Industry News

Tuas Power has announced its ambitious plan to convert the Tembusu Multi-Utilities Complex (TMUC) to run entirely on renewable biomass by 2028. This initiative is a key part of the company’s decarbonisation strategy and aligns with Singapore’s Green Plan 2030 and Energy Transition Strategy, supporting the nation’s goal to reach Net-Zero by 2050.

Located on Jurong Island, TMUC is currently Singapore’s largest steam generation plant. The conversion will make it the largest green steam and power cogeneration facility in the country, significantly advancing Singapore’s energy transition. The project is expected to reduce Tuas Power’s emissions by approximately 1 million tonnes of CO₂ equivalent, contributing to the national target of reducing peak emissions from 64.43 million tonnes to 60 million tonnes by 2030.

Michael Wong, Chief Operating Officer of Tuas Power, stated, “Singapore’s energy transition is not just an urgent climate imperative but also a strategic move to position the country at the forefront of the global green economy.”

The transition is supported by long-term utilities customers and new partners, including YCH Group, StarHub, and ABB Singapore, who have committed to green power purchases. Tuas Power, which generates over 10,000 gigawatt-hours annually, aims to balance energy security, sustainability, and affordability through this project.

The TMUC conversion is part of Tuas Power’s broader decarbonisation roadmap, which includes exploring electricity imports and renewables projects to further advance Singapore’s energy transition.

Univers, a Singapore-based AI firm specialising in energy technology, has unveiled the Global Impact AI Lab (IAL) in collaboration with Microsoft, AMD, the National University of Singapore (NUS), and the Infocomm Media Development Authority (IMDA). This new centre of excellence aims to leverage artificial intelligence to reduce energy consumption, lower carbon emissions, and enhance productivity across various industries.

The IAL, headquartered in Singapore, will serve as a hub for developing and scaling AI solutions. Univers will lead the initiative, with Microsoft providing cloud and AI capabilities, AMD supplying high-performance AI hardware, NUS focusing on research and talent development, and IMDA advising on sustainable AI practices. “AI and IoT achieve their full potential when powered by strong partnerships,” said Michael Ding, Global Executive Director of Univers.

The lab’s mission is to transform AI concepts into practical, scalable solutions, focusing on energy, operational, and system efficiency. It will operate through four stages: foresight, discovery, incubation, and industrialisation. The IAL will cater to sectors such as energy and utilities, public infrastructure, transportation, and manufacturing.

The Singapore office will act as the lab’s headquarters and a “living lab” for testing prototypes and managing collaborations. The initiative is expected to benefit partners like Starbucks, Microsoft, and AMD, who have already engaged in energy efficiency projects with Univers.

The IAL represents a significant step in advancing AI-driven energy solutions, with Singapore positioned as a global leader in this field.

RHB has revised its 2025 GDP forecast for Singapore, citing a favourable macroeconomic outlook and potential opportunities in the stock market. The firm suggests that recent pullbacks in the Straits Times Index (STI) present buying opportunities, particularly in real estate investment trusts (REITs) and high-yield stocks, as interest rates decline. Analyst Shekhar Jaiswal highlights that the Monetary Authority of Singapore’s (MAS) policy initiatives are expected to drive a rally in small and mid-cap stocks by enhancing liquidity and unlocking value.

The report, titled “Market Strategy: Improving Growth, Expanding Opportunity,” outlines that Singapore’s equities could benefit from easing US-China trade tensions and a stronger Singapore dollar. With market earnings projected to grow over 7% annually from 2026 to 2027, Singapore is poised to offer one of Asia’s highest dividend yields.

RHB’s analysis also points to the potential for increased investor sentiment, driven by these favourable conditions. The report underscores the importance of strategic investments in sectors poised for growth, such as REITs and small-mid caps, which are expected to benefit from the current economic climate.

In addition to the market strategy, RHB’s recent publications cover various topics, including women on boards, sustainable practices in Johor’s plantations, and the ASEAN investment landscape. These insights provide a comprehensive view of the opportunities and challenges in the region’s economic environment.

A recent poll by global talent solutions firm Robert Walters reveals that a significant number of Singapore professionals are opting to stay with their current employers due to concerns over job security. Dubbed ‘The Big Stay,’ this trend sees 81% of professionals expressing varying levels of concern about job security when considering new roles. Of these, 43% are significantly worried, and 15% are completely deterred from applying for new positions.

The survey highlights a shift in priorities, with 38% of professionals now valuing job security over higher pay and better work-life balance, a sentiment not previously held by many. Employers report a 39% increase in job candidates expressing concerns about job security during the hiring process.

