Industry News

Rex International Holding Limited has announced significant progress in its subsidiary Lime Petroleum’s operations in Norway. Lime, alongside its partners, has been awarded a 25% interest in the North Sea licence PL1279 during the 2025 Awards in Predefined Areas round. This licence includes the Vette discovery, which is set to be developed with the Yme Inspirer.

The Norwegian Offshore Directorate revealed that 19 companies were granted ownership in 57 production licences on the Norwegian Continental Shelf, with 31 located in the North Sea. Lime’s involvement in these developments highlights its strategic positioning in the region.

In addition to the new licence, Lime has completed a three-well campaign on the Brage platform, which began on 8 July 2025. The campaign included an exploration well, an appraisal well, and a new production well. The Talisker production well has commenced operations, with promising results. The Talisker exploration well uncovered commercial oil discoveries in the Cook and Statfjord formations, with estimated recoverable resources between 16 and 33 million barrels of oil equivalent.

Furthermore, the PL740 Bestla drilling campaign, a tie-back to the Brage Field, has been completed in 129 days. The campaign achieved significant milestones, including the successful appraisal of the West Segment and the delivery of OKEA ASA’s first Multi-Lateral Technology well.

These developments underscore Lime Petroleum’s commitment to enhancing its portfolio and production capabilities in Norway, with future plans including the installation of Christmas trees in Q3 2026.

Cuppage Terrace, a renowned food and beverage (F&B) and lifestyle destination on Orchard Road, is up for sale for the first time in over two decades. CBRE, acting as the exclusive marketing agent, is inviting Expressions of Interest for this prime asset, which spans 28,986 sq ft and offers approximately 50,891 sq ft of total floor area. The sale closes on 12 February 2026.

Located in the heart of Singapore’s retail hub, Cuppage Terrace consists of 17 adjoining Peranakan conservation shophouses. The property is fully leased to a diverse mix of established F&B operators, featuring an expansive outdoor refreshment area of over 12,000 sq ft. Its prominent 85-metre road frontage along Cuppage Road enhances its visibility and appeal.

The asset’s strategic location, adjacent to The Centrepoint and near Somerset MRT Station, ensures high accessibility. Clemence Lee, Executive Director of Capital Markets at CBRE, highlighted the rarity of such a large, contiguous shophouse portfolio coming to market, noting strong interest from local and international investors.

Orchard Road remains a vibrant retail centre, with ongoing redevelopment projects promising to enhance its appeal further. The Urban Redevelopment Authority’s efforts to reinvent the area aim to maintain its relevance amidst a dynamic retail landscape.

Following a 2025 valuation of S$250m, CBRE is now seeking Expressions of Interest for this prime asset. Foreigners are eligible to purchase, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the transaction.

SC Ventures and Fujitsu have announced the launch of Qubitra Technologies, a joint venture designed to accelerate quantum computing capabilities and applications. The initiative, previously known as Project Quanta, will focus on integrating quantum resources and talent on a unified digital platform, with its first implementations expected in early 2026.

Qubitra is set to develop quantum-enabled solutions in areas such as fraud detection and financial markets trading. The company is also creating a marketplace platform to connect hardware and software providers with end-users, facilitating experimentation and deployment across the quantum stack. This platform is scheduled to pilot in 2026.

The leadership team, led by CEO Vishal Shete, brings extensive expertise in quantitative finance and frontier technologies. Shete, formerly of Terra Quantum, will guide the development of quantum use cases and intellectual property. “Our mission at Qubitra is to turn quantum innovation into business impact by combining high-performance applications with a collaborative ecosystem that advances the industry,” Shete stated.

Qubitra’s strategy is built on two pillars: high-performance quantum applications and a global quantum ecosystem marketplace. The company is already collaborating with financial institutions, including Standard Chartered Bank, to deploy advanced solutions. Vivek Mahajan of Fujitsu highlighted the potential for these applications to deliver significant improvements over current methods, paving the way for broader adoption of quantum technologies.

As Qubitra expands its partnerships and ecosystem, it aims to drive innovation at the intersection of quantum computing, AI, and financial services, setting the stage for transformative changes in the industry.

Yangzijiang Maritime Development Ltd. has announced its intention to hold an Extraordinary General Meeting (EGM) to seek shareholder approval for a share buyback mandate. This move is part of the company’s broader capital management strategy, aiming to enhance shareholder value and support liquidity.

