Industry News

Factory-gate prices in Singapore experienced a significant increase of 47.5% year-on-year in September, with a monthly rise of 5.3%, according to Market Analyst Zavier Wong from etoro. The surge is primarily attributed to the high demand for chips, which account for about three-quarters of the increase. Electrical machinery, particularly integrated circuits, saw an 82% rise over the year, whilst oil and chemicals contributed to the remaining increase.

The shortage of chips is largely driven by AI data centres purchasing vast quantities, allowing manufacturers to charge premium prices. Interestingly, the cost of electrical parts imported by Singapore rose by only 4.5% compared to the previous year, indicating that the price surge is mainly due to buyers paying more for scarce chips.

This discrepancy explains why Singapore’s national accounts appear more subdued compared to export data. Export figures reflect the revenue received, thus inflated by higher chip prices, whereas GDP measures production volume, excluding price effects. In September, the value of Singapore-made electronics exports more than doubled, whilst manufacturing grew by 7.5% in the third quarter.

Households are unlikely to feel the impact directly, as chips are predominantly used by data centres and device manufacturers. The Consumer Price Index (CPI) remains at 2.2%, contrasting with the factory-gate increase. The elevated export values are largely price-driven and may decline if chip supply catches up. However, Wong notes that machinery and transport equipment prices have consistently risen, suggesting that supply is unlikely to meet demand before the year’s end, keeping the annual rate above 40% through December.

Hong Lai Huat Group Limited has announced the establishment of a new wholly owned subsidiary, Huat Assets Management Pte. Ltd., in Singapore. This move is part of the Group’s strategy to identify and pursue real estate investment opportunities within the country, focusing on generating recurring rental income and achieving long-term capital appreciation.

The newly formed entity will explore various real estate sectors, potentially engaging in property acquisitions, asset management, strategic divestments, and redevelopment opportunities. The Group is currently evaluating potential investments, although no specific opportunities have materialised yet.

Any future acquisitions or investments will undergo thorough due diligence and require necessary internal, regulatory, and commercial approvals. Hong Lai Huat has committed to keeping shareholders informed of any significant developments in line with SGX-ST Listing Rules.

Hong Lai Huat Group Limited, listed on the SGX Mainboard, has a 38-year history in real estate and property development, with a focus on Cambodia. The Group operates across three main areas: property development, investment properties, and marble mining.

The recent tender closing for the Orchard Boulevard Government Land Sales (GLS) site attracted five bids, with the highest bid reaching S$181.9m, equivalent to S$1,755 per square foot per plot ratio (psf ppr). This bid aligns with expectations for the prime Core Central Region (CCR) location, which is conveniently situated near the Orchard shopping belt. Leonard Tay, Head of Research at Knight Frank Singapore, noted that this represents a measured increase over the nearby site awarded in 2024 at S$1,617 psf ppr.

Developers remain keen on prime residential sites with evidence of demand and pricing support, particularly those with modest capital outlay and manageable project size. However, there is a noticeable trend of bid pricing discipline due to elevated development costs. The site’s relatively small size may have deterred some developers, as it could lead to increased development costs without economies of scale.

The site’s proximity to Orchard Road, Orchard Boulevard MRT station, and successful nearby launches make it attractive for developers. The tender results indicate a focus on achievable end-selling prices and development margins. The location is also appealing to expatriates due to its closeness to malls, offices, embassies, healthcare facilities, and entertainment venues. Based on the top bid, future developments could see average selling prices around S$3,600 psf.

Maybank has unveiled a pioneering Ringgit Corporate Current Account in Singapore, enabling eligible corporate clients to receive, hold, and transact in Malaysian Ringgit. This facility allows businesses with a Maybank Current Account to convert from Singapore Dollar or other currencies into Malaysian Ringgit, facilitating trade, payments, and operational funding in Malaysia.

This initiative comes amid increasing economic integration between Singapore and Malaysia, particularly through the Johor-Singapore Special Economic Zone (JS-SEZ). According to the Malaysian Investment Development Authority, Singapore is Malaysia’s largest immediate source of approved private investments, contributing RM93b (S$30b) in 2025 and RM40b (S$13b) in the first half of 2026, with Johor as a key beneficiary.

Alvin Lee, CEO of Maybank Singapore, stated, “Since the announcement of the JS-SEZ, we continue to see growing demand for cross-border banking, payments, and treasury solutions. Our landmark Ringgit facility gives corporate clients greater flexibility and control, making it easier to transact across borders.”

