Industry News

JTC has awarded the tender for the industrial site at Plot A Tukang Innovation Drive to Fusion Property Pte. Ltd. and BP-Innovue Pte. Ltd. The tender, which closed on 8 April 2025, attracted five bids and was awarded for a sum of $81,888,888. This site marks the first Industrial Government Land Sales (IGLS) site to benefit from an additional three years of lease tenure, a recent enhancement to the industrial land lease framework.

The site, zoned for Business 2 use, spans 18,687 square metres and comes with a gross plot ratio of 2.5. The project is expected to be completed within 60 months. The extended 33-year lease tenure is designed to offer developers more flexibility in planning and executing industrial solutions, as highlighted by Wong Yu Wei, Deputy Chairman of Boustead Projects Limited. He stated, “The additional three years of lease tenure for greenfield developments is timely as it gives developers greater flexibility in delivering full lease term industrial solutions.”

This development is part of JTC’s ongoing efforts to enhance the industrial land lease framework, providing a longer runway for developers and supporting the success of investment products for end users. The extended lease is expected to facilitate better planning and execution, ultimately benefiting the industrial sector.
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The National Basketball Association (NBA) and the Karim Family Foundation (KFF) have announced a multi-year partnership, naming KFF as the Official Community Partner of the inaugural NBA Rising Stars Invitational. This landmark event, set to take place from 25 to 29 June at the Kallang Alive Precinct in Singapore, marks the NBA’s first regional high-school basketball tournament, featuring boys’ and girls’ teams from 11 countries and territories across the Asia-Pacific region.

The collaboration was unveiled by NBA Asia’s Head of Marketing Communications, Sheila Rasu, and KFF Principal, Cindy Karim, during a launch event at Spectra Secondary School. The event included a Jr. NBA/Jr. WNBA clinic for students, highlighting the foundation’s commitment to youth empowerment through sport. As part of the partnership, KFF will host a Jr. NBA/Jr. WNBA clinic on 28 June for local children, including those from SportCares, Sport Singapore’s philanthropic arm.

Cindy Karim expressed enthusiasm about the partnership, stating, “We are delighted to be the Official Community Partner of the NBA Rising Stars Invitational. My family and I have always believed in the power of sport to inspire ambition, build character and unite communities.”

The tournament will feature a five-day schedule, beginning with round-robin play and culminating in semi-finals and finals. Participants will also engage in skill development and cultural exchange activities. The Jr. NBA/Jr. WNBA programme aims to teach fundamental basketball skills and core values, whilst the Her Time to Play initiative focuses on increasing opportunities for girls and women in basketball.

Further details about the festival, including ticket information, will be announced later. For updates, visit nba.com/risingstarsinvitational.
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Science Centre Singapore (SCS) is celebrating the nation’s 60th year of independence with a series of engaging events and promotions designed to spark scientific curiosity. Running from 1 June to 31 December 2025, the centre offers exclusive Omni-Theatre ticket deals, limited-edition keepsakes, and interactive trails.

Visitors can enjoy Omni-Theatre tickets for as low as $6, a significant discount from the usual $14. The theatre will premiere new shows, including ‘Cities of the Future’, which highlights urban innovations, and ‘Animal Kingdom: A Tale of Six Families’, an exploration of nature’s family dynasties. These offers are available exclusively to Singapore Citizens and Permanent Residents.

KidsSTOP™, SCS’s dedicated children’s science centre, hosts ‘Our Void Deck’, an interactive installation that runs until 11 August 2025. This exhibit brings the essence of Singapore’s community life indoors, featuring activities like identifying local dishes by scent and crafting birthday messages for the nation.

The Young Scientist Badge programme returns with a special SG60 edition. Young explorers can complete two of five self-guided trails to earn a commemorative badge. Trails include the Young Ecologist and Young Engineer, with the Young Mathematician Trail launching on 1 June.

Further celebrations include the STEM Fiesta during the National Day weekend and a special exhibition on dinosaurs and mass extinctions, developed with the Lee Kong Chian Natural History Museum. These events aim to inspire wonder and honour Singapore’s heritage.
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UOB Global Economics and Markets Research has released its weekly outlook for 2–6 June 2025, detailing significant economic events across the globe. The report covers key developments in Singapore, Asia-Pacific, and major developed economies, providing insights into upcoming central bank decisions and data releases.

In Singapore, the 22nd IISS Shangri-La Dialogue, Asia’s premier defence summit, will take place from 30 May to 1 June. Notably, China will not be represented by its defence minister for the first time since 2019. Key economic data releases include the May Purchasing Manager’s Index (PMI) and April retail sales figures.

