Industry News

Therme Group, a global leader in developing wellbeing destinations, has been awarded the tender by the Singapore Tourism Board to create a S$1b state-of-the-art wellbeing oasis at Marina South Coast. This project marks the company’s first venture into Singapore and Asia, aiming to transform the area into a next-generation urban infrastructure focused on enhancing social wellbeing.

The development will be the first large-scale social wellbeing infrastructure project in Asia, highlighting Singapore’s commitment to advancing urban wellness. Therme Group’s initiative is expected to attract both local and international visitors, boosting Singapore’s tourism sector and setting a precedent for future wellness projects in the region.

The Singapore Tourism Board’s decision to award the Concept and Price Revenue Tender to Therme Group underscores the city’s ambition to be at the forefront of innovative urban development. The project is anticipated to integrate cutting-edge technology and sustainable practices, aligning with Singapore’s vision of a smart and green city.

Therme Group’s CEO expressed enthusiasm for the project, stating, “We are honoured to bring our vision of wellbeing to Singapore, creating a unique destination that will enhance the quality of life for residents and visitors alike.”

As construction progresses, the Marina South Coast is set to become a landmark for wellness tourism, potentially influencing similar developments across Asia. The project’s completion will not only enhance Singapore’s urban landscape but also contribute significantly to its economy and global standing as a wellness hub.

Eight Sleep, the pioneering sleep fitness company, has officially launched its AI-powered sleep technology in Singapore, marking its first foray into the Asian market. This expansion comes amidst growing concerns over sleep challenges in the city-state, where a ResMed Global Sleep Survey reveals that one in three Singaporeans experience sleep disturbances, surpassing the global average. Additionally, a CNA report highlights that adults in Singapore average just 6.5 hours of sleep on weekdays, below the recommended amount.

The introduction of The Pod, an AI-driven sleep system, aims to address these issues by enhancing deep sleep and cardiovascular recovery through advanced temperature regulation. Trusted by over 400 professional athletes, including F1 driver Charles Leclerc and tennis star Taylor Fritz, The Pod is designed to bring elite recovery into everyday homes.

Eight Sleep’s technology, endorsed by tech and health experts like Elon Musk and Andrew Huberman, transforms any bed into a comprehensive health platform. The Pod’s sensor-embedded cover tracks vital biometrics such as heart rate and sleep stages, whilst its thermal engine adjusts the bed’s temperature in real time. Paired with the Eight Sleep app, it offers personalised insights and automatic temperature optimisation, ensuring optimal comfort and performance every night.

Co-founders Massimo Bassi, Matteo Franceschetti, and Alexandra Zatarain lead Eight Sleep’s mission to optimise human potential through technology-enabled sleep, with Singapore as a key step in their global expansion.

CrowdStrike’s 2025 State of Ransomware Survey has highlighted a concerning trend of overconfidence among Asia Pacific (APAC) organisations regarding their ransomware preparedness. The survey, which included senior IT and cybersecurity leaders from Singapore, India, Australia, and New Zealand, found that 78% of organisations globally experienced a ransomware attack in the past year. Despite this, half of those affected believed they were “very well prepared” before the attack.

The survey revealed that APAC organisations, particularly in Singapore, Australia, and New Zealand, were less likely to recover quickly from ransomware attacks. Only 7% of Singaporean organisations managed to recover within 24 hours, despite 92% expressing confidence in their ability to do so. This was significantly lower than the UK, where 35% of organisations achieved same-day recovery.

The report also highlighted the increasing sophistication of cyber adversaries, with 53% of attacks on Singaporean organisations involving lateral movement to access additional systems. This was the highest rate among surveyed markets, indicating a need for improved cybersecurity measures.

Additionally, the survey found that paying a ransom often leads to repeat attacks, with 83% of organisations that paid a ransom being attacked again. Furthermore, 93% reported data theft despite paying.

The findings underscore the urgent need for organisations to reassess their cybersecurity strategies, particularly in light of AI-enhanced threats. As Elia Zaitsev, CrowdStrike’s chief technology officer, stated, “Legacy defences can’t match the speed or sophistication of AI-driven attacks.” The report calls for better communication between security teams and leadership to close the perception gap and enhance ransomware readiness.

The Capital Group ESG Global Study 2025 reveals that whilst global adoption of environmental, social, and governance (ESG) strategies has slightly declined from its peak, it remains robust, particularly in the Asia-Pacific (APAC) region. The study, which surveyed 1,130 global investors, highlights that 97% of existing APAC investors plan to maintain or increase their ESG allocations in the next year.

