Industry News

Vertis, a Singapore-based digital agency, has successfully launched a redesigned digital platform for Esplanade – Theatres on the Bay, merging Esplanade.com and Offstage into a single cohesive site. This transformation, completed in July 2026, marks a significant step in Esplanade’s digital journey, enhancing how audiences engage with the arts.

The project, awarded to Vertis in September 2025 through a competitive tender, integrates two previously separate sites. The new platform offers a light-mode “Onstage” experience for live performances and a dark-mode “Offstage” for behind-the-scenes storytelling. This dual design aims to reflect the diverse nature of Esplanade’s offerings.

Key improvements include a redesigned discovery experience with curated landing pages and an events calendar, a consolidated Visit hub for practical information, and a reimagined Offstage as a storytelling platform. The platform’s scalable design system supports Esplanade’s extensive programming, ensuring longevity and adaptability.

Built on Sitecore XM Cloud with a headless front end on Vercel, the platform meets the high standards expected of a national cultural institution. It underwent rigorous user acceptance testing to ensure readiness for public use. “This is more than just a digital facelift — it’s about crafting a future-ready platform,” said Birendra Balakrishnan, Co-founder of Vertis.

Looking ahead, Esplanade plans further digital enhancements, including improved customer relationship capabilities and personalised content experiences. This project stands as a landmark achievement for Vertis, highlighting its expertise in complex digital transformations.

Plug and Play, a global innovation platform, has announced a strategic partnership with Thales, a leader in advanced technologies, to accelerate the growth and international expansion of deeptech startups. This collaboration will leverage Plug and Play’s Innovation Framework to support Thales’ Trust My Tech programme, aimed at fostering innovation and collaboration across various technology sectors.

The partnership will focus on identifying and supporting startups in fields such as artificial intelligence, cybersecurity, aerospace, digital identity, and quantum technologies. These startups will have the opportunity to develop proofs-of-concept, pilot initiatives, and potential commercial collaborations with Thales’ regional and global business units. This initiative will enable real-world validation of their technologies and create pathways to international markets.

Singapore will serve as the first hub for implementing Plug and Play’s Innovation Framework in the Asia-Pacific region, acting as a launchpad for broader innovation efforts across Thales’ global hubs. Marine Martinez, Trust My Tech Global Programme Lead at Thales, stated, “Through our partnership with Plug and Play, we are further strengthening this capability by broadening our engagement with some of the world’s most promising deeptech startups.”

Jupe Tan, Managing Partner APAC at Plug and Play, added, “Our collaboration with Thales combines the strengths of a global technology leader with our worldwide innovation ecosystem to help startups accelerate their growth and commercialisation journey.”

This partnership aims to accelerate the adoption of emerging technologies whilst creating pathways for startups to expand internationally, addressing real-world industry challenges and fostering long-term growth.

A portfolio of three newly refurbished boutique commercial buildings in Singapore’s Central Business District (CBD) is now available for purchase. Jointly marketed by Cushman & Wakefield and CBRE, the properties are located in the Upper Circular Conservation Area and come with fresh 99-year leasehold tenures. These buildings present an opportunity for investors to acquire income-generating assets with the potential for hospitality-led repositioning, subject to approval from relevant authorities.

The properties, situated near Raffles Place, Clarke Quay, and Chinatown, have undergone extensive refurbishment and are fully operational, offering immediate rental income. Each building is strategically positioned to attract a diverse tenant pool, including financial institutions, professional services firms, and lifestyle operators. The properties are well-connected by multiple MRT stations, enhancing their appeal.

Sophia Lim, Director of Capital Markets at Cushman & Wakefield Singapore, highlighted the unique opportunity these assets present, stating, “These assets represent a new generation of conserved shophouses, offering the charm of heritage buildings with modern functionality.” Clemence Lee, Executive Director of Capital Markets at CBRE Singapore, added that there is potential to convert the properties into approximately 450 beds for backpacker or student hostels, or alternatively, boutique hotels or serviced flats.

The portfolio is offered at a guide price of approximately $90m and can be acquired collectively or individually. The sale will be conducted via an Expression of Interest exercise, closing on 18 August 2026. Interested parties are encouraged to contact Cushman & Wakefield and CBRE for further information.

Coliwoo has announced the opening of Coliwoo Resort Changi, Singapore’s first resort-style co-living hotel, set to welcome guests this July. Located on the site of a former state-owned holiday chalet along Jalan Loyang Besar, this marks Coliwoo’s largest hospitality development by land size and its first venture into Singapore’s eastern corridor.

