Industry News

UltraGreen.ai, a leader in fluorescence-guided surgery (FGS), has announced its initial public offering (IPO) on the Singapore Exchange (SGX) Mainboard, aiming to raise over $400m. The company, known for its AI-driven fluorescence imaging solutions, registered its prospectus with the Monetary Authority of Singapore on 26 November 2025. The IPO offers investors a chance to engage with a pioneering firm in the FGS sector, which is expanding its reach, particularly in Asia.

The offering includes 112,068,200 shares priced at $1.45 each, with a Singapore Public Offering Price of S$1.892 per share. UltraGreen.ai has secured commitments from 16 cornerstone investors, contributing $237.5 million. The public offer in Singapore is set to open on 26 November and close on 1 December, with trading expected to commence on 3 December.

UltraGreen.ai’s flagship product, IC-GREEN®, is widely used in FGS procedures, supported by extensive clinical research. The company plans to use the proceeds from the IPO to invest in its core products, expand geographically, and support general corporate purposes. CEO Ravi Sajwan highlighted the company’s strategic expansion from Singapore to capture growth in Asia, aiming to transform surgical procedures globally with enhanced precision and reduced healthcare costs.

Chairman Kwa Chong Seng emphasised the company’s strong growth and strategic market positioning, noting its robust financial performance, including a 59.3% revenue increase in FY2024. The IPO is underwritten by Citigroup Global Markets Singapore and DBS Bank.

Singapore’s banks are emerging as early movers in Asia’s protein transition, according to a new benchmark released by Asia Research & Engagement (ARE). The report, titled “Banking Asia’s Protein Transition: Financing the Shift Towards Responsible and Sustainable Food and Agriculture Systems,” evaluates 24 major banks across Southeast Asia and India. It highlights Singapore’s DBS, UOB, and OCBC for their responsible-lending frameworks and deforestation-exclusion principles, though none have set measurable financing targets for plant-based proteins or other sustainable initiatives.

The benchmark underscores the importance of aligning food and agriculture lending with climate and nature targets. Kate Blaszak, ARE’s Director of Protein Transition, stated, “This benchmark provides a constructive starting point for banks to build understanding of intersectional risks in this critical sector.”

Whilst Singaporean banks have made strides, the report identifies significant gaps in sustainable finance. It calls for enhanced transparency and increased support for plant-based proteins, humane production, and deforestation-free supply chains. The report also notes that banks in Malaysia, Thailand, Indonesia, the Philippines, and India are at varying stages of integrating sustainability into their frameworks.

ARE emphasises the potential for banks to drive sustainable food production by adopting comprehensive responsible lending frameworks. Blaszak added, “Banks that act early can reduce systemic risks and unlock new sources of value.” The report suggests that by learning from regional peers and international models, Asian banks can play a pivotal role in the protein transition.

Air Liquide Singapore and Aster Chemicals and Energy Pte. Ltd. have signed a Memorandum of Understanding (MOU) to develop an Auto Thermal Reformer (ATR) unit for low-carbon hydrogen production in Singapore. This collaboration aims to integrate carbon capture technology, enhancing energy efficiency and supporting Singapore’s goal of achieving net-zero emissions by 2050.

The partnership will leverage Air Liquide’s expertise in autothermal reforming technology and Aster’s refining-petrochemical infrastructure. The companies will assess the ATR’s technical and commercial potential, aligning with Singapore’s national hydrogen strategy. The ATR process, combined with carbon capture, promises a carbon capture rate of up to 99%, contributing to the decarbonisation of Singapore’s energy and chemicals sector.

Tina Loke, CEO of Air Liquide Singapore, stated, “Air Liquide is proud to partner with Aster on this crucial initiative, which aligns with its global strategy to actively accelerate the development of a low-carbon society.” Erwin Ciputra, Group CEO of Aster, added, “By partnering with Air Liquide, we seek to harness advanced ATR technology to supply low carbon hydrogen that strengthens the efficiency and reliability of our integrated infrastructure.”

This initiative is part of Singapore’s broader commitment to diversifying its energy mix and building a resilient low-carbon economy. The collaboration between Air Liquide and Aster is expected to play a significant role in reducing emissions in hard-to-abate sectors, paving the way for a sustainable energy future in Singapore.

The Urban Redevelopment Authority has announced the launch of land tenders for three sites at Dairy Farm Walk, Dover Drive, and Tanjong Rhu Road, as part of the second half of 2025 Government Land Sales programme. These sites are expected to yield approximately 480, 625, and 525 residential units respectively. The tenders will close on 22 January 2026, 26 March 2026, and 5 February 2026.

