Industry News

Singapore has emerged as the most targeted nation for ransomware attacks in Southeast Asia, according to the 2025 APJ eCrime Landscape Report by cybersecurity firm CrowdStrike. The report highlights a robust Chinese-language underground ecosystem that facilitates cybercrime activities in the region, including Singapore.

The report reveals that Singapore, despite its smaller market size, surpasses Indonesia, Malaysia, and Thailand in ransomware targeting. It is also among the top five most targeted markets in the Asia Pacific and Japan (APJ) region, alongside India, Australia, Japan, and Taiwan. Key industries affected include manufacturing, technology, industrials and engineering, financial services, and professional services.

CrowdStrike’s findings point to a thriving Chinese-language underground ecosystem that supports eCrime across APJ. This includes the now-defunct Huione Guarantee marketplace, which reportedly facilitated $27b in illicit transactions. Additionally, the China-based bulletproof hosting provider CDNCLOUD is said to maintain an office in Singapore, offering services to cybercriminals across Asia.

The report also notes that targeted eCrime threats are evolving beyond ransomware. For instance, account takeover campaigns are targeting Japanese securities companies, whilst a Vietnamese eCrime ecosystem focuses on compromising high-value social media business accounts.

Adam Meyers, head of counter adversary operations at CrowdStrike, stated, “eCrime actors are industrialising cybercrime across APJ through thriving underground markets and complex ransomware operations. Simultaneously, AI-developed malware enables adversaries to launch high-velocity, high-volume attacks.”

The report underscores the need for robust cybersecurity measures to counter these evolving threats, highlighting the role of AI in both facilitating and combating cybercrime.

HMI Medical has announced the opening of HMI Radiology (Novena), a new diagnostic centre in Singapore, aimed at bolstering its radiology services. Located within the Novena Medical Hub, the facility offers a comprehensive range of imaging services, complementing the existing HMI Radiology (Farrer Park) location. This expansion is designed to improve early detection and proactive health management in the community.

The new centre is equipped with state-of-the-art imaging technologies, including the MAGNETOM Lumina 3T MRI, SOMATOM Drive CT, MAMMOMAT Revelation, and MULTIX Impact X-ray. These systems are intended to provide faster, quieter, and more comfortable imaging experiences for patients. The MAGNETOM Lumina 3T MRI, in particular, is noted for its high-resolution imaging capabilities, which allow for more accurate diagnoses whilst reducing scan times and enhancing patient comfort.

The integration of Siemens Healthineers’ high-resolution imaging systems and AI-enhanced workflows is a key feature of the new centre. This integration is expected to drive patient-centric innovation and broaden access to precision diagnostics across diverse clinical environments. According to HMI Medical, the facility aims to deliver a full suite of diagnostic imaging services to aid in early detection and proactive health management in the community.

The establishment of HMI Radiology (Novena) underscores HMI Medical’s commitment to expanding its diagnostic capabilities and enhancing healthcare access in Singapore. As the demand for advanced medical imaging continues to grow, the new centre is poised to play a crucial role in meeting the needs of patients and healthcare providers alike.

Agnes AI, a Singapore-developed artificial intelligence agent, has achieved a significant milestone by surpassing 2 million registered users globally within just four months of its launch in July 2025. The AI tool, which boasts approximately 150,000 daily active users, has gained substantial traction in Southeast Asia, with half of its user base originating from the region. It consistently ranks among the top 10 productivity tools on Google Play in countries such as the Philippines, Vietnam, and Indonesia.

Founded by Bruce Yang, Agnes AI is an all-in-one assistant that integrates search, research, slide generation, design tools, and shared workspaces, allowing users to seamlessly transition from research to presentation without switching applications. The AI operates on a proprietary technology stack, aligning with Singapore’s vision for a sovereign AI infrastructure.

The core team, comprising academic and engineering experts, includes Evan Pu, a Professor of Computer Science at Nanyang Technological University, Xiaofan Li, an Assistant Professor at the National University of Singapore, and Linus Lee, a Singaporean AI researcher. Together, they have developed the Agnes-R1 model, a seven-billion-parameter system that excels in search, research, and presentation tasks. It has demonstrated superior performance, with faster reasoning and lower costs compared to similar models.

Yang emphasised the importance of local control over AI technology, stating, “Singapore is investing to build AI that we can understand, control, and trust.” Looking forward, Agnes AI plans to expand its capabilities by training a larger model in collaboration with local universities and integrating with regional technology providers. This initiative aims to embed the AI’s functionalities within educational and workplace environments across Southeast Asia.

Retail investors in Singapore are embracing artificial intelligence (AI) in their investment strategies more than their global counterparts, according to a recent survey by trading platform eToro. The survey, which included 11,000 retail investors across 13 countries, found that 32% of Singaporean investors are already using AI to manage their portfolios, compared to just 19% globally.

