Industry News

Alexandra Hospital has officially commenced the next phase of its redevelopment project with the appointment of two main contractors. The joint venture of Shimizu Corporation, Ssangyong Engineering & Construction Co. Ltd, and Kimly Construction Pte Ltd, alongside Rich Construction Company Pte Ltd, will lead the transformation of the 13.3-hectare campus, which is set to open progressively from 2028.

The redevelopment will feature two main towers for inpatient and outpatient services, linked by a “community boulevard” bridge. The hospital aims to provide approximately 1,300 beds and a full range of clinical services, including a pandemic-ready emergency department. This initiative is part of the National University Health System’s (NUHS) strategy to enhance healthcare in Singapore’s southwest and west regions, serving a population of 1.1 million.

Eric Chua, Adviser to Queenstown Grassroots Organisations, highlighted the project’s significance, noting its alignment with community needs, especially as Queenstown’s population ages. Professor Yeoh Khay Guan, Chief Executive of NUHS, emphasised the redevelopment’s role in supporting seamless patient care and advancing medical knowledge.

The hospital will integrate smart technologies, such as contactless monitoring and telehealth, to enhance patient care. Additionally, the “Virtual Hospital” will enable early detection of patient deterioration, whilst the “Living Lab” will focus on healthcare innovations.

The redevelopment also prioritises sustainability, aiming for Green Mark Super Low Energy certification. Heritage buildings will be preserved, and new facilities will include caregiver support spaces. This phased approach ensures operational continuity and workforce readiness as the hospital expands.
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Singapore’s Aires Applied Quantum Technology (AAT) is making strides in the quantum technology sector by advancing Southeast Asia’s first internationally filed post-quantum cryptography (PQC) and quantum technology patents. Founded and developed entirely in Singapore, AAT is one of the few deep-tech start-ups in the region approaching commercial viability, with a focus on encryption, IoT security, and quantum simulation algorithms.

AAT’s innovations are supported by a local research team and have garnered recognition from agencies such as Enterprise Singapore and the Monetary Authority of Singapore. The company’s patented technologies are designed to facilitate the adoption of quantum-safe cryptography by enterprises and individual users across Asia. Their offerings include quantum-resistant encryption APIs and the consumer app LionGuard, which provides quantum-safe cryptography on multiple platforms.

Ken Lin, Co-founder and Managing Director at AAT, highlighted the shift towards an IP-driven model in the quantum sector. “Recent patent consolidations by leading global firms underline how quickly proprietary algorithms and in-house research are becoming the core determinants of value,” he stated.

AAT’s approach focuses on lean algorithmic development, allowing it to operate profitably whilst expanding its patent portfolio and international partnerships. The company is exploring global expansion opportunities as Singapore continues to strengthen its quantum ecosystem.

As Singapore aims to secure its digital infrastructure and enhance economic competitiveness, AAT’s development underscores the importance of local innovation in building a diverse and resilient quantum ecosystem. The presence of homegrown firms like AAT is crucial for helping businesses adopt quantum-safe practices as quantum hardware becomes more accessible.

Fiuu, a leading Southeast Asian payments enabler, has teamed up with Apple to introduce Tap to Pay on iPhone in Singapore. This innovative partnership allows merchants to accept contactless payments securely and swiftly through the Fiuu Virtual Terminal app, eliminating the need for additional hardware. The technology supports various payment methods, including contactless credit and debit cards, Apple Pay, and other digital wallets.

This development is particularly significant for small and medium-sized enterprises (SMEs) in Singapore and the broader Southeast Asian region. By adopting this technology, SMEs can compete more effectively with larger retail players by reducing operational costs and enhancing their payment flexibility and scalability. Eng Sheng Guan, CEO of Fiuu, stated, “With the enablement of Tap to Pay on iPhone, payments are no longer tied to fixed locations. This gives businesses the flexibility to serve consumers wherever the interaction happens.”

The Tap to Pay on iPhone feature leverages the iPhone’s built-in security and privacy features, ensuring that business and customer data remain protected. Notably, Apple does not store card numbers or transaction information on the device or its servers, providing peace of mind for both merchants and customers.

Already adopted by brands like Razer, Beutea, and IDS Aesthetics Clinic, this technology is set to transform the payment landscape in Singapore. Merchants can quickly set up and begin accepting contactless payments using an iPhone XS or later, running the latest iOS version.

Fiuu’s collaboration with Apple marks a significant step in the evolution of digital payments, reflecting a shift in customer preferences towards more convenient and universal payment solutions.

