Market Snapshot

Singapore stocks opened higher on Wednesday. STI rose 0.3%; Yangzijiang Shipbuilding, Keppel, Singtel and Hongkong Land rose 1%; Sembcorp Industries and Genting Singapore rose 0.7%; SIA rose 0.4%; OCBC rose 0.2%.

Stocks in Focus

NIO: The electric vehicle maker delivered 24,925 vehicles in June, an increase of 17.5 per cent from the year-ago period, it said on Tuesday in an update on its second-quarter delivery. These consisted of 14,593 vehicles from its premium smart electric vehicle brand Nio, 6,400 vehicles from its family-oriented smart electric vehicle brand Onvo, and 3,932 vehicles from its small smart high-end electric car brand Firefly. For the three months ended June, it delivered 72,056 vehicles, an increase of 25.6 per cent on the year. Its shares ended Tuesday 0.3 per cent or US$0.01 higher at US$3.54 on the Singapore Exchange.

Lendlease Global Commercial Reit, MM2 Asia: The real estate investment trust (Reit) on Tuesday issued a statutory demand seeking S$3.4 million in arrears from Cathay Cineplexes, the struggling cinema chain operated by mm2 Asia. This is in relation to Cathay Cineplexes’ use of the Jem outlet premises – which Lendlease is the landlord of – that ceased operations in March. The payment is to be made by Jul 22 and Cathay Cineplexes is seeking legal advice over the matter, the entertainment company said on Wednesday. Units of the Reit finished Tuesday 1 per cent or S$0.005 higher at S$0.525; shares of mm2 Asia closed 14.3 per cent or S$0.001 higher at S$0.008.

SG Local News

Singapore Home Prices Rise for Third Quarter on Domestic Demand

Singapore private home prices rose for a third straight quarter, buoyed by local demand.

An index for prices of private residences climbed 0.5% in the second quarter from the previous three months, according to preliminary figures released by the Urban Redevelopment Authority Tuesday. That extends a 0.8% increase in the first quarter.

The data suggest Singapore’s property market remains resilient even after sales of new homes lost momentum in recent months. The Trump administration’s push for global tariffs has cast doubt on the outlook for the trade-dependent economy, prompting some homebuyers to hesitate and developers to delay large-scale project launches.

Frasers Property, Sekisui House Launch The Robertson Opus with Prices from S$3,150 Psf

Property developers Frasers Property and Sekisui House opened The Robertson Opus along Unity Street for a private preview on Wednesday (Jul 2), with public previews beginning this weekend. Prices will start from S$3,150 per square foot (psf).

Located at Robertson Quay in District 9, the 999-year mixed-use development comprises 348 homes across five blocks of up to 10 floors. One block consists of just studios and one-bedroom units – primarily for investors looking to rent and others who wish to rightsize their homes, said Kevin Siew, managing director for development management at Frasers Property Singapore, during a media tour on Monday.

The other four blocks will see a mix of two, three and four-bedroom units.

Binance to Keep Hundreds of Staff in Singapore Despite Crackdown

The world’s largest digital-assets exchange Binance plans to keep hundreds of remote workers in Singapore, despite a crackdown on unlicensed crypto outfits in the city-state.

The Monetary Authority of Singapore recently announced a hard deadline of June 30 for crypto firms incorporated in Singapore and offering services offshore to cease activities, prompting top-10 exchange operators Bitget and Bybit to weigh shifting staff overseas.

The new rules are expected to have a negligible impact on Binance’s operations in Singapore, according to people familiar with the company’s operations who asked not to be identified discussing confidential information. Hundreds of Singapore-based employees working remotely for the exchange won’t need to relocate, the people said.

More than 400 Binance workers label themselves as based in Singapore on LinkedIn, based on a Bloomberg News analysis.