Industry News

Annica Holdings Limited has announced the acquisition of a significant project to deploy integrated solar and hydrogen energy systems in Sarawak, Malaysia. The project, awarded by Universiti Malaysia Sarawak (UNIMAS), will see Annica’s subsidiary, H2 Energy Sdn Bhd, implement off-grid power solutions as part of the Kampung Assum Living Lab initiative. The project is set to commence at the end of June 2026.

This development marks the conversion of a 2024 non-binding Memorandum of Understanding into a commercial contract, showcasing Annica’s capability to transform strategic engagements into business opportunities. The initiative aims to address the challenge of providing renewable energy to remote communities in Sarawak, which are not connected to the national grid.

In addition to the solar-hydrogen project, Annica’s subsidiary, Cahya Suria Energy Sdn. Bhd., is in discussions with Travia Consultancy Services Pte. Ltd. to expand their existing framework agreement. This expansion will focus on producing diesel-grade products from end-of-life tyres, enhancing feedstock security, and improving product quality. The recycling facility in Tanjung Malim, Malaysia, is expected to commence commercial production by the fourth quarter of 2026.

Annica is also conducting a rights issue to raise up to S$5.23m, which will fund project development and other corporate needs. CEO Sandra Liz Hon Ai Ling stated, “The Living Lab project underscores our ability to deliver real-world applications of our technology.” The company anticipates that these initiatives will significantly contribute to the growth of its renewable energy segment.

Singapore Airlines has appointed Adrian Chan Pengee as an independent Non-Executive Director on its board, effective 15 June 2026. Chan, a Senior Partner and Head of Corporate at Lee & Lee LLP, brings over 36 years of legal expertise to the airline, having advised on mergers and acquisitions, corporate governance, and regulatory matters.

Chan’s extensive experience includes advising on complex cross-border transactions and co-authoring Singapore’s first Annotated Code of Corporate Governance. He has also contributed to the Ministry of Finance’s Steering Committee for the Companies Act review. His leadership roles extend beyond his legal practice, serving as Vice Chairman of the Singapore Institute of Directors and holding board positions in various SGX-listed companies.

In recognition of his public service contributions, Chan was awarded the Public Service Medal in 2022. At Singapore Airlines, he will join the Board Nominating Committee and the Board Safety and Risk Committee, bringing his wealth of experience to these critical areas.

This appointment underscores Singapore Airlines’ commitment to strengthening its governance framework with seasoned professionals. Chan’s expertise is expected to enhance the board’s oversight capabilities, particularly in navigating complex regulatory environments and ensuring robust corporate governance practices.

VibroPower Corporation Limited has announced the proposed sale of its property at 11 Tuas Avenue 16, Singapore, to Ecorecycling Pte. Ltd. for S$3.93m. The transaction, which was agreed upon on 12 June 2026, requires approval from VibroPower’s shareholders due to its classification as a “major transaction” under the Singapore Exchange’s rules.

The property, spanning approximately 3,500 square metres, is currently leased out and no longer serves VibroPower’s core business operations. The sale price, determined through a willing-buyer and willing-seller basis, reflects a 6.4% discount from its market valuation of S$4.2m as of 31 March 2026. This valuation was provided by Cushman & Wakefield VHS Pte Ltd.

Ecorecycling, incorporated in October 2025, specialises in the manufacture of wood products and recycling non-metal waste. The company is not affiliated with VibroPower or its stakeholders. The sale is contingent upon several conditions, including approval from Jurong Town Corporation (JTC) and other relevant authorities.

The option to purchase is valid until 26 June 2026, with the completion of the sale expected by 29 January 2027, subject to regulatory approvals. If the necessary approvals are not obtained, the agreement allows for rescission, with specific terms for refunding the deposit. This strategic move allows VibroPower to streamline its operations by relocating its archives to other facilities.

Developer sales of new private homes in Singapore experienced a significant decline in May 2026, with only 447 units sold, marking a 71.1% drop from April’s 1,548 units. This decrease follows a high in April and is attributed to fewer launches, with only 357 new units introduced compared to 1,426 in April. However, sales were up 43.3% year-on-year from May 2025, when 312 units were sold, according to CBRE Research.

The year-to-date sales reached 4,008 units by May, 8.1% lower than the same period in 2025. Despite ongoing economic uncertainties and the Middle East conflict, homebuying interest remains resilient, supported by low mortgage rates and a promising pipeline of new projects.

