Industry News

OKP Holdings Limited has announced a landmark contract win worth S$258.3m from Singapore’s Land Transport Authority (LTA) for the design and construction of new cycling paths in the East Region. This significant project, which commenced in May 2025 and is expected to conclude by May 2031, will see the development of cycling networks across eleven towns, including Sengkang, Hougang, and Serangoon.

The contract, awarded to OKP’s wholly-owned subsidiary, Or Kim Peow Contractors, involves converting existing footpaths to cycling paths and creating new pedestrian footpaths. The project will also include infrastructure improvements such as drainage enhancements and the installation of high-strength coatings and thermoplastic markings.

This contract win has propelled OKP’s net construction order book to a record high of S$735.8m, with projects extending until 2031. The Group’s Managing Director, Or Toh Wat, expressed pride in the achievement, stating, “This landmark achievement is a testament to the confidence and trust placed by LTA in OKP. Not only does it mark the largest contract win in our corporate history, it also underscores the Group’s strong capabilities in replenishing our order book.”

The project aligns with Singapore’s Green Plan 2030, reinforcing OKP’s commitment to environmental sustainability. This is the fourth contract OKP has secured from the LTA for cycling path networks, with previous contracts covering other regions in Singapore.
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Standard Chartered Bank is set to increase the maximum interest rate on its Bonus$aver deposit account to 8.05% per annum from 1 June 2025, marking the highest rate ever offered by the bank for this product. This move positions Bonus$aver as the most competitive savings account in the industry. The bank also announced that online equity Buy trades of at least S$20,000, executed through SC Online Trading, will now qualify under the “Invest” category, alongside unit trust purchases.

The Bonus$aver account, known for its tiered interest rate structure, rewards clients for engaging in various banking activities such as salary credit, card spending, insurance, and investment. Usman Khalid, Global and Singapore Head for Deposits, Mortgages & Payments at Standard Chartered, stated, “Bonus$aver has been one of our signature offerings in Singapore for several years, and we’re excited to relaunch it with our highest rates yet for clients who choose Standard Chartered as their primary bank for both their banking and investment needs.”

The decision to include equity trades comes in response to a 50% increase in new client acquisitions in 2024 compared to 2023, and a 65% rise in trading volumes. This change underscores the bank’s commitment to supporting diverse client engagement methods.

Additionally, new clients opening a Bonus$aver account by 30 June 2025, with a minimum deposit of S$50,000, will receive 50 units of SPDR Straits Times Index ETF, valued at S$198. The new rates and conditions will be available on the bank’s website from 1 June 2025.
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Retail investors in Singapore net sold 25 stocks in May, achieving an average total return of 8.5%, significantly outperforming the Straits Times Index (STI), which recorded a 2.9% return. This trend highlights a pattern where retail investors often sell stocks that outperform indices whilst buying those that underperform.

Among the non-STI stocks, Sheng Siong, SIA Engineering, Frasers Hospitality Trust, Frencken, and UMS stood out, averaging 13% returns. Conversely, stocks like Riverstone and Lendlease Global Commercial REIT, which saw the most net buying by retail investors, experienced an average decline of 8%.

Singapore Airlines emerged as the most net sold stock, despite a 7% gain in May and an 11% increase year-to-date. The airline reported a record S$2.8 billion net profit for its financial year ending 31 March, bolstered by a S$1.1 billion non-cash gain from the Air India-Vistara merger.

The data also revealed that retail investors net sold S$280 million in Singapore stocks in May, contrasting with S$2.4 billion in net institutional buying during the first four months of 2025. Institutional investors marginally net bought S$306,522 ahead of the MSCI Quarterly Index Review.

Yangzijiang Shipbuilding led the net retail buying, despite a 1% decline in May and a 26% drop year-to-date. This reflects a shift from 2024 when the stock was a top gainer and saw significant net retail selling. The ongoing trends underscore the dynamic nature of retail investment strategies in Singapore’s stock market.
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Duke-NUS Medical School has marked its 20th anniversary by graduating its largest class to date, the Class of 2025, in a ceremony held at the Ngee Ann Kongsi Auditorium in Singapore. The event, attended by Health Minister Ong Ye Kung, saw 121 students receive degrees, including Doctor of Medicine (MD), MD-PhD, PhD, and master’s degrees. This milestone includes the first graduates from the Masters in Patient Safety and Healthcare Quality programme, unique to Southeast Asia.

The Class of 2025 is notable for its diversity and innovation, with 41% of MD and MD-PhD graduates making significant mid-career shifts from fields such as law, public relations, and mental health support. Additionally, 58% of the graduates are women, highlighting the school’s commitment to diversity. Dean Professor Thomas Coffman emphasised the importance of the conditional admissions pathways with the National University of Singapore (NUS) and the Singapore University of Technology and Design (SUTD), which attract talent from various academic backgrounds.

The graduates have also made significant contributions to research, publishing 253 papers, with several appearing in prestigious journals like Nature Medicine and Lancet Rheumatology. The cohort’s community service efforts were recognised, including initiatives like the Healthy to Thrive programme, which provides health screenings for migrant workers.

As Duke-NUS enters its third decade, it continues to redefine medical education and research, preparing healthcare leaders who are not only skilled clinicians but also innovators ready to impact Singapore and beyond.
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Thales has launched its first cortAIx hub in Asia, located in Singapore. This initiative, supported by the Singapore Economic Development Board (EDB), marks the first time Thales has established an AI incubator outside Europe. The hub, known as cortAIx SG, aligns with Singapore’s National AI Strategy 2.0, aiming to enhance AI excellence and serve as an equaliser in various sectors.

