Industry News

Soon Hock Enterprise, a specialised industrial real estate developer, has announced its initial public offering (IPO) on the Singapore Exchange Mainboard, aiming to raise approximately $25.3m (S$34.6m). The offering includes 21.6 million shares priced at $0.42 (S$0.58) each, with trading set to commence on 16 October 2025.

The IPO comprises 18.8 million placement shares and 2.8 million public offer shares. Additionally, cornerstone investors, including Amova Asset Management Asia Limited and Maybank Asset Management Singapore, have committed to subscribing to new shares valued at $26.1m (S$35.6m), bringing the total deal size to approximately $35.3m (S$48.1m).

Soon Hock Enterprise, known for its expertise in industrial property development in Singapore, plans to use the proceeds to capitalise on the country’s growing demand for modern industrial spaces. The company has a strong track record, having developed over 1,200 units of strata-titled industrial properties and completed projects with a gross development value exceeding $731.5m (S$1b).

The company, led by Executive Chairman Tan Yeow Khoon and CEO Tan Min Loon, aims to expand its portfolio by pursuing new tenders and exploring residential property development. The IPO is managed by Maybank Securities and United Overseas Bank, serving as joint issue managers and bookrunners.

With a market capitalisation expected to reach $131.7m (S$180.1m) post-IPO, Soon Hock Enterprise is poised to strengthen its position in Singapore’s industrial real estate market.

The National Volunteer and Philanthropy Centre (NVPC) has launched the Great Singapore Give (GSG) 2025, a three-month nationwide campaign to encourage giving and volunteerism. Running from 1 October to 31 December 2025, the initiative aims to surpass the $30.6m (S$42m) raised in the same period last year and sign up 10,000 volunteers. This year’s campaign, themed “Everyone Can Give,” seeks to foster a ‘we first’ society by involving over 200 organisations across various sectors.

The launch event, held at the newly renovated Temasek Shophouse, was attended by more than 150 representatives from the National Council of Social Service, charities, and corporate partners. Tony Soh, CEO of NVPC, highlighted the campaign’s goal to make giving a part of everyday life, stating, “The Great Singapore Give is a time where Singaporeans can come together to express and celebrate generosity in all forms.”

The campaign will feature over 200 digital and physical activations, including events like the Sinaran Hati Livestream Show and the Community Chest Christmas Light Up 2025. SGSHARE, the national regular giving programme, will be central to the campaign, with enhanced features on giving.sg to facilitate participation.

Corporate sponsors such as ABR Holdings, IHH Healthcare Singapore, and UOB are supporting the campaign to boost public engagement. The SG Cares Giving Week, from 1 to 7 December, will serve as the campaign’s pinnacle, spotlighting volunteer centres and heartwarming stories of giving.

NVPC aims to extend the momentum of the campaign beyond SG60, forging new partnerships to sustain giving initiatives into 2026 and beyond.

UNIQLO Singapore has teamed up with beloved local food brand Old Chang Kee to launch a special collection of seven UTme! T-shirt designs and six embroidery options, available from 17 October. The collection, featuring designs inspired by Old Chang Kee’s iconic Curry’O and its heritage store at REX, is brought to life by local design studio When I Was Four. This collaboration aims to celebrate Singapore’s rich food culture and heritage.

The launch will be accompanied by exclusive in-store experiences from 17 to 19 October at select UNIQLO stores. Customers purchasing two Old Chang Kee UTme! shirts at the Orchard Central Global Flagship Store will receive a complimentary Old Chang Kee snack, including the new Japanese Cheezy Curry’O. Additionally, a luggage sticker will be available with every shirt purchase at UNIQLO Jewel, ION, Orchard Central, and VivoCity.

Han Keen Juan, Chairman and Founder of Old Chang Kee, expressed the significance of the collaboration, stating, “This collaboration with UNIQLO is especially meaningful as we both uphold strong values of providing the best experience for our customers.”

The collection underscores UNIQLO’s commitment to its LifeWear Philosophy, which focuses on enhancing everyday life by spotlighting local culture and artists. Paulene Ong, Marketing Director of UNIQLO Singapore, highlighted the shared values, saying, “Together with Old Chang Kee and local design studio Wheniwasfour, we hope that every design resonates strongly with our local community and tourists exploring more about Singapore’s food culture.”

MS Amlin, a global (re)insurer under Lloyd’s, has announced the appointment of three new reinsurance underwriters to enhance its Asia Pacific (APAC) platform. The appointments are part of the company’s ongoing strategy to expand its presence and capabilities in the region.