Dairy Farm Walk, located near several schools and amenities, is anticipated to attract nature lovers due to its proximity to Bukit Panjang Park and Dairy Farm Nature Park. Justin Quek, Deputy Group CEO of Realion (OrangeTee & ETC) Group, noted that despite being the fourth land parcel released in the area recently, the location’s appeal and amenities may sustain demand. The site is expected to attract 2 to 4 bidders, with a highest land rate of S$900 to S$1,000 per square foot per plot ratio (psf ppr).

Dover Drive’s strategic location near educational institutions and business hubs makes it appealing to families and investors. The site includes 3,000 sqm of commercial space, enhancing its attractiveness. Quek anticipates 3 to 6 bidders, with a highest land rate of S$1,200 to S$1,300 psf ppr.

Tanjong Rhu Road marks the first land parcel release in the area in nearly 30 years. Its proximity to the Singapore Swimming Club, Kallang Wave Mall, and the National Stadium, along with potential views of the CBD skyline or the sea, could drive interest. Quek expects 2 to 5 bidders, with a highest land rate of S$1,300 to S$1,400 psf ppr.

Mondrian Singapore Duxton has announced the appointment of Damien Marchenay as its new General Manager. With over 20 years of international experience in the hospitality industry, Marchenay is set to bring his creative and people-first leadership to the hotel, aiming to deepen its cultural connection to the Duxton neighbourhood and elevate its status as a cultural anchor in Singapore.

Marchenay’s career began in the nightlife and dining sectors, which honed his skills in atmosphere and community building. His journey has taken him across Europe and Asia, including a significant stint at Raffles Hotel Singapore two decades ago. Most recently, he transformed Mondrian Seoul Itaewon into a cultural hub known for its vibrant events and collaborations. His leadership philosophy, rooted in trust and creativity, is expected to empower the Mondrian team and enhance guest experiences.

In his new role, Marchenay plans to strengthen ties with local creatives and businesses, fostering a hotel ecosystem that reflects the dynamic energy of Duxton. His vision includes championing collaborations and creating experiences that go beyond traditional hospitality, aiming to leave a lasting creative legacy. “If the concepts and experiences we create here are still being copied in 10 years,” Marchenay stated, “that’s when you know you’ve built something meaningful.”

As Mondrian Singapore Duxton continues to evolve, Marchenay’s appointment marks a significant step in its journey to becoming a modern legend in Singapore’s hospitality scene.

Banyan Group announce a significant milestone with the grand opening of its 100th hotel, the Mandai Rainforest Resort by Banyan Tree, in Singapore. This marks the group’s first venture in the city-state, nestled within the Mandai Wildlife Reserve, a renowned nature and wildlife destination. The resort, owned by Mandai Wildlife Group, is designed to offer guests an immersive experience in nature, aligning with Singapore’s City in Nature vision.

Eddy See, President and CEO of Banyan Group, expressed the significance of this opening, stating, “As we mark our 100th hotel with our first in Singapore, Mandai Rainforest Resort by Banyan Tree represents a deeply meaningful homecoming.” The resort offers a unique opportunity for guests to connect with nature and enjoy wildlife experiences right at their doorstep.

The resort spans 4.6 hectares and features biophilic design elements, including elevated treehouses and a five-storey building with views of the Upper Seletar Reservoir. Sustainability is a key focus, with the resort achieving Singapore’s first Green Mark Platinum Super Low Energy certification. Rooms are equipped with interactive displays to monitor power usage, and rainwater is harvested for use in flushing.

Dining at the resort is highlighted by Forage, a restaurant offering nature-inspired dishes with ingredients sourced from a rooftop garden. The resort also features a spa, a ballroom for events, and a playground designed to integrate with the surrounding rainforest.

Guests have access to nearby wildlife parks and attractions, including Singapore Zoo and Night Safari, with special rates and programmes available. The Mandai Rainforest Resort by Banyan Tree aims to provide a comprehensive nature-led experience for visitors of all ages.

Singapore’s property market is set to see heightened competition as developers eye new Government Land Sales (GLS) sites at Dairy Farm Walk, Dover Road, and Tanjong Rhu Road. With unsold inventory dropping to a low of 17,209 units in Q3 2025, developers are keen to replenish their land banks, though they remain selective about tenders, according to Mark Yip, CEO of Huttons Asia.

The Dairy Farm Walk site, located in a private residential enclave near nature and amenities, is expected to attract up to three bidders, with top bids ranging from $900 to $1,000 per square foot per plot ratio (psf ppr). The area boasts good connectivity with nearby MRT stations and schools, making it an attractive option for developers.

Meanwhile, the Dover Road site, the first in the new Dover-Medway neighbourhood, is anticipated to draw up to six bidders. Situated next to the Greater one-north area, Singapore’s premier research and development hub, the site is well-positioned to meet the housing needs of the 50,000-strong workforce in the area. Top bids are expected to range from $1,200 to $1,300 psf ppr.

