Market