Industry News

Betagro Public Company Limited (BTG), a leading Thai food company, has announced its acquisition of Eggriculture, a prominent egg producer in Singapore, for S$75m. This strategic move is designed to strengthen Betagro’s presence in Singapore’s agri-food sector and align with the country’s ’30 by 30′ food resilience goal, which aims to produce 30% of its food locally by 2030.

The acquisition will see Betagro holding a 75% stake in Eggriculture, with Radiant Grand International Limited retaining the remaining 25%. Eggriculture, which held a 20% market share at the end of the 2024 fiscal year, has shown a robust revenue compound annual growth rate of 27.1% over the past three years. Betagro’s CEO, Vasit Taepaisitphongse, highlighted Singapore as a strategic market due to its emphasis on high-quality, safe, and sustainable food.

Betagro plans to leverage its extensive experience in the food industry to enhance Eggriculture’s operations, focusing on farm management, animal breeding, and advanced technology. The acquisition is expected to immediately improve Betagro’s financial performance and profitability, with a projected 400% revenue increase in Singapore by 2025.

Eggriculture’s CEO, Ma Chin Chew, expressed enthusiasm about the partnership, noting that it would enhance their production capabilities and support Singapore’s food security goals. The collaboration aims to capture synergies and broaden Betagro’s customer base across retail and HORECA channels, ultimately positioning the company as a leading regional player in the food industry.

Jewel Changi Airport has reported a record-breaking year in 2024, with over 80 million visitors and a 5% increase in sales, driven by a resurgence in air travel. The iconic Singaporean lifestyle destination saw a 10% year-on-year rise in footfall, marking its highest figures since opening in 2019. Overseas travellers accounted for more than 35% of visitors, with significant increases from China and Taiwan.

The airport’s retail offerings have resonated strongly with shoppers, evidenced by a 6% year-on-year growth in retail sales per square foot. Jewel welcomed over 30 new brands in 2024, including flagship stores from Charles & Keith, Imperial Treasure Super Peking Duck, and Montale Paris. Nine international brands, such as Hakka Yu and Royal Host, made their Singapore debut at Jewel.

James Fong, CEO of Jewel Changi Airport Development, expressed optimism, stating, “We are highly encouraged by the strong performance of Jewel, especially against a soft retail climate.” He emphasised the importance of collaboration with tenant partners to maintain Jewel’s appeal to both local and international visitors.

Looking ahead, Jewel plans to introduce nearly 30 new brands, including flagship stores from adidas and Palladium. The airport aims to enhance its shopping and dining experiences with new concepts and a diverse mix of retail and culinary offerings. Upcoming attractions include a new flagship store by a German luxury car manufacturer and the return of the Nintendo pop-up store.

Jewel’s culinary scene is also set to expand, with new outlets from Café Kitsune and Surrey Hills, alongside the debut of Korean restaurant Bookmagol and local brand SugarBelly. More details on these openings will be announced in due course.

Flo Energy Singapore has launched an innovative and environmentally friendly initiative to celebrate the Lunar New Year with the introduction of plantable red packets. These unique packets, unveiled today, are crafted from biodegradable recycled paper infused with vegetable seeds. Once used, they can be planted in a pot and watered, eventually sprouting into vegetables.

The initiative aims to combine tradition with sustainability, offering a green alternative to the conventional red packets typically exchanged during the festive season. By integrating seeds into the design, Flo Energy encourages recipients to engage in sustainable practices while enjoying the cultural significance of the red packets.

Sonia Heng, Communications Specialist at Flo Energy, highlighted the environmental benefits of the initiative, stating that the packets are designed to reduce waste and promote eco-consciousness. The packets are part of Flo Energy’s broader commitment to sustainability and innovation in their products.

Kevin Wijaya, Regional Head of Marketing, is available for further insights into this initiative, which aligns with the company’s mission to foster environmental responsibility. The plantable red packets not only offer a novel way to celebrate the Lunar New Year but also contribute to a greener planet by encouraging the growth of vegetables.

As the Lunar New Year approaches, Flo Energy’s plantable red packets present a meaningful and sustainable gift option, potentially setting a trend for future festive celebrations.

The Singapore Tennis Open 2025, running from 27 January to 2 February, roster of sponsors include Turkish Airlines, ASICS, and Polestar. This inaugural event at the Kallang Tennis Hub promises to be a significant occasion, with these partnerships enhancing the tournament’s prestige and supporting women in sport.