Kirsty Poltock, Country Manager of Robert Walters Singapore, notes, “Three years ago, during The Great Resignation, professionals were eager to explore new opportunities. However, Singapore’s professionals were hesitant to leave jobs without securing new ones. Now, with economic volatility and restructuring announcements, ‘The Big Stay’ reflects a cautious approach.”

The poll also indicates that 85% of professionals prioritise job security over other benefits, with inflation, unemployment rates, and GDP growth being key factors influencing job change decisions. Employers are adapting by being more transparent about industry challenges and company growth plans, with 87% modifying recruitment strategies to address job security concerns.

Poltock adds, “Transparency builds trust, and companies that are open about financial positions and industry barriers can better attract the right candidates.” The trend of ‘The Big Stay’ poses challenges for economic growth, as labour movement is crucial for competitiveness and career development.

Meranti Power Pte Ltd has officially opened its 682-megawatt (MW) Hydrogen-Ready Open Cycle Gas Turbine (OCGT) facility on Jurong Island, marking a pivotal step in enhancing Singapore’s energy security. The facility, commissioned by the Energy Market Authority (EMA), can supply electricity within 10 minutes, ensuring grid reliability during unexpected demand surges or technical issues at other plants.

The facility comprises two 341 MW OCGT units, capable of powering over 1 million 4-room HDB households. It is designed to replace ageing fast-start power generation capacity, offering higher efficiency and reducing carbon dioxide emissions by approximately 4,000 tonnes for every 50 hours of operation. This reduction is equivalent to the annual carbon absorption of about 200,000 Meranti trees.

The turbines are hydrogen-ready, able to co-fire up to 30% hydrogen, supporting Singapore’s transition to cleaner energy sources and long-term net-zero goals. Puah Kok Keong, Chief Executive of EMA, stated, “These OCGTs strengthen the resilience of Singapore’s power system, providing fast-start capacity that enhances system reliability against unexpected events of supply disruption.”

Meranti Power has integrated advanced digital solutions and artificial intelligence into its operations, collaborating with partners like ST Engineering to enhance operational efficiency. The facility was completed on schedule in 28 months by a consortium including Jurong Engineering Limited and Mitsubishi Power Asia Pacific Pte. Ltd.

The project benefited from local and international partnerships, including collaborations with Keppel’s Merlimau Cogen Plant and Australia’s Snowy Hydro. Tan Chor Kiat, Managing Director of Meranti Power, noted, “The successful completion of this project on time and within budget reflects innovation and collaboration across partners.”

The private residential market in Singapore experienced a notable uptick in Q3 2025, with overall prices rising by 0.9% compared to the previous quarter, according to a report by OrangeTee, part of the Realion Group. This growth was driven by price increases across all market segments, despite a slight slowdown from the 1% growth observed in Q2.

New home sales saw a significant surge, attributed to the launch of 10 new projects, marking the highest number of uncompleted units released in over a decade. The number of units launched, excluding Executive Condominiums (EC), soared by 175.7% quarter-on-quarter to 4,191 units. Among these, Springleaf Residence emerged as the top-selling project, with 881 units sold at an average price of $2,176 per square foot.

Resale demand remained robust, with transactions increasing by 6.4% from Q2, despite the influx of new home supply. The average price of resale homes climbed to a record high of $1,809 per square foot, reflecting a year-on-year increase of 5.7%.

Landed property transactions also rose for the second consecutive quarter, although Good Class Bungalow (GCB) transactions saw a slight decline. Rental prices increased modestly, with a 24.2% spike in rental volume.

Looking ahead, OrangeTee projects that overall prices for the private residential sales market could rise by 3.5% to 4.5% for the entirety of 2025, indicating continued resilience in the face of macroeconomic uncertainties.

A recent survey by Sun Life Asia reveals that financial security is the primary concern for legacy planning among Asian families, yet 60% worry their wealth will not endure beyond their children’s generation. The study, titled “Passing the torch: Building lasting legacies in Asia,” surveyed over 3,000 respondents across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, highlighting the urgent need for structured legacy planning and financial literacy.

The survey found that seven in 10 respondents prioritise ensuring their family’s financial security as the most crucial aspect of legacy planning. Additionally, 59% wish for their wealth to be invested in long-term growth, whilst 60% express concerns about their wealth’s longevity beyond the next generation. Only 19% of respondents feel fully prepared with their legacy arrangements.

David Broom, Chief Client & Distribution Officer at Sun Life, noted, “We are seeing a clear shift in how families define legacy – from wealth alone to a combination of financial security, education and purposeful living for future generations.”

