Industry News

ST Telemedia Global Data Centres (STT GDC) has commenced construction on its first data centre facility, STT Johor 1, at the STT Johor data centre campus in Iskandar Puteri, Johor. The groundbreaking ceremony was officiated by Johor’s Chief Minister, highlighting the state’s dedication to enhancing digital infrastructure and economic growth. The facility, part of a 22-acre campus, is set to be operational by the end of 2026 with an IT load capacity of 16MW.

Located just 15 kilometres from Singapore, the campus offers a strategic position for seamless connectivity, including integration with STT Singapore 5, STT GDC’s regional interconnection hub. This connectivity will enable the facility to support high-performance computing demands from enterprises, government agencies, and cloud service providers, facilitating advanced research and data-driven decision-making.

In a move to support the burgeoning data centre sector, STT GDC has signed a Memorandum of Understanding (MOU) with the Johor Talent Development Council. This initiative aims to develop a skilled workforce in line with the Johor-Singapore Special Economic Zone’s objectives, positioning Johor as a hub for data centre expertise in Southeast Asia.

The campus will be powered by renewable energy sources, aligning with Malaysia’s green energy goals. STT GDC is in discussions with renewable energy providers like Ditrolic Energy to supply electricity, underscoring its commitment to sustainable practices. Darryll Sinnappa, STT GDC’s Country Head for Malaysia, stated, “We look forward to STT Johor 1 playing a pivotal role in delivering tangible economic growth to the region, sustainably, whilst nurturing the next generation of data centre professionals.”

Malaysia’s data centre market is projected to grow significantly, with a development pipeline of 1.4GW over the next five years, potentially driving industry revenue to $760m (RM3.6b) by 2025.
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Singapore’s core inflation rate experienced a significant decline to 0.8% year-on-year (YoY) in January 2025, down from a revised 1.7% in December, according to latest government statistics.

This decrease is attributed to the recent rebasing of the Consumer Price Index (CPI), which altered the composition of the CPI basket, resulting in broad-based disinflation across key categories such as food, clothing and footwear, health, and recreation, sport and culture.

The rebasing notably increased the weight of accommodation, which is excluded from the core CPI, by 4.59 percentage points to 26.56%. This adjustment reflects a surge in both actual and imputed rentals for housing. Additionally, the weight of healthcare rose by 3.57 percentage points to 10.08%, aligning with an ageing population where the percentage of citizens aged 65 and above has increased from 16% in 2019 to 19.9% in 2024.

Conversely, the weight of private transport saw a significant reduction, dropping from 12.21% in 2019 to 9.06% in 2024. This change is primarily due to lower total spending on motor cars, despite rising prices driven by an uptrend in Certificate of Entitlement (COE) premiums and other car-related taxes.

With the subdued core and headline inflation readings, UOB Global Economics and Markets Research has adjusted its full-year inflation forecast to 1.3% YoY for both core and headline inflation in 2025, down from previous estimates of 1.7% YoY. The Monetary Authority of Singapore (MAS) is expected to maintain its current Singapore Dollar Nominal Effective Exchange Rate (S$NEER) settings for the remainder of the year, although further easing could occur if core inflation continues to decelerate.
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Singapore Management University (SMU) graduates continue to be highly employable, with an 89.8% overall employment rate, according to the 2024 Graduate Employment Survey.

Despite a lower hiring demand, SMU graduates are commanding higher salaries, with the average gross monthly salary increasing by 3.4% to S$5,057. The survey, conducted by SMU and other Autonomous Universities, highlights the university’s strong industry connections and the effectiveness of its experiential learning model.

SMU’s mandatory internship programme has been pivotal in preparing students for the workforce, with 79.9% of graduates completing more than one internship. Notably, 31.6% of those who secured full-time employment did so with companies they interned with. This reflects the university’s robust industry linkages, particularly in sectors such as Finance & Insurance, Legal, Accounting & Auditing, and Information & Communication.

More than 60% of SMU graduates secured employment before graduation, showcasing the market’s confidence in SMU’s talent pipeline. The university’s emphasis on interdisciplinary approaches and real-world problem-solving is credited for this success. SMU Provost Timothy Clark stated, “SMU’s graduate success is no accident—it is the result of an education model designed for relevance and lifelong impact.”

The survey also revealed that 98% of graduates felt their time at SMU positively influenced their personal growth, with significant improvements in interpersonal, collaboration, and communication skills. As Singapore’s economic landscape evolves, SMU remains committed to equipping students with the necessary skills and industry experience to thrive.
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Golf enthusiasts are in for a treat as top golfers Paul Casey, Jimmy Walker, and Robert MacIntyre prepare to compete in the Porsche Singapore Classic from 20 to 23 March 2025. The prestigious DP World Tour event, held at the Laguna National Golf Resort Club, promises a star-studded line-up, including Asian title contenders, vying for the coveted title and a Porsche Taycan Turbo S.