Hudson Place Residences, located at Media Circle, was the sole new launch in May and the top-selling project, with 209 units sold at a median price of $2,465 per square foot (psf). Coastal Cabana, an executive condominium (EC) at Jalan Loyang Besar, followed with 29 units sold at a median price of $1,827 psf. The Continuum, a freehold project, sold 19 units at $2,752 psf.

Sales in the Rest of Central Region (RCR) dominated May’s figures, accounting for 75% of total sales, driven by Hudson Place Residences. The Outside Central Region (OCR) and Core Central Region (CCR) contributed 20% and 5%, respectively.

Looking forward, sales are expected to slow in June due to the school holidays, but activity is anticipated to rebound in July with high-profile launches like Lucerne Grand and Dunearn House. CBRE forecasts 7,500 to 8,500 new homes will be sold in 2026, with stable price growth of 2% to 4%.

Surbana Jurong (SJ) Group has announced strategic partnerships with Abu Dhabi’s Department of Municipalities and Transport and Singapore’s Centre for Liveable Cities at the World Cities Summit. These collaborations aim to advance the concept of Cognitive Cities, which utilise artificial intelligence and digital technologies to create adaptive, sustainable urban environments.

SJ Group’s CEO, Sean Chiao, emphasised the importance of moving beyond smart cities to Cognitive Cities, which are “more responsive, more regenerative and more human.” The partnerships will focus on integrating urban planning, climate resilience, and digital governance to address the challenges of rapid urban growth and climate change.

The collaboration with Abu Dhabi will span two years, concentrating on digital governance, climate resilience, and decarbonisation. His Excellency Abdulla Mohamed Al Blooshi from Abu Dhabi highlighted the role of such partnerships in shaping resilient and sustainable communities. SJ Group will also work with the Centre for Liveable Cities to advance global discourse on Cognitive Cities and regenerative design through research and knowledge-sharing initiatives.

Additionally, SJ Group has developed tools to assist city leaders in evaluating and advancing their cities’ cognitive maturity. These tools aim to define and measure the creation of cities that restore more than they consume. The partnerships and tools are expected to support the development of future-ready urban environments, enhancing liveability and resilience for generations to come.

Smartworks, India’s largest managed office platform, has expanded its presence in Singapore by adding a new 15,000 sq. ft. managed office space at Manulife Tower in the Central Business District. This expansion brings the company’s total footprint in Singapore to over 50,000 sq. ft., reinforcing its commitment to providing world-class workspace solutions for enterprises, Fortune 500 companies, and Global Capability Centres (GCCs).

The new office space, located directly above Telok Ayer MRT station and a short walk from Raffles Place MRT, offers easy access to dining, retail, and wellness facilities. It features Smartworks’ signature managed workspace offerings, including bespoke design, ergonomic furnishings, and dedicated collaboration zones.

Neetish Sarda, Founder and Managing Director of Smartworks, emphasised the strategic importance of Singapore, stating, “Singapore has always been a strategic priority for Smartworks—a gateway to Asia’s most dynamic business community and a market where the demand for fully serviced workspace continues to grow strongly.”

This expansion is part of Smartworks’ broader growth strategy, following a record revenue of $216m (₹1,796 crore) in FY26 and becoming the first listed flexible workspace operator in India to surpass 10 million sq. ft. of operational portfolio. The company continues to be the only homegrown and listed flexible workspace provider from India with an international presence.

In May 2026, Singapore’s property market saw a significant shift as developers launched 357 units, marking a 75% decrease from the previous month but a notable 17.9-fold increase compared to the same period last year. Hudson Place Residences, located in Media Circle, emerged as the sole major non-landed project, selling 209 units, which accounted for 63.9% of its total offerings. The development attracted buyers with its proximity to Kampong AI in one-north and its serene environment.

The median price for Hudson Place Residences was set at $2,465 per square foot (psf), positioning it competitively against Bloomsbury Residences at $2,575 psf. Overall, 447 new homes were sold in May, reflecting a 71.1% decrease from April 2026 but a 43.3% increase from April 2025. This marked the fourth consecutive month where sales outpaced launches, indicating robust demand.

Singaporean buyers dominated the market, comprising 89.6% of purchases, with 61.3% of sales priced under $2.5m. Foreign buyers accounted for 1.8% of transactions, including a notable $11m purchase at Park Nova.

