Industry News

Marco Polo Marine Ltd., a regional marine logistics company, has announced a significant 30% increase in revenue for the nine months ending 30 June 2026, reaching S$109.7m. The company’s third-quarter revenue also rose by 13% year-on-year to S$35.7m. This growth is attributed to the robust performance of both its Ship Chartering and Shipyard divisions.

The company reported a 7% increase in gross profit to S$15m for the third quarter and a 30% rise to S$46.4m over the nine-month period, maintaining a steady gross profit margin of 42%. A key factor in this success is the expansion of Marco Polo Marine’s offshore vessel fleet and the additional capacity from its fourth drydock.

A noteworthy development is the framework agreement with Siemens Gamesa, signed in July, which supports the deployment and charter of two Commissioning Service Operation Vessels (CSOVs). This agreement is seen as a strong endorsement of Marco Polo Marine’s vessels and operational capabilities, providing a multi-year demand pipeline for its CSOVs.

Sean Lee, Executive Director and CEO of Marco Polo Marine, expressed optimism about the company’s future, stating, “With the CSOV Plus under construction and a third unit in planning, we are building the fleet that Asia’s offshore wind market will need. We remain prudently optimistic on the outlook for the remainder of FY2026 and beyond.”

The company’s strategic initiatives and partnerships position it well to meet the growing demands of the offshore wind market in Asia, indicating a promising outlook for the remainder of the financial year and beyond.

Frasers Hospitality, a division of Frasers Property, has officially opened Fraser Residence Putrajaya, marking the introduction of its renowned serviced residence brand in Malaysia. Situated within the TERRA development on the banks of Putrajaya Lake, the new property offers 283 family-oriented serviced flats, catering to both business and leisure travellers.

This launch is part of Frasers Hospitality’s broader strategy to expand its footprint across Asia, with plans to open 18 new serviced and hotel residences by 2028. The expansion aims to meet the growing demand for flexible long-stay accommodation driven by increasing cross-border mobility and changing travel patterns. Upcoming projects include a Fraser Suites flagship in Bangkok and the recently opened Capri by Fraser in Penang.

Chief Operating Officer Chew Hang Song highlighted the strategic importance of Putrajaya, noting its connectivity, economic potential, and lifestyle offerings. “With its spacious flat-style accommodation and family-focused amenities, Fraser Residence is uniquely positioned to serve the needs of guests seeking the comfort and convenience of a home,” he stated.

Fraser Residence Putrajaya is designed to blend the warmth of home with the convenience of a serviced residence. It features fully equipped kitchens, spacious living areas, and a range of amenities including a gymnasium, swimming pool, and dining options. The property is conveniently located near Kuala Lumpur International Airport and key business hubs, offering seamless connectivity for travellers.

IHH Healthcare Singapore and Prudential Singapore have announced a partnership to include Mount Elizabeth Royal Square in Prudential’s PRUPanel Connect network, effective 1 August 2026. This collaboration allows PRUShield Integrated Shield plan policyholders with eligible PRUExtra riders to access day surgery and endoscopy services at the private centre, benefiting from panel advantages.

Mount Elizabeth Royal Square is the first IHH Healthcare facility to join the PRUPanel Connect network. The centre, which opened in 2025, offers hospital-equivalent safety standards, reduced waiting times, and a seamless patient experience. It is strategically located next to Mount Elizabeth Novena Hospital, providing convenience for patients.

Peter Chow, CEO of IHH Healthcare Singapore, expressed satisfaction with the partnership, stating, “We are pleased to partner Prudential to bring Mount Elizabeth Royal Square into the PRUPanel Connect network. This collaboration reflects our shared commitment to improving access to quality private healthcare.”

Prudential Singapore’s CEO, Chan San San, highlighted the benefits for customers, saying, “By adding Mount Elizabeth Royal Square to PRUPanel Connect, we are strengthening our panel ecosystem and giving PRUShield Extra customers more options for specialist day surgery care.”

Eligible Prudential customers can enjoy value-added services, such as cashless admission with an electronic Letter of Guarantee of up to S$15,000, subject to eligibility. This partnership aims to enhance the healthcare journey for policyholders, offering greater assurance and convenience.

DayOne, a global digital infrastructure platform based in Singapore, has obtained a S$530m green loan from DBS, OCBC, and UOB to fund its inaugural data centre in Singapore. This facility is set to be the first in the country to incorporate on-site Solid Oxide Fuel Cell (SOFC) power generation, exploring hydrogen-based energy solutions.