Across the Asia-Pacific, various holidays will be observed, including Eid Al-Adha and the Dragon Boat Festival. The Reserve Bank of India is expected to announce a 25-basis point cut in its repo rate on 6 June, according to UOB economist Jester Koh. Key data releases include Australia’s Q1 GDP and China’s Caixin PMIs.

In developed economies, the European Central Bank and the Bank of Canada are anticipated to cut interest rates by 25 basis points. The US will see a busy week with the release of the Beige Book report and several Federal Reserve officials speaking. Key US data includes the May ISM surveys and the Labour Market Report.

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Moody’s Ratings has upgraded Grab Holdings Inc’s corporate family rating (CFR) to Ba3 from B1, maintaining a positive outlook. This decision reflects Grab’s enhanced credit quality, driven by its leading market position and disciplined cost management, which are expected to boost its scale and earnings over the next 12 to 18 months, according to Yu Sheng Tay, a Moody’s Ratings Assistant Vice President and Analyst.

Grab, a prominent provider of ride-hailing and delivery services in Southeast Asia, reported double-digit growth in key metrics during Q1 2025. Despite economic uncertainties, the company’s resilient business model and substantial cash reserves provide stability and support for potential growth opportunities. Tay noted, “Grab’s resilient business model provides stability to its earnings and free cash flow generation.”

The upgrade also considers Grab’s prudent financial policies, balancing growth with profitability. The company is expected to see its adjusted EBITDA rise to approximately $300 million in 2025 and $450 million in 2026, up from $163 million in the 12 months ending March 2025. Free cash flow is projected to increase to $370 million to $500 million.

However, risks remain with Grab’s nascent digital banking operations, which are currently loss-making. The company aims for breakeven EBITDA in this segment by H2 2026. Grab’s strong liquidity, with $4.2 billion in unrestricted cash and short-term investments, bolsters its financial flexibility.

Future upgrades depend on maintaining market leadership and improving financial metrics, whilst a downgrade could occur if these conditions are not met.
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Banyan Group Residences is set to showcase its latest luxury real estate offerings at a sales exhibition in Singapore from 31 May to 1 June. The event, held at Fairmont Hotel, will highlight the group’s new projects in Phuket, including the ultra-luxurious Banyan Tree Beach Residences Oceanus. These properties are aimed at high-net-worth individuals (HNWI) amidst growing global demand for premium lifestyle homes in Phuket.

The Banyan Tree Beach Residences Oceanus, located in the prestigious Laguna Phuket area, feature 16 four-bedroom units with sizes ranging from 416 to 768 square metres. These residences are designed to offer unparalleled luxury, with high-quality finishes and direct beach access. Stuart Reading, Managing Director of Banyan Group Residences, noted the significant demand for new homes in Phuket, driven by factors such as urban flight and the island’s appeal as a year-round tropical destination.

In addition to the Oceanus project, the exhibition will present other recent launches, including the Garrya Phuket wellness concept homes and the Laguna Lake Residences Aster. These developments offer a range of amenities, from guaranteed rental returns to stunning communal spaces, catering to diverse buyer preferences.

Banyan Group plans to release $1 billion worth of new luxury residential real estate in Phuket over the next two to three years. The group’s strategy focuses on high-specification residences, with plans for larger branded flats and penthouses in prime locations. The scarcity of beachfront land allows for the creation of spacious, high-spec flats with private pools.

As part of its commitment to enhancing the living experience in Phuket, Banyan Group has introduced “The Laguna Advantage,” offering services such as property management and education privileges for new homeowners. With a strong international pipeline and a focus on quality, Banyan Group continues to lead in luxury property development in Thailand.
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Visa has announced a suite of AI-driven product innovations and strategic partnerships aimed at transforming commerce in the Asia Pacific region. The announcement was made at the Visa Asia Pacific Media Showcase in Singapore, where the company highlighted its commitment to enhancing flexibility, security, and acceptance in digital payments.

The new initiative, Visa Intelligent Commerce, introduces integrated APIs and a commercial partner programme to enable developers to deploy AI commerce capabilities securely and at scale. Visa is currently exploring collaborations with Ant International, Grab, and Tencent to facilitate a seamless checkout experience, leveraging its vast network of 4.8 billion credentials.

Jack Forestell, Visa’s Chief Product and Strategy Officer, stated, “Combining the strength of our global network with our leadership in payment innovation here in Asia Pacific, we are bringing new products and solutions that will transform commerce and deliver trust and security to AI-enabled payments across the region.”

Visa is also expanding its cryptocurrency offerings, including stablecoin-backed cards and programmable money, in partnership with DCS Singapore, DTC Pay, and StraitsX. The Visa Tokenised Asset Platform (VTAP) will further support the issuance and management of fiat-backed tokens, facilitating cross-border money movement.