Paul Casey, a former world No. 3 and Porsche Brand Ambassador, expressed his excitement about returning to Singapore. “I am excited to return to Singapore for the Porsche Singapore Classic,” he said. Casey, who has previously triumphed at a Porsche event in 2019, is aiming for his 16th DP World Tour title.

Jimmy Walker, the 2016 PGA Championship winner, also shared his enthusiasm for the event. “It’s always exciting to play in new events, and the Porsche Singapore Classic is no exception,” Walker remarked. He praised Porsche’s commitment to golf, which enhances the tournament experience for players and fans.

Robert MacIntyre, who enjoyed a successful week at the Singapore Classic in 2023, is eager to return. “The fans were amazing last time, and Laguna National is a great course to start the season’s Asian Swing,” he noted.

The tournament will also feature notable Asian golfers, including Haotong Li from China and Kiradech Aphibarnrat from Thailand. Singapore’s own Brayden Lee, a 17-year-old amateur, will compete after securing his spot through a qualifying tournament.

In addition to the competition, players and fans can look forward to the hole-in-one prize—a Taycan Turbo S—and a fleet of Porsche courtesy cars available during the event. The Porsche Singapore Classic has quickly established itself as a highlight on the global golf calendar, further cementing Porsche’s involvement in professional golf.
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ECOsubsea, a pioneer in sustainable hull cleaning, has secured a $62m loan from Innovation Norway to expand its operations in Singapore, the world’s second-busiest port. The funding will support the construction of next-generation hull cleaning robots, including the Pink Panther, which debuted in Singapore last autumn. These robots, built in Norway, will be deployed from specially adapted tug vessels to clean ships whilst they are bunkering at anchor, significantly reducing fuel consumption and CO2 emissions.

The Green Growth Loan, part of a NOK 150m project, aims to incentivise private capital for climate-friendly solutions. Håkon Haugli, CEO of Innovation Norway, stated, “ECOsubsea’s results have surpassed all expectations, and this year will be the first full year of operation for the Pink Panther.” The loan will be matched with equity from private investors over the next six months, with new robots expected to be operational by the end of 2025.

ECOsubsea’s Managing Director, Tor Mikal Østervold, emphasised the importance of scaling eco-friendly solutions, saying, “The loan provides a catalyst for us to scale faster and make an even bigger contribution to preserving the environment.” The Pink Panther technology cleans hulls in 7.66-metre swathes, reducing cleaning time from 40 hours to just four, whilst collecting fouling debris to prevent environmental pollution.

ECOsubsea aims to reduce global shipping emissions by 100 million tonnes of CO2 annually, with a target of two million tonnes in 2025. The company plans to expand its network to 250 cleaning robots globally, including in key locations such as Panama, Suez, and Gibraltar.
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Manulife Investments and Maybank have unveiled the Manulife Empower Solutions, a suite of customisable investment funds aimed at revolutionising retirement planning for individuals at various life stages.

The Empower Solutions, available exclusively through Maybank in Singapore, are designed to adapt to the evolving financial goals and risk appetites of investors, ensuring financial security from wealth accumulation to retirement income preservation.

The Empower Solutions employ a glide path approach, allowing portfolios to evolve with investors’ changing needs. Hui-Jian Koh, CEO of Manulife Investments Singapore, highlighted the flexibility of the solutions, stating that they address the limitations of traditional retirement plans which often fail to adapt to changes in an investor’s circumstances.

Alvin Lee, Maybank Singapore Country CEO, emphasised the importance of these solutions in a rapidly ageing society, noting that they cater to the financial priorities of Singaporeans as the nation approaches “super-aged” status by 2026.

The suite includes four funds: Empower Income, Empower Conservative, Empower Moderate, and Empower Growth, each tailored to different risk tolerances and financial goals. Marc Franklin, Senior Portfolio Manager at Manulife Investments, explained that the funds offer both a baseline evolution and a personalised approach, allowing investors to customise their allocations.

Additionally, the Empower Solutions integrate advanced digital tools such as Goal-based Investment Tools and Portfolio Simulation, enhancing the customer experience by providing personalised advice and scenario analysis. This digital integration aims to keep clients on track to achieve their financial objectives.
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The latest 2025 WealthLens™ Study has unveiled intriguing insights into the financial behaviours and aspirations of over 600 High-Net-Worth Individuals (HNWIs) in Hong Kong and Singapore. The study, which focuses on affluent consumers with over $5m in financial assets, reveals key trends in relocation, education, and philanthropy.

A significant finding is the relocation intentions of HNWIs. In Hong Kong, two in five are considering moving within the next five years, with Singapore as a preferred destination due to its perceived better quality of life. Conversely, half of Singapore’s HNWIs, particularly those under 45, are contemplating relocation for cultural experiences and professional growth, rather than dissatisfaction with Singapore.