The four-year loan, aligned with internationally recognised Green Loan Principles, will facilitate the construction of a 20-megawatt data centre in Western Singapore. The project commenced in July 2025 and is anticipated to be operational by Q1 2027. DBS, OCBC, and UOB are serving as Joint Mandated Lead Arrangers, Bookrunners, and Green Loan Coordinators, with DBS also acting as the Facility and Security Agent.

The data centre is designed with sustainability at its core, featuring vertical building-integrated photovoltaics and hybrid cooling technologies to enhance energy efficiency. It achieved the BCA Green Mark Platinum (Provisional) certification in December 2025, the highest rating under Singapore’s Green Mark for Data Centres Scheme.

Han Kwee Juan of DBS highlighted the increasing demand for energy-efficient infrastructure driven by AI and cloud computing. Elaine Lam from OCBC noted the significance of hydrogen power in sustainable digital infrastructure, whilst Edmund Leong of UOB emphasised the strategic importance of digital infrastructure in supporting economic competitiveness and sustainability goals.

Since its inception in 2022, DayOne has expanded across Asia and Europe, establishing a presence in multiple countries, including Malaysia, Indonesia, Japan, and Spain. The new data centre aims to bolster Singapore’s position as a leading AI and digital hub.

High-net-worth individuals (HNWIs) in Singapore are redefining retirement by adopting “portfolio lives,” according to a new study by Manulife and FT Longitude. The report, titled “The New Fluidity,” reveals that 57% of HNW respondents intend to continue working beyond traditional retirement age, with 30% planning to work indefinitely. This shift reflects a broader trend towards maintaining active roles in advisory capacities and new ventures.

Despite this proactive approach to post-retirement life, the study highlights significant gaps in wealth planning. Only 16% of respondents have a fully integrated wealth plan, although 70% express a desire for a single trusted adviser to coordinate their financial needs. Concerns about income sustainability and healthcare costs are prevalent, with 59% and 55% of respondents, respectively, identifying these as top priorities. However, fewer than half feel adequately prepared for unexpected medical expenses or cross-border healthcare costs.

The report underscores the importance of succession planning, noting that 38% of respondents are concerned about preserving wealth across generations. Yet, over half have not involved the next generation in wealth planning discussions, raising concerns about effective stewardship. Michelle Fang, Chief Marketing Officer of Manulife Singapore, emphasised the role of insurance in providing liquidity and continuity, aiding families in navigating succession without disrupting long-term investment strategies.

The study surveyed 1,000 HNWIs across Asia-Pacific and the Middle East, with 250 participants from Singapore, highlighting the evolving landscape of wealth management in the region.

The Singapore Institute of Technology (SIT) and IBM have announced plans to establish a Quantum-Safe Centre by the end of 2026. This initiative aims to prepare organisations for emerging cybersecurity threats posed by quantum computing advancements. Located at SIT’s Punggol Campus, the centre will serve as a hub for enterprise, technology, academic, research, and government stakeholders to enhance quantum-safe readiness.

The centre will focus on assessing cryptographic vulnerabilities, testing quantum-safe technologies, and developing migration roadmaps. It will also offer Continuing Education and Training (CET) programmes co-developed by SIT and IBM, alongside hands-on testing of IBM Quantum Safe technologies. These programmes are designed to equip senior business leaders and technical practitioners with the necessary skills for the post-quantum era.

Michael Osborne, Chief Technology Officer of IBM Quantum Safe, has been appointed as SIT’s first Distinguished Visiting Scientist. He will contribute to shaping the centre’s education, research, and industry collaboration initiatives. Osborne stated, “Preparing for the post-quantum era requires more than new cryptographic standards — it requires organisations to understand their security posture today.”

The Cyber Security Agency of Singapore (CSA) supports the initiative, recognising its alignment with national efforts to build quantum-safe readiness. Ong Kok Wee from CSA emphasised the importance of collaboration across government, industry, and academia to strengthen Singapore’s digital infrastructure.

The Quantum-Safe Centre represents a significant step in ensuring that Singapore’s digital economy remains secure and trusted amidst the evolving landscape of quantum computing.

Cushman & Wakefield has announced the sale of Verdun House, a freehold commercial property located at the junction of Verdun Road and Sam Leong Road in Singapore. The property, which is fully leased, offers a mix of retail and F&B tenants on the ground floor, with upper floors occupied by a co-living operator. The sale is being conducted through an Expression of Interest exercise, closing on 21 September 2026.

Verdun House spans approximately 7,316 sq ft with a gross floor area of 22,730 sq ft. Zoned as “Commercial” under the URA Master Plan 2025, the property presents significant potential for value enhancement. Investors can increase the gross floor area to 30,728 sq ft without incurring a Land Betterment Charge, subject to necessary approvals. Shaun Poh, Executive Director at Cushman & Wakefield, highlighted the property’s potential for long-term value creation through asset enhancement and redevelopment.