Darren Toh, with nearly a decade of experience from Nephila Capital in Bermuda, joins as a Senior Underwriter based in Singapore. He will focus on developing the reinsurance property catastrophe portfolio and report to William Ho, CEO of MS Amlin APAC. Toh’s appointment became effective on 6 October 2025.

Yosuke Yasuda, previously Head of Casualty for Asia and China at Aon, has also been named Senior Underwriter. Yasuda brings extensive market knowledge from his 17-year tenure at Swiss Re and will enhance MS Amlin’s Speciality offering. His role, effective from 13 October 2025, will also see him reporting to Ho.

Completing the trio is Amirul (PJ) Ashraf, a qualified actuary from Malaysian Re. Ashraf, who will start on 5 January 2026, will focus on international underwriting, risk, and capital management, reporting to Ee Voon Teh, Underwriter.

These strategic hires follow the recent opening of MS Amlin’s Australian branch and the appointment of Matt Botfield as Head of Australia and New Zealand. William Ho commented, “Darren, Yosuke, and PJ bring a powerful mix of technical knowledge and client insight that will help MS Amlin accelerate growth and innovation in APAC.”

Singapore and Australia have announced the launch of the Singapore-Australia Comprehensive Strategic Partnership (2.0) upgrade during the 10th Annual Leaders’ Meeting. This significant development aims to deepen cooperation between the two nations across various sectors, including trade, defence, and climate change initiatives.

The upgraded partnership reflects a mutual commitment to strengthening ties and addressing shared challenges. It includes enhanced collaboration in digital trade, cybersecurity, and sustainable development. The leaders emphasised the importance of this partnership in fostering regional stability and economic growth.

Singapore’s Prime Minister and Australia’s Prime Minister highlighted the strategic importance of the partnership. “This upgrade underscores our shared vision for a prosperous and secure region,” said Singapore’s Prime Minister. Australia’s Prime Minister echoed this sentiment, stating, “Our partnership is a testament to the enduring friendship and shared values between our nations.”

The Comprehensive Strategic Partnership (2.0) is expected to facilitate greater economic integration and innovation. It will also focus on enhancing people-to-people links, promoting cultural exchanges, and supporting educational initiatives.

As both countries navigate an increasingly complex global landscape, this partnership aims to provide a robust framework for cooperation. The leaders expressed optimism that the upgraded partnership will pave the way for new opportunities and reinforce the bilateral relationship.

JTC has awarded the tender for the industrial site at Plot B Tukang Innovation Drive to Fusion Land Pte. Ltd. The successful bid was valued at $95.188m. The tender process, which began on 29 July 2025, concluded on 9 September 2025, attracting three bids in total.

The awarded site, located at Plot B Tukang Innovation Drive, is zoned for Business 2 activities. It spans an area of 18,722.2 square metres and comes with a tenure of 33 years. The site has a gross plot ratio of 2.5, and the project is expected to be completed within 60 months.

This development is significant as it highlights the ongoing demand for industrial spaces in Singapore, particularly in areas designated for business and innovation. The successful bid by Fusion Land underscores the company’s commitment to expanding its footprint in the industrial sector.

The award of this tender is part of JTC’s broader strategy to facilitate industrial growth and innovation in Singapore. By providing well-planned industrial spaces, JTC aims to support businesses in enhancing their operational capabilities and contributing to the country’s economic development.

Fujifilm is set to launch its innovative creative hub, Fujifilm X Space, at Suntec City Mall on 16 October. The grand opening will feature a range of activities, including a lion dance performance and a Kagami Biraki sake barrel breaking ceremony, symbolising new beginnings and prosperity. The event will be attended by Haruto Iwata, managing director of Fujifilm Asia Pacific, who will deliver the opening address.

The Fujifilm X Space aims to provide an immersive experience for visitors, showcasing the full range of Fujifilm’s imaging products. A highlight of the space is a stunning art installation by a local artist, designed to inspire creativity and innovation. Interactive zones will allow guests to explore and engage with Fujifilm’s latest technologies.

Fujifilm’s new hub at Suntec City is expected to become a focal point for photography enthusiasts and professionals alike, offering a unique blend of art and technology. The opening of Fujifilm X Space signifies the company’s commitment to fostering creativity and innovation in the imaging industry.