Education remains a top priority for these wealthy individuals. Whilst 40% of HNWIs in both cities send their children to local universities, 60% plan for overseas education. Hong Kong HNWIs favour the US, whereas Singaporeans prefer the UK. Notably, one in five Hong Kong HNWIs are interested in sending their children to China, highlighting China’s growing regional importance.

Succession planning is also a critical focus, with many wealthy individuals setting up legal trusts for wealth transfer. A significant wealth transfer is anticipated within the next decade, with one in three HNWIs set to inherit substantial assets. Hong Kong inheritors aim to enhance their lifestyle, whilst Singaporean inheritors plan to expand business ventures.

Philanthropy is gaining traction, with Hong Kong HNWIs prioritising education for the underprivileged and climate action, whilst Singaporeans focus on quality healthcare and education opportunities.

The WealthLens™ Study provides strategic insights for financial firms targeting affluent clients, offering a comprehensive understanding of HNWIs’ financial needs and behaviours.
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British Council Singapore recently celebrated the remarkable achievements of UK alumni at the Study UK Alumni Awards 2025, held on 20 February at The Fullerton Hotel Singapore. This prestigious event recognised individuals who have utilised their UK education to make significant impacts in their professions and communities.

The awards highlighted the transformative power of education across four categories. Wen Si Chow, a Senior Legal Counsel at Mott MacDonald, received the Business and Innovation Award for her efforts in promoting inclusivity in the STEM industry. The Culture and Creativity Award went to Ken Chong, an award-winning composer and educator, for his contributions to Singapore’s music scene. Stephanie Choon Xia Liaw, the Energy Lead for Singapore and Malaysia at Mott MacDonald, was honoured with the Science and Sustainability Award for her work in energy transition. Lastly, Shalom Lim Ern Rong, an advocate for disability inclusion, received the Social Action Award.

HE Nik Mehta, British High Commissioner to Singapore, praised the awardees, stating, “All four Singapore winners inspire me because they are making a difference to our world in fields ranging from science and sustainability to culture, social engagement, and business innovation.”

The awards underscore the enduring educational and cultural ties between the UK and Singapore, especially as Singapore marks its 60th year of independence. The British Council remains committed to supporting UK alumni worldwide, ensuring their achievements continue to inspire future generations.
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Morgan Stanley has expressed optimism about Singapore’s equity market following the introduction of new measures aimed at enhancing market liquidity and valuations. The Monetary Authority of Singapore (MAS) has announced a $5b liquidity injection into actively managed funds investing in Singapore stocks, alongside a requirement for family offices with assets under management exceeding S$200m to invest S$50m in Singapore-listed equities.

The measures are expected to surprise the market positively, according to Morgan Stanley, which anticipates a broad-based positive reaction from investors. The bank described these steps as “bold and meaningful,” likely serving as catalysts for re-rating Singapore equities. The liquidity injection is seen as substantial, with the potential to attract further private capital and stimulate incremental investment flows.

Morgan Stanley also highlighted the political will behind these initiatives, suggesting that they are part of a broader strategy to solidify Singapore’s status as a global financial centre. The bank expects MAS to unveil additional measures by the end of the year, further strengthening the equity market ecosystem and potentially attracting new listings.

The introduction of these measures is seen as a critical move to revitalise Singapore’s stock market, enhancing trading liquidity and valuation multiples. This, in turn, could lead to increased job creation and capital formation, reinforcing Singapore’s position as a financial hub. Morgan Stanley remains optimistic about the future of Singapore equities, citing the potential for further support and investment inflows.
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Nomura has initiated a strategic trade involving the Singapore Dollar (SGD) and US rates, targeting a 25 basis point gain by the end of March.

This move comes as SGD rates have outperformed the US since mid-January, driven by a lower Singapore Overnight Rate Average (SORA) fix, increased activity from Commodity Trading Advisors (CTAs), and expectations of slower growth due to potential tariffs under a Trump administration.

The SORA fix has averaged around 2.5% in February, with sporadic but slightly higher volumes. Additionally, the Singapore Dollar Nominal Effective Exchange Rate (S$NEER) has risen, trading approximately 125 basis points above the mid-point of the policy band. This shift is attributed to an unwinding of market positions, leading to increased liquidity. However, Nomura views this as a temporary change, anticipating the SORA fix to rise again.

Loan growth in Singapore has been robust, particularly in December, which may reduce bank receiving in the Overnight Index Swap (OIS) market. The share of time deposits as a percentage of bank funding has decreased, further influencing this trend.

Nomura’s strategy also includes maintaining a 2s10s flattener position, with a conviction level of 3 out of 5. The firm notes that SGD rates appear expensive on an implied S$NEER metric, with the implied SGD rate now trading above the 3-month SORA rate for the first time in four years. This suggests that SGD rates may be too high relative to the basket, especially given the lack of a short-end anchor.

With markets pricing in an easing of tariff-related tensions, Nomura remains cautious about potential tariff escalations, which could impact Singapore’s growth and rekindle expectations of Monetary Authority of Singapore (MAS) easing.
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