Singapore Stocks to Watch: City Developments, CapitaLand Development, Jiutian Chemical

TigerNews SG03-05

The following company saw new developments that may affect trading of its securities on Tuesday (Mar 5):

City Developments (C09): City Developments Ltd (CDL) is close to sealing a deal to buy the Hilton Paris Opera hotel from asset management giant Blackstone for 244 million euros (S$356 million).

The group is “currently engaged in discussions on the potential acquisition” of the 268-key hotel, CDL said in response to queries from The Business Times.

Asian real-estate news website Mingtiandi reported on Sunday (Mar 3) that the reported price would translate to 910,448 euros per room for the acquisition from the Blackstone Real Estate Partners Europe IV fund.

CapitaLand Development (9CI): CapitaLand Development (CLD), the development arm of Singapore’s CapitaLand Group, intends to grow its residential portfolio in Vietnam to 27,000 units by 2028.

This new five-year target is about 70 per cent higher than the current portfolio of about 16,000 units across 17 projects and includes 7,500 units in its two latest residential projects in Vietnam – Sycamore, in the southern province of Binh Duong, and Lumi Hanoi in the capital Hanoi, said CLD in a news release on Monday (Mar 4).

The two projects – the largest projects by CLD in Vietnam to date – had their groundbreaking ceremonies last week, and the plan is for both to be launched in the second quarter of this year.

Jiutian Chemical (C8R): Jiutian Chemical called for a trading halt on Tuesday morning before the market opened, pending the release of announcements. The counter closed at S$0.024, down 4 per cent or S$0.001, on Monday.

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