Additionally, Visa’s Flex Credential, a next-generation card allowing users to toggle between debit, credit, and reward points, continues to gain traction, with plans to launch in Vietnam soon.

These innovations underscore Visa’s commitment to driving the future of commerce in Asia Pacific, with AI agents expected to play an increasing role in routine and complex transactions.
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Private equity investors in the Asia-Pacific region are exercising increased caution due to global trade concerns, interest rate uncertainties, and market volatility, according to KPMG’s latest insights. Despite these challenges, the region saw a robust $37.5 billion in private equity investments during the first quarter of 2025, indicating a strong start to the year even with a modest number of deals.

Andrew Thompson, Partner and Head of Asset Management and Private Equity at KPMG Asia Pacific, identified key trends influencing deals in the region. He noted that leaders are focusing on transactions that promote market consolidation, scalability, and technology adoption.

Stephen Bates, Partner and Head of Deal Advisory at KPMG in Singapore, elaborated on these trends in a video, emphasising the importance of strategic deals in the current landscape.

The report also explores the role of artificial intelligence (AI) in enhancing customer relationships. Guillaume Sachet, Partner in Corporate Transformation at KPMG in Singapore, highlighted the significance of the human factor in adopting new technologies, noting that AI is being used to improve operational efficiency and strengthen customer connections.

Additionally, KPMG’s study on AI trust revealed that whilst AI usage is widespread, less than half of users trust AI systems. The report delves into public expectations for AI regulation and governance.

In terms of employment trends, businesses in Singapore are increasingly prioritising talent with specialised skills to drive growth, despite facing challenges such as talent shortages and evolving employee expectations.

KPMG’s insights underscore the evolving dynamics in private equity, technology adoption, and employment, providing a comprehensive overview of the current business environment in the Asia-Pacific region.
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The rapid adoption of artificial intelligence (AI) and the growing demand for cloud services are driving a significant increase in data centre requirements across Asia Pacific, according to a new report by CBRE. Despite an anticipated doubling of data centre supply in the region over the next three years, a shortage of 15–25 gigawatts is expected by 2028 due to insufficient power supply and a lack of AI-ready facilities.

AI-focused data centres require more than double the power density per server rack compared to traditional centres, necessitating advanced infrastructure for cooling, floor loading, and network sensitivity. Many existing projects were designed before the AI era, leading to a projected shortage of suitable space.

Investment in data centres remains robust, with direct investment volumes reaching $4.7 billion in 2024, as reported by MSCI and CBRE Research. This trend is expected to continue into 2025, with operators and developers repurposing stabilised assets despite challenges such as inadequate power supply and construction delays.

Tom Fillmore, Executive Director of Data Centres, Capital Markets, Asia Pacific for CBRE, emphasised the importance of focusing on advanced data centre assets to capitalise on AI growth. He stated, “Prioritising mergers and acquisitions, as well as equity investments in operators with a strong development pipeline will be key to achieving scalability, especially for projects that are power-ready.”

Ada Choi, Head of Research, Asia Pacific for CBRE, added that developed markets like Japan, Australia, and Korea will see increased demand, with Singapore also drawing attention despite its supply constraints. The AI boom is expected to sustain strong demand for co-location and hyperscale data centres, attracting significant investor interest.
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Booking.com has unveiled a list of ten destinations worldwide that are making significant strides in sustainability, aiming to assist travellers in making more responsible choices in 2025.

This announcement comes as new research reveals a growing gap between the intentions and actions of Singapore-based travellers. Whilst 64% express a desire to travel more sustainably, 59% admit they are unsure how to find such options.

The findings highlight a demand for sustainable travel options, with 60% of Singaporeans believing there are insufficient choices available. In response, Booking.com is spotlighting destinations like Koh Yao Noi in Thailand, known for its renewable energy-powered accommodations, and Kyoto in Japan, which offers cultural experiences that support local communities.

Booking.com is also enhancing its platform by featuring third-party certified accommodations to help travellers make informed decisions. “We aim to make it easier for everyone to experience the world sustainably,” a spokesperson from Booking.com stated.

The initiative aligns with the upcoming World Environment Day on 5 June, underscoring the importance of sustainable travel. As more travellers seek authentic and culturally rich experiences, destinations like Seoul, South Korea, and Tabanan, Indonesia, offer unique opportunities to engage with local traditions and natural beauty.

This move by Booking.com not only addresses the current gap in sustainable travel options but also sets a precedent for future travel trends, encouraging more destinations to adopt eco-friendly practices.
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