The property’s prime location offers excellent connectivity, being within walking distance of Farrer Park MRT Station and close to key commercial precincts like the Central Business District and Orchard Road. It is also near amenities such as City Square Mall and Mustafa Centre, making it attractive to young professionals and students from nearby institutions.

Sophia Lim, Director of Capital Markets at Cushman & Wakefield, noted the strong occupier demand in the Farrer Park precinct, supported by its connectivity and proximity to healthcare and educational institutions. Verdun House is priced at S$82m, translating to approximately S$2,669 per sq ft based on the maximum allowable gross floor area.

United Overseas Bank Limited (UOB) has announced the proposed sale of its regional asset management business, UOB Asset Management (UOBAM), to Allianz Global Investors (AllianzGI) for S$555m (approximately US$434m). This move marks a significant strategic shift for UOB as it transitions towards an open architecture wealth model, focusing on advisory and product distribution.

The transaction, which involves UOBAM’s asset management platform across eight key Asian markets including Singapore, Brunei, and Indonesia, is set to enhance UOB’s wealth management strategy. UOBAM currently manages approximately S$42b (US$32.8b) in assets as of 31 December 2025. As part of the deal, UOB and AllianzGI will form a long-term strategic distribution partnership, broadening the range of investment products and wealth solutions available to UOB’s customers in the region.

Linklaters, a global law firm, advised UOB on this transaction. The firm’s multi-jurisdictional team, led by corporate partners Matthew Middleditch and Karen Phang, provided expertise across various domains including corporate, financial regulation, and tax. Middleditch remarked, “This is a significant strategic transaction combining the sale of a leading regional asset management platform with a long-term distribution partnership, which marks a strategic evolution in UOB’s wealth management strategy.”

This transaction underscores UOB’s ambition to advance its wealth management capabilities across Asia, leveraging the strengths of AllianzGI to offer a more comprehensive suite of financial products.

Centurion Corporation Limited has unveiled its Sustainability Financing Framework, designed to finance or refinance green and social projects within its accommodation portfolio. The framework, which spans ten categories including green buildings, renewable energy, and affordable housing, has been rated by Moody’s with a Sustainability Quality Score of SQS2, the second highest of five levels.

The framework outlines how Centurion will allocate proceeds from sustainable finance transactions to eligible projects. These projects are selected through the company’s sustainability governance, with oversight from the Sustainability Steering Committee. The committee reviews the projects annually to ensure they meet the criteria, reallocating funds if necessary.

Centurion plans to report annually on the allocation of proceeds and the environmental and social impact of the financed projects, subject to data availability. The framework aligns with international sustainable finance standards, including the Green Bond Principles and Social Bond Principles.

Centurion’s CEO, Kong Chee Min, stated, “Sustainability is one of the Group’s core priorities, and we are proud to have established a Framework that puts a clear and disciplined structure around how we finance it.”

The framework is part of Centurion’s broader strategy to integrate environmental, social, and governance considerations into its business operations. The company aims for net zero Scope 1 and Scope 2 greenhouse gas emissions by 2050 and a 15% reduction in electricity consumption intensity by FY2030.

The full framework and the Second Party Opinion report are available on Centurion’s website.

Senior Minister of State for Law and Transport, Murali Pillai, participated in a focus group discussion today with students, parents, educators, career counsellors, and community groups to explore aspirations for Maritime Singapore and the potential for meaningful maritime careers. This session is part of a series of consultations organised by the Maritime and Port Authority of Singapore (MPA) to co-create the Maritime Singapore Master Plan.

The Master Plan aims to address evolving global trade patterns, technological advances, and energy transitions. It will outline strategies to strengthen Singapore’s competitiveness as a hub port, enhance its status as an International Maritime Centre, establish leadership in maritime innovation, and develop a future-ready workforce. Announced during the Ministry of Transport’s Committee of Supply Debate in March 2026, the plan is expected to be released in 2027.

Since March 2026, MPA has engaged over 50 stakeholder groups, including companies and unions, to gather feedback on opportunities and challenges facing Maritime Singapore. A Local Industry Panel of more than 20 maritime business leaders has been formed to refine ideas and delve into specific topics.

Public engagement has been ongoing since May 2026 through surveys, contests, and exhibitions. The public can continue to contribute their views until 30 September 2026. These efforts aim to ensure the Master Plan reflects a comprehensive and inclusive vision for the future of Maritime Singapore.