SG Morning Highlights | City Developments Reports Doubling of Sales in Q3 Driven by Kassia Launch
Good morning mooers! Here are things you need to know about today's Singapore markets:
● Singapore shares opened higher on Monday; STI up 0.27%
●UOB Revises Singapore's Economic Growth Forecasts for 2024 and 2025 Amid External Risks
● Singapore's Real Estate Investment Sales Surge 25.4% YoY in Q3 Driven by Major Deals
● Stocks to watch: CDL, Paragon Reit.
● Latest share buy back transactions
- Moomoo News SG
Market Snapshot
Singapore shares opened higher on Monday. The $FTSE Singapore Straits Time Index (.STI.SG)$ rose 0.27 percent to 3756.12 as at 9:16 am.
Advancers / Decliners is 127 / 49, with 102.34M securities worth S$124.58M changing hands.
Breaking News
UOB Revises Singapore's Economic Growth Forecasts for 2024 and 2025 Amid External Risks
UOB has updated its economic growth projections for Singapore, raising the 2024 forecast to 3.5% thanks to strong trade sector performance but lowering the 2025 outlook to 2.5% due to concerns over geopolitical tensions and potential slowdowns in the electronics sector. This adjustment reflects a cautious stance towards external economic threats and potential changes in global markets.
Singapore's Real Estate Investment Sales Surge 25.4% YoY in Q3 Driven by Major Deals
Singapore's real estate investment sales saw a significant uptick, increasing by 25.4% year-over-year to $8.05 billion in Q3 2024, according to Savills. This growth was primarily fueled by substantial transactions such as the $1.85 billion sale of a 50% interest in ION Orchard and the $1.6 billion acquisition of industrial assets by Warburg Pincus and Lendlease. Despite a decline in Government Land Sales, the commercial and industrial sectors showed robust activity, indicating a revival in investment interest amid anticipated interest rate cuts and the return of high net worth investors.
Stocks to Watch
$CityDev (C09.SG)$ and its joint venture associates have significantly increased their sales in the third quarter of 2024, reporting a total of S$611.1 million from 321 units sold, compared to S$325 million and 183 units in the same period last year. The surge in sales was largely attributed to the successful launch of the 276-unit freehold development, Kassia, located on Upper Changi Road North. Prior to this announcement, CDL's shares closed at S$5.14, up by 0.4% or S$0.02.
$PARAGONREIT (SK6U.SG)$'s manager announced the sale of its stake in the Australian shopping center, Figtree Grove, for A$192 million (S$168 million) to an undisclosed buyer. The sale is part of the Reit's strategy to streamline its portfolio, with the net proceeds earmarked for debt repayment and bolstering working capital among other financial commitments. This follows the recent disposal of The Rail Mall in August. Prior to the announcement, Paragon Reit's units experienced a slight decline, closing 0.6% lower at S$0.865.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io, Business Review
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