Industry News

Huttons Asia has provided insights into the proposed rezoning of land parcels at Holland Road, which is set to transform the area near the Botanic Gardens into low-density housing and Good Class Bungalows (GCBs). This prime location, close to Cluny Hill and Gallop Road/Woollerton Park GCB areas, is expected to attract significant interest due to the limited supply of bungalows in these coveted zones.

The Singapore government’s plan to welcome up to 30,000 new citizens annually could further drive demand, particularly among ultra-high-net-worth individuals (UHNWIs) seeking to purchase GCBs. According to Lee Sze Teck, Senior Director of Data Analytics at Huttons, “These new GCBs will likely be highly sought after.”

An important consideration in this development is the Additional Buyer’s Stamp Duty (ABSD), which typically applies to land acquisitions. However, as this project involves a land swap, ABSD may not be applicable. Nonetheless, Lee notes that the Leasehold Building Charge (LBC) should be payable due to the change of use.

The proposed rezoning and development of GCBs in this area could significantly impact the real estate market, offering new opportunities for both buyers and investors. As the project progresses, it will be crucial to monitor how these changes influence property values and demand in the surrounding areas.

Singapore’s non-oil domestic exports (NODX) could experience a slowdown in the coming months, according to a report by RHB Bank’s Group Chief Economist and Head of Market Research, Barnabas Gan. The report highlights concerns over geopolitical tensions, particularly in the Middle East, and tariff-related risks that may impact Singapore’s trade performance.

In February, Singapore’s NODX rose by 4.0% year-on-year, a decrease from the 9.2% growth seen in January, and fell short of Bloomberg’s estimate of 5.3%. Electronic NODX showed a significant moderation, growing by 43.2% year-on-year, whilst non-electronic NODX contracted by 6.9% year-on-year.

Gan emphasised that the ongoing geopolitical noise and external risks related to tariffs could negatively affect Singapore’s growth and trade, especially if Middle East tensions worsen into the first half of 2026. Despite these challenges, RHB maintains its full-year NODX growth forecast for 2026 at 3.0%.

The report serves as a cautionary note for Singapore’s trade outlook, urging stakeholders to remain vigilant amidst the evolving global economic landscape. As geopolitical and tariff-related uncertainties persist, the potential impact on Singapore’s trade dynamics remains a key concern for the months ahead.

BSH Home Appliances is celebrating its 30th anniversary in Singapore, highlighting its commitment to innovation and community engagement. Since its establishment in 1996, BSH has expanded its operations and strengthened partnerships with retailers, property developers, and the design community. The company is renowned for its brands Bosch and Gaggenau, which bring a combined heritage of over 400 years in engineering and craftsmanship.

BSH has been pivotal in introducing energy-efficient appliances and smart home solutions to Singaporean households. The demand for dishwashers has notably increased, with Bosch recognised as the world’s leading dishwasher brand for a decade. Bosch also holds the title of Singapore’s Number One Brand for Large Built-In Appliances, reflecting its strong market presence.

Denise Tan, Head of Category Management and Project Builder Business at BSH Singapore, stated, “We bring together strong brands, advanced technology, and deep local understanding. This allows us to serve a wide spectrum of homes, from functional everyday living to refined culinary experiences.”

To commemorate its 30th year, BSH Singapore plans to launch various initiatives, including sales campaigns, employee engagement events, and Corporate Social Responsibility programmes. Chiam Sheh Way, CFO of BSH ASEAN, emphasised the company’s dedication to improving home life, stating, “Our purpose is to improve quality of life at home; making daily tasks simpler, more efficient, and more sustainable.”

Looking ahead, BSH aims to continue investing in Singapore, enhancing its industry partnerships, and developing technology that meets real household needs.

Singapore’s external trade experienced a slowdown in February 2026, with non-oil domestic exports (NODX) increasing by 4% year-on-year, following a robust 9.2% growth in January. The rise in NODX was primarily driven by a significant 43.2% increase in electronic exports, notably integrated circuits (ICs) and disk media products, according to Enterprise Singapore.

The non-electronic segment, however, saw a decline of 6.9%, with non-monetary gold, food preparations, and petrochemicals contributing to the decrease. Despite the mixed performance, NODX grew by 6.7% over January and February, smoothing out the impact of the shifting Lunar New Year holidays.

Non-oil re-exports (NORX) rose by 21.9% in February, easing from a 51.3% expansion in January. Electronics led this growth, with a 40.9% increase, whilst non-electronics saw a modest rise of 0.5%. Key electronic drivers included personal computers (PCs) and telecommunications equipment.

