Industry News

Singapore-headquartered ST Telemedia Global Data Centres (STT GDC) has announced the opening of STT Seoul 1, its inaugural data centre in South Korea. Located in Gasan-dong, Geumcheon-gu, Seoul, the facility offers up to 30 megawatts (MW) of IT load capacity and is designed to support hyperscale and enterprise deployments, including high-density workloads. This development marks STT GDC’s strategic entry into one of Asia’s most advanced digital markets, aiming to meet the growing demand for cloud and AI infrastructure in Northeast Asia.

The data centre, developed through a joint venture with Hyosung Heavy Industries, combines local expertise with STT GDC’s global platform. Charles Chulhoy Huh, Country Head of STT GDC Korea, stated, “STT Seoul 1 establishes an important foundation for STT GDC’s presence in Korea, extending a globally consistent platform into a key Northeast Asian market.”

Hyosung Group Chairman Hyun-Joon Cho highlighted the significance of the facility, noting it as a milestone for Korea’s AI ecosystem. The centre is strategically positioned near critical infrastructure, including telecommunications and transport links, enhancing its operational resilience and efficiency.

STT Seoul 1 has achieved the Tier III Certification of Design Documents from Uptime Institute, ensuring high availability and operational resilience. The facility features dual power feeds, a distributed redundant UPS system, and backup generators, alongside a cooling system with a design Power Usage Effectiveness (PUE) of below 1.3.

The launch of STT Seoul 1 underscores STT GDC’s commitment to supporting Korea’s ambition to become a global leader in AI, providing a robust foundation for the nation’s digital economy.

Foodpanda, Singapore’s leading delivery platform, has announced a new partnership with Sheng Siong, one of the nation’s largest supermarket chains. From 22 June 2026, customers can order over 12,000 grocery items from 43 Sheng Siong outlets via foodpanda, with delivery promised within an hour. This collaboration aims to meet the growing demand for quick-commerce in Singapore, where grocery order frequency has increased by 7% since 2023.

The partnership is set to enhance foodpanda’s grocery ecosystem, complementing its existing network of pandamart stores and partners. Bhavani Mishra, Managing Director of foodpanda Singapore, stated, “Sheng Siong has earned the trust of generations of Singaporeans, and we are excited to welcome this beloved household brand onto foodpanda.”

To celebrate the launch, foodpanda is offering S$280,000 in total cash prizes, with S$10,000 awarded daily to one lucky customer ordering from Sheng Siong between 22 June and 19 July 2026. Additionally, shoppers can enjoy up to 40% off selected Sheng Siong products and other promotions during the campaign.

Lin Ruiwen, Executive Director of Sheng Siong Group, commented, “Partnering with foodpanda allows us to extend our value proposition beyond our physical stores and better serve our consumers’ needs.”

This partnership not only expands access to affordable grocery options for Singapore households but also supports larger orders with a new three-wheeler delivery fleet, ensuring efficient and reliable service.

CBRE has announced the sale of a rare freehold site at 2 and 4 Jalan Ulu Siglap, currently operating as a nursing home, through an Expression of Interest exercise closing on 15 July 2026. The 13,523 sq ft site, zoned for residential use, presents significant redevelopment potential with a baseline Gross Floor Area of 18,713 sq ft and a plot ratio of 1.38.

The site, strategically located near East Coast Road, boasts a prominent 26-metre frontage and a 48-metre depth, making it ideal for efficient redevelopment. It is offered at a guide price of $28m, translating to approximately $1,462 per square foot per plot ratio for non-landed residential redevelopment, inclusive of a land betterment charge. For landed housing development, the price is approximately $2,070 per square foot on the land area.

Michael Tay, Deputy Managing Director and Head of Capital Markets at CBRE, highlighted the scarcity and desirability of such freehold land parcels in the Siglap precinct, noting their appeal to developers, homeowners, and investors. Joshua Giam, Director of Capital Markets at CBRE, added that there is strong demand for freehold development options among family offices and high net worth individuals, with potential for alternative redevelopment into service apartments for long-term rental income.

The property is surrounded by an established residential neighbourhood and is close to amenities such as Siglap V, Bedok Mall, and Parkway Parade. It also benefits from excellent connectivity, being a short walk from Siglap MRT station and a short drive from major expressways, providing easy access to the Central Business District and Orchard Road.

StoneX Group Inc., a Fortune 100 financial services firm, has strengthened its presence in Asia by expanding its partnership with Integral, a leading currency technology provider. This collaboration aims to establish connectivity at the Equinix SG1 data facility in Singapore, enhancing access to foreign exchange (FX) and precious metals liquidity whilst reducing trading latency across the Asia-Pacific (APAC) region.

