SGX Weekly Review: CDG is Out, S-REIT’s 20th Anniversary and Singapore Banks Raising Interest Rates

The Smart Investor2022-09-03

Welcome to the latest edition of top stock highlights where we bring you the latest updates on corporate news and other interesting business snippets.Changes to STI constituentsIn its regular ...

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Comments

FT585
2022-09-04
FT585
Like
377tkr
2022-09-04
377tkr
Ok
Seah CL
2022-09-04
Seah CL
K
PCK
2022-09-04
PCK
Ok
YJ Lee
2022-09-04
YJ Lee
Ok
Goupppppppp
2022-09-04
Goupppppppp
Noted and thanks.

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it’s been 20 years since the first SingaporeREIT(S-REIT) was listed on our shores.The REIT Association of Singapore (Reitas) organised an event to celebrate this milestone, and Singapore Exchange’s(SGX: S68) CEO Loh Boon Chye noted that the S-REIT sector continues to be one of the fastest-growing in Asia.S-REITs form the second-largest REIT market outside of Japan, with a total of 43 REITs with a market value of more than S$111 billion, making up close to 12% of the market capitalisation of all SGX stocks.The very first REIT, CapitaMall Trust, was listed on the Singapore market back on 17 July 2002.It was later merged with CapitaCommercial Trust to form CapitaLand Integrated Commercial Trust(SGX: C38U).The REIT market remains buoyant with two recent listings last year of Daiwa House Logistics Trust(SGX: DHLU) and Digital Core REIT(SGX: DCRU).There may be more REIT listings coming up, with Mapletree Investments Pte Ltd said to be mulling a potential initial public offering of its student accommodation assets that could raise US$1 billion.Singapore banks raising deposit ratesThe race is heating up for the banks as they rush to raise deposit rates to stay competitive.DBS Group(SGX: D05) was the first to up the ante, raising the rates on its Multiplier account to a maximum of 3.5% on 1 August, up from 3% previously, for balances of between S$50,000 to S$100,000.OCBC Ltd(SGX: O39) then followed suit on 30 August, raising the maximum interest rate on its flagship 360 Account.Customers can earn up to 4.05% on balances up to S$100,000, up from the previous maximum of 2.38% on balances up to S$75,000.United Overseas Bank Ltd(SGX: U11), or UOB, became the third and final bank to raise the deposit rates on its One Account.Its maximum rate was raised to 3.6%, up from the promotional rate of 3% introduced at the beginning of August.Of course, these rates do come with a slew of terms and conditions that include the crediting of your salary to each of these bank accounts or attaining a minimum spend on select credit and/or debit cards.It’s clear, though, that this jostling for deposits can only benefit the end customer as interest rates continue rising.Investors should be glad to know that all three banks are set to enjoy higher net interest income in the coming quarters as they reprice their loans in line with higher interest 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