The survey highlights that an additional 43% of Singaporean investors are open to trying AI for investment purposes. The primary motivation for adopting AI is the time saved on research, with 56% of local investors citing this benefit. Furthermore, 51% of Singaporean investors believe AI represents the future of investing, and 33% think AI can outperform fund managers in selecting investments.

Market Analyst Zavier Wong from eToro noted, “Singapore has one of the highest internet and smartphone penetration rates globally, so it comes as no surprise that the city has some of the most tech-savvy investors in the world.”

The data also indicates a gender difference in attitudes towards AI, with 56% of female investors viewing AI as the future of investing, compared to 46% of male investors. Despite relying on AI, 39% of Singaporean investors plan to further educate themselves on AI-powered investment strategies in the next year, a higher percentage than the global average of 23%.

Additionally, over half of Singaporean investors currently hold investments in the tech sector, with 27% planning to increase their tech investments in the coming months. This trend underscores the growing confidence in AI’s potential across various age groups in Singapore.

The October 2025 Build-To-Order (BTO) exercise witnessed a significant rise in applications, with 31,095 applicants vying for 9,144 flats, according to Huttons. This marks a 34.3% increase from the July 2025 exercise. The surge is attributed to projects in sought-after areas such as Bishan, Bukit Merah, and Toa Payoh, which have historically hosted a high number of million-dollar flats.

The median application rate for first-time families and second-time families for three-room and larger flats rose to 1.7 and 14.8, respectively, from 1.4 and 11.7 in July. The increased allocation rate for second-timer families by 5 percentage points is also believed to have contributed to the heightened demand.

Projects like Bishan Terraces, Berlayer Residences, and Mount Pleasant Crest attracted thousands of applicants. Berlayer Residences, despite a 14% clawback subsidy, drew significant interest, indicating long-term residency plans among applicants. Mount Pleasant Crest, located near Mount Pleasant MRT station, saw over 3,000 applicants for each four-room flat.

Bishan Terraces received over 1,300 applications for its four-room flats, driven by upcoming amenities and limited land availability near Bishan MRT. Meanwhile, Chencharu Grove and Teban Heights were popular for their larger five-room flats and proximity to transport links.

Despite high prices, Ping Yi Court attracted over 480 applicants for its 290 five-room/3Gen flats, highlighting the demand for such units in mature estates. The relaxation of policies for singles has maintained high application rates, particularly in mature estates like Bedok and Toa Payoh.

Young Singaporeans are increasingly viewing property as a reliable means of wealth accumulation, yet many face significant challenges in achieving homeownership, according to ERA Singapore’s “My Dream Home Survey 2025.” The survey, conducted in collaboration with Ngee Ann Polytechnic, highlights that 87% of Gen Zs and Young Millennials consider property a dependable investment, but 45% find it difficult to invest due to affordability issues, high interest rates, and property taxes.

The survey, which gathered responses from over 1,100 individuals, reveals that nearly one-third of young Singaporeans expect to purchase their first home only after five years. This delay reflects the financial hurdles they face, with 37% citing affordability as their main challenge. Marcus Chu, CEO of ERA Singapore, noted, “Home ownership continues to hold deep meaning for young Singaporeans – it’s both a reflection of their lifestyle and identity, as well as a symbol of stability.”

Despite these challenges, young Singaporeans are not deterred. The survey indicates a strategic approach to homeownership, with many planning long-term and building financial knowledge early. This trend is significant as it suggests a shift in how younger generations are navigating the complex housing market.

The findings underscore the importance of understanding the evolving aspirations and challenges of young homebuyers. As the property landscape continues to change, these insights will be crucial for industry stakeholders aiming to meet the needs of future homeowners.

XCL World Academy (XWA), a prominent international school in Singapore, has inaugurated a new Early and Primary Years campus designed for children aged 18 months to 11 years. The campus aims to nurture globally minded, bilingual, and future-ready learners through inquiry-led education and the innovative use of artificial intelligence (AI) and technology.

The opening ceremony, held on 22 October, was attended by Members of Parliament for Nee Soon GRC, Lee Hui Ying and Syed Harun Alhabsyi, alongside distinguished guests from various embassies and chambers of commerce. XWA’s educators, students, and families also celebrated the launch.

Tammy Murphy, Head of School, emphasised the school’s commitment to lifelong learning beyond exams, stating, “We prioritise education that equips students for life, not just academic tests.” The new campus encourages young learners to explore ideas, use technology creatively, and connect their learning to the world around them.

The school integrates AI literacy, bilingual pathways, and future-ready competencies from the earliest years through its inquiry-based International Baccalaureate (IB) Primary Years Programme and the XCLerate framework. This framework focuses on creative arts, global citizenship, student leadership, community action, entrepreneurship, and digital literacy.

