Industry News

Singapore’s non-oil domestic exports (NODX) experienced an 8.9% month-on-month seasonally adjusted decline in June, reversing gains from the previous two months, according to UOB Global Economics and Markets Research. Despite this, electronics exports continued to show robust growth, increasing by 105.1% year-on-year, a significant rise from May’s 94.8%.

The divergence between electronics and non-electronics exports widened, with the latter slipping into a 2.9% contraction year-on-year. A notable factor in the non-electronics decline was a 49% drop in non-monetary gold exports. In contrast, electronics exports, particularly integrated circuits and printed circuit boards, remained strong due to rising corporate adoption of artificial intelligence and its expanding applications in consumer devices.

By destination, electronics exports saw triple-digit growth in key markets such as Taiwan, South Korea, and the US, underscoring the sector’s strength within the global supply chain. UOB noted that Singapore’s electronics purchasing managers’ index (PMI) rose to 52.2 in June, driven by improvements in new export orders and order backlogs, indicating sustained demand.

Looking ahead, the momentum in electronics exports is expected to persist into the third quarter of 2026, supported by strong indicators and continued global demand. South Korea’s semiconductor exports, for instance, nearly tripled in early July, highlighting the ongoing strength of the electronics cycle.

Geo Energy Resources Limited has announced the operational launch of its MBJ Integrated Infrastructure, marking a significant milestone in its growth strategy. On 16 July 2026, the company commenced its first loading operations from the PT Triaryani (TRA) coal mine, shipping approximately 50,000 tonnes of coal valued at around US$3.2m to a domestic end user.

The new infrastructure is expected to enhance the Group’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) by up to US$350m annually through cost savings at TRA. Additionally, leasing excess capacity to third-party users could generate up to US$250m per annum, once MBJ reaches its throughput capacity of 50 million tonnes per year.

The operational launch is set to double coal sales in the second half of 2026 to approximately 8 million tonnes, with a target of 11.5–12.5 million tonnes for the year. Executive Chairman and CEO Charles Antonny Melati stated, “The commencement of our first loading operations on MBJ’s Integrated Infrastructure marks the beginning of a new phase in the Company’s growth strategy.”

The infrastructure includes a 92-kilometre hauling road and jetty, which will enable Geo Energy to increase TRA’s production to 20–25 million tonnes annually. This development is anticipated to unlock significant operating efficiencies and create new revenue streams through third-party services.

Geo Energy’s strategic move aims to transform the company from a pure coal mining entity into a comprehensive infrastructure, mining, and logistics company, reinforcing its competitive advantage and positioning it for future growth opportunities.

Singapore Polytechnic (SP) has unveiled the Human Capital Collaboratory (HCC) at the HR Learning Fest 2026, a strategic initiative designed to help businesses adapt to the evolving demands of the AI era. The launch event, themed “Career Rewired: Resilience, Relevance and Reinvention in the AI Era”, was attended by key figures including Shawn Huang, Senior Parliamentary Secretary at the Ministry of Finance and Ministry of Manpower.

The HCC is built on SP’s extensive industry engagements with nearly 1,000 organisations over the past three years. It offers a four-step pathway—business challenge, work redesign, human capability, and sustained value—to support companies in job and workflow redesign, AI-enabled solutions, and leadership development. This initiative is timely as AI continues to reshape tasks and roles, making industry relevance a pressing concern.

A significant highlight of the event was the release of a new report, “The Capability Advantage – Redesign to Reskill for Competitive Edge”, by the Institute for Human Resource Professionals (IHRP). The report, marking IHRP’s 10th anniversary, identifies a capability application gap in Singapore, where skills are being developed faster than they are being applied, leading to a “capability debt”.

Lucas Tok, Director of SP’s School of Business, emphasised the importance of integrating education and industry efforts: “AI transformation is not only about adopting technology; it is about redesigning work so people can use it well.”

The HR Learning Fest 2026 also saw SP signing memoranda of understanding with five partners, including the Singapore Human Resources Institute and Singapore Business Federation, to further workforce transformation and lifelong learning initiatives. These collaborations aim to enhance human capital capability development and support skills-first workforce transformation.

Mapletree Investments has completed its largest logistics development in China, the Mapletree Guangzhou Procurement and Distribution Centre, located in the Zengcheng District of Guangzhou. The facility spans approximately 389,000 square metres and includes warehousing, cold chain facilities, and a central kitchen, all within an integrated logistics park. This development aims to support the growing logistics needs of the Guangdong-Hong Kong SAR-Macao Greater Bay Area.