Turkish Airlines, the Official Airline of the event, will provide Business Class roundtrip tickets to the Singles and Doubles Champions, adding a unique incentive for participants. Additionally, two lucky fans will win roundtrip tickets to Istanbul or Melbourne. Ümit Develi, Vice President of Asia & Far East at Turkish Airlines, expressed excitement about the collaboration, highlighting the shared passion for connecting people and places.

ASICS, serving as the Official Apparel and Footwear partner, will outfit ball kids, officials, and umpires, showcasing their innovative sportswear. Yogesh Gandhi, Managing Director of ASICS Asia, noted the partnership underscores their commitment to promoting tennis and the philosophy of “sound mind, sound body.”

Polestar, the Official Electric Vehicle partner, will provide transportation for players and officials with their fleet of Polestar 2 and Polestar 4 models. Adele Lee, Assistant General Manager at Wearnes Automotive, emphasised the brand’s commitment to sustainable electric mobility.

Daryl Yeo, Chief Operating Officer at Kallang Alive Sport Management, stated, “The Singapore Tennis Open 2025 embodies the unifying spirit of tennis where athletic excellence meets exceptional partnerships.”

The event will feature world-class tennis, a Carnival of Tennis, and exclusive sponsor showcases, promising an engaging experience for fans and the tennis community.

Singapore’s construction sector, poised for a 4.1% growth in 2025, is urged to embrace innovation and technology ahead of the anticipated Budget 2025. Vitaly Bereska, Regional Spokesperson of PlanRadar, APAC, emphasises that waiting for government solutions is not viable amidst workforce shortages, rising costs, and global supply chain disruptions.

The 2024 budget introduced energy-efficient grants covering up to 70% of approved equipment costs, with larger projects receiving up to S$530,000. As the industry looks forward to the 2025 budget, Bereska calls for increased funding for digital infrastructure, tax incentives for sustainable materials, and expanded workforce training programmes focusing on advanced technologies. These measures are crucial for meeting Singapore’s 2030 Green Plan goals.

Bereska warns that delaying technology adoption could lead to project overruns and missed opportunities. Technologies like AI and Building Information Modelling (BIM) are already enhancing productivity and sustainability. “Without immediate action, construction firms risk falling behind global competition,” Bereska states.

The sector is encouraged to leverage government incentives for innovation, ensuring it remains competitive and sustainable. As Singapore embarks on major projects like Changi Airport Terminal 5 and the Cross Island MRT Line, the construction industry must act now to secure its future.

With Singapore’s Budget 2025 just weeks away, attention is turning to how the government will allocate resources to drive technological transformation. Yash Thakker, Director of Cloud Consulting at Searce, highlights that whilst significant investments are anticipated in artificial intelligence (AI), quantum computing, and Web3 technologies, the effectiveness of these investments will depend on their execution.

Singapore aims to solidify its position as a global innovation hub through these investments. The Budget 2025 is seen as a pivotal moment in the nation’s journey towards technological leadership. Thakker emphasises that the government must ensure efficient execution and impactful outcomes to unlock the full potential of these investments. “The real test will be in how effectively these funds are channelled to deliver measurable impact,” he stated.

The focus on deep-tech advancements, such as quantum computing, is crucial. Government-backed initiatives, like Centres of Excellence, play a significant role in attracting global talent and positioning Singapore as an innovation hub. Thakker also notes the importance of businesses moving beyond reactive AI adoption to strategically reimagine workflows with AI, robotics, and autonomous systems at the core.

As Singapore prepares for Budget 2025, the emphasis on technology as a driver of transformative change is clear. The allocations made in this budget could significantly impact the nation’s technological landscape, provided they lead to measurable outcomes. The execution of these plans will be key to ensuring Singapore’s continued growth as a leader in innovation.

GOAT Gaming, a prominent Singapore-based platform for competitive and casual gaming on Telegram, has secured a £4m strategic funding round led by TON Ventures, with contributions from Karatage, Amber, and Bitscale. This latest investment, announced on 3 February, brings the company’s total funding to S$6.74m (£15m). The funds are earmarked for developing AI-powered gaming experiences within Telegram’s Mini Apps, as the platform continues to grow its user base.

With over 5 million active users since its launch on Telegram in August, GOAT Gaming is capitalising on Telegram’s emerging role as a gateway for Web3, a decentralised internet framework. The platform’s rapid growth underscores the increasing popularity of player-owned economies, where users have more control and ownership over their gaming experiences.

The funding will enable GOAT Gaming to enhance its offerings by integrating artificial intelligence into its games, providing more dynamic and engaging experiences for users. This move is expected to attract even more users to the platform, further solidifying Telegram’s position in the Web3 ecosystem.