The bilingual programme features English and Chinese co-teaching, with additional language options in French, Spanish, and Japanese. The campus also includes dedicated spaces for arts, design, science, and wellbeing, alongside an Innovation Hub and an eSports arena.

The new facilities underscore XWA’s commitment to developing confident, empathetic, and future-ready global citizens, prepared to lead change in an increasingly digital-first world.

Frasers Centrepoint Asset Management Ltd. (FCAM), the manager of Frasers Centrepoint Trust (FCT), has announced a distribution per unit (DPU) of 6.059 pence for the second half of 2025, culminating in a total DPU of 12.113 pence for the financial year ending 30 September 2025. This strong performance is attributed to the acquisition of Northpoint City South Wing for $1.17b, cementing FCT’s position as Singapore’s largest suburban retail mall owner.

The acquisition, completed in May 2025, alongside the divestment of Yishun 10 Retail Podium for $34.5m, reflects FCT’s proactive portfolio management strategy. Richard Ng, CEO of FCAM, highlighted the resilience of FCT’s suburban retail portfolio and the success of its asset management strategies. “FCT has delivered another strong set of results for FY25,” he stated.

FCT’s financial health remains robust, with gross revenue for FY25 rising 10.8% year-on-year to $389.6m, and net property income increasing by 9.7% to $278.0m. The retail portfolio’s committed occupancy stands at 98.1%, with a rental reversion of +7.8% year-on-year. Shopper traffic and tenant sales also saw increases of 1.6% and 3.7% respectively.

The trust’s commitment to sustainability is evident in its green financing initiatives, with 90.1% of its borrowings now in green loans. Additionally, FCT’s efforts in sustainability were recognised with a 5-Star rating in the 2025 GRESB Real Estate Assessment.

Looking forward, FCT plans to continue enhancing its assets through asset enhancement initiatives and other portfolio strategies, supported by Singapore’s resilient suburban retail sector. The limited supply of new retail space in Singapore is expected to underpin the sector’s stability and growth.

Sabana Industrial Real Estate Investment Trust (Sabana REIT) has announced a 38.4% year-on-year increase in income available for distribution per unit, reaching 1.01 pence for the third quarter of 2025. This growth is attributed to a surge in occupancy at New Tech Park, which reached a 12-year high of 94.7% as of 30 September 2025.

Gross revenue for the quarter rose by 5.3% to $29.9m, driven by higher occupancy rates at several properties, including New Tech Park and 33 Penjuru Lane. The net property income also saw a significant increase of 16% year-on-year, totalling $16.9m. This was supported by positive rental reversions of 11.3%, marking the 19th consecutive quarter of such growth.

New Tech Park, a key asset in Sabana REIT’s portfolio, has consistently outperformed the average business park occupancy in Singapore, which stands at 76.7%. The park’s occupancy increased from 86% in June 2025 to 94.7% by the end of September, contributing significantly to the REIT’s overall portfolio occupancy improvement to 87%.

The REIT’s management, led by Chairman Tan Cheong Hin and CEO Donald Han, expressed optimism about future growth, anticipating a double-digit percentage increase in income available for distribution per unit for the full year 2025. They highlighted ongoing asset enhancement initiatives and sustainability efforts, including solar energy generation, as key strategies for future-proofing the REIT.

Sabana REIT aims to become one of Singapore’s first carbon-neutral industrial REITs by 2040, reinforcing its commitment to sustainable growth. The REIT has been recognised as the best-performing S-REIT in terms of total return, achieving a 34.2% return for the first nine months of the year.

A recent survey conducted by Ipsos and sponsored by GSK has revealed that nearly 70% of Singaporeans aged 50 and above underestimate their risk of contracting shingles, a condition also known as herpes zoster. Whilst 63% of this demographic are aware of the disease, only 29% recognise that one in three individuals may develop shingles in their lifetime. Furthermore, just 25% intend to consult their doctors about prevention within the next three months.

The survey highlights a significant gap in understanding the potential complications associated with shingles. Only 44% of respondents were aware that having had shingles increases the risk of heart attack and stroke, whilst 36% understood that the risk of shingles is higher for those with chronic health conditions such as chronic obstructive pulmonary disease, cardiovascular disease, or diabetes.

Dr Asok Kurup from Mount Elizabeth Hospital emphasised the prevalence of the virus, stating, “In Singapore, more than 90% of adults aged 50 years or over carry this virus. This means one in three will eventually develop shingles.” The survey also found that 70% of respondents could identify common symptoms like painful rashes, and 60% were aware of long-term complications such as postherpetic neuralgia.

To address these gaps, GSK has launched an initiative involving community ambassadors aged 50 and above to promote shingles awareness. These ambassadors share personal stories and encourage peers to discuss prevention with their doctors. The initiative aims to enhance understanding and encourage proactive health measures among older adults in Singapore.