The account requires no initial deposit, minimum balance, or monthly fee. Transfers from Maybank Singapore to Maybank Malaysia are fee-free, with processing charges waived for eligible transfers. Clients can access their accounts via Maybank’s business banking channels, including the upcoming Maybank2E platform.

This development underscores Maybank’s commitment to enhancing regional supply chains and strengthening the Malaysia-Singapore economic corridor, aligning with its ROAR30 goals to be ASEAN’s leading transaction banking partner.

Trip.com Group’s 2026 Sustainable Travel Consumer Report reveals that 55.8% of Singapore travellers are opting for more sustainable travel choices. The report highlights that 66.5% of travellers consider sustainability important when planning trips, with 60% having altered travel plans due to extreme weather. To facilitate eco-friendly decisions, Trip.com has introduced My Travel Impact, a feature on their app that consolidates sustainable hotel, flight, and rail options.

Environmental responsibility and preserving destinations for future generations are key motivations for Singapore travellers, with 58.3% and 42.3% respectively citing these as reasons for their choices. Additionally, 41% of respondents emphasised supporting local economies and communities. However, cost remains a significant barrier, with 49.3% of travellers concerned about higher prices, followed by inconvenience and greenwashing fears.

The My Travel Impact feature aims to simplify sustainable travel by providing a dashboard that tracks eco-friendly choices. It includes data on certified sustainable hotel stays, emissions avoided from low-emission flights, and savings from choosing rail over cars. This tool responds to a demand for clearer sustainable travel labels and carbon impact information, with 62.5% of travellers indicating that sustainable offerings influence their choice of booking platform.

Trip.com Group collaborates with partners like GSTC and Travalyst to ensure credible certification and consistent emissions data. The company remains committed to promoting sustainable tourism and protecting travel destinations for future generations.

The 2027 HDB Market Outlook by Realion (OrangeTee & ETC) Research anticipates a surge in transactions involving large and million-dollar flats, driven by cash-rich buyers. The report, part of Realion’s new research series, highlights a growing divide between mature and non-mature estates in Singapore, with the price gap expected to widen further.

Realion’s Chief Researcher and Strategist, Christine Sun, notes that recent policy changes have made it easier for private homeowners to enter the HDB resale market, potentially leading to more high-value transactions. “We anticipate an increase in cash-rich private property owners returning to the HDB resale market,” Sun stated.

The report also projects a modest overall price growth of 2% to 4% in 2027, despite potential headwinds from an influx of flats reaching their Minimum Occupation Period (MOP) and stronger demand for Build-To-Order (BTO) flats. Nearly 100,000 flats are expected to reach MOP between 2026 and 2030, intensifying competition among sellers.

Additionally, the total number of HDB transactions is expected to remain steady, with around 26,000 to 28,000 transactions projected for the year. The report suggests that whilst some areas may experience price corrections, premium flats will likely continue to see price growth as more private homeowners rightsize to HDB resale flats.

In summary, the 2027 outlook for Singapore’s HDB market indicates a dynamic year ahead, with significant activity expected from cash-rich buyers and ongoing shifts in estate pricing dynamics.

Google has announced a series of initiatives aimed at advancing artificial intelligence (AI) in healthcare, unveiled during the inaugural Google for Health Summit 2026. The initiatives, which build on the National AI Partnership established with the Singapore Government in May, focus on advancing health frontiers, transforming care delivery for clinicians, and improving population health for Singaporeans.

The collaboration will see the establishment of a new research hub in Singapore, designed to accelerate scientific breakthroughs and nurture local scientific talent. Google Research will work alongside local academic institutions, including the National University of Singapore and Nanyang Technological University, to foster future scientific leaders.

In partnership with the National University Health System, Google DeepMind will conduct trusted tester evaluations for its AI co-clinician initiative, aimed at enhancing care delivery for clinicians. This initiative will explore AI’s potential to augment clinicians’ capabilities and develop new care models under clinician oversight.

Additionally, Google is expanding its Career Certificates portfolio with a new AI for Healthcare Professionals Certificate, equipping healthcare workers with AI skills. A partnership with NHG Health will also launch a Population Health Digital Transformation Programme, utilising AI-driven insights to advance preventive healthcare in Singapore.

