Industry News

The Bayshore Road site has attracted significant attention from developers, with eight bidders vying for the plot, culminating in a top bid of $1,388 per square foot per plot ratio (psf ppr) from Sing-Haiyi Garnet Pte Ltd. This marks the highest level of interest since January 2022, when a similar number of bidders competed for the Jalan Tembusu site. According to Mark Yip, CEO of Huttons Asia, this interest suggests developers may have strategically withheld from other Government Land Sales (GLS) sites to focus on this tender, driven by a need to replenish their land banks following strong sales in recent months.

The Bayshore Road site is particularly coveted due to its rare sea-facing plots, which typically command a premium. The close bidding gap between the top two contenders underscores the developers’ eagerness to secure a foothold in the emerging Bayshore estate. Notably, the last GLS site sold along the East Coast was Seaside Residences in January 2016, at $858 psf ppr.

The bid price of $1,388 psf ppr is comparable to recent bids for land parcels in the Core Central Region (CCR), indicating a diminishing distinction between market segments. This reflects developers’ willingness to invest more for sites with superior attributes. The Bayshore site is particularly appealing as it offers sea views and immediate access to the Bayshore MRT station, enabling residents to reach Downtown in approximately 20 minutes. Additionally, Temasek Primary School is within 1km, and future developments include a mixed commercial and residential project above Bedok South MRT station, just one stop away.
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Singapore has shown a complex picture in workplace wellbeing, according to Intellect’s latest Workplace Wellbeing 360 Report 2025. The report, which analysed data from 50,000 employees across 182 countries, indicates that whilst Singapore has seen an overall improvement in mental wellbeing, it is the only Asia-Pacific (APAC) market to experience declines in growth mindset, work-life balance, and stress management.

The report highlights that Singapore has made significant strides in areas such as self-efficacy, goal orientation, and emotional regulation. These improvements have contributed to enhanced employee wellbeing, organisational support, and productivity across various industries. However, the decline in stress management scores, which fell from 60% in 2023 to 58% in 2024, underscores the urgent need for targeted interventions.

Presenteeism, where employees are present at work but not fully productive, has risen by 8% year-over-year, costing businesses significantly more than absenteeism. This trend is not unique to Singapore but is part of a broader regional challenge, with APAC employees generally struggling with stress management.

Despite these challenges, the report notes a 1.5% year-on-year increase in perceived employer support in APAC, aligning the region with global benchmarks. Mental wellbeing remains a critical driver of productivity, with a strong correlation to employee performance.

As businesses navigate these findings, the focus will likely be on enhancing stress management strategies and maintaining the positive momentum in mental wellbeing to ensure sustained productivity and employee satisfaction.
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UOB Private Bank has announced the appointment of Kelly Chia as the new Head of Investment Strategy. Chia will lead the Chief Investment Office team in developing macro-level investment strategies and translating them into actionable ideas for clients’ portfolios. He is available for media interviews to discuss topics such as wealth management, asset allocation, and sustainable investing.

Chia joins UOB Private Bank after a 13-year tenure at Julius Baer, where he served as Deputy Head of Research. During his time there, he was instrumental in delivering market outlooks and was a pioneer in writing about ESG investing and digital assets. His expertise spans macro strategy, thematic investing, and digital assets, making him a valuable addition to UOB’s team.

In his new role, Chia will focus on navigating market volatility and uncertainties, exploring alternative investments, and examining the evolving private investment landscape over the next three years. He will also delve into investor psychology, analysing how emotions like fear and greed impact decision-making.

Chia’s diverse background includes roles at General Electric, the Singapore Government, OCBC Bank, Standard Chartered Bank, and Temasek Holdings. His experience in various industries equips him with a broad perspective on investment strategies.

With his appointment, UOB Private Bank aims to enhance its private wealth segment by leveraging Chia’s insights and leadership. As he steps into this new role, Chia is eager to contribute to the bank’s growth and engage with clients on future investment strategies.
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Binance, the global blockchain ecosystem behind the largest cryptocurrency exchange by trading volume, has been recognised by the Singapore Police Force (SPF) for its significant contributions to cybercrime prevention. The award was presented by the CyberCrime Command (CCC) during the Alliance of Public Private Cybercrime Stakeholders (APPACT) networking dinner on 11 March 2025.

The APPACT Appreciation Awards celebrate private companies that have partnered with the SPF CCC in building capabilities and combating cybercrime. Binance was one of 18 companies honoured, alongside tech giants such as Google, Mastercard, Meta, Microsoft, and PayPal. Zhang Weihan, Acting Deputy Commissioner of Investigation and Intelligence and Director of the Criminal Investigation Department, expressed gratitude to these entities for their support.

Akbar Akhtar, Binance’s Head of Investigations for the Asia-Pacific region, stated, “Receiving the APPACT Appreciation Award is an honour for Binance, and we are deeply grateful to the Singapore Police Force for recognising our team’s efforts in combating cybercrime.”

