To The Moon

Market Snapshot

Singapore stocks opened lower on Friday. STI fell 0.3%; Nio rose 7%; Singtel up 1%.

Stocks in Focus

$Keppel(BN4.SI)$: The global asset manager is set to revive construction for its stalled Saigon Centre project in late 2026. Saigon Centre, a mixed-use development in Ho Chi Minh City’s central business district, has been delayed for decades due to the complex process of transferring land from the state. The project was valued at about S$433.6 million when Keppel released its first-quarter results. It is expected to be completed within the following four to five years. Shares of Keppel ended Thursday 1.5 per cent or S$0.14 higher at S$9.44, after the news.

$CapitaLandInvest(9CI.SI)$: The real estate asset manager’s wholly owned lodging business unit Ascott on Friday announced that it has signed seven new properties in Vienna, Austria and Seville, Spain through franchise and management agreements. The new signings bring Ascott’s European portfolio to 64 properties and almost 8,500 units. Globally, the group has more than 1,000 properties and 175,000 units. Ascott’s Austrian partnership is with property developer VIE Trust Real Estate Group; its Spain partnership is with Forty Management. Units of CLI ended Thursday 0.4 per cent or S$0.01 down at S$2.65.

$KEPPEL REIT(K71U.SI)$: The trading of about 115 million new units in the real estate investment trust is set to begin on Friday at 9 am. The new units were issued in a private placement to raise S$113 million. Proceeds from this will be used to finance the acquisition of a 75 per cent stake in the Top Ryde Shopping Centre in Sydney, Australia. Units of Keppel Reit rose 3.1 per cent or S$0.03 on Thursday to close at S$1.01.

SG Local News

Property Cooling Measures to ‘Stay for a While’ with Singapore Market Buoyant: UOB

Property cooling measures in Singapore are expected to remain in place for the foreseeable future as key demand drivers continue to support the housing market, said UOB head of research Suan Teck Kin.

Speaking at the Rics-Redas Conference 2025 on Thursday (Oct 16), he pointed to the strong correlation between the property price index and the size of the Singapore economy.

He noted that Singapore’s private-property market recorded its eighth consecutive year of expansion last year, though annual price growth has moderated. The overall price index increased 3.9 per cent in 2024, down from 6.8 per cent in 2023, 8.6 per cent in 2022, and 10.6 per cent in 2021.

Director of S’Pore-Listed Firm Resigns After US Sanction for Alleged Ties to Cambodian Scam Empire

An independent director of Singapore-listed 17Live Group has resigned after she was added to a US sanctions list for her alleged links with a Cambodian businessman accused of running a global scam operation involving forced labour.

Ms Karen Chen Xiuling is among three Singaporeans and 17 Singapore-registered entities added to the US Specially Designated Nationals and Blocked Persons list.

She voluntarily resigned on Oct 15 from her role as an independent director of 17Live, a Taiwanese live-streaming company.

Singapore Key Exports Surprise with 6.9% Rebound in September

Singapore’s key exports enjoyed a surprise rebound in September on the back of a surge in electronic shipments.

Non-oil domestic exports (Nodx) grew 6.9% year on year, compared with a revised 11.5% drop in the previous month, according to figures released by trade agency Enterprise Singapore on Oct 17.

Economists polled by Bloomberg had forecast Nodx to shrink 2.1% in September.