Aon plc has released its 2025 Salary Increase and Turnover Study, projecting a 5.3% salary growth for Southeast Asia in 2026. The study, conducted between July and September 2025, analysed data from over 700 businesses across Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Despite the overall moderate growth, Singapore and Thailand are expected to trail behind regional peers in salary increases.

The study highlights that the life sciences and medical devices industry in Singapore is set to see a 4.6% salary increase, whilst the technology sector in Vietnam and Indonesia is projected to lead with 7.1% and 5.9% increases, respectively. In Malaysia, the consulting business and community services industry is anticipated to see a 4.8% rise.

Rahul Chawla, partner and head of Talent Solutions for Southeast Asia at Aon, noted the dual priorities for organisations: retaining top talent and managing rising compensation costs. “Balancing rising compensation costs with the need for agility is key,” he said, emphasising the importance of leveraging real-time market data and total rewards strategies.

Attrition rates remain a concern, with the Philippines and Singapore expected to have the highest turnover rates at 20% and 19.3%, respectively. The study also found that 42% of businesses face challenges in hiring or retaining employees, with skills gaps prevalent in information technology, engineering, and sales roles.

Evon Lock, head of data solutions for Southeast Asia at Aon, remarked on the cautious optimism among organisations, which plan to maintain or modestly grow their workforce despite hiring pressures. The demand for roles in sales, information technology, artificial intelligence, and cybersecurity is rising, reflecting a shift towards digital and risk-focused capabilities.

Inconsistent quality assurance and control (QA/QC) standards are significantly impacting the construction industry across ASEAN, according to a new report by PlanRadar. The Construction QA/QC Impact Report 2025 highlights that 77% of firms experience inconsistent QA/QC documentation, leading to rework and project delays. The findings, based on responses from 811 construction professionals across Europe, the Middle East, and Asia-Pacific, underscore the urgent need for standardised QA/QC processes.

The report reveals that companies with systematic QA/QC are 28% more likely to maintain margins above 3%. In Singapore, 100% of respondents cited inconsistent QA/QC as a cause of project delays, whilst 85% of Malaysian respondents reported rework due to inconsistent standards on major infrastructure projects. These inefficiencies are particularly critical in Singapore, where land scarcity and tight timelines exacerbate the impact of delays.

Avtandil Mekudishvili, APAC Regional Lead at PlanRadar, emphasised the need for digital and standardised QA/QC processes to enhance productivity and profitability. “Our research shows that inconsistent QA/QC remains one of the biggest barriers to productivity and profitability in the region,” he stated. PlanRadar’s platform aims to address these challenges by embedding QA/QC into daily workflows, using digital tools to document and streamline processes.

The report suggests that consistent, digital QA/QC standards are essential for delivering safe, sustainable, and profitable projects across ASEAN. As the construction landscape evolves, the industry must adapt to maintain competitiveness and meet the demands of rapid urbanisation and large-scale projects.

Apar Technologies, a global leader in consulting and technology services, has announced a strategic investment in Medeon, a rapidly growing Singapore-based company specialising in ServiceNow and artificial intelligence (AI) consulting. This partnership is set to bolster Apar’s enterprise workflow and digital transformation offerings, whilst enabling Medeon to extend its market presence globally.

Medeon, known for its expertise in ServiceNow and AI, is led by former ServiceNow and Google AI leaders. The company offers a range of services, including strategic consulting, product implementations, and managed services, all designed to optimise enterprise workflows and deliver measurable business outcomes. The collaboration with Apar Technologies is expected to simplify operations and accelerate efficiencies for clients, ensuring a faster time-to-value and stabilisation of underperforming environments.

Rohit Gandhi, Group CEO of Apar Technologies, stated, “This strategic investment reflects our commitment to expanding Apar’s digital transformation portfolio and delivering greater value to our global clients.” Sai Sudhakar, Co-Founder and CEO of Apar Technologies, added that the partnership uniquely positions the companies to provide comprehensive workflow transformation solutions for enterprise and government customers.

Avinash Vastrad, CEO of Medeon, expressed enthusiasm about the collaboration, noting that it allows Medeon to extend its innovative ServiceNow solutions to new markets and industries. “Together, we will help enterprises unlock measurable value from their ServiceNow investments and shape the future of intelligent AI-driven workflows,” Vastrad said.

With this investment, Apar Technologies and Medeon are poised to deliver smarter workflows, enhanced efficiency, and impactful business transformation for organisations worldwide.