Huttons Asia has projected a stable outlook for Singapore’s private rental market in 2025, with non-landed rental contracts expected to rise by 0.6% to 82,000. This follows a year of geopolitical tensions where Singapore’s stability has been a key factor in maintaining rental demand. The number of landed rental contracts is anticipated to remain steady at 4,900, similar to 2024’s figures.

The luxury non-landed segment is predicted to see a 2% increase in rents, reversing a 4.3% decline in 2024. This growth is partly attributed to a net inflow of 1,600 millionaires, as reported by Henley & Partners. Additionally, Singapore’s appeal as an educational hub is growing, with foreign student numbers rising by 2,500 to 95,500 as of June 2025.

Despite a 29.1% decrease in the supply of private residential homes, steady demand is expected to support a rental increase of up to 3% in 2025. However, the market is expected to be cautious in 2026, with potential economic uncertainties due to geopolitical tensions and increased supply of private homes, which could lead to a 1% to 4% rise in rents.

In the HDB rental market, demand is forecast to rise by 2.3% to 37,500 transactions in 2025, driven by international students and HDB upgraders. However, job losses among S Pass holders and an increase in flats fulfilling the minimum occupation period in 2026 may exert pressure on rents. Huttons anticipates HDB rental transactions and rents to remain flat in 2026.

CBRE has announced the sale of a modern three-storey industrial facility located at 5 Tampines Industrial Drive, Singapore, priced at approximately S$13m. The sale, managed by CBRE as the exclusive marketing agent, will be conducted via a private treaty. This facility, situated on a 50,619-square-foot plot with a remaining lease tenure of 13 years, boasts a total gross floor area of 70,859 square feet.

The property is designed for high-density storage and efficient operations, featuring a warehouse, mezzanine, and ancillary office spaces. It includes advanced specifications such as a 9-metre ceiling height, a floor loading capacity of up to 20 kN/sqm, and an electrical load of 1,000 kVA at 400V. A key highlight is the full-floor Robotic Automated Storage and Retrieval System (ASRS), offering over 5,500 cubic metres of storage capacity.

Strategically located near Changi Airport and major expressways like the Kallang-Paya Lebar Expressway and Tampines Expressway, the facility is well-positioned for distribution and logistics operations. It is approximately a 12-minute drive from Tampines MRT station. The site is designated as “Business 2” under the Master Plan 2019, with a permissible plot ratio of 1.4.

Graeme Bolin, Head of Occupier and Leasing, Industrial and Logistics Services at CBRE, remarked, “5 Tampines Industrial Drive is a rare opportunity to acquire a modern, high-spec facility with advanced automation and excellent connectivity near Changi Airport.”

This facility is particularly suited for industries requiring high-density storage and fast order fulfilment, including electronics, e-commerce, and healthcare. The ready-made “dark warehouse” setup enhances order processing speed, reduces labour costs, and optimises space utilisation.

Carey Olsen has played a pivotal role in advising Yangzijiang Maritime Development Ltd. on its successful listing on the Singapore Exchange, with the company’s market capitalisation reaching S$2.15b. The maritime-focused investment firm, which specialises in maritime asset investments and ship financing, was spun off from Yangzijiang Financial Holdings Ltd. to refine its investment strategy.

The legal advisory team from Carey Olsen included partner Anthony McKenzie, counsellor Maggie Yan, and associate Anastasija Kornejeva, who provided British Virgin Islands legal counsel. They collaborated with Rajah & Tann Singapore LLP, the lead Singapore counsel for the transaction.

Anthony McKenzie expressed pride in supporting Yangzijiang Maritime’s listing, highlighting Singapore’s continued appeal as a hub for global shipping and finance-linked businesses. “Carey Olsen works alongside many of the industry’s major players and it is always a pleasure to be involved as new companies enter the public market—especially when they have such enormous potential as Yangzijiang Maritime,” McKenzie stated.

This listing underscores Singapore’s strategic position in the maritime and financial sectors, offering a robust platform for companies like Yangzijiang Maritime to expand their reach. The move is expected to enhance the company’s ability to attract investments and strengthen its market presence. As Yangzijiang Maritime embarks on this new chapter, its focus on maritime investments and ship financing is set to contribute significantly to the industry’s growth.

AcroMeta Group Limited has announced a strategic joint venture with a technology partner to create an AI-powered global trade operating system. The venture, formalised through a Binding Indicative Term Sheet on 29 November 2025, will be executed via AcroMeta’s subsidiary, AcroMeta Lifestyle Pte. Ltd. This initiative aims to transform digital trade by moving from passive online marketplaces to an active platform that autonomously manages global procurement opportunities and trade execution.

