Industry News

Abbott has announced that its FreeStyle Libre 2 Plus continuous glucose monitoring system is now part of Singapore’s Ministry of Health (MOH) Continuous Glucose Monitoring Subsidy Programme. This inclusion, recommended by the Agency for Care Effectiveness (ACE), allows eligible individuals with Type 1 diabetes to apply for subsidised sensors through the public healthcare system.

The FreeStyle Libre 2 Plus, known for its 15-day sensor life and high accuracy, is available for people aged two and older, including pregnant women. The subsidy specifically targets those with Type 1, monogenic, or pancreatogenic diabetes who meet ACE’s criteria. For the estimated 2,258 people with Type 1 diabetes in Singapore, this development offers enhanced convenience and timely response to severe hypoglycaemia events.

Candy Gan, a patient advocate with Type 1 diabetes, remarked, “With the inclusion of Abbott’s sensor in the MOH subsidy, people living with diabetes can benefit from more choice, convenience and peace of mind.” The system’s real-time readings empower users to manage their condition more effectively.

Sven Seyffert, divisional vice president of Abbott’s diabetes care business in Asia Pacific, noted, “Singapore was among the earliest countries to use Libre technology in the region, and the latest inclusion of Libre 2 Plus system into the ACE’s subsidy list demonstrates our continued commitment to innovation and access.”

The subsidy can be accessed through public healthcare institutions, requiring a clinical assessment by a specialist diabetes team. The level of subsidy is determined by means testing. This initiative marks a significant step in improving diabetes management and patient autonomy in Singapore.

ib vogt has successfully closed a US$75m financing deal for its 99 MWp solar-plus-storage project in Barangay Luca, Iloilo, Philippines. The financing, secured through an Omnibus Loan and Security Agreement, is provided by Rizal Commercial Banking Corporation (RCBC), with RCBC Capital Corporation as the lead arranger.

The project, ib vogt’s first hybrid solar-plus-BESS development in the Visayas, combines 99 MWp of solar photovoltaic capacity with a 4 MW/16 MWh battery energy storage system. Construction began in early 2026, with commissioning expected by Q2 2027. Once operational, the plant will generate over 160 GWh of clean electricity annually, enough to power more than 85,000 households and reduce CO₂ emissions by over 70,000 tonnes per year. The integrated BESS will enhance grid stability and improve energy dispatchability across the Visayas grid.

David Ludwig, CEO of ib vogt APAC, stated, “This is our first power plant in the Visayas—a market with significant demand fundamentals and strong potential for renewable growth.” He highlighted RCBC’s confidence in the project’s structure and ib vogt’s track record in the Philippines.

RCBC Executive Vice President Elizabeth Coronel emphasised the bank’s commitment to sustainable finance, noting the project’s role in advancing the Philippines’ energy transition. As the fifth largest privately owned bank in the Philippines, RCBC continues to support projects that drive sustainable growth and create long-term value.

ib vogt, headquartered in Singapore, has been active in Asia since 2012 and is committed to supporting the decarbonisation of the global electricity sector. The company manages a pipeline of around 29 GWp of photovoltaic projects, 970 MW of BESS, and 190 MW of wind projects worldwide.

Singapore’s Government Land Sale (GLS) programme for the second half of 2026 will maintain a robust residential supply, with 9,200 units planned, according to CBRE Research. The Confirmed List supply has increased slightly to 4,745 units, whilst the Reserve List has been adjusted downwards to 4,455 units. This distribution supports both private residential units and long-stay serviced apartments, catering to diverse housing demands.

The Confirmed List will see the launch of 4,010 private housing units across seven residential sites and one white site, alongside 735 Executive Condominium (EC) units. Notably, the Town Hall Link site in Jurong Lake District (JLD) has been moved to the Confirmed List, signalling a renewed push to develop Singapore’s second central business district. This site, carved from the original JLD tender, offers a potential yield of 186,000 square metres, including office space, residential units, and complementary uses.

Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that the smaller parcel size and increased residential quota should attract more interest from developers. “The government will undertake some infrastructure requirements, providing relief to developers,” she added.

The GLS programme also features attractive new sites, including Orchard Boulevard and Tanjong Rhu Close, known for their prime locations and amenities. Future transport enhancements, such as the Jurong Region Line and Cross-Island Line, are expected to enhance site accessibility.

The tender for the Town Hall Link site will test developers’ interest in decentralised office developments, amidst a buoyant office sector focused on prime CBD assets.