Simon Davis, Founder and CEO of GOAT Gaming, is optimistic about the future, stating that the investment will “fuel their next phase” of development. As the gaming industry continues to evolve, GOAT Gaming’s strategic focus on AI and Web3 positions it well to capture a significant share of the market.

The successful funding round highlights the growing interest in platforms that leverage new technologies to create innovative gaming experiences. As GOAT Gaming embarks on its next phase, the company is poised to play a pivotal role in shaping the future of gaming on Telegram.

Thunes, a global payments network, has announced the appointment of Jane Jackson as its new Chief People Officer. Reporting directly to CEO Floris de Kort, Jackson will be responsible for shaping the company’s People strategy, enhancing organisational effectiveness, and driving talent development across Thunes’ 14 international offices.

With over 15 years of experience in leading People functions at companies such as Xplor Technologies, Worldpay, and Dyson, Jackson brings a wealth of expertise in strategic transformation, organisational design, and talent acquisition. Her role will also include spearheading Thunes’ diversity, equity, and inclusion initiatives, as well as engaging with over 450 employees from more than 60 nationalities.

CEO Floris de Kort highlighted the importance of a robust People strategy for Thunes, stating, “As a truly international business, Thunes depends on a robust People strategy to bring our global team together. We firmly believe our talent is the true long-term differentiator in our business. Jane’s expertise in cultivating high-performing workforces will be pivotal in strengthening our culture and propelling our growth.”

Jane Jackson expressed her enthusiasm for the new role, saying, “Thunes has a remarkable global footprint and clear momentum. I look forward to partnering with Floris and the leadership team to build a People infrastructure that empowers our Thunesters globally and supports our growth.”

Thunes, headquartered in Singapore, operates in over 130 countries, facilitating real-time payments through its Direct Global Network. This appointment is expected to bolster Thunes’ global expansion efforts and enhance its organisational culture.

Swimwerks Asia Pte Ltd, a leader in swimming education and water safety, has unveiled its Lifeguard Sponsorship Initiative, a programme designed to improve water safety standards across Singapore. This initiative will provide up to 10 individuals with professional lifeguard training, internationally recognised certifications, and immediate job placements, addressing the increasing demand for skilled lifeguards in aquatic environments.

Participants in the programme will receive comprehensive training from industry experts. Upon successful completion, they will earn globally recognised certifications and secure employment, contributing to a skilled workforce dedicated to ensuring safety in Singapore’s aquatic settings. Herron Ho, Founder of Swimwerks, stated, “This sponsorship programme represents our commitment to creating lasting value within the community by equipping individuals with the tools to build a meaningful career.”

Applications are currently open for those who meet the swimming proficiency requirements. Interested individuals are encouraged to visit Swimwerks’ website for detailed programme information and application guidelines.

Swimwerks, known for its personalised swimming instruction, aims to empower individuals with lifesaving skills whilst addressing the growing need for certified lifeguards. This initiative not only promotes water safety but also creates meaningful training opportunities for deserving individuals, reinforcing Swimwerks’ mission to make swimming lessons convenient, effective, and enjoyable for everyone.

The Royal Institution of Chartered Surveyors (RICS) has released its Global Commercial Property Monitor for the fourth quarter of 2024, highlighting a dip in demand for commercial properties in Singapore. Despite this, the market remains robust, with stable credit conditions and an increase in new development projects.

The survey, which gathers insights from RICS professionals in Singapore, recorded a net balance of -16 in the Commercial Property Sentiment Index, the lowest since the first quarter of 2024. While the availability of commercial properties remains healthy, with a +31 reading, demand has dropped to -14, down from +6 in the previous quarter. This imbalance could affect supply and demand dynamics in the future.

New commercial development projects showed improvement, with a net balance of +0, recovering from a -24 in the third quarter. Credit conditions remained stable at +33, unchanged from the previous quarter. However, investment enquiries saw a significant decline, with a reading of -27, marking the lowest since the second quarter of 2021.

Rent expectations over three and twelve-month periods recorded net balances of -6 and +22, respectively. The survey also revealed that 50% of respondents consider current market valuation levels as ‘fair value’, while 42% view them as ‘expensive’.

Data centres, aged care facilities, student housing, and hotels are projected to be the most promising in terms of capital value over the next year. Donglai Luo, Senior Economist at RICS, noted, “The Singapore commercial property market is anticipating a soft landing as monetary tightening concludes. However, demand may remain weak due to subdued cross-border investment.”