The proposed mandate will allow Yangzijiang Maritime to purchase up to 10% of its issued shares, excluding treasury shares and subsidiary holdings, in line with the Singapore Exchange (SGX) Listing Rules and the Companies Act 1967. The maximum price for these market acquisitions will not exceed 5% above the average closing market prices.

As of 30 June 2025, Yangzijiang Maritime reported cash and cash equivalents of approximately S$0.5b, with net assets totalling around S$2b. The company plans to distribute a circular to shareholders detailing the proposal and will announce the EGM date and related details soon.

Ren Yuanlin, Executive Chairman and CEO of Yangzijiang Maritime, stated, “With a healthy cash position and strong balance sheet, we continue to be focused on disciplined capital allocation, including through share buybacks when our share price may not reflect the intrinsic value of the Company.” He added that the share buybacks are seen as a means to reward long-term shareholders and reinforce confidence in the company’s strategic direction.

Yangzijiang Maritime, which successfully listed on the SGX in November 2025, positions itself as a key player in the maritime financial solutions sector, bridging shipyards, shipowners, and capital markets.

The National University Hospital (NUH) has officially launched the National University Centre for Digestive Health (NUCD) to improve early detection and treatment of digestive diseases. The centre, inaugurated on 16 January 2026, serves as a referral hub for complex cases from hospitals within the National University Health System, including Ng Teng Fong General Hospital and Alexandra Hospital.

NUCD aims to streamline patient care by accelerating access from initial consultations to surgical expertise in areas such as Upper Gastrointestinal, Hepatobiliary and Pancreatic, and Colorectal. This approach reduces waiting times and enables faster treatment decisions. Since September 2022, NUCD has screened over 12,000 high-risk patients for chronic liver diseases, facilitating earlier interventions.

A significant focus of the centre is improving colorectal cancer detection. New initiatives, including AI-enabled colonoscopy, have increased the Adenoma Detection Rate (ADR) from 33.5% in 2022 to 42.4% in 2025, surpassing the American Society for Gastrointestinal Endoscopy’s guideline of 25%.

The Inflammatory Bowel Disease Centre of Excellence, part of NUCD, offers innovations such as home administration of intravenous biologics and point-of-care intestinal ultrasound.

“The launch of NUCD marks a significant step forward in how we care for patients with digestive conditions,” said Adj A/Prof Lee Guan Huei, Centre Director.

The centre’s advancements in diagnostics and treatment aim to improve patient outcomes and contribute to ongoing research in digestive health.

RHB Bank’s latest Global Economics and Market Strategy Report, authored by Barnabas Gan, Group Chief Economist and Head of Market Research, projects a 3% growth in Singapore’s non-oil domestic exports (NODX) for 2026. This forecast is consistent with the bank’s GDP growth projection for the same year. The report highlights that external demand conditions are expected to remain supportive, driven by the continued expansion in global industrial production and generally positive economic sentiment.

In December, Singapore’s NODX expanded by 6.1% year-on-year, a decrease from the 11.5% growth observed in November. This figure fell short of RHB’s in-house projection of 9.7% and Bloomberg’s forecast of 10.1%. Despite this, the overall NODX growth for 2025 was recorded at 4.85%, a significant increase from the 0.25% growth in 2024.

The report underscores the importance of external demand in sustaining Singapore’s export growth, with global industrial production playing a crucial role. As the world economy continues to recover, Singapore’s export sector is poised to benefit from these favourable conditions.

Looking ahead, the anticipated 3% growth in NODX for 2026 reflects a stable outlook for Singapore’s export sector, supported by robust global demand and positive economic trends.

Coastal Cabana, a new executive condominium (EC) in Singapore, has seen a successful launch weekend with 498 units sold, accounting for over 66% of its total offerings. The development, a joint venture by Qingjian Realty, Forsea Holdings, ZACD Group, and Jianan Capital, achieved this milestone on 17 and 18 January 2026, with units averaging S$1,734 per square foot.

Located along Jalan Loyang Besar in Pasir Ris, Coastal Cabana offers a rare seafront living experience. The development features 748 units spread across 16 residential blocks, with a mix of three- to five-bedroom units ranging from 872 to 1,421 square feet. The project is expected to be ready for occupancy by 31 March 2029.

