SG Morning Highlights | Ascott and CapitaLand Wellness Fund Acquire Singapore Lodging for lyf Brand Expansion
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Tuesday; STI up 0.21%
●McKinsey Analysis: Singapore's Manufacturing Faces Headwinds, Service Sector Shows Resilience
●Shift to Bigger Resale Flats Expected Amid New Homebuying Rules in 2024
●Stocks to watch: CapitaLand, Yanlord Land
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.21 percent to 3,193.61 as at 9.04 am.
Advancers / Decliners is 78 to 36, with 41.62 million securities worth S$50.46 million changing hands.
Breaking News
McKinsey Analysis: Singapore's Manufacturing Faces Headwinds, Service Sector Shows Resilience
Singapore's economy saw a modest 1.2% growth in 2023, slightly above expectations, as reported by McKinsey & Company. While the manufacturing sector continues to struggle with sluggish global demand and a notable slowdown in electronics, the services sector has proven resilient, buoyed by a strong recovery in international tourism. Despite this resilience, challenges like persistent inflation and geopolitical uncertainties remain, potentially impacting the city-state's economic trajectory in the near future.
Shift to Bigger Resale Flats Expected Amid New Homebuying Rules in 2024
In 2024, Singapore's HDB resale market is expected to see increased demand for larger units, as new rules make buying new homes less attractive. Christine Sun from OrangeTee&Tie predicts that private homeowners, after their 15-month wait-out period, will prefer spacious flats like 5-room and executive units. The new classification system, with its tighter restrictions, could further push buyers towards resale flats in prime locations. However, Mark Yip of Huttons Asia expects a moderate impact from private owners. Resale prices are projected to grow by 3% to 5% with transaction volumes estimated at 25,000 to 28,000 for the year.
Stocks to Watch
$CapitaLandInvest(9CI.SG$: Ascott, a CapitaLand subsidiary, and its CapitaLand Wellness Fund have jointly acquired a freehold lodging in Singapore, soon to be lyf Bugis Singapore. The property is C-WELL's first investment, focusing on wellness real estate in Southeast Asia. Amid renovations, the property will cater to health-focused travelers and aim for eco-friendly Green Mark GoldPLUS certification, aligning with Ascott's strategy to expand its lyf brand globally.
$Yanlord Land(Z25.SG$: Yanlord Land Group has issued a profit warning, anticipating a net loss in its financial report for the second half and full year of 2023, ending in December. The expected loss is primarily due to a softening demand in China's real estate market, leading to impairment losses on development properties and potential fair value losses on investment properties. The company plans to release its detailed financial results by February 29, with its share price remaining unchanged at 55.5 cents as of January 8.
Share Buy Back Transactions
Source: Business Times, SG investors
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