Total merchandise trade grew by 13.6% in February, a moderation from the 23.8% expansion in January. Both exports and imports contributed to this growth, with non-oil exports increasing by 16.4%, although oil exports declined by 16.3%.

The top markets for NODX included South Korea, Taiwan, and Hong Kong, which saw significant growth, whilst exports to the US, Indonesia, India, and China declined. Notably, NODX to South Korea expanded by 50.5%, driven by non-monetary gold, ICs, and pharmaceuticals.

This data highlights the ongoing challenges and opportunities within Singapore’s trade landscape, with electronics continuing to play a pivotal role in driving export growth.

Alibaba Group has launched Wukong, a new AI-native platform designed to streamline business operations by integrating advanced agentic capabilities directly into enterprise workflows. The platform, announced on 17 March 2026, is built on robust security infrastructure and aims to enhance productivity in business environments.

Wukong is the flagship product of the Wukong Business Unit under the newly established Alibaba Token Hub (ATH) Business Group. This launch underscores Alibaba’s commitment to advancing AI solutions for the enterprise market. Currently, Wukong is available for invitation-only beta testing and can be accessed as a standalone desktop application or as an embedded AI agent within DingTalk, Alibaba’s enterprise collaboration platform.

The platform is engineered to handle complex tasks such as document editing, spreadsheet updates, and meeting transcriptions by coordinating multiple agents within a single interface. It also offers enterprise-grade security features, including identity authentication and access controls, making it suitable for business environments where security is paramount.

Wukong will progressively integrate with other messaging platforms like Slack, Microsoft Teams, and WeChat, allowing users to access its features across various devices. Additionally, Alibaba plans to incorporate its broader ecosystem, including Taobao and Alibaba Cloud, into Wukong as modular agent skills, further expanding its functionality.

To cater to specific industry needs, Wukong has introduced One-Person Team (OPT) solutions across ten sectors, including e-commerce and legal services. These solutions provide industry-specific skills to help individuals and startups manage workflows efficiently.

This development is part of Alibaba’s broader strategy to integrate AI capabilities into practical applications, following the recent upgrade of its consumer AI application, the Qwen App.

Savills Singapore has announced the sale of a prime freehold landed redevelopment plot at 5 Jalan Khairuddin, located in the sought-after Opera Estate of District 15. This exclusive opportunity, marketed solely by Savills, presents a rare chance to acquire a sizeable plot of approximately 17,413 square feet, zoned for “2-Storey Mixed Landed” use.

The property is uniquely positioned at the end of a tranquil cul-de-sac, elevated above its surroundings, providing privacy, exclusivity, and unblocked views. These features are increasingly scarce in today’s market, making the plot particularly appealing to both homeowners and developers. Buyers have the flexibility to create a bespoke detached residence or explore redevelopment options for cluster housing or subdivided schemes, pending approval from relevant authorities.

Strategically located, the plot offers excellent connectivity, being close to Kembangan and Bedok MRT stations and accessible via major roads like the East Coast Parkway and Pan-Island Expressway. Nearby amenities include Bedok Mall and Djitsun Mall, alongside a variety of dining and lifestyle options in the East Coast district. The area is also home to reputable educational institutions, enhancing its appeal to families.

Nick Chan, Associate Director of Investment Sales & Capital Markets at Savills Singapore, stated, “5 Jalan Khairuddin represents a prime opportunity to secure a sizeable freehold landed plot within the highly sought-after District 15. Situated on elevated ground within a quiet cul-de-sac, the property offers privacy, a serene environment and unblocked views.”

The guide price for the property is set at $25m, or $1,435 per square foot on land area. The sale will be conducted through an Expression of Interest exercise, closing on 22 April 2026 at 3pm.

Serial Achieva Limited has entered into a non-binding memorandum of understanding (MOU) with UFCT Technology Co., Limited to establish a strategic partnership aimed at expanding their presence in the artificial intelligence (AI) and cloud computing sectors. Announced on 16 March 2026, the collaboration seeks to leverage UFCT’s industrial resources and expertise to support Serial Achieva’s business development.

The MOU outlines plans for joint enterprise business development, focusing on cloud service providers, data centres, and system integrators. It also includes cooperation in AI infrastructure, cloud computing, and storage solutions. Additionally, the partnership aims to optimise product and supply chain synergies and expand regionally across ASEAN and selected markets.

Sean Goh, Chairman of Serial Achieva, highlighted the complementary strengths of both companies, stating, “This collaboration brings together highly complementary strengths and marks an important step in positioning Serial Achieva within the rapidly expanding AI and cloud value chain in Asia.”