Singapore’s employment outlook has taken a hit, with the latest ManpowerGroup Employment Outlook Survey revealing a significant decline in hiring sentiment for Q3 2026. The Net Employment Outlook (NEO) stands at 13%, marking an 11-point drop both quarter-on-quarter and year-on-year. This figure is notably below the Asia Pacific and Middle East regional average of 28% and the global average of 26%.

The survey, which gathered responses from 599 employers across Singapore, highlights a growing demand for specific skills despite the overall softer hiring sentiment. Two-thirds of employers expressed a willingness to pay a premium for AI literacy skills, with 66% prioritising these capabilities. Similarly, 64% of employers are keen on investing in AI model and application development skills. Traditional IT and data skills also remain in demand, with 56% of employers ready to offer higher wages for these competencies.

In addition to technical skills, soft skills are highly valued. The survey indicates that 66% of employers are prepared to pay more for critical thinking and problem-solving abilities, as well as communication, collaboration, and teamwork skills. Leadership and social influence skills are also sought after, with 64% of employers willing to invest in these areas.

The Manufacturing sector leads in hiring intentions with an NEO of 25%, although this represents a slight decrease from previous quarters. As Singapore navigates these challenging times, the emphasis on AI and critical thinking skills suggests a strategic focus on future-proofing the workforce.

GDS Global Limited has successfully completed the acquisition of Asiabuild Metal Engineering and Integrated Aluminium, marking a significant expansion of its business operations. The acquisition, approved by shareholders on 29 May 2026, positions GDS to diversify its revenue streams and enhance its presence in Singapore’s built environment and infrastructure sector.

The newly acquired subsidiaries, previously part of the Teambuild Construction Group, generated a combined revenue of S$12.13m and a net profit of S$1.63m in FY2025. They bring with them an order book valued at approximately S$24.4m, expected to be fulfilled between 2026 and 2028. This acquisition complements GDS’s existing door and shutter systems business by adding expertise in structural steel, metal engineering, and architectural aluminium solutions.

Tang Hee Sung, Non-Executive Non-Independent Chairman of GDS, stated, “This marks a transformative milestone in the Group’s growth journey as we expand our capabilities into broader engineering and building solution sectors.” He emphasised that the acquisition would enable GDS to capture more opportunities across Singapore’s infrastructure sectors.

SAC Capital Private Limited acted as the sponsor and financial adviser for the acquisition. Tan Kian Tiong, COO of SAC Capital, remarked on the strategic importance of the acquisition, highlighting its role in broadening GDS’s growth platform and reinforcing its development foundations.

With this strategic move, GDS aims to leverage the complementary engineering expertise and established customer relationships of its new subsidiaries to strengthen its long-term growth prospects and enhance its recurring revenue channels.

SJ Group has announced the appointment of Kelvin Wong as Group Chief Commercial Officer and Region Head, Asia, effective 1 July 2026. Wong, a prominent figure in the built environment sector, will spearhead SJ’s commercial strategy and oversee operations in Asia, which accounts for over half of the company’s global workforce and 60% of its revenue in 2025.

Wong’s role will involve leading SJ’s commercial strategy across the client lifecycle, from market positioning to client management, and aligning technical delivery with commercial outcomes. He will report directly to Group CEO Sean Chiao. SJ Chairman Chaly Mah expressed confidence in Wong’s appointment, highlighting the strength of SJ’s leadership.

Wong brings a wealth of experience from his tenure as CEO of the Building and Construction Authority (BCA) in Singapore, where he led a transformation focused on sustainability and digital adoption. Prior to BCA, he spent 24 years at the Singapore Economic Development Board, shaping policy and building national capabilities.

Wong stated, “SJ has the ambition and what it takes to make the built environment sustainable, resilient, AI-driven and talent-centric.” His career has spanned policy, promotion, and industry engagement, making him a valuable addition to SJ’s leadership team.

Elite UK REIT Management Pte. Ltd. has announced that units of Elite UK REIT, traded under the stock code SGX:MENU, are now included in the Central Provident Fund Investment Scheme (CPFIS) as of 9 June 2026. This inclusion allows investors to use their CPF ordinary account savings to purchase these units on the Singapore Exchange Securities Trading Limited (SGX-ST).

The units, denominated in Singapore dollars, can only be sold through trading on the SGX-ST, with sale proceeds credited back to the investors’ CPF ordinary accounts. This move offers Singaporeans an additional avenue to diversify their investment portfolios using their CPF savings.

