Industry News

Singapore’s small and medium-sized enterprises (SMEs) are gearing up for 2027 with optimism and technological advancements, as revealed by a recent survey conducted by Lalamove. The survey, which included over 300 business users, found that 35% of SMEs are optimistic about business prospects in 2027, with 48% already integrating AI tools or automation into their operations.

The adoption of AI is significantly impacting business operations, with more than half of those using AI reporting a noticeable acceleration in their business pace. This shift is driving a growing need for faster and more flexible delivery solutions. Alex Lin, Managing Director of Lalamove Singapore, noted, “The window between a customer request and the expectation to fulfil it is getting shorter.”

The survey also highlighted that 36% of SMEs expect an increase in delivery demand in 2027, whilst 54% anticipate it will remain steady. The demand for on-demand or same-day delivery has surged, with 44% of respondents noting an increase compared to 2025. This trend is evident across various industries, from retail and e-commerce to food and beverage.

Cost remains a crucial factor for SMEs when selecting delivery partners, with 70% prioritising affordable pricing. Safe delivery and transparent pricing also rank highly. As SMEs continue to adapt to evolving business demands, Lalamove is committed to providing the necessary delivery capacity to support their growth and operational needs.

The Energy Market Authority (EMA) of Singapore and New Zealand’s Electricity Authority Te Mana Hiko have signed a Memorandum of Arrangements (MOA) to strengthen collaboration on electricity market regulation and the transition to a low-carbon energy future. This agreement was formalised during the Singapore International Energy Week (SIEW) on 27 October 2026.

The partnership leverages New Zealand’s expertise in managing an electricity system with a significant share of renewable energy, providing valuable insights for Singapore as it seeks to decarbonise its power sector. The MOA outlines cooperation in planning and regulating electricity markets and integrating low-carbon energy technologies.

Activities under this partnership will include staff training, joint research, workshops, and seminars, alongside sharing regulatory experiences. Both agencies will also explore opportunities for high-level dialogues and cooperation on regional and international platforms such as the Association of Southeast Asian Nations (ASEAN) and SIEW.

Puah Kok Keong, Chief Executive of EMA, expressed enthusiasm about the collaboration, stating, “We look forward to strengthening our exchanges with the Electricity Authority, particularly in the planning and regulation of energy markets and the integration of low-carbon energy technologies.”

Erik Westergaard, Deputy Chair of the Electricity Authority, highlighted the global shift towards clean energy, noting, “The more we collaborate, share expertise, and learn from others’ experiences, the better equipped we are to shape regulatory settings that support a resilient electricity system.”

This partnership marks a significant step in fostering international cooperation to address the challenges of transitioning to sustainable energy systems.

HG Metal Manufacturing Limited has completed the acquisition of a leasehold industrial property at 47 Tuas View Circuit, Singapore, for S$20.8m. The purchase, executed by its subsidiary HG Construction Steel Pte Ltd, was initially announced in December 2025 and finalised following approval from Jurong Town Corporation.

The newly acquired site spans 24,163.8 square metres, featuring a three-storey office building, two production buildings, and a single-storey industrial development. This acquisition more than doubles HG Metal’s operational footprint in Singapore, adding to its existing 22,017.9 square metre facility at 28 Jalan Buroh.

Executive Director and CEO of HG Metal, Xiao Xia, described the acquisition as a “strategic milestone” that provides the necessary space and infrastructure to support the company’s core distribution and processing business. “Our focus from here on is to bring the new site into productive use in a disciplined way,” she stated.

The expansion is set to alleviate capacity constraints at the existing site, which has been operating near full capacity. The additional space will allow HG Metal to scale production, expand storage, and improve operational efficiency. Future investments in the new site will be phased, considering market conditions and the company’s cash flow.

This strategic move positions HG Metal to better serve its clientele and pursue new growth opportunities, reinforcing its status as a leading steel distributor and processor in the region.

The Assembly Place Holdings Ltd. (TAP), Singapore’s largest Community Living operator, has announced its investment in a living-sector fund managed by ICHAM, targeting a fund size of S$300m. TAP will invest up to S$2.5m and is proposed to be appointed as the property manager and operator, aligning its interests with the fund’s investors whilst generating recurring income.

This strategic move marks a significant milestone for TAP, which aims to expand its role from a Community Living operator to managing and operating living-sector properties backed by institutional capital. TAP currently manages over 3,520 keys across 103 property assets in Singapore, with more than 2,100 additional keys in development.