Globally, ESG adoption stands at 87%, a slight decrease from the 90% recorded in 2023 and 2024. Despite this, APAC leads in engagement with asset managers on nature-related issues, with 71% of respondents involved. Additionally, 68% of APAC investors have invested or plan to invest in thematic funds addressing nature-related issues.

The study also notes a significant increase in ESG approaches within private markets, with 48% of global respondents now applying these strategies—the highest since the study’s inception in 2021. Key investment themes identified include energy transition, clean water, and health, with six in 10 investors expressing strong conviction in these areas.

Artificial intelligence (AI) has emerged as a focal point, with 73% of investors identifying its energy consumption and greenhouse gas emissions as top ESG risks. Despite these concerns, 56% believe AI could drive innovation in energy transition.

Jessica Ground, Global Head of ESG at Capital Group, stated, “This year’s ESG Global Study highlights the enduring role of ESG in the investment process as investors continue to evolve their approach.”

Knight Frank Singapore has announced the sale of three prime strata properties, providing a rare opportunity for investors. The properties include an industrial canteen at Premier@Kaki Bukit, a two-storey HDB shophouse at 150 Bishan Street 11, and shop units within International Plaza. Each property is available for individual purchase through an Expression of Interest exercise closing on 2 December.

The industrial canteen at Premier@Kaki Bukit spans approximately 12,303 sq ft and is leased to a single operator. It features nine food stalls and a drink stall, attracting a steady flow of patrons. The property is priced at $10.5m (approximately $853 per square foot), and is eligible for foreign purchase without Additional Buyer’s Stamp Duty.

The HDB shophouse at 150 Bishan Street 11, located in a densely populated residential area, offers a ground floor minimart and vacant upper living quarters. Priced at $3.4m (or $2,164 per square foot), it is also open to foreign buyers, though the upper floor incurs Additional Buyer’s Stamp Duty.

The shop units at International Plaza, situated in Singapore’s CBD, consist of four adjoining units totalling approximately 1,066 sq ft. With a guide price of $3m (or $2,814 per square foot), these units are zoned for commercial use and do not attract Additional Buyer’s Stamp Duty.

Tania Ong, Senior Manager at Knight Frank Singapore, noted, “Investor confidence has strengthened with a more favourable interest rate environment, and we are observing more activity across the strata-titled market as properties achieve a positive carry.”

These properties highlight the diverse opportunities within Singapore’s strata market, appealing to both end-users and investors seeking resilient yield performance.

Aster and Lubrizol have signed a Memorandum of Understanding (MoU) to explore strategic collaboration opportunities in Singapore and the wider region. This partnership combines Aster’s integrated refinery and petrochemical operations with Lubrizol’s innovation-driven capabilities to advance diversified energy pathways, develop high-performance lubricants and speciality chemical solutions, and support Singapore’s low-carbon transition.

The MoU sets a framework for joint studies and initiatives aimed at driving product innovation and strengthening value chains. By leveraging Aster’s operational experience and Jurong Island’s strategic position, the collaboration seeks to create new growth opportunities for sustainable chemical development in Asia.

Chan Win Sim, Aster’s Commercial Director, expressed optimism about the partnership, stating, “We continue to invest in growth and innovation, strengthening strategic resilience across our portfolio to power growth, connect industries and uplift communities.” Henry Liu, Lubrizol’s Asia Pacific Vice President, added, “This MoU represents a strategic move to strengthen supply chain resilience to deliver high-performance, next-generation products.”

The collaboration is expected to address the evolving lubricant landscape, shaped by technological advancements, tightening environmental regulations, and increased digitalisation. Both companies aim to support the region’s transition towards a sustainable future, enhancing Singapore’s role as a hub for advanced chemical technologies.

As Singapore pushes towards an AI-driven economy, a new study by General Assembly reveals significant challenges in AI skills and leadership readiness. Despite growing confidence in AI, many organisations in Singapore have yet to move beyond superficial AI implementation. The research indicates that whilst 62% of leaders attended AI training in 2025, only 47% of companies offer tailored AI programmes for leadership teams.

The study underscores the importance of leadership-driven AI integration to maintain competitiveness. Sima Saadat, Singapore Country Manager at General Assembly, stated, “AI is fundamentally changing how organisations operate – and leadership readiness is now the key differentiator.” The findings suggest that Singapore’s next leap in AI depends on executive-level clarity and sector-specific upskilling.