Strategically positioned near Zengcheng West Railway Station, the centre offers seamless connectivity to international rail freight corridors, enhancing access to markets across Eurasia and ASEAN. Goh Chye Boon, Regional CEO for China at Mapletree, stated, “The completion of Mapletree Guangzhou Procurement and Distribution Centre demonstrates our confidence in the long-term fundamentals of China’s economy and sustained demand for modern, well-located logistics facilities.”

The centre features three five-storey logistics facilities and a central kitchen, designed to meet the needs of e-commerce platforms, third-party logistics providers, and food manufacturers. It offers dual-sided loading bays, high clear heights, and automation-ready flooring to support efficient logistics operations. The facility is also equipped with fibre-optic connectivity and comprehensive security systems.

Mapletree’s commitment to sustainability is evident in the development’s design, which incorporates 11 sustainability initiatives. The centre’s strategic location within the Greater Bay Area provides tenants with access to extensive transportation networks and a significant population base, supporting efficient supply chain operations.

The development has already attracted several tenants, with ongoing discussions involving logistics providers, e-commerce operators, and retailers. Mapletree continues to expand its logistics footprint across China, having delivered over 10 million square metres of Grade A logistics space across more than 130 developments as of March 2026.

Singaporean-founded Paymonade has successfully navigated the European Union’s stringent new crypto regulations, securing a Markets in Crypto-Assets Regulation (MiCA) licence. This achievement places Paymonade among a select group of 280 firms authorised to operate across the European Economic Area (EEA) as the EU’s transitional period for MiCA concludes.

The regulatory overhaul has seen a dramatic reduction in the number of authorised crypto firms, with approximately 90% of the previous 3,000-plus firms failing to meet the new standards. Paymonade, trading as Damoon Technology Europe AG, received its licence from Liechtenstein’s Financial Market Authority, allowing it to offer regulated cryptoasset services across all 30 EEA states.

Calvin Cheng, founder and chairman of Paymonade, highlighted the significance of this milestone, stating, “Getting this licence over the finish line at a time when the vast majority of firms in our industry have not shows the strength of the institution we’ve built.” Cheng, a former Singapore Parliament member, emphasised the importance of pairing innovation with regulatory trust.

Paymonade serves as a fiat-to-crypto and crypto-to-fiat infrastructure provider, facilitating euro and other fiat currency settlements for payment providers, fintechs, and cryptocurrency exchanges. With an annualised transaction volume run-rate of US$18b as of H1 2026, the firm plans to double its European workforce and increase transaction volumes to CHF6b by mid-2027.

As the crypto industry faces increased regulatory scrutiny, Paymonade’s success in securing a MiCA licence underscores its commitment to compliance and positions it as a leader in the evolving digital asset landscape.

Mett Singapore is set to celebrate National Day with a series of heritage-inspired dining experiences and luxury staycations, as the iconic heritage building approaches its 100th anniversary in 2026. Nestled in the lush surroundings of Fort Canning Park, the hotel offers a unique escape with a programme that honours Singapore’s rich culinary heritage.

The celebrations include a special edition of The Governor’s Table on 2 August, featuring a collaboration between Chef Daniele Sperindio and heritage chef Damian D’Silva. Guests can enjoy a contemporary twist on the classic Sunday roast, complete with live stations offering rendang, popiah, and handcrafted kueh. The event is priced at $138++ per person, with beverage packages starting at $68++.

On 1 and 8 August, the Riviera Champagne Brunch at L’Amo Bistro del Mare will present a Singaporean twist with desserts inspired by local flavours, such as Milo Tiramisu and Ondeh Ondeh Cake. The brunch, priced from $158++ per person, includes free-flow Champagne packages starting at $228++.

From 1 to 15 August, Canning Bar & Lounge will offer the Heritage Reimagined set menu, featuring a modern take on beloved local dishes. Priced at $38++ per person, the menu includes a contemporary Canning Sling cocktail and a choice between Our Laksa or Chicken & Rice Donabe.

Guests can also indulge in a National Day staycation, enjoying the blend of history and modernity at this storied address. The staycation package includes daily breakfast, dining credit, and access to all hotel facilities.

As Singapore celebrates another year of nationhood, Mett Singapore invites guests to partake in these unique experiences that celebrate the nation’s diverse food culture and traditions.

CapitaLand Ascendas REIT (CLAR) has announced the divestment of the Kim Chuan Telecommunications Complex in Singapore for approximately S$200.4m. This sale price is double the original purchase price of S$100m from March 2005 and represents a 32% premium over the property’s independent market valuation of S$151.8m as of 30 June 2026.