Eugene Lim, TAP’s Executive Director and CEO, stated, “Our investment demonstrates our alignment with the Fund and its investors, whilst our strategic involvement allows ICHAM and the Fund to draw from TAP’s track record and expertise in enhancement and management of living-sector assets.”

ICHAM, an affiliate of the ICH Group, will serve as the investment manager of the fund. Vincent Toe, ICHAM’s Investment Manager, highlighted the resilient demand fundamentals in Singapore’s living sector, noting the potential for sustainable growth and long-term value creation.

The establishment of the fund comes amid growing institutional interest in living-sector real estate across the Asia-Pacific region. According to Knight Frank, investment volumes in Asia-Pacific living-sector assets reached approximately US$21b in 2025, a 49% increase year-on-year.

This development positions TAP to capitalise on the increasing demand for flexible, professionally managed accommodation, enhancing its business model with a scalable, recurring-income approach.

The Vietnam-Malaysia-Singapore (VMS) renewable electricity initiative has achieved a significant milestone with Singapore’s Energy Market Authority granting Conditional Approval to Sembcorp Utilities Pte Ltd. This approval allows the project to advance further, pending additional regulatory and project approvals.

The VMS initiative plans to import up to 1.3 gigawatts (GW) of renewable electricity into Singapore through a regional power corridor linking Vietnam, Malaysia, and Singapore. The project will utilise Vietnam’s offshore wind resources and solar and battery energy storage infrastructure in Malaysia, with operations expected to begin in 2035. Malaysia will act as both a recipient and transit country for the electricity flow.

The Conditional Approval builds on a Joint Development Agreement signed in May 2025 between PetroVietnam Technical Services Corporation, Sembcorp Utilities Pte Ltd, and MY Energy Consortium, which includes Malaysia’s Tenaga Nasional Berhad and Petroliam Nasional Berhad. The consortia have been working closely with governments and stakeholders to advance technical and commercial activities.

The approval was announced during the Singapore International Energy Week 2026, attended by key figures from the involved companies and government officials from Singapore, Malaysia, and Vietnam. The VMS initiative is part of broader efforts to enhance Southeast Asia’s renewable energy potential and strengthen cross-border energy connectivity, contributing to the ASEAN Power Grid’s advancement.

The latest report from PropNex reveals a notable increase in shophouse transactions during the third quarter of 2026, with 22 deals recorded, marking a 37.5% rise from the previous quarter. Despite this uptick, the total sales value fell by 15.6% to $163.5m, attributed to the absence of high-value transactions.

The largest transaction in Q3 was a 999-year leasehold shophouse on South Bridge Road, sold for $16.8m. This period also saw a resurgence in leasing activity, with 883 rental contracts signed, the highest since Q3 2024. The rental value increased by 15.9% to $9.16 million, driven by a two-year lease renewal cycle.

PropNex anticipates continued investment interest in shophouses, bolstered by Singapore’s stable market and limited supply of conservation properties. However, challenges remain, particularly for F&B operators facing a high churn rate, with 2,101 closures reported in the first seven months of 2026. Despite these challenges, shophouse capital values are expected to remain resilient, supported by Singapore’s political stability and strong currency.

Sembcorp Utilities Pte Ltd, a subsidiary of Sembcorp Industries, and Nxera Singapore, the AI data centre arm of Singtel Group, have signed a Memorandum of Understanding (MOU) to supply renewable and low-carbon energy to Nxera’s data centres in Singapore. The agreement, formalised at the Singapore International Energy Week 2026, aims to enhance energy resilience and reduce carbon emissions in support of Singapore’s digital economy.

The collaboration will explore scalable solutions such as low-carbon hydrogen-based generation, biomethane-based power generation, and vertical building-applied photovoltaics. Additionally, renewable energy imports from the 2.2GWp floating solar project at Linggiu Reservoir in Johor, Malaysia, are being considered. These initiatives are designed to lower Nxera’s carbon footprint as its operations expand.

Koh Chiap Khiong, President & CEO of Gas and Related Services and CEO of Singapore at Sembcorp, highlighted the growing demand for reliable, scalable, and lower-carbon energy driven by AI adoption. “Our partnership with Nxera further affirms our shared ambition to enable the next generation of digital infrastructure whilst advancing the global energy transition,” he stated.

Bill Chang, CEO of Nxera and Singtel’s Digital InfraCo unit, emphasised the importance of sustainable power sourcing in Singapore’s resource-constrained market. “Strengthening our energy resilience will be critical to underpinning Nxera’s long-term development in Singapore whilst supporting Singapore’s digital ambitions,” he said.