The new platform will utilise six specialised AI agent clusters, including Customs Data Intelligence and Government Tender AI, to scan global data for purchase signals. Suppliers can access these leads by paying a fee, and the platform will manage the complex cross-border trade process. Lawrence Toh, Executive Director, stated, “This joint venture serves as the strategic launchpad for our AI-powered global trade operating platform.”

The joint venture will see AcroMeta Lifestyle’s paid-up capital increase to $365,000 (S$500,000), with AcroMeta holding a 51% stake. The technology partner will manage daily operations, whilst AcroMeta retains strategic control. This venture positions AcroMeta to expand into global AI-driven markets, aiming to build new revenue streams that complement its existing businesses.

The Singapore government has announced the Government Land Sales (GLS) Programme for the first half of 2026, featuring nine Confirmed List sites and twelve Reserve List sites. These Confirmed List sites are projected to produce approximately 4,575 residential units, including 635 executive condominiums (ECs). This is a slight decrease from the 4,725 units released in the second half of 2025.

Private residential prices have risen by 2.7% year-to-date as of the third quarter of 2025, with expectations of a 2.0-4.0% year-on-year increase in 2026, barring new cooling measures. The government aims to balance the housing supply amidst ongoing economic uncertainties by maintaining a substantial release of private housing through the Confirmed List whilst keeping most supply on the Reserve List.

The Lorong Puntong and Canberra Drive (EC) sites are anticipated to attract significant interest due to their strategic locations and manageable unit sizes. The Lorong Puntong site, near Bright Hill MRT station and Ai Tong School, is expected to yield 140 units. The Canberra Drive site, close to Canberra MRT station, is projected to offer 185 units. Executive condominiums continue to appeal to buyers due to their lower prices compared to private condos.

Additionally, the Bayshore Drive mixed-use site is noteworthy for its prime location atop the upcoming Bayshore MRT station and near East Coast Park. However, its high price quantum may lead developers to form consortiums for bidding. The Reserve List could yield 4,610 private residential units, 2 million square feet of commercial space, and 970 hotel rooms.

Insurers in Singapore are experiencing higher anxiety levels than their global counterparts due to increasing risks from cyber crimes, artificial intelligence (AI), and macroeconomic uncertainties, according to the latest ‘Insurance Banana Skins’ report by PwC Singapore and the Centre for the Study of Financial Innovation (CSFI). The report reveals that Singapore’s Banana Skins Index rose to 3.44, compared to the global average of 3.22, indicating a more cautious risk perception among local insurers in 2025.

The report, now in its tenth edition, highlights that Singapore’s preparedness in managing these risks is slightly below global benchmarks, with a Preparedness Index of 3.21 compared to the global 3.24. Cyber crime has been identified as the number one risk for Singapore insurers, reflecting the sector’s growing reliance on technology and the increasing sophistication of threat actors using generative AI.

AI has emerged as a significant concern, moving from outside the top 10 local risks in 2023 to the sixth position in 2025. This mirrors its global rise as a top risk, driven by its rapid development and the challenges it poses in monitoring and governance. Macroeconomic factors also weigh heavily on Singapore insurers, given the country’s status as a trade-dependent financial hub.

Ang Sock Sun, Insurance Leader at PwC Singapore, emphasised the need for insurers to integrate AI-driven solutions and enhance cyber resilience. “The focus must shift towards integrating AI-driven solutions, enhancing cyber resilience, and recalibrating economic strategies,” she stated. The next phase for Singapore insurers involves operationalising resilience in cyber and AI, and leveraging talent for transformative change.

YY Group Holding Limited, a leader in on-demand workforce solutions and integrated facilities management (IFM), has secured a three-year facility maintenance contract with a major international bank in Singapore. This agreement marks a significant step in YY Group’s strategy to diversify its client base and revenue streams, particularly within the banking and financial services sector.

The contract, announced on 1 December 2025, will see YY Group providing comprehensive maintenance services, including cleaning operations and building maintenance, across the bank’s facilities in Singapore. This expansion into the financial services sector complements YY Group’s existing portfolio, which includes hotels, shopping centres, hospitals, and commercial office buildings.

Group CEO Mike Fu stated, “Partnering with a major international bank is an important step in our growth journey. Their confidence in YY Group’s services affirms the strength of our operating model and our ability to meet the rigorous standards of the financial services sector.”

The deal not only reinforces YY Group’s leadership in Singapore’s IFM industry but also enhances the stability and visibility of its recurring service revenues. By consolidating essential facility functions under a single provider, YY Group aims to improve accountability, compliance, and operational cost efficiency for its clients.

With dedicated teams and operational technologies already being mobilised, YY Group is poised to deliver timely and efficient services, further solidifying its position in Singapore’s high-potential IFM landscape. The company continues to explore opportunities in both established and emerging market segments.