The strong sales performance reflects the development’s appeal, with buyers attracted to its generous layouts, family-friendly facilities, and coastal environment. “We are proud to continue contributing to Singapore’s EC landscape by delivering quality homes that meet strong demand for private residential living,” said Du Dexiang, Managing Director of Qingjian Realty. Wang Xin, Director at Forsea Holdings, added that the development’s sea views are a particularly prized feature in the EC market.

Coastal Cabana’s strategic location offers residents easy access to Downtown East, Pasir Ris Park, and a variety of shopping, dining, and recreational options. The sales gallery is situated along Eunos Avenue 3, and more information can be found on the development’s website.

Singapore’s retail landscape is evolving as it moves from aggressive expansion to a focus on outlet optimisation, according to Knight Frank Singapore’s Q4 2025 Retail Report. The report highlights a shift towards experience-led strategies, with success now defined by finesse rather than footprint, as stated by Knight Frank Singapore CEO Galven Tan.

Prime retail rents in Singapore’s Orchard area reached S$31.70 per square foot per month, whilst suburban rents stood at S$27.20. The island-wide average gross rent of prime retail spaces increased by 0.5% quarter-on-quarter to S$28.50 per square foot per month in Q4 2025. This growth is attributed to a rise in international visitor arrivals, which totalled 15.5 million from January to November 2025, a 2.7% increase compared to the same period in 2024.

The Marina-City Hall-Bugis cluster experienced the strongest rental growth, driven by events such as the Singapore Grand Prix and a resurgence in Meetings, Incentives, Conferences and Exhibitions (MICE) activities. Prime rents in this area grew by 4.8% in 2025.

Retail sales, excluding motor vehicles, reached S$7.6b in October and November 2025, surpassing the S$7.3b recorded in July and August. The F&B sector remains a key driver of leasing demand, with Chinese brands leading the charge in refining their market strategies. Japanese, Korean, and American F&B operators are also expanding in Singapore, despite high operating costs.

Looking ahead, luxury segments and experiential categories are expected to remain resilient, whilst mid-market retailers may face challenges. Knight Frank projects prime retail rents to grow by 2% to 4% in 2026, supported by stable tourist arrivals and Singapore’s position as a regional hub for entertainment and events.

KoverNow, a digital insurance platform specialising in luxury and collectible items in Singapore and Hong Kong, has announced the appointment of Kevin Lee as its new Chief Financial Officer (CFO). Lee will be responsible for leading the company’s financial strategy, governance, and capital management, as KoverNow aims to expand its presence across the Asia Pacific region.

With more than 25 years of experience in the financial and water industries, Lee is well-versed in corporate and loan restructuring, mergers and acquisitions, and strategic growth initiatives. His notable achievements include establishing a RM20b, AAA-rated green Sukuk programme, which underscores his leadership in sustainable finance.

Stephan Kaiser, CEO of KoverNow, commented on the appointment: “Kevin’s appointment marks an important milestone as KoverNow enters its next phase of growth. His depth of experience in financial leadership, complex transactions, and sustainable financing will be invaluable as we continue to scale our platform, expand partnerships, and strengthen our position as a leading digital insurance enabler in the region.”

KoverNow’s platform allows customers to manage their insurance needs seamlessly, from asset valuation to claims and renewals, through its award-winning app. The company partners with specialist insurers and reinsurers to provide coverage for items such as watches, jewellery, handbags, wine and whisky, art, and cameras.

Lum Chang Creations Limited has announced an expected increase in net profit for the half year ending 31 December 2025 (1HFY26), compared to the previous half year. This anticipated growth is attributed to improved gross profit margins and enhanced project execution, according to a preliminary review by the company.

The company is in the process of finalising its unaudited financial results for 1HFY26, with an official announcement scheduled on or before 12 February 2026. Shareholders and potential investors are advised to exercise caution when trading shares and to seek professional advice if necessary.

The announcement comes ahead of Lum Chang Creations’ Business Update Meeting, set for 30 January 2026 at the Ocean Financial Centre in Singapore. The meeting will feature a presentation on the latest developments, strategic initiatives, and performance highlights, followed by a Q&A session.

In a recent development, Lum Chang Creations secured contract wins worth S$63.4m, further bolstering its financial outlook. The company continues to focus on delivering strong project performance and maintaining robust profit margins.