This partnership marks a significant step in advancing sustainable energy solutions for data centres, aligning with Singapore’s broader environmental goals.

Amogy has announced the deployment of its ammonia cracking technology at the newly established Low-Carbon Technology Translational Testbed (LCT³) on Jurong Island, Singapore. This initiative, supported by the Economic Development Board (EDB), was unveiled at the Singapore Industry Decarbonisation Forum. Amogy’s ammonia cracking module, set to be operational in 2027, aims to produce up to one tonne of hydrogen daily under industrial conditions.

The collaboration with A*STAR marks a significant step for Amogy, as it plans to establish its first research and development centre outside the US in Singapore. The partnership will focus on developing lower-cost catalysts, enhancing the feasibility of ammonia-based hydrogen and power solutions across Singapore’s industrial and energy sectors.

Seonghoon, CEO of Amogy, highlighted the importance of this project, stating, “The data will support larger deployments of ammonia-based hydrogen and power across Singapore’s industrial and energy sectors.” This move is expected to bolster Singapore’s efforts in decarbonisation and sustainable energy solutions.

The LCT³, which broke ground today, will serve as a platform for testing and translating low-carbon technologies into practical applications. Amogy’s involvement as one of the first partners underscores the potential impact of ammonia cracking technology in advancing hydrogen production and utilisation.

As the project progresses, it is anticipated to pave the way for broader adoption of hydrogen as a clean energy source, contributing to Singapore’s long-term sustainability goals.

YTL PowerSeraya has announced the appointment of Lim Han Kwang as its new Chief Executive Officer, effective 1 January 2027. Lim will succeed John Ng, who will remain with the company as a Director on the Board. This leadership transition is part of a strategic plan to ensure continuity and growth as the company navigates the evolving energy landscape in Singapore.

John Ng, who has been at the helm of YTL PowerSeraya during two separate tenures, has played a pivotal role in the company’s development. Under his leadership, the company achieved significant milestones, including the acquisition of the 396 MW Tuaspring Power Station and securing a major project to develop a 600 MW hydrogen-ready power plant at Pulau Seraya. Ng’s leadership saw the company through challenging times, such as the Russian-Ukraine war in 2022, and resulted in some of the most profitable years in the company’s history.

Lim Han Kwang, who has been with YTL PowerSeraya since 2020, brings over 23 years of experience in Singapore’s electricity and gas markets. His previous roles include CEO of Geneco, where he led the company to become Singapore’s top residential electricity retailer. Lim’s appointment is expected to drive YTL PowerSeraya’s next phase of growth, focusing on operational excellence and supporting Singapore’s energy transition.

Tan Sri Francis Yeoh Sock Ping, Chairman of YTL PowerSeraya, expressed confidence in Lim’s ability to lead the company forward, citing his deep understanding of the energy sector and proven leadership skills. As YTL PowerSeraya continues to support Singapore’s energy needs, Lim’s leadership is anticipated to build on the strong foundations laid by Ng.

Cora Environment and A*STAR have announced a partnership to develop Southeast Asia’s first CO₂ mineralisation pilot facility on Jurong Island. This initiative aims to transform incineration bottom ash (IBA) into low-carbon mineral-based materials using captured carbon dioxide. Supported by Singapore’s Low Carbon Energy Research Scale-up Grant, the project seeks to demonstrate practical pathways for waste valorisation and carbon utilisation.

The collaboration builds on successful laboratory-scale testing of the C-Ash technology, which has shown promising results in converting IBA and CO₂ into construction materials. The pilot facility will process up to one tonne of IBA per day, marking a significant step in advancing Singapore’s circular economy and decarbonisation efforts.

Lee Kok Kin, Group CEO of Cora Environment, stated, “This collaboration reflects Cora’s commitment to rethinking waste as a resource. Through C-Ash, we are exploring how incineration bottom ash and captured CO₂ can be transformed into a valuable construction material, advancing both circularity and decarbonisation.”

Professor Lim Keng Hui from A*STAR highlighted the importance of finding new value in discarded materials for a resource-constrained country like Singapore. The project will be showcased at the Singapore Industry Decarbonisation Forum, emphasising its role in supporting Singapore’s long-term decarbonisation goals.

The partnership is part of Cora Environment’s broader strategy to enhance resource recovery in Singapore, complementing initiatives like the School Recycling League and the Beverage Container Return Scheme. The C-Ash project represents a new frontier in unlocking value from traditionally unrecoverable materials.