UFCT, a subsidiary of Shenzhen-listed Shannon Semiconductor Technology Co., Ltd., is a leading distributor of electronic components in the semiconductor industry. The company holds distribution rights for major microchip brands and serves prominent cloud service providers like Alibaba and Tencent.

The MOU also considers potential capital collaboration, with UFCT possibly increasing its shareholding in Serial Achieva over the next two to three years, subject to due diligence and regulatory approvals. This strategic move aligns with UFCT’s recent subscription agreement to acquire 21,004,873 new ordinary shares in Serial Achieva, reflecting its commitment to the partnership and the company’s growth trajectory.

Vicplas International Ltd, listed on the SGX Mainboard, has announced a 14.9% increase in revenue for the first half of 2026, reaching S$62.4m. This growth was driven by higher sales in both its medical devices and pipe and pipe fittings segments. However, the company reported a loss after tax of S$3.4m, a significant decline from a profit of S$0.2m in the same period last year.

The medical devices segment, whilst showing signs of recovery with increased orders and new project commercialisations in Singapore, China, and Mexico, faced short-term constraints impacting its profitability. The Mexico plant, which began small-scale production, has been awarded new projects expected to boost future revenues. Despite these developments, the segment’s results were negatively affected by the costs associated with new investments in cleanrooms and machinery.

The pipes and pipe fittings segment benefited from robust construction activities in Singapore, particularly in public housing and civil engineering projects. However, the segment continues to face challenges from intensified competition and volatile raw material costs. The company plans to focus on green building materials and local manufacturing to enhance supply chain resilience.

CEO Walter Tarca noted the complex operating environment, citing geopolitical conflicts and supply chain disruptions as ongoing challenges. He emphasised the company’s commitment to prudent cost management and exploring new business opportunities to strengthen its foundation for long-term growth.

Ookla’s latest Connectivity Report for the second half of 2025 highlights Singapore’s mobile and fixed network performance, with Singtel emerging as the top provider. The report, based on Speedtest data, reveals that Singtel recorded a median download speed of 310.26 Mbps and a median 5G download speed of 402.16 Mbps, securing its position as the Best Mobile Network and Best 5G Network in Singapore.

SIMBA Telecom also performed well, achieving the highest network consistency with a score of 96.6%. This indicates a reliable performance across various network conditions, a crucial factor for users who demand stable connectivity.

Singtel further distinguished itself by offering the best mobile video streaming and gaming experiences, according to Speedtest Intelligence data. This suggests that users can expect smoother video playback and more responsive gaming sessions on Singtel’s network.

The report underscores the competitive landscape of Singapore’s telecommunications sector, with providers striving to enhance their offerings. As mobile and internet usage continues to grow, these insights are vital for consumers making informed choices about their service providers. The findings also highlight the importance of network performance in delivering quality user experiences, particularly in an increasingly digital world.

AirTrunk, a hyperscale data centre specialist, has officially opened its new regional headquarters at the Ocean Financial Centre in Singapore. This marks a significant milestone as the company celebrates ten years in the city-state, reinforcing its commitment to Singapore as a pivotal regional gateway and global digital infrastructure hub.

The new headquarters, designed by Woods Bagot, is located in Singapore’s financial and technology district and features panoramic views of Marina Bay. It incorporates wellness zones, flexible collaboration spaces, and energy-efficient design, reflecting AirTrunk’s focus on a high-performance, people-first culture. The office is housed within a BCA Green Mark Platinum Super Low Energy Building, underscoring the company’s dedication to sustainability and talent investment.

Since 2016, AirTrunk has invested billions in Singapore, establishing three hyperscale facilities with a total IT load of 180MW. In August 2025, the company secured a landmark S$2.25b green loan for its second data centre, SGP2, marking Singapore’s largest-ever green loan for a data centre.

Robin Khuda, AirTrunk’s Founder and CEO, stated, “Singapore has been fundamental to AirTrunk’s growth over the past decade and remains central to our long-term Asia Pacific strategy.” He highlighted the company’s confidence in Singapore’s leadership in digital infrastructure and AI ecosystems.

The opening ceremony was attended by Josephine Teo, Minister for Digital Development and Information, who discussed Singapore’s strategy for sustainable digital infrastructure. The Singapore Economic Development Board’s Executive Vice President, Pee Beng Kong, emphasised Singapore’s role as a hub for global technology companies.

AirTrunk’s social initiatives in Singapore include partnerships with organisations like Daughters of Tomorrow and WWF-Singapore, focusing on digital literacy, conservation, and community resilience.