The cortAIx SG hub will integrate into Thales’ global AI network, comprising 800 specialists, providing Singaporean researchers access to international technology and insights. The hub will focus on aviation, defence, and public safety, collaborating with the Civil Aviation Authority of Singapore (CAAS), the Home Team Science & Technology Agency (HTX), and the Defence Science and Technology Agency (DSTA).

During French President Emmanuel Macron’s State Visit to Singapore, Thales announced several joint initiatives. These include a Joint Avionics Lab with CAAS to innovate avionics solutions and a co-lab with DSTA to integrate AI in critical systems for handling drone threats. Additionally, Thales is expanding its partnership with HTX to focus on AI-enabled homeland security technologies.

Philippe Keryer, Senior Executive Vice President of Thales, stated, “cortAIx SG will be a valuable asset to help our customers and partners embrace the vast opportunities AI has to offer, deploying it as a force for good, in support of Singapore’s National AI Strategy.”

The launch of cortAIx SG underscores Thales’ commitment to strengthening its R&D capabilities in Singapore, positioning the country as a hub for AI leadership and innovation.
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TotalEnergies and RGE have achieved significant progress in their renewable energy initiatives, securing a conditional licence from Singapore’s Energy Market Authority (EMA) to import 1 gigawatt (GW) of renewable energy from Indonesia. This development is part of a broader effort to enhance electricity trade between the two nations, addressing rising energy demands and fostering regional energy access.

The licence will enable Singa Renewables, a joint venture between TotalEnergies and RGE, to deliver clean firm power to Singapore and industrial complexes in Indonesia’s Riau Province. This initiative aligns with Singapore’s ambition to import up to 6 GW of renewable power by 2035, contributing to the ASEAN Power Grid vision.

In a related move, Singapore Energy Interconnections (SGEI) and Singa Renewables have signed a Memorandum of Understanding to develop a subsea interconnector for low-carbon electricity imports. This project, witnessed by Singapore’s Minister for Manpower and Minister-in-charge of Energy and Science & Technology, Tan See Leng, and France’s Minister of the Economy, Finance and Industrial and Digital Sovereignty, Eric Lombard, marks a pivotal step towards enhancing regional power connectivity.

Ong Teng Koon, CEO of SGEI, expressed optimism about the collaboration, stating, “The interconnector project will play a crucial role in enabling clean energy imports into Singapore whilst contributing to win-win outcomes for Indonesia and Singapore.” Gregory Thomassin, Head of Business Development, Renewables APAC at TotalEnergies, added, “Our combined expertise will improve energy access and security for Indonesia and Singapore.”

The interconnector project is expected to bolster Singapore’s renewable energy imports and strengthen its partnership with Indonesia, advancing the ASEAN Power Grid initiative. This collaboration underscores the commitment of both nations to a sustainable and interconnected energy future.
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AVIS Singapore has achieved ISO 45001 certification, an international standard for occupational health and safety, as of December 2024. This milestone underscores the company’s dedication to maintaining the highest safety standards across its operations.

The certification process involved implementing structured internal safety systems to manage risks proactively in vehicle handling, premises, and customer interactions. AVIS Singapore’s leadership-driven culture prioritises the safety and well-being of all stakeholders, supported by regular employee training and feedback mechanisms. The company also ensures compliance with local regulations and global best practices through strategic partnerships with certified consultants.

In addition to its focus on safety, AVIS Singapore holds ISO 9001 for Quality Management and ISO 14001 for Environmental Management. These certifications reflect the company’s commitment to service quality and environmental responsibility. AVIS Singapore is actively integrating hybrid and electric vehicles into its fleet to offer sustainable mobility solutions with reduced emissions.

AVIS Singapore’s comprehensive certification assures customers of high standards across all services, whether for short-term rentals, long-term leasing, or chauffeur services. The company, part of the globally recognised Avis Budget Group, continues to lead the local market with its strategic locations at Changi Airport and Havelock Road, embodying a commitment to innovation and customer focus.
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Boustead Singapore Limited’s Real Estate Solutions Division, through its subsidiary BP-Innovue Pte Ltd, has successfully secured a public tender from JTC Corporation for the Tukang Innovation Drive Plot A. The tender, awarded on 30 May 2025, marks the first project for the newly formed Pan-Asian logistics and industrial real estate platform, UIB, which will oversee the development.

The site, launched by JTC in December 2024, is the first under the Industrial Government Land Sales Programme to benefit from an extended lease period. The 33-year tenure allows businesses to fully utilise a 30-year lease term. Spanning 18,687 square metres, the site will feature a multi-user industrial facility with heavy vehicle parking, and permits strata subdivision.

This development is significant as it represents the initial project for UIB, a platform created in March 2025 to provide integrated logistics and industrial real estate solutions across Asia. The site’s strategic location and extended lease are expected to attract businesses seeking long-term industrial space.

Boustead has stated that the development will not materially impact its financial performance for the year ending 31 March 2026. The company, established in 1828, continues to focus on sustainable infrastructure and technology-driven solutions, reinforcing its position as a leader in engineering and real estate development.

The Tukang Innovation site project underscores Boustead’s commitment to advancing industrial infrastructure in Singapore, potentially setting a precedent for future developments under the enhanced industrial land lease framework.
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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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