SG Morning Highlights | CapitaLand, CDL, Frasers, Mitsubishi, and Mitsui Submit Bids for $6.3B Jurong Lake District Project
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Wednesday; STI up 0.53%
●Which industry has the most job vacancies?
●Luxury property market 'stable' despite GCB sales hitting record low
●Stocks to watch: Frasers Property, Wing Tai
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Wednesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.53 percent to 3,250.36 as at 9.09 am.
Advancers / Decliners is 101 to 51, with 56.48 million securities worth S$80.66 million changing hands.
Breaking News
Singapore's Labour Market Tight as Job Vacancies Outnumber Jobseekers
Job vacancies continue to outnumber jobseekers in Singapore's tight labour market.
According to the Ministry of Manpower, the proportion of newly created positions rose to 47.3% in 2023, the highest since 2018, reflecting evolving economic needs. The Information & Communications sector had the highest proportion of vacancies for new positions at 72.8%, followed by Construction at 65.7%, Food & Beverage Services at 57.2%, and Retail Trade at 55.6%. Most of these new positions, about 65.2%, stemmed from expanding existing business functions, while 24.4% came from expansion into new functions and 6.2% from restructuring or venturing into new business areas.
Luxury property market 'stable' despite GCB sales hitting record low
The luxury residential market in Singapore has remained resilient despite a significant drop in transactions, with prices showing growth, according to a report by CBRE. The report revealed that while the number of transactions for good class bungalows (GCBs) and luxury apartments decreased, prices showed signs of growth within the sector. The GCB market saw the most notable decrease in activity, hitting a historic low with only 23 transactions in 2023, the lowest since 1996. Despite lower transaction volumes, prices remained steady, with an average increase of 2.2% to $3,417 per square foot in 2023. Transactions and price movements in Sentosa Cove mirrored those observed on the mainland of Singapore. CBRE projected that transaction volumes in the luxury residential market are likely to remain subdued for the first half of 2024 due to economic uncertainties and ongoing investigations into money laundering.
Stocks to Watch
$Frasers Property R(IOQR.SG$, $CityDev(C09.SG$ and $CapitaLandInvest(9CI.SG$: Singapore's Urban Redevelopment Authority (URA) has announced that a consortium made up of CapitaLand Development, City Developments Limited (CDL), Frasers Property, Mitsubishi Estate, and Mitsui Fudosan has submitted a pair of proposals for a 3.93 million square foot integrated development in Jurong Lake District. The financial details of the proposals have not yet been released, as authorities prepare to choose a winner after evaluating designs submitted as part of the two-envelope tender process for the master-planned community. The project comprises three plots that connect the existing commercial centre at Jurong East MRT interchange station to the future Jurong Lake District station on the Cross Island Line.
$Wing Tai(W05.SG$: Wing Tai, a property developer, has priced S$100 million in fixed-rate senior unsecured notes due April 3, 2029, at 4.38%. The notes were issued under the company's S$1 billion multicurrency debt-issuance programme established on March 6. Net proceeds from the issuance will be used to finance working capital requirements and investments and to refinance existing borrowings. DBS Bank, HSBC, and OCBC were the joint book runners for the issue, with DBS Bank and OCBC as the joint global coordinators. Coupon payments will be made semi-annually.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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