Market Snapshot

Singapore stocks opened hjgher on Monday. STI rose 0.3%; NIO up 6.4%; UOL, SGX up over 1%.

NTT DC REIT starts trading on Monday after securing the city-state’s sovereign wealth fund as a rare cornerstone investor. The $773 million data center IPO is being closely watched as the spark that could revive Singapore’s moribund IPO scene, following an all-hands-on-deck effort to reboot it.

Stocks in Focus

OCBC: The lender on Friday announced the retirement of its incumbent chief executive officer Helen Wong, who will step down on Dec 31, 2025, for family reasons. The current head of global wholesale banking Tan Teck Long, who will succeed Wong on Jan 1, 2026. Tan will immediately assume the additional role of deputy CEO. Wong will remain chairman of OCBC China and director of OCBC Hong Kong after stepping away from the helm.

Singapore Exchange (SGX): The manager of NTT DC Reit (real estate investment trust) said the public tranche of its Singapore initial public offer was about 9.8 times oversubscribed. Based on the 30 million units available to the public for subscription, there were 14,166 valid applications for an aggregate of 294.8 million units.

Sats: Its CEO Kerry Mok was paid more than S$3.1 million in total remuneration for FY2025 ended March, a 30.5 per cent pay raise from the S$2.4 million in FY2024. Mok received S$1 million in salary, S$1.2 million in bonuses, around S$862,500 worth of Sats shares and S$74,000 in benefits. This comes as the group’s earnings for FY2025 soared more than four times to S$243.8 million from the year-ago period.

Frasers Property, Frasers Hospitality Trust (FHT): The manager said on Friday that it received in-principle approval from the Singapore Exchange Securities Trading Limited (SGX-ST) to delist and remove FHT from the official list of SGX-ST. The scheme by FHT’s sponsor Frasers Property to privatise the stapled group at S$0.71 per stapled security will require approval from stapled securityholders of FHT, the manager added. Shares of Frasers Property ended on Friday unchanged at S$0.89.

Aims Apac Reit:  Aims Financial Group raised its stake in Aims Apac Reit to nearly 18.7 per cent, after acquiring an additional 7 per cent stake of over 57 million units in the trust, its manager said on Monday. The units were acquired from substantial unitholder, ESR HK Management, which is part of ESR Group.

Creative Technology: The group warned that revenue for its second half ended June would likely be below its target, at US$30 million. This comes as its topline was “negatively impacted” by macroeconomic uncertainty and weakening consumer sentiment due to tariffs and trade tensions, which have adversely hit the business environment for many of its products, the group said on Friday.

SG Local News

Singapore Skirts Recession as Construction, Exports Buoy Growth

Singapore’s economy expanded in the second quarter, avoiding a technical recession on a rise in construction activity and strong exports as businesses seek to front-run higher US tariffs.

Gross domestic product grew 1.4% on a seasonally adjusted basis in the three months through June, the Ministry of Trade and Industry said Monday, versus a forecast for a 0.8% increase and a revised 0.5% contraction in the first quarter.

GDP in the quarter also expanded from a year earlier, at 4.3%. That compares with a median forecast of 3.6% growth in a Bloomberg survey of economists.

Singapore’s First Home Launch Since New Curbs Sells Over 90%

Singapore’s first mass-market private residential project launched since new curbs were introduced saw the development almost all taken as homes were sold at lower-than-usual prices.

The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That’s about 94% of the 343 units to be built at a business park in the city’s south.

Wegovy, Injectable Drug Used to Treat Obesity, Now Available Via Prescription in Singapore

An injectable drug used to treat obesity is now available via prescription from any licensed physician at hospitals and clinics across Singapore.

In a statement on July 12, pharmaceutical firm Novo Nordisk said the launch of Wegovy locally is to support Singapore’s efforts in improving population health.

Wegovy is suitable for adults who are obese, or those who are overweight with at least one weight-related comorbidity such as high blood pressure, type 2 diabetes or high cholesterol.