Joshua Liaw, CEO of Elite UK REIT Management, expressed satisfaction with the inclusion, highlighting the potential benefits for investors seeking to leverage their CPF savings for investment in real estate. The REIT, constituted under Singaporean law since 2018, continues to expand its investment opportunities for local investors.

This development is significant as it provides CPF account holders with more flexibility and options in managing their retirement savings. By enabling investments in real estate through the CPFIS, Elite UK REIT aims to attract a broader base of investors looking for stable income-generating assets.

As the units are now part of the CPFIS, investors are advised to consider the risks involved, including the potential for loss of principal, as the value of the units may fluctuate. The inclusion does not guarantee a liquid market for the units, and investors should conduct due diligence before making investment decisions.

Sun Life Singapore has unveiled findings from its Financial Resilience Index, highlighting that rising living costs are eroding financial security across all income levels in Singapore. The report shows a significant decline in the proportion of highly resilient households, dropping from 34% in 2025 to 21% this year, with only 11% of respondents feeling very financially secure.

The survey indicates that inflation is affecting 81% of Singaporeans, with 76% of High-Net-Worth (HNW) respondents—those earning SGD250,000 or more annually—struggling to cover monthly expenses. Despite their financial confidence, 59% of HNW individuals anticipate making lifestyle adjustments if costs continue to rise. Christopher Albrecht, CEO of Sun Life Singapore, noted, “Rising costs are placing real pressure on households in Singapore, including those with higher incomes.”

Everyday expenses, such as groceries and utilities, are cited as the primary financial burdens, affecting 95% and 94% of respondents, respectively. This financial strain has led 24% of households to draw down savings and 14% to pause retirement contributions.

Financial literacy remains a crucial factor in resilience, with those possessing higher literacy levels feeling more confident about their financial future. The use of Generative AI (GenAI) for financial advice is increasing, with 53% of respondents using it at least sometimes, rising to 74% among HNW individuals.

The report underscores the importance of professional financial advice, particularly for complex areas like wealth preservation and legacy planning. As Albrecht emphasised, “Professional advice remains important in helping people make informed decisions that are aligned with their goals and family responsibilities.”

Mooreast Holdings Ltd has successfully completed a private placement, raising S$6m to enhance its financial standing and support working capital needs. This strategic move aims to strengthen the company’s balance sheet, providing the necessary funds to facilitate ongoing operations and future growth initiatives.

The group successfully completed the private placement of 44,450,000 new ordinary shares at a placement price of S$0.135 per share, raising gross proceeds of S$6m.

Investors include Amova Asset Management, Lion Global Investors Limited (as investment manager for and on behalf of its clients) – which are funds registered with the Equity Market Development Programme – as well as Asdew Acquisitions and ICH Synergrowth Fund. ZICO Capital Pte. Ltd. acted as the placement agent, with Maybank Securities Pte. Ltd. appointed as the sub-placement agent.

Net proceeds of approximately S$5.8m to be deployed towards the group’s ongoing projects and working capital. Mooreast Holdings, known for its expertise in the offshore and marine sectors, is expected to leverage this financial boost to further its business objectives. The successful completion of the private placement reflects investor confidence in the company’s strategic direction and financial health.

Looking ahead, Mooreast’s strengthened financial position will likely enable it to explore new ventures and expand its market presence, ensuring continued growth and stability in a competitive landscape.

EHL Hospitality Business School has spotlighted the crucial role of artificial intelligence (AI) and human-centric leadership in the hospitality sector at its inaugural HumanX Summit. As Singapore transitions into an AI-driven economy, only 15% of local workers feel secure in their jobs, highlighting the need for empowering workers amidst technological shifts. The summit underscored the importance of empathy, emotional intelligence, and anticipatory leadership as AI continues to reshape industries.

The summit, held on 19 and 20 May at EHL Hospitality Business School in Lausanne, gathered over 800 participants from more than 40 countries. Key announcements included the launch of the EHL Centre of Excellence for Human Intelligence and Leadership (CHIL), aimed at fostering sustainable workplaces through applied research. Additionally, the second edition of the EHL Well-being Report was released, emphasising the integration of AI and supportive work environments as key to guest and employee well-being.

The summit also introduced the EHL Ventures Growth Programme, designed to support startups with human-centric innovations. As the hospitality industry evolves, the emphasis on human capabilities alongside technological advancements is expected to drive future growth. The next edition of the HumanX Summit is scheduled for 11 and 12 May 2027.