Market Snapshot

Singapore stocks opened higher on Monday. STI up 0.4%; Nio rose 5%; SGX, SingPost up 2%; SIA fell 1.1%.

Stocks to Watch

CityDev: The property giant and its joint venture associates posted S$611.1 million in sales for the third quarter ended Sep 30, 2024, with 321 units sold, up from S$325 million and 183 units sold in the corresponding period last year. Its higher sales came on the back of the launch of its 276-unit freehold development Kassia in Upper Changi Road North, CDL said in a bourse filing on Friday. The counter closed  0.4 per cent or S$0.02 higher at S$5.14, before the announcement.

PARAGON REIT: The real estate investment trust’s (Reit) manager has entered into an agreement to sell its stake in Australian shopping centre Figtree Grove for A$192 million (S$168 million) to an unnamed buyer. Net proceeds from the sale will go to debt repayment and working capital requirements among other uses, the Reit’s manager said on Friday. This comes as Paragon Reit has been selling down assets, including The Rail Mall along Upper Bukit Timah Road which it sold in August. Units of Paragon Reit closed 0.6 per cent or S$0.005 lower at S$0.865, before the announcement.

SG Local News

Singapore PM Set to Take Over Ruling Party Ahead of Election

Singapore Prime Minister Lawrence Wong is set to take charge of the ruling People’s Action Party, consolidating his leadership ahead of a general election due next year.

Outgoing party secretary-general and former premier Lee Hsien Loong said on Sunday that he would recommend Wong take the reins once the next central executive committee convenes. Party cadres have already voted for a new CEC, which will later pick a new secretary-general.

“I will lead the PAP into the next general election,” Wong said during the convention. “As your secretary-general, I will renew and strengthen our party.”

Seatrium Partners with Cochin Shipyard with an Eye on India's Rig Market

Seatrium has signed an MOU with Cochin Shipyard (CSL) to jointly design and supply critical equipment for jack-up rigs for the latter's home market India.

According to a Nov 25 bourse filing by Seatrium, this partnership will tap CSL's "extensive experience" in ship-building, and also Seatrium's technical expertise and design capabilities.

"This partnership aims to capitalise on opportunities for mobile offshore drilling units specifically designed to meet the needs of the Indian market," says Seatrium.

Singapore Real Estate Investment Sales up 25.4% YoY in Q3

Investment sales rose 22.7% QoQ and 25.4% YoY increase to $8.05b in Q3 2024, Savills reported.

The growth was driven by major transactions, including the $1.85b sale of a 50% interest in ION Orchard by CapitaLand Integrated Commercial Trust and a $1.6b acquisition of industrial assets by Warburg Pincus and Lendlease.