Spanning 380,866 square feet, the resort features 380 rooms and is designed as a tranquil sanctuary inspired by Singapore’s colonial-era bungalows. The property offers a blend of heritage charm and modern hospitality, with amenities including pools, a gym, social lounges, and a community farming garden. Positioned strategically near Changi Airport and Changi Business Park, the resort provides excellent connectivity for both leisure travellers and corporate professionals.

The resort is committed to sustainability, incorporating solar and rainwater harvesting, EV charging, and upcycled materials. Kelvin Lim, Executive Chairman and CEO of Coliwoo, stated, “The launch of Coliwoo Resort Changi marks a transformative milestone in our growth trajectory, establishing a brand-new frontier for eco-conscious hospitality in Singapore.”

Coliwoo Resort Changi also emphasises community living, offering outdoor programming focused on wellness, social connection, and family activities. The property’s adaptive reuse of the former chalet site retains 40% of the existing landscape, showcasing Coliwoo’s dedication to sustainable development.

As Coliwoo expands into Eastern Singapore, the company plans to launch another hotel project at Changi Business Park Avenue 1 in the next financial year, further enhancing its presence in the region.

UOB Global Economics and Markets Research has increased its 2026 GDP growth forecast for Singapore to 4.8%, up from the previous 4.0%, following a robust first half of the year. The revision comes after Singapore’s economy recorded its fifth consecutive quarter of growth, with a 1.1% quarter-on-quarter seasonally adjusted increase and a 5.7% year-on-year rise in the second quarter of 2026.

The growth was primarily driven by the manufacturing sector, which saw a significant 5.3% quarter-on-quarter seasonally adjusted increase, bolstered by strong demand in the electronics and precision engineering clusters. This demand is largely attributed to AI-related needs for semiconductors and manufacturing equipment. However, the sector faced challenges from weaker chemicals output due to disruptions in the Middle East.

Non-manufacturing sectors experienced a slowdown, with construction declining by 2.1% quarter-on-quarter seasonally adjusted, and services growing by a modest 0.3%. The wholesale and retail trade, along with transportation and storage, saw a decline, reflecting reduced port activity and softer retail sales volumes amid weaker inbound tourism.

UOB’s report highlights that AI-related demand is expected to continue supporting growth into the third quarter of 2026. However, potential risks include a re-escalation of the Middle East conflict, which could lead to increased energy prices and tighter monetary policies globally. This scenario might impact AI-related equities and capital expenditure plans, potentially affecting the electronics cycle.

The Monetary Authority of Singapore is anticipated to maintain its current policy stance through 2026 and into 2027, although there is a heightened risk of policy adjustments due to recent geopolitical developments.

The Singapore Exchange (SGX) reported that despite an overall institutional net outflow of S$140m for July up to 13 July, the Industrials sector experienced a significant net institutional inflow of S$170m. This inflow was primarily driven by transportation, logistics, and engineering-related businesses, with Singapore Airlines and SATS leading the charge.

Singapore Airlines recorded a net institutional inflow of S$146m, equivalent to 215% of its average daily trading turnover (ADT), whilst SATS saw S$39m, equating to 186% of its ADT. These figures highlight the concentrated nature of the inflows within the Industrials sector, rather than a broad-based trend.

In the first half of 2026, the Technology sector had the highest net institutional inflow at S$580m. However, by 13 July, it experienced a net outflow of S$91m, partially reversing earlier gains. The Industrials sector followed with S$457m in net inflows during the same period, underscoring its resilience amidst broader market trends.

The inflows into Industrials were not only significant in absolute terms but also when adjusted for liquidity, representing 54% of the sector’s ADT. This was the highest liquidity-adjusted reading across all sectors, indicating robust institutional interest relative to daily trading activity.

The data suggests that institutional investors are selectively targeting sectors with strong growth prospects, particularly those linked to aviation, logistics, and engineering. This trend aligns with ongoing developments such as the expansion of Changi Airport and related infrastructure investments, reinforcing Singapore’s position as a regional transport and logistics hub.

Xiaohongshu Business has partnered with the Malaysia-China Chamber of Commerce (MCCC) to host the Xiaohongshu Malaysia Chinese Business Growth Summit. The event, which will take place across three Malaysian cities, aims to delve into the Chinese outbound tourism market and explore new marketing opportunities within Malaysia.

The summit is set to be a significant platform for businesses to understand and tap into the growing Chinese tourist market. With the increasing number of Chinese tourists visiting Malaysia, the summit will provide insights into effective marketing strategies and potential business collaborations. The event will also highlight the importance of adapting to the preferences and expectations of Chinese tourists to enhance their travel experience in Malaysia.

A spokesperson from Xiaohongshu Business stated, “We are excited to collaborate with MCCC to bring this summit to Malaysia. It is a unique opportunity for businesses to gain valuable insights into the Chinese market and explore new avenues for growth.”