This recognition highlights Binance’s ongoing commitment to building strong public-private partnerships worldwide. Earlier this month, Binance was also acknowledged by Thailand’s Central Investigation Bureau for its contributions to Operation Cyber Guardian and received an appreciation medal from Indonesia’s Directorate of Cyber Crime.

In 2024, Binance responded to nearly 65,000 requests from law enforcement agencies globally. The company remains dedicated to collaborating with both public and private sectors to ensure a safe digital environment for all.
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The Maritime and Port Authority of Singapore (MPA) and the CMA CGM Group have renewed their Memorandum of Understanding (MoU) to advance sustainable shipping and digital innovation. Signed by Teo Eng Dih, Chief Executive of MPA, and Rodolphe Saadé, Chairman and CEO of CMA CGM, the agreement builds on a previous MoU from 2022, reinforcing Singapore’s position as a leading maritime hub.

Under the MoU, CMA CGM plans to expand its fleet with more vessels registered under the Singapore flag, including four 23,000 TEU LNG vessels. This expansion supports CMA CGM’s goal of achieving Net Zero Carbon by 2050, with nearly $20 billion invested in LNG and methanol-powered ships. By 2029, the company aims to have 153 ships capable of using low-carbon energies.

The collaboration will also see CMA CGM register and bunker alternative-fuel vessels in Singapore, participating in bunkering trials. Notably, CMA CGM Iron, the first of 12 dual-fuel methanol vessels, made its maiden call in Singapore in March 2025. MPA and CMA CGM will explore pilot trials for carbon accounting and data exchange standards, alongside cybersecurity initiatives to enhance maritime digital security.

The partnership aims to strengthen Singapore’s maritime innovation ecosystem by connecting CMA CGM’s entities with local platforms like PIER71. Additionally, CMA CGM will expand intra-Asia shipping services, using Singapore as a regional transshipment hub.

Workforce development is also a focus, with plans for leadership programmes, internships, and a seafarers’ training programme in collaboration with the Maritime Energy Training Facility. This initiative aims to equip the workforce with skills for handling new fuels like ammonia and methanol.

Teo Eng Dih highlighted the MoU as a milestone in collaboration, aiming to create a sustainable maritime ecosystem. Rodolphe Saadé expressed commitment to leveraging expertise for resilient global trade.
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QBE Insurance has unveiled findings from its latest Singapore SME Survey, highlighting a concerning gap between perceived business risks and actual insurance coverage.

Conducted between December 2024 and January 2025, the survey gathered insights from 600 decision-makers on issues such as workplace safety, talent retention, and insurance.

The survey revealed that nearly three-quarters of Singapore SMEs are worried about financial losses from business interruptions, inventory damage, and fraud. However, only about 20% have insurance policies to cover these risks. Shun Quan Goh, Head of Underwriting, Retail & SME at QBE Singapore, noted the surprisingly low uptake of insurance despite the potential financial consequences, emphasising the importance of adequate coverage.

Workplace safety and health (WSH) remain a priority, though attention has slightly decreased from last year. The survey found that 78% of SMEs communicate coverage and benefits to employees, down from 81% in 2024. Meanwhile, mental health is gaining focus, with 93% of respondents acknowledging its importance, up from 89% last year. Flexible working hours and work-from-home arrangements have increased, with 59% and 45% of SMEs offering these options, respectively.

Talent retention is a growing challenge, with 49% of respondents identifying it as a key issue, up from 37% in 2024. Flexible working is now the top strategy for retaining skilled staff, cited by 51% of respondents. The survey also explored attitudes towards older workers, revealing that 41% of SMEs employ a workforce comprising 10% or more of individuals aged 65 or older.

QBE Singapore CEO Ronak Shah highlighted the importance of supporting an ageing workforce and the value of non-monetary benefits like work-life balance in attracting top talent. As Singapore’s labour force evolves, SMEs are encouraged to adopt policies that address the needs of older workers and consider comprehensive insurance solutions to mitigate risks.
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A recent survey by CyberArk has highlighted significant security challenges faced by Singaporean organisations due to compromised machine identities. The report, which surveyed 150 senior security professionals in Singapore, found that 75% of security leaders reported incidents or breaches linked to compromised machine identities over the past year. These breaches have led to delays in application launches, outages affecting customer experience, and unauthorised access to sensitive data.

The survey underscores the rapid growth of machine identities, which now outnumber human identities significantly. A staggering 91% of Singaporean security leaders anticipate an increase in machine identities within their organisations over the next year, with many predicting growth rates of up to 50% or more.

As artificial intelligence (AI) continues to evolve, 87% of surveyed leaders believe that securing machine identities will be pivotal in safeguarding AI’s future. The rise of AI agents, seen as the next major computing wave, further emphasises the need for robust machine identity security.