The survey also highlights that less than a third of respondents believe their children will uphold family traditions, and only 31% are confident their heirs will manage inherited assets effectively. This underscores the importance of financial literacy and open family discussions about wealth.

Despite growing awareness, many families remain unprepared, with only 10% having completed and communicated their legacy plans. The survey indicates a growing demand for professional guidance, particularly among affluent individuals and Gen Z, with 58% and 47% respectively seeking expert advice.

Broom added, “Families are talking but not planning. Whilst more people recognise the need for open conversations about wealth and inheritance, many of these discussions still lack structure and follow through.”

The Monetary Authority of Singapore (MAS) has announced plans to consolidate the listing review functions under the Singapore Exchange Regulation (SGX RegCo) to streamline the listing process. This proposal, open for public consultation until 29 November 2025, aims to simplify the engagement process for prospective issuers, who currently deal with both MAS and SGX RegCo.

The consolidation is part of broader recommendations by the Equities Market Review Group, established in August 2024, to adopt a pro-enterprise regulatory approach whilst bolstering investor confidence. By centralising the review functions, issuers will only need to liaise with SGX RegCo, providing them with greater certainty regarding the listing process and timeline.

SGX RegCo will maintain its focus on admitting quality issuers and ensuring the disclosure of relevant information to aid informed decision-making. Meanwhile, MAS will continue its role in market surveillance, enforcement, and investigating breaches of prospectus disclosure requirements under the Securities and Futures Act.

This move complements previous efforts to streamline the listing process and is accompanied by measures to enhance investor recourse avenues and support companies in unlocking shareholder value. SGX RegCo is also proposing changes to its listing rules to facilitate the consolidation.

MAS invites feedback from interested parties on the proposals, with comments to be submitted via the FormSG link by the deadline. This initiative marks a significant step towards enhancing the competitiveness and efficiency of Singapore’s equities market.

FWD Singapore recently collaborated with Club Rainbow (Singapore) to host the FWD Community Care Day 2025, marking Singapore’s 60th year of independence. Held on 24 October at the Singapore Zoo and River Wonders, the event brought together over 200 beneficiaries, caregivers, and FWD volunteers. This initiative aimed to support children with chronic illnesses and their families, reflecting FWD’s commitment to community empowerment and compassion.

The event was part of FWD Group’s broader community engagement across Asia, supported by the FWD Community Grant. This grant is one of 12 regional initiatives launched this year to promote inclusion and well-being. Adrian Vincent, CEO of FWD Insurance Singapore, emphasised the significance of the collaboration, stating, “FWD believes in empowering people to live fulfilling lives, no matter the circumstances.”

Participants enjoyed a day of exploration and connection, with FWD volunteers accompanying Club Rainbow beneficiaries through interactive exhibits and animal encounters. The event also included the donation of Mandai activity books to enhance the experience. Families had the option to continue enjoying the parks after the formal programme, fostering a sense of joy and discovery.

This initiative builds on a successful collaboration from the previous year, which raised over $40,000 for Club Rainbow. The ongoing partnership aims to foster a culture of empathy and shared responsibility within FWD, whilst directly supporting Club Rainbow’s mission. Teo Siang Loong, Executive Director of Club Rainbow, highlighted the impact of such partnerships, stating, “FWD Community Care Day 2025 demonstrates what is possible when corporate partners engage charities and the vulnerable communities we serve.”

Prudential plc has announced that Regional CEO John Cai will depart the company on 31 October 2025 for personal reasons. In response, Prudential has restructured its leadership, appointing Naveen Tahilyani to expand his responsibilities to include the Southeast Asian markets of Indonesia, Malaysia, and the Philippines, alongside India and Africa. Tahilyani will also lead the Agency and Health functions.

Tahilyani’s appointment leverages his extensive experience in insurance and global companies, where he has driven large-scale transformations across various markets. His notable achievements include significantly expanding an agency force in India, elevating the organisation from 17th to 3rd in retail weighted new business, and setting industry benchmarks in productivity and customer experience.

Additionally, Dennis Tan, Regional CEO for Singapore, Thailand, and Partnership Distribution, will now also oversee Vietnam and the Cambodia, Laos, and Myanmar cluster. Meanwhile, Angel Ng will continue her role as Regional CEO for Greater China, Customer, Wealth, and Product.

Prudential’s leadership changes aim to ensure a smooth transition and maintain its commitment to providing accessible financial and health solutions across its markets. The company, listed on multiple stock exchanges, including Hong Kong and London, continues to focus on being a trusted partner for current and future generations.