SG Morning Highlights | Jardine Matheson Books "Strong Performance" in Q1 But Warns of Macro Challenges

Advancers / Decliners is 67 to 47, with 37.42 million securities worth S$52.87 million changing hands.

At latest eight new condominium projects, mostly in the prime Core Central Region (CCR), have offered discounts in April and May to draw buyers, The Business Times has learnt.

A two-bedroom unit in the 64-unit One Draycott was advertised at S$2.2 million, half a million less than its original price of S$2.7 million. According to caveats filed, the District 10 project built by Selangor Dredging Bhd has sold 19 units since its launch in 2018, at prices ranging from just under S$2.3 million (for a 732 square feet unit) to S$3.5 million (1,345 sq ft).

Bukit Sembawang's District 9 project, The Atelier, sold 46 units or 38 per cent of its 120 units in April alone, after it offered a 7 per cent discount in the same month on certain units. The Newton area condo was first marketed in February 2021, but shelved its public launch amid health and safety concerns during the Covid-19 pandemic.

As the mercury soars, so too has energy demand and electricity prices in Singapore.

According to data from the Energy Market Company (EMC), demand for electricity surged in the week of May 7-13 to the highest weekly level since the market was established in January 2003.

The average half-hourly demand for the week rose 2.5 per cent week on week to a high of 6,597 megawatts, while supply increased by just 0.1 per cent.

The average Uniform Singapore Energy Price (USEP) more than doubled week on week to S$774.52 per megawatt hour (MWh) over the same period.

In comparison, the average USEP stood at S$323.96 per MWh in April and S$339.26 per MWh in March.

Grab reported a loss of US$250 million in Q1 2023, narrowing from US$435 million in Q1 2022.

This comes on the back of lower net interest expenses and improved group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda).

The losses included a US$37 million loss from fair-value changes on investments, and US$103 million in non-cash stock-based compensation expenses.

The total cost of development of the multi-utilities centre will be an estimated S$900 million, and is expected to be financed through a mix of internal cash resources and external bank borrowings, the company said.

Construction of the centre is expected to commence in the second half of this year, and be fully operational by 2026.

The lower contribution from the development properties business was attributed to the fewer planned sales completions on the Chinese mainland.

In a statement published on the Singapore bourse, the company said most of its business units performed strongly in Q1 this year, compared to the corresponding quarter last year.

The likes of Astra, DFI Retail Group, Mandarin Oriental and Jardine Pacific all delivered increases in underlying net profit, JMH said. It added that it remains confident in the economic resilience of its markets and believes it is well-positioned to benefit from their recovery.

The group's subsidiaries were said to have reported a "modest increase" in operating profit. During the period, the group's health and beauty, as well as convenience divisions, saw "strong recovery" although that was offset by lower results in the grocery retail division as consumer buying patterns normalised.