Looking ahead, the June school holidays are expected to slow sales, with projections between 150 and 200 units. However, July 2026 may see new launches, including Dunearn House and Lentor Gardens Residences, as developers aim to avoid the lunar seventh month. Overall, developers anticipate launching up to 7,200 units in 2026, the lowest since 2023, with transaction volumes estimated between 8,000 and 10,000 units and price growth projected at 2% to 5%.

InnoTek Limited, a precision metal components manufacturer listed on the Singapore Exchange, has announced the incorporation of Mansfield Technology (Thailand) Co., Ltd. This new subsidiary, located in Chonburi, Thailand, aims to support InnoTek’s first liquid cooling project and expand its presence in the AI infrastructure sector. The facility, with a paid-up capital of THB 100m (S$3.9m), is set to begin operations in August 2026.

The new facility will focus on CNC machining for liquid cooling components used in AI servers and rack infrastructure. This development is part of InnoTek’s strategy to strengthen its manufacturing capabilities in Southeast Asia. The company has secured an initial project with an established customer, with mass production expected to start in October 2026.

InnoTek plans to invest approximately S$7.5m in capital expenditure for this project, which includes acquiring advanced CNC machining equipment and automation systems. Executive Director and CEO Lou Yiliang stated, “The establishment of Mansfield Technology Thailand marks another important step in our expansion into higher-value manufacturing segments.”

The facility will complement InnoTek’s existing operations in Rayong, Thailand, which is undergoing a significant expansion. The advanced machining capabilities at the new subsidiary are also expected to open opportunities in robotics and humanoid technologies, aligning with the company’s long-term growth strategy.

Pints AI, a Singaporean enterprise AI startup, has successfully raised US$5.6m (S$7.2m) in a pre-Series A funding round led by Tin Men Capital, with participation from SBI Ven Capital, SEEDS, NTUitive, SUTD Venture Fund, and Tenity. The funds will be used to expand into the Asia-Pacific (APAC) and Middle East markets, and to develop Autothought Studio, a toolset enabling financial institutions to build and manage AI applications internally.

The startup’s platform, Autothought, is designed to automate processes like underwriting and claims within banks and insurers, whilst ensuring compliance with regulatory audit trails. Over the past two years, it has helped 12 financial institutions across Singapore, India, Hong Kong, and the United States save a combined US$10m (S$13m), with significant reductions in underwriting and onboarding times.

Pints AI’s approach addresses the challenges many regulated institutions face in deploying AI, particularly the need for traceable and defensible AI-assisted decisions. CEO Partha Rao emphasised, “The real value of AI in financial services will be determined by how deeply it can operate within the core systems and infrastructure limits of a bank or insurer.”

The investment aligns with Singapore’s national AI agenda, which includes a S$37b investment in frontier technology development by 2030. This funding will support Pints AI’s efforts to enhance regulatory governance capabilities and expand its engineering team, positioning the company to meet the compliance demands of financial institutions in new markets.

CGS International Securities Singapore’s Prime Brokerage & Investment Services, in collaboration with J. Rotbart & Co., hosted the fourth edition of Capital Conversations by the Bay on 11 June. The event gathered industry leaders to explore the strategic role of gold amidst current macroeconomic challenges.

The session featured presentations by Joshua Rotbart, Founder of J. Rotbart & Co., and Albert Cheng, CEO of the Singapore Bullion Market Association. Rotbart emphasised gold’s resilience, noting its 20% appreciation during 2020’s market stress and a 310% increase over the past decade. He highlighted central banks’ shift from net sellers to buyers post-2008, with 2025 seeing 863 tonnes purchased, reflecting a move towards decentralised reserves.

Cheng discussed gold’s relevance in modern portfolios, citing its role in addressing inflation, currency risk, and geopolitical tensions. He noted gold’s 40 new highs in 2024 and 53 in 2025, with a broadening buyer base including private investors and central banks.

The panel, moderated by Gunawan Wijaya of CGS SG, examined gold’s practical access and allocation. Panellists suggested a 3% to 5% allocation for general investors, with higher percentages for high-net-worth individuals. They noted gold’s appeal as a tangible asset for wealth preservation, especially in Singapore’s growing family office sector.

The event underscored gold’s strategic importance, with CGS SG affirming its commitment to fostering dialogue among investment leaders.