The summit will feature a series of discussions and workshops led by industry experts, focusing on the latest trends and strategies in tourism and marketing. Participants will have the chance to network with key stakeholders and explore potential partnerships.

As Malaysia continues to be a popular destination for Chinese tourists, the summit is expected to play a crucial role in shaping the future of tourism and marketing strategies in the region. The event underscores the growing importance of understanding and catering to the needs of Chinese travellers, which could lead to increased economic benefits for Malaysia.

RHB Bank has maintained its 2026 full-year GDP growth forecast for Singapore at 4%, citing resilient economic activity despite ongoing external headwinds. The bank’s Group Chief Economist and Head of Market Research, Barnabas Gan, highlighted that robust exports and industrial production, driven by sustained demand for artificial intelligence (AI) technologies, are key factors supporting this outlook.

Singapore’s GDP expanded by 5.7% year-on-year in the second quarter of 2026, a slowdown from the 6.3% growth recorded in the first quarter. This figure, however, exceeded Bloomberg’s consensus estimate of 5.5% but fell short of RHB’s in-house projection of 6%. The report anticipates that the Monetary Authority of Singapore (MAS) will keep its policy parameters unchanged in the upcoming review before 31 July, as well as for the remainder of the year.

Gan’s analysis underscores the resilience of Singapore’s economy amidst global uncertainties. The sustained demand for AI-driven products has bolstered the country’s industrial production and export sectors, providing a buffer against external economic pressures.

Looking ahead, RHB’s steady GDP forecast reflects cautious optimism about Singapore’s economic trajectory. The bank’s insights suggest that whilst challenges persist, the underlying strength of key sectors could continue to support economic stability in the coming months.

Singapore’s economy expanded by 5.7% year-on-year in the second quarter of 2026, according to advance estimates released by the Ministry of Trade and Industry. This marks a slowdown from the 6.3% growth recorded in the first quarter. On a quarter-on-quarter basis, the economy grew by 1.1%, following a 1.3% increase in the previous quarter.

The manufacturing sector led the growth with a 12.2% year-on-year increase, up from 8.0% in the first quarter. This surge was primarily driven by strong demand for semiconductors and semiconductor manufacturing equipment, particularly in the electronics and precision engineering clusters. However, the chemicals and biomedical manufacturing clusters faced contractions due to feedstock disruptions linked to the Middle East conflict. The sector also saw a 5.3% quarter-on-quarter growth, rebounding from a 2.2% contraction previously.

In contrast, the construction sector’s growth slowed to 6.2% year-on-year, down from 12.9% in the first quarter, despite increased output in both public and private sectors. Quarter-on-quarter, the sector contracted by 2.1%, reversing the 7.4% growth seen earlier.

The services sectors showed mixed results. The wholesale and retail trade and transportation and storage sectors grew by 6.3% year-on-year, but contracted by 0.3% quarter-on-quarter. Meanwhile, the information and communications, finance and insurance, and professional services sectors expanded by 3.9% year-on-year and 1.7% quarter-on-quarter.

The preliminary GDP estimates, including detailed sectoral performance, will be further elaborated in the Economic Survey of Singapore in August 2026.

KPMG in Singapore and the National Library Board (NLB) have launched a new initiative, ‘Read to Lead: Building an AI-Ready Mind’, to promote reading as a key professional capability. This year-long programme, announced on 14 July, seeks to equip professionals, managers, executives, and technicians (PMETs) with the skills needed to discern accurate information in an era dominated by AI-generated content.

A recent poll conducted by KPMG and NLB revealed that only 40% of Singaporean PMETs feel confident in distinguishing accurate content from AI-generated misinformation. Despite the prevalence of AI in information dissemination, less than half of the respondents check the original source of statistics before forming opinions. This gap in critical evaluation skills prompted the launch of ‘Read to Lead’, which aims to embed focused reading into the workplace.

Melissa Tam, CEO of NLB, emphasised the importance of reading for critical thinking, stating, “By reading consistently and widely, we learn to ask better questions and become more discerning consumers of AI-generated outputs.” Lee Sze Yeng, Managing Partner at KPMG, added that professionals who read across disciplines will be better equipped to evaluate information, including AI-generated content.

The programme will benefit over 2,000 PMETs and business leaders through expert-led talks, interactive activities, and resources. It kicks off with ‘Knowledge Week’ from 14 to 16 July, featuring a digital library, quizzes, and panel discussions on critical reading and AI risks. Subsequent phases will include a practical toolkit for AI literacy and a ‘Journey Paper’ in 2027 to sustain the conversation on critical reading.

This initiative marks a significant step in preparing Singapore’s workforce for the challenges of the AI era, fostering a culture of informed and critical engagement with information.