Ben King, Country Managing Director of Google Singapore, stated, “By pairing our technical expertise with Singapore’s world-class health institutions and talent, we can build a resilient, future-ready healthcare system together and scale these innovations from Singapore to the world.” The initiatives aim to position Singapore as a regional hub for scalable health AI innovations, addressing national health priorities and supporting the country’s rapidly ageing population.

Australian Made Campaign Limited (AMCL) has launched a new initiative, “Australian Made Singaporean Approved,” to promote Australian products in Singapore. The campaign, which kicked off at Trifecta Singapore, seeks to highlight the provenance and authenticity of Australian goods through creative and digital content. The campaign’s core message encourages consumers to “Look for the iconic Australian Made Kangaroo” as a mark of genuine Australian products.

The green-and-gold kangaroo logo, designed by Dr Ken Cato AO, is already recognised by 99% of Australians. The campaign aims to build similar recognition and trust among Singaporeans. Ben Lazzaro, CEO of AMCL, stated, “Singaporeans know Australia well—its products, produce quality, and way of life—and they know what they like. Australian Made Singaporean Approved celebrates that connection with the confidence, optimism, and sense of discovery that Australians are known for.”

The campaign will feature a range of Australian-made products, including skincare, wellness, food and beverage, apparel, homewares, and pet nutrition. Over the next three months, the initiative will be visible across Singapore through outdoor advertising and digital content. A dedicated website will provide further information and showcase available brands.

In addition, the campaign will have a presence at the BYD Singapore International Marathon from 3 to 6 December, offering interactive activities and giveaways. The kangaroo logo is reserved for products meeting strict eligibility criteria, ensuring shoppers can trust its authenticity.

DayOne Data Centres and Blue Whale Energy have signed a Memorandum of Understanding (MOU) to explore the feasibility of a Distributed Virtual Power Plant (VPP) in Singapore. This initiative will link battery storage at DayOne’s upcoming SG1 data centre with third-party commercial and industrial sites, creating a flexible resource for the grid.

As demand for AI and cloud services grows, the collaboration seeks to optimise grid capacity during peak electricity use by pooling battery storage across multiple locations. This approach could unlock new capacity and reduce the need for costly grid upgrades. Jamie Khoo, CEO of DayOne, stated, “We believe data centres should play an active role in strengthening the broader power ecosystem they rely on and creating long-term value.”

The initial phase will involve a joint engineering design study focusing on storage configuration, safety, and operational safeguards. Gabriel Lim, CEO of Blue Whale Energy, noted, “Through this MOU with DayOne, we will assess the technical, operational, and commercial arrangements required for a Distributed VPP.”

The companies also plan to engage with authorities and market stakeholders to understand technical and market participation requirements. They will explore participation in Singapore’s Demand Response and Interruptible Load programmes, which incentivise reduced electricity consumption during market stress.

This collaboration could pave the way for enhanced grid flexibility and support the continued growth of digital infrastructure in Singapore.

Koh Brothers Eco Engineering Limited, a sustainable engineering solutions provider, commenced trading on the Singapore Exchange’s (SGX) Mainboard on 29 October 2026. This transition from the Catalist Board signifies a major milestone in the company’s development, aiming to elevate its corporate profile and investor reach.

The company received approval from the SGX on 30 June 2026, with shareholder consent following on 18 August 2026. CEO Paul Shin stated, “Our transfer to the SGX Mainboard represents an important milestone in Koh Brothers Eco’s development and reflects the progress we have made in building an established sustainable engineering group.”

The Mainboard listing is expected to provide a robust platform for Koh Brothers Eco’s future growth, supported by its expertise in engineering, infrastructure, and renewable energy. The company boasts an order book of approximately $730 million (S$1.0 billion) as of 30 June 2026, ensuring earnings visibility through major infrastructure projects in Singapore.

Koh Brothers Eco, listed on SGX since 2006, specialises in engineering, procurement, and construction services for water and wastewater treatment, hydro-engineering, and bio-energy projects. Its Engineering and Construction division, under Koh Brothers Building & Civil Engineering Contractor, holds an A1 grade from the Building and Construction Authority, allowing it to tender for projects of unlimited value.

As Koh Brothers Eco embarks on this new chapter, it remains committed to strengthening its core businesses and maintaining high standards in project execution, whilst managing its financial health to ensure long-term sustainability and shareholder value.