The expansion allows StoneX to leverage Integral’s infrastructure, already utilised at Equinix’s New York and London facilities, to improve trading efficiency for clients in Asia’s rapidly growing markets. Gerard Melia, Global Head of FX Sales at StoneX, stated, “By extending our infrastructure in Singapore, we are improving our ability to serve clients in one of the world’s fastest-growing financial markets.”

Singapore’s status as a global financial hub is attracting significant investment from major financial institutions, driving the demand for localised trading infrastructure. This development builds on Integral’s recent capacity expansion at the SG1 data centre, which now processes over one million tickets daily, supporting a broad regional client base.

Harpal Sandhu, CEO at Integral, commented, “This expansion is a deepening of our longstanding relationship with StoneX, which spans over 15 years, and reflects the trust that global institutions place in our solutions.”

As StoneX enhances its operations in Singapore, the firm is poised to capitalise on rising trading volumes in Asia, offering clients improved speed and access to liquidity. This strategic move underscores the importance of localised infrastructure in meeting the demands of Asia’s dynamic financial markets.

A recent study by DPHK Consulting has identified the Printing & Reproduction of Recorded Media sector as the most challenging industry to survive in Singapore. Over the past year, this sector recorded 225 business cessations against 108 formations, equating to 208.3 cessations per 100 formations. This analysis, based on data from the Accounting and Corporate Regulatory Authority (ACRA), highlights significant churn in Singapore’s business environment.

The study ranked industries by the number of cessations per 100 formations, with Postal & Courier Activities and Land Transport & Transport via Pipelines following closely behind, recording 164.4 and 149.5 cessations per 100 formations, respectively. The top 10 hardest industries averaged 146.7 cessations per 100 formations, significantly higher than the national average of 85.1.

A spokesperson from DPHK Consulting noted, “The ranking points to significant churn in some parts of Singapore’s business landscape, particularly in print-related manufacturing, delivery, transport, retail, and selected training services.” The spokesperson added that these industries are likely facing challenges such as changing customer behaviour, cost pressures, digital substitution, and intense competition.

The study’s methodology involved analysing business entity formation and cessation data from June 2025 to May 2026, focusing on detailed industries with at least 100 formations. This approach aimed to reduce month-to-month volatility and provide a clearer picture of industry churn.

As Singapore continues to navigate its evolving business landscape, these findings underscore the need for resilience and adaptability in the face of shifting market dynamics.

Singapore is set to enhance its position as a pivotal node in the global gold market, as announced by Deputy Prime Minister Gan Kim Yong at the 9th Asia-Pacific Precious Metals Conference on 15 June 2026. The city-state aims to bridge the gap in the Asian time zone by providing a trusted platform for gold trading, clearing, and storage.

The Monetary Authority of Singapore (MAS) is spearheading several initiatives to bolster Singapore’s gold market infrastructure. These include the establishment of an over-the-counter gold clearing system by the Singapore Exchange (SGX) by the end of 2026, with interbank trading to commence in 2027. This system will facilitate efficient trade processing and settlement during Asian trading hours, supported by six bullion banks including DBS and Deutsche Bank.

Additionally, MAS will introduce central bank gold vaulting services by October, complementing Singapore’s existing commercial vaulting capacity. This move aims to attract foreign central banks and sovereign entities seeking secure storage and active management of their gold reserves.

Efforts are also underway to develop gold-related capital market products, such as a physical deliverable gold futures contract by SGX. Furthermore, MAS plans to remove the 5% cap on physical investment precious metals under tax incentive schemes, allowing for greater portfolio diversification.

These initiatives are part of Singapore’s broader strategy to align with global standards and strengthen its role as a reliable market hub amidst growing demand for financial services in Asia. The city-state’s robust infrastructure and strategic location position it as a key connector in the global gold ecosystem.

Jardine Matheson Holdings has announced a bold investment strategy aimed at achieving a 9% annual Total Shareholder Return (TSR) by 2030. The strategy includes a US$500m share buyback programme running until 2027, and a commitment to grow dividends by at least 5% annually.

The company plans to recycle US$4b from its portfolio, excluding commitments from Hongkong Land and Astra, and aims to generate an additional US$200m in profit after tax and minority interests through inorganic acquisitions. CEO Lincoln Pan emphasised the company’s focus on building a diverse portfolio of high-quality businesses in the Asia Pacific region. “We are working toward building a diverse, sustainable portfolio of quality assets with a target of delivering greater than 9% p.a. five-year TSR,” he stated.