Despite the critical nature of these security measures, the report reveals that many organisations’ machine identity security programmes lack maturity. Challenges include the absence of a cohesive strategy, difficulties adapting to shorter machine identity lifecycles, and the risk of adversaries exploiting stolen identities.

Kevin Bocek, SVP of Innovation at CyberArk, stated, “Machine identities of all kinds will continue to skyrocket over the next year, bringing not only greater complexity but also increased risks.” He stressed the urgency for security leaders to develop comprehensive machine identity security strategies to mitigate these risks.

The findings highlight the pressing need for organisations to address machine identity security to prevent future breaches and outages, especially as AI technologies advance.
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M1 Limited has signed a non-binding memorandum of understanding with Airbus and CitiCall Communications to introduce Agnet, a next-generation communication platform, to Singapore. This collaboration aims to advance secure and reliable communications for public safety and enterprise sectors, leveraging M1’s True 5G network.

Agnet, built on Airbus’ globally trusted platform, offers secure push-to-talk and push-to-video functionalities, alongside real-time messaging and location services over broadband networks. The platform is designed to support mission-critical communications, enhancing operational efficiency and safety protocols.

Andrew Cheng, Chief of Enterprise Services at M1, stated, “M1 is committed to providing cutting-edge communication solutions that support Singapore’s digital transformation.” The partnership with Airbus and CitiCall aims to empower businesses and public safety agencies with a robust communication platform.

The introduction of Agnet aligns with M1’s mission to facilitate digital transformation through advanced 5G solutions. By integrating Agnet into M1’s SMARTsuite Industry solutions, the company continues to offer bespoke solutions tailored to industrial needs.

Alain Ruinet, Airbus Head of APAC, Public Safety and Security, expressed excitement about the collaboration, noting that Singapore’s strong digital ecosystem and demand for secure communications will benefit from this partnership. Francis Ng, CEO of CitiCall, highlighted the role of CitiCall as Agnet’s local reseller, ensuring businesses have access to this state-of-the-art solution.

This partnership is set to redefine mission-critical communication standards in Singapore, providing industries with the tools needed for effective digitalisation and operational excellence.
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Equinix, the global digital infrastructure company, has issued its inaugural green bonds in Singapore, raising S$500m. This marks the first time in over five years that a US corporate has accessed the Singapore dollar market. The funds will be used to bolster Equinix’s sustainability initiatives and improve operational efficiency across its portfolio.

The green bonds, which are 3.50% senior notes due in 2030, were successfully closed on 13 March 2025. This issuance contributes to Equinix’s global total of approximately US$7.3b in green bonds. Yee May Leong, Managing Director of Equinix Singapore, highlighted the importance of energy-efficient infrastructure, stating, “The issuance of our inaugural green bonds in Singapore underscores our commitment to designing and building energy-efficient infrastructure, and reducing our carbon footprint.”

The proceeds from the bonds will finance or refinance projects under Equinix’s Eligible Green Projects, which include green building development, renewable energy innovations, and advanced energy efficiency solutions. These projects are part of Equinix’s broader mission to address global climate change and enhance resource efficiency.

Clifford Lee from DBS Bank, which served as a joint global coordinator, noted the significance of this issuance in advancing a greener digital economy. Maria-Lisa Farmakidis from Standard Chartered added that the transaction establishes Equinix’s presence in the Singapore dollar bond market and sets the stage for future issuances.

Equinix’s commitment to sustainability aligns with Singapore’s National AI Strategy and Green Plan 2030, reinforcing its role in supporting the nation’s AI vision responsibly.
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Manulife Singapore has launched two new insurance plans aimed at addressing the critical illness protection gap in the country, which currently stands at 74%. The new offerings, Manulife Early CompleteCare (MECC) and Manulife EarlyCancer Protect (MECP), are designed to provide comprehensive and affordable coverage for critical illnesses and cancer, respectively.

MECC offers extensive coverage for 126 critical illness conditions across early, intermediate, and advanced stages. It includes a Continuous Cancer Income option, providing a monthly payout of 4% of the sum insured for up to 60 months, and a Cover Me Again benefit, allowing for up to four additional claims. The plan also guarantees a death benefit of at least eight times the annual premium.

MECP, on the other hand, provides straightforward and affordable cancer coverage. The policy covers all stages of cancer with a 100% payout upon diagnosis or death. It features a simplified underwriting process, requiring answers to just four questions, and guarantees renewal every five years without a health check-up, provided no claims have been made.

Mark Czajkowski, Chief Marketing Officer of Manulife Singapore, stated, “With the launch of MECC and MECP, we want to initiate a conversation on what holistic health looks like for our customers.” Thomas Lee, Chief Product Officer, added, “The financial impact of a critical illness can be devastating. With MECC and MECP, we hope to give our customers more options to ensure that their financial well-being is protected.”

These new plans aim to provide Singaporeans with greater financial security, allowing them to focus on recovery rather than financial strain.
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