The Tanjong Rhu Road site, the first GLS offering in the area since 1997, is likely to see up to seven bidders. Located in a waterfront precinct with easy access to the CBD and Changi Airport, the site is expected to attract top bids between $1,300 and $1,400 psf ppr. The area’s transformation under the Kallang Alive Masterplan adds to its appeal.

These GLS sites, set to be launch-ready in 2027, are poised to intensify competition among developers, particularly in the Outside Central Region (OCR), where a high supply of private homes and executive condominiums is anticipated.

Coliwoo has reported a remarkable 62.6% increase in its core profit after tax and minority interest (PATMI), reaching S$22.9m for the financial year 2025. This surge is attributed to the company’s strategic focus on optimising asset returns and the resilience of its co-living business model. The company also announced dividends of 2.0 Singapore cents, reflecting its strong financial performance.

Coliwoo maintained a high occupancy rate of 96.1% across its portfolio, underscoring the robust demand for co-living spaces in Singapore. Executive Chairman and CEO Kelvin Lim expressed satisfaction with the results, highlighting the 11 percentage-point improvement in gross profit margin as evidence of the company’s strategic success. “The strong market fundamentals in Singapore, evidenced by sustained high rental demand and a recovering corporate and MICE segment, give us great confidence,” Lim stated.

In addition to its financial achievements, Coliwoo is expanding its pipeline with a 50:50 joint venture acquisition aimed at transforming an under-utilised building into a co-living and commercial development. This move is part of Coliwoo’s strategy to increase its market share, with a target of nearly 4,000 rooms by the end of 2026.

The company is set to host its FY2025 Result Briefings on 5 December 2025, providing insights into its business strategies and growth outlook. As Coliwoo continues to strengthen its position in the co-living sector, it remains poised to capitalise on the growing demand for flexible living solutions.

StraitsX, a Singapore-based stablecoin infrastructure provider, has announced a year of strategic expansion in 2025, marking a pivotal moment for digital finance in Asia. As stablecoins gain traction in cross-border payments, StraitsX has strengthened its role by forming key partnerships with companies like OKX SG and Grab, and expanding collaborations with banks and institutional networks across the region.

In 2025, StraitsX unveiled a refreshed brand identity to reflect its ambition to scale its infrastructure across borders. This new identity aligns with its mission to provide compliant and seamless digital currency infrastructure. The company has also deepened its partnerships, such as with Thailand’s KASIKORNBANK, to integrate stablecoin-based settlement into existing payment channels, enhancing efficiency and transparency.

StraitsX’s collaboration with OKX SG and Grab has extended stablecoin utility into everyday payment environments, allowing users to leverage stablecoins like USDT and USDC for daily transactions. Additionally, a strategic memorandum of understanding with Grab aims to integrate stablecoin-compatible wallets into the Grab platform, enabling merchants to accept fiat-backed stablecoins such as XSGD and XUSD.

The company has also expanded its multichain strategy, with XSGD now listed on Ripple’s XRP Ledger and Coinbase, enhancing liquidity and usability. StraitsX’s participation in global forums has further solidified its position as a leader in digital money innovation, advocating for regulatory-compliant stablecoins to bridge traditional and modern financial systems.

Looking ahead to 2026, StraitsX aims to deliver programmable and interoperable infrastructure to meet the growing demand from payment service providers and institutions, positioning stablecoins as essential rails of global payments.

Aster Power has announced a significant investment of $150m to develop a hydrogen-ready gas turbine at its energy and petrochemical hub in Singapore. This initiative, backed by Chandra Asri’s infrastructure arm, Chandra Daya Investasi, aims to enhance energy efficiency and support Singapore’s transition to a low-carbon economy by the end of 2029.

The new turbine will integrate with Aster’s existing chemical facilities, enabling the production and utilisation of low-carbon electricity. It is designed to be hydrogen-ready, allowing for future co-firing as hydrogen becomes commercially viable. This development is part of Aster’s long-term decarbonisation strategy, which includes reducing carbon intensity and supplying additional low-carbon electricity to Singapore’s grid.

Erwin Ciputra, Group CEO of Chandra Asri and Aster, stated, “This is a significant step in strengthening our energy competitiveness whilst advancing our decarbonisation efforts. The hydrogen-ready turbine will help future-proof our operations and contribute to cleaner, more efficient energy for Singapore.”

Aster, a joint venture led by Chandra Asri and Glencore, is a prominent provider of energy, chemical, and infrastructure solutions in Southeast Asia. The company’s strategic assets include a refinery and naphtha crackers in Indonesia and Singapore, supporting its commitment to industrial energy efficiency upgrades.

The investment underscores Aster Power’s dedication to advancing clean energy solutions and aligns with Singapore’s broader environmental goals. As operational readiness is targeted for 2029, the project is expected to play a crucial role in the nation’s sustainable energy landscape.