Jardine Matheson is also refining its investment focus, seeking market-leading businesses that can scale in Asia Pacific and leverage technology like artificial intelligence for growth. The company aims for investments that are cash generative and growth accretive, with a pathway to US$100m in profit within five years.

The firm has already made strides in its transformation, including the privatisation of Mandarin Oriental and a US$2.4b investment in I-MED. These moves are part of Jardine Matheson’s strategy to simplify its corporate structure and enhance earnings quality.

As Jardine Matheson continues to evolve, its leadership remains committed to delivering substantial returns and maintaining accountability to its ambitious targets.

Seatrium, a prominent Singapore-based offshore and marine engineering firm, has secured Approval in Principle (AIP) from the American Bureau of Shipping for its pioneering NEXTGEN Energy Hub. This offshore concept aims to integrate ammonia storage and bunkering, power generation, and marine electric vessel charging into a single platform, supporting the maritime energy transition.

The NEXTGEN Energy Hub is designed to facilitate the adoption of cleaner marine fuels, generate power for export, and provide essential charging infrastructure for electric vessels. Central to this concept is Seatrium’s proprietary GraviBED™ platform, which ensures scalable and efficient offshore ammonia solutions whilst maintaining performance in dynamic conditions.

This development follows Seatrium’s strategic Memorandum of Understanding with the American Bureau of Shipping, underscoring the company’s commitment to creating practical, future-ready energy solutions for the offshore, marine, and energy sectors. The approval marks a significant step in Seatrium’s efforts to contribute to the global energy transition.

Seatrium, with over 60 years of expertise, operates across 15 countries and employs more than 24,000 people. Its diversified business includes oil and gas newbuilds, offshore wind, and repairs, positioning it as a key player in the energy transition. The company is also advancing technologies like carbon capture and storage, aiming to engineer a sustainable energy future.

Jacobs, a global engineering firm, has been appointed by Singapore’s national water agency, PUB, to conduct a feasibility study for a potential new desalination plant. The study aims to bolster Singapore’s long-term water security by assessing land-optimised and dual-mode desalination designs, which can treat both seawater and freshwater.

The study will focus on innovative solutions to maximise land efficiency in Singapore’s densely populated urban environment. This includes exploring the integration of multi-storey buildings or deeper basements to house treatment facilities. Jacobs will provide a comprehensive range of services, including conceptual design development, treatment technology assessment, construction methodology analysis, lifecycle cost evaluation, and risk assessment.

Patrick Hill, Jacobs’ President of Global Operations, highlighted Singapore’s reputation for integrated water management and resilient infrastructure planning. He stated, “By combining our global desalination and water reuse capabilities with strong local delivery capability, we’re able to explore innovative solutions that optimise scarce land resources whilst supporting the nation’s future water security needs.”

Jacobs has a longstanding relationship with PUB, having contributed to several critical water infrastructure projects in Singapore, such as the Deep Tunnel Sewerage System and the Tuas Water Reclamation Plant. The firm’s expertise in desalination plant design and maintenance has been demonstrated in significant projects across the region, including the Sydney and Gold Coast Desalination Plants in Australia.

The feasibility study represents a crucial step in ensuring Singapore’s water resilience amidst challenges posed by climate change and population growth. Patrick Hill is set to share further insights on sustainable water infrastructure at the Singapore International Water Week on 16 June.

Singapore-based venture creation group 65LAB has granted US$1.66m (approximately S$2.1m) to a team from the National University of Singapore (NUS) to advance a novel biologic therapy targeting Chronic Obstructive Pulmonary Disease (COPD) and other lung diseases. Led by Associate Professor Ruowen Ge and Professor Fred Wong, the project aims to develop a first-in-class airway-delivered biologic that addresses both T2 and non-T2 COPD, potentially benefiting the entire patient population.

The NUS researchers have identified an anti-inflammatory protein that reduces lung inflammation and restores lung function in preclinical models. COPD, a leading cause of death globally, affects hundreds of millions and presents a significant unmet medical need due to the lack of curative therapies. The funding from 65LAB will support the progression of this biologic candidate through preclinical development and potentially lead to the creation of a new therapeutic company in Singapore.

65LAB, backed by global investors including ClavystBio, Leaps by Bayer, Lightstone Ventures, and Polaris Partners, aims to drive scientific advancement and biotech venture creation from Singapore. The award highlights the importance of collaboration between academic institutions and industry leaders in bringing promising innovations to market.

Dr Ho Wen Qi, Therapeutics Lead at ClavystBio, emphasised the project’s potential: “COPD represents a significant unmet need… With 65LAB’s support, we are accelerating the progression of this innovative therapy to patients.” This initiative underscores 65LAB’s commitment to transforming scientific discoveries into lifesaving medicines.