SG Morning Call | STI Rises 0.35%; NIO Falls 6%; HDB Resale Prices Rise 2.5% in Q3

Market Snapshot

Singapore stocks opened higher on Tuesday. STI rose 0.35%; Keppel rose 0.9%; NIO fell 6%.

Stocks to Watch

$Mapletree Industrial Trust(ME8U.SI)$ (MIT) will be acquiring a freehold, mixed-use property in Tokyo for 14.5 billion yen (S$130 million), with the purchase expected to improve its yield and to be funded by yen-denominated borrowings, its manager said in a regulatory filing on Monday (Sep 30).

MIT Management said the trust is expected to complete the purchase of an effective interest of 98.47 per cent in the property by the fourth quarter of this year. The property comprises a data centre, back office, training facilities and an adjacent accommodation wing.

$CAPITALAND Ascott Trust(HMN.SI)$ (Clas) has proposed to acquire Victory SR Trust (VSRT), which directly holds a 100 per cent interest in lyf Funan Singapore.

On Tuesday (Oct 1), its managers said the purchase consideration is estimated at S$146.4 million after accounting for VSRT’s net asset value (NAV) based on the property’s agreed value of S$263 million, and agreed adjustments to the NAV.

SG Local News

Singapore Restores Services on Key Train Line After Disruption

Singapore fully resumes services on its East-West train line on Tuesday morning after rail damage led to the major public transport artery being disrupted for days.

All safety checks have been completed on the line, Transport Minister Chee Hong Tat said in a Facebook post Monday. The restart after multiple delays is set to end the longest unplanned train disruption in a city-state known for its efficiency.

HDB Resale Prices Rise 2.5% in Q3: Flash Data

Housing and Development Board (HDB) resale-price growth accelerated in the third quarter of 2024, increasing 2.5 per cent versus the 2.3 per cent booked in Q2. 

It was also higher than the 1.3 per cent recorded in the same period last year, HDB flash estimates indicated on Tuesday (Oct 1). 

Meanwhile, transaction volumes of resale flats stood at 8,035 units as at Sep 29, up 20 per cent from the same period last year.

Singapore Will Be Doing “Quite Well” If It Can Sustain Annual Growth of 2% to 3%: SM Lee

Productivity gains will be Singapore’s primary driver of growth as the economy enters a more mature phase, and businesses must thus do their part to transform, said Senior Minister Lee Hsien Loong.

Speaking at a Singapore Business Federation (SBF) appreciation event on Monday (Sep 30), he noted that while growth remains essential, the Republic’s economy has matured. “We will be doing quite well if we can sustain growth at around 2 per cent to 3 per cent annually.”