The move puts Carlsberg in direct competition against Heineken in the premium beer market - a segment that is experiencing strong growth and is reaping higher margins.
It also tails rival Asia Pacific Breweries' move to update the image of its second brand, Anchor, as well as Heineken's investment in new packaging.
"We wanted to lift the brand up and rejuvenate it," said Mervin Sim, Carlsberg Singapore managing director.
"Carlsberg had a certain image before ... that was 'dusty', and we were attracting older drinkers." Carlsberg is now wooing 24 to 32 year old men who have relatively high disposable incomes and the time to go out drinking regularly.
With the new positioning, Carslberg has developed four key values for the brand - contemporary, cosmopolitan, witty and passion for excellence - and it has also come up with a new brand identity for packaging, point-of-sale and advertising materials.
"Not only does this (new brand identity) reflect the new positioning, it achieves a consistent and vibrant feel in the marketplace and gives the brand a more stylish appeal," said Sim.
The new brand identity, created by UK brand consultancy Dragon, is being rolled out in markets across the world. The green letter 'C' in the brand name has been enlarged, and the name has been over-laid in white type.
Singapore is the first market in Asia to introduce the new brand identity.
At its recent trade launch in Singapore, Carlsberg also announced that its beer would now be sold in green rather than brown glass bottles for all markets in Asia.
This is a new initiative for Singapore, although several Asian markets, including Hong Kong already sell Carlsberg in green bottles.
To support its marketing push in Singapore, the beer company is advertising on MediaCorp Radio, in print and on television.
The television commercial, by Saatchi & Saatchi in Europe, uses a new tagline: 'Drink with a world of friends'. According to Sim, the tagline "adds a stronger emotional dimension to the brand". He added: "It aims to meet consumers' desire to find common values and 'friends' wherever they are."
Sim was unable to say when the brand would roll out its new identity elsewhere in Asia.