Key insights from the research include a rising demand for hands-on AI experience, yet the local talent pool remains limited. Entry-level positions are declining as companies seek candidates with proven skills or supplement their teams with AI tools. Additionally, 36% of leaders believe AI could replace their roles, although most encourage AI adoption at work.

General Assembly emphasises that success in AI requires robust learning frameworks beyond technical staff. Daniele Grassi, CEO of General Assembly, noted, “Leadership championship and continuous learning are critical to maximising AI’s impact.” The report calls for a shift from technical training to a culture of continuous learning, starting at the top, to secure Singapore’s place in the AI revolution.

StraitsX, a leader in stablecoin-native settlement, has announced plans to expand its payment network to support real-time, FX-transparent cross-border settlements between Singapore, Thailand, Taiwan, and Japan. This expansion, set to go live in Q2 2026, will integrate with Thailand’s KBank via its Q Wallet and establish regional settlement frameworks in Taiwan and Japan, linking consumer and institutional payment ecosystems.

The initiative aims to create a unified payment corridor across Southeast and Northeast Asia, allowing users to transact with real-time settlement and transparent FX. Key partnerships include KBank and ORBIX Technology, enabling real-time QR interoperability between Thailand and Singapore using XSGD for instant cross-border settlements. This will allow travellers to use familiar applications like Q Wallet or GrabPay, with merchants receiving local currency instantly.

The expansion will also enhance network connectivity with regional wallets in Taiwan and Japan, broadening the reach of stablecoin rails. Tianwei Liu, CEO and Co-Founder of StraitsX, stated, “By embedding XSGD into established consumer rails like GrabPay and Q Wallet by KBank, we’re showing how trusted digital assets can deliver real-time settlement, transparent FX conversion, and interoperability at scale.”

This development marks a significant step in transforming traditional payment corridors into seamless, borderless value exchange networks. The expanded network will support cross-border transactions in XSGD, maintaining compliance with local regulations whilst preserving familiar payment experiences. As Asia leads the charge in stablecoin-powered payments, StraitsX is poised to play a pivotal role in this evolving landscape.

The Singapore Tourism Board (STB) has awarded Therme Group Singapore the tender to develop a wellness attraction at Marina South Coast, aligning with STB’s Tourism 2040 vision. The project, set to open by 2030, will span 4 hectares and is expected to draw 2 million visitors annually, with nearly half being international tourists. This development will be Singapore’s first dedicated wellness attraction, enhancing the Marina Bay precinct’s appeal.

Therme Group Singapore’s proposal was selected for its innovative wellness concept, which includes thermal pools, saunas, steam baths, and water slides, catering to diverse demographics. The attraction will be situated alongside notable landmarks such as Gardens by the Bay and Marina Barrage, further enriching the area’s offerings. Additionally, a public park will be developed, linking Marina Barrage to the wellness site.

The global wellness tourism market is projected to grow by 10.2% to US$1.35t by 2028, highlighting the sector’s potential. Jean Ng, Assistant Chief Executive of STB, stated, “Our vision is to establish Singapore as a leading urban wellness haven through a world-class facility that offers transformative wellness experiences for visitors and locals alike.” This initiative supports Singapore’s goal of achieving $47b to $50b in tourism receipts by 2040.

Lendlease has announced the opening of Moomoo Singapore’s first physical stores in its malls, including 313@somerset, Jem, and Parkway Parade. This move marks a significant milestone as Moomoo, a leading online trading platform, transitions into brick-and-mortar retail, reflecting the growing trend of fintech brands expanding their presence beyond digital platforms.

The new stores, set to launch this year, will occupy 939 square feet at 313@somerset and 739 square feet at Jem. These locations will offer an immersive experience for customers, combining Moomoo’s digital investment platform with in-person customer service. Erika Chiang, Chief Marketing Officer for Southeast Asia at Moomoo, stated, “By combining the scale and innovation of digital with the personal touch of in-store engagement, we are creating spaces where investing becomes tangible, interactive, and inspiring.”

Additionally, Lendlease is facilitating a pop-up concept at Parkway Parade, expected to open later this year. This initiative allows Moomoo to refine its retail strategy and enhance its customer engagement during the launch phase. Jenny Khoo, Head of Retail and Workspace Management at Lendlease, expressed enthusiasm about the partnership, highlighting its alignment with Lendlease’s commitment to offering innovative retail experiences.

This collaboration underscores Lendlease’s strategic role in supporting experience-led retail concepts and diversifying its tenant mix to meet evolving consumer needs. As Moomoo ventures into physical retail, it aims to redefine how people experience investing in Singapore, bridging the gap between digital and physical interactions.