with Techron fuels and Havoline engine oils, ensuring engines perform at their best.

Seven adjoining terrace factory properties at Hillview Terrace, Singapore, have been launched for sale by public tender with a guide price of S$51.6m. Marketed by Colliers, these properties span approximately 31,200 square feet and are held on a 999-year leasehold tenure from 1885. The site is zoned “Residential” under Master Plan 2025, with a gross plot ratio of 1.62, and may allow an additional 0.30 plot ratio for residential redevelopment, subject to approval.

Located in the established Hillview area, the properties are surrounded by residential neighbourhoods and green spaces, with three MRT stations nearby: Bukit Gombak, Bukit Batok, and Hillview. The site offers potential for continued industrial use or residential redevelopment, appealing to industrial owner-occupiers, investors, and developers. Steven Tan, Executive Director at Colliers, noted the rarity of such a large, contiguous site with residential zoning coming to market.

In addition, Colliers is marketing four neighbouring freehold properties at Hillview Terrace, with a combined land area of approximately 19,781 square feet. These properties are also zoned “Residential” and may qualify for an additional 0.30 plot ratio if redeveloped. The owners are seeking S$33.63m for these properties.

Together, the offerings present a unique opportunity for a larger landholding in Hillview, totalling approximately 50,980 square feet. The public tender for the seven factory properties will close on 1 December 2026.

The ASEAN Labour Statisticians Network (ALSN) was launched today in Singapore to help member states identify emerging jobs and skills, thereby strengthening workforce planning across the region. Proposed by Singapore, the network will aid ASEAN countries in anticipating the labour market impacts of artificial intelligence (AI), the green transition, and digital work platforms.

The inaugural ALSN Expert Forum, running from 27 to 29 October, marks the debut of two significant initiatives: the ASEAN Green Jobs Report and the ALSN Co-Creation Incubator Projects. The report provides a comprehensive view of green jobs and skills across ASEAN, whilst the incubator projects employ AI to enhance workforce intelligence.

Stanley Loh, Permanent Secretary at Singapore’s Ministry of Manpower, emphasised the importance of collaboration: “The world of work is changing quickly, and we need better ways to understand what those changes mean for employment, skills and workers. No country can build that understanding alone.”

The forum, attended by key figures such as ASEAN Deputy Secretary-General San Lwin and ILO Chief Statistician Ritash Sarna, also saw the launch of the ASEAN Labour Statistics Office and the ALSN Knowledge Portal. These initiatives aim to improve the consistency of labour market data and facilitate better-informed workforce policies.

As Singapore prepares for its ASEAN Chairmanship in 2027, the ALSN is expected to play a crucial role in navigating the future of work, making labour markets more resilient and enterprises more competitive across the region.
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Aspire has unveiled AspireBooks, an AI-powered multicurrency accounting platform, designed to streamline bookkeeping, reconciliation, and financial reporting within its existing financial platform. This launch marks Aspire’s entry into the accounting software market, traditionally dominated by Xero and QuickBooks, and aims to merge corporate banking with accounting processes.

AspireBooks addresses the inefficiencies of using separate systems for financial transactions and accounting. By integrating accounting directly into Aspire’s platform, it automates transaction classification, accounting category recommendations, and tax treatment through AI, allowing businesses to maintain up-to-date financial records continuously. Andrea Baronchelli, co-founder and CEO of Aspire, emphasised, “With AspireBooks, we’re bringing these two worlds together so accounting happens as a natural part of running a business.”

The platform responds to a significant demand for automated accounting solutions, with Aspire’s research indicating that 41% of its customers still manage bookkeeping manually, and 63% are open to AI-powered solutions. AspireBooks offers features such as continuous closing, multicurrency transaction management, and financial insights through its Model Context Protocol (MCP) integration. A multi-entity management feature is also in development.

Developed with input from Singapore Accountants, AspireBooks aligns with Singapore accounting standards and aims to shift the focus from data entry to decision-making. Haroon Naseer, Director Financial Reporting at Singapore Accountants, noted the platform’s potential to free accountants’ time for more strategic tasks.

AspireBooks is now available in Singapore for S$39 per month, with an introductory three-month free period.

Soilbuild Construction Group Ltd., a prominent player in Singapore’s construction industry, has announced the acquisition of new contracts worth approximately S$103m. This development boosts the company’s order book to around S$809m, ensuring robust revenue visibility for the foreseeable future.

The newly secured contracts include the construction of an industrial facility in Singapore’s North East Region, scheduled for completion by the first quarter of 2028. Additionally, the company will supply and deliver precast components for a Housing and Development Board (HDB) project in Bukit Merah, expected to be finished by the second quarter of 2028. A significant variation order for an existing project, set to conclude by the second quarter of 2027, also forms part of this contract package.

Executive Director and Group CEO Lim Han Ren remarked, “We remain disciplined in our tendering approach, prioritising opportunities that align with our capabilities and commercial objectives.” As Soilbuild Construction celebrates its 50th anniversary, the company continues to leverage its extensive experience and track record to pursue growth opportunities whilst maintaining a commitment to safety, quality, and timely project delivery.

The company’s sustained involvement in industrial and public housing projects underscores its capabilities in integrated construction and precast solutions. Soilbuild Construction’s strategic focus on these sectors is expected to support its long-term growth trajectory.

The latest quarterly report from Huttons reveals that Singapore’s landed property market experienced a 3.7% increase in prices during the third quarter of 2026, despite a 5.6% decline in transaction volumes. The report attributes the drop in sales to a slowing resale market for HDB flats and private condos, compounded by the Lunar Seventh Month, which traditionally sees reduced activity.

Semi-detached homes led the price surge with a 4.7% increase, followed by terrace homes at 2.7% and detached homes at 1.4%. The average land size of transacted homes decreased from 3,079 sq ft in the second quarter to 2,910 sq ft in the third, as buyers adjusted to rising land costs by opting for smaller plots.

The report also highlights a shift in buyer preference towards 99-year leasehold properties, with their sales proportion rising to 15.6%, the highest since the first quarter of 2025. This trend is driven by the increasing values of 999-year leasehold and freehold homes, which have priced out some buyers.

Looking ahead, Singapore’s GDP growth of 5.4% year-on-year in Q3 2026 is expected to support the property market, with demand for landed homes remaining robust despite rising interest rates. However, the fourth quarter may see a slight dip in transactions due to year-end holidays and changes in school registration zones. Nonetheless, prices are anticipated to remain stable, supported by ongoing demand for wealth preservation.