The divestment aligns with CLAR’s strategy of portfolio optimisation and capital recycling, as highlighted by CEO William Tay. He stated, “This divestment underscores our disciplined approach to portfolio optimisation and capital recycling. It will enhance CLAR’s financial flexibility to invest in accretive opportunities and strengthen the quality of the portfolio.”

The net proceeds from the sale, estimated at S$180m after divestment costs, are expected to be used for various purposes, including financing committed investments, reducing debt, and potentially making distributions to Unitholders. If used to repay borrowings, CLAR’s pro forma aggregate leverage would decrease to approximately 41.4% from 42.0% as of 31 March 2026.

The 10-storey data centre, with a gross floor area of 35,456 square metres, was occupied by a single tenant until April 2026. The divestment is anticipated to be completed by the second half of 2026 and is not expected to materially impact CLAR’s net asset value or distribution per unit for the financial year ending 31 December 2026.

JLL has initiated the sale of a two-storey bungalow at 15 Matlock Rise in Singapore’s Braddell Heights estate through an Expression of Interest (EOI) process. The property, which is being marketed for approximately $18m, is situated on a 10,197 square foot site and offers potential for redevelopment into two separate bungalows. The EOI will close on 18 September 2026.

The bungalow, currently vacant, is located on elevated ground and is being sold on an “as is where is” basis. According to Nicholas Ng, Head of Land and Collective Sales at JLL Singapore, the property is ideal for families seeking a serene, low-density community with access to popular schools and amenities. “This estate sale serves as an opportunity to own a property that is limited in supply and thus is poised to appreciate over time,” Ng stated.

The location is well-connected, with proximity to Lorong Chuan MRT station and major roads like the Central Expressway. Nearby amenities include shopping centres such as NEX and Junction 8, as well as educational institutions like Kuo Chuan Presbyterian Primary School and Nanyang Junior College.

JLL, a global leader in real estate services, is the sole marketing agent for this sale. The company expects strong interest from both families and developers due to the increasing demand for large bungalow sites in the area.

Lum Chang Creations has been awarded a new contract valued at approximately S$32.9m for architectural and associated works at Teck Ghee Station, part of Singapore’s North-South Corridor project. This latest contract enhances the company’s order book, which stood at S$144.0m as of 19 May 2026, and underscores the firm’s expertise in complex construction projects.

The Managing Director of Lum Chang Creations, Lim Thiam Hooi, expressed confidence in the company’s ability to deliver high-quality work. “This contract win reflects the confidence that our customers continue to place in our ability to deliver complex, high-quality work to specification,” he stated. The project is expected to diversify the company’s portfolio across both public and private sectors.

As Singapore continues to invest in its infrastructure, Lum Chang Creations is poised to seize future opportunities. Lim added, “We remain committed to delivering this project safely, efficiently and to the highest quality standards, whilst pursuing sustainable long-term growth and creating lasting value for our shareholders.”

The contract win not only reinforces Lum Chang Creations’ revenue visibility but also highlights the ongoing demand for its specialised construction services. The company is well-positioned to contribute to Singapore’s evolving built environment, ensuring that it remains a key player in the industry.

A consortium led by Frasers Property Limited, including Frasers Centrepoint Trust, Sunway MCL Limited, Sekisui House, and Lum Chang Building Contractors, has emerged as the top bidder for the Bayshore Drive Government Land Sales site in Singapore. The group placed a bid of S$2.1b, surpassing the second-highest bid by 5.8%. This 99-year leasehold site, spanning 57,460.6 square metres, is earmarked for a large-scale, integrated mixed-use development.

The Bayshore Drive project is set to become a major transit-oriented development, directly connected to Bedok South MRT station and a new bus interchange. It will feature up to 1,280 residential units and a retail mall with a gross floor area of 22,100 square metres. The development aims to serve as a key retail, recreational, and transport hub within the Bayshore precinct, aligning with Singapore’s shift towards integrated urban living.

Frasers Property Singapore CEO, Soon Su Lin, expressed confidence in the project’s potential, stating it represents a “defining opportunity to shape a highly connected, liveable and future-ready community.” Richard Ng, CEO of Frasers Centrepoint Trust, highlighted the project’s alignment with their strategy of owning suburban retail assets with strong transport connectivity.

The development is expected to benefit from its proximity to educational institutions and recreational amenities, including the future SAFRA clubhouse. The tender is subject to government confirmation, with further details to be announced upon the formal award of the site.