SG Morning Highlights | Singapore Hikes Residential Property ABSD
Good morning mooers! Here are things you need to know about today's Singapore:
● Singapore shares opened lower on Thursday; STI down 0.47%
● Singapore hikes residential property ABSD, doubles foreigner rate to 60%
● Stocks to watch: UOB, Digital Core Reit, Elite Commercial Reit
● Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG$ was down 0.47 per cent to 3,278.44 as at 9.13 am.
Advancers / Decliners is 69 to 99, with 151.39 million securities worth S$105.36 million changing hands.
Breaking News
The Singapore government stepped up additional buyer stamp duty (ABSD) rates for residential properties, in a fresh round of cooling measures aimed at curbing investment demand.
For Singapore citizens, ABSD for the purchase of their second property will be raised to 20 per cent from 17 per cent and to 30 per cent from 25 per cent for their third and subsequent properties. Singapore permanent residents (PR) will see ABSD raised from 25 per cent to 30 per cent on their second property and from 30 per cent to 35 per cent for their third and subsequent properties.
Foreigners bear the brunt of the increases, with ABSD on any property purchase doubled from 30 per cent to 60 per cent. A 65 per cent rate will apply to residential properties bought by entities or in trust, up from 35 per cent. The new rates take effect on Apr 27.
Stocks to Watch
$UOB(U11.SG$: UOB on Thursday (Apr 27) reported net profit of S$1.5 billion for the first quarter ended Mar 31, 2023, up 67 per cent from S$906 million in Q1 2022.
This was in line with the S$1.5 billion average estimate from three analysts polled by Bloomberg.
Excluding one-off expenses – specifically integration costs incurred in the acquisition of Citigroup's consumer banking businesses – UOB's net profit for the quarter would have been 74 per cent higher at a record S$1.6 billion, and 13 per cent up from the previous quarter.
$DigiCore Reit USD(DCRU.SG$: Digital Core REIT has reported a distributable income attributable to unitholders of US$10.9 million for 1QFY2093 ended March, down 10% y-o-y from US$12.1 million recorded for 1QFY2022.
Revenue in the same period was US$26.78 million, up 1.2% y-o-y.
Digtal Core REIT owns a portfolio of 11 data centres in locations largely in the US and Canada, but also one at Frankfurt.
$EliteComREIT GBP(MXNU.SG$: Elite Commercial REIT has reported a distribution per unit (DPU) of 0.94 British pence for the 1QFY2023 ended March 31, 26.6% lower than the DPU of 1.28 pence in the same period the year before.
The lower DPU was due to higher borrowing costs, lower revenue from vacancies and an enlarged equity base compared to the same quarter the year before.
Revenue for the quarter fell by 0.4% y-o-y to GBP9.2 million. Distributable income fell by 26.1% y-o-y to GBP4.5 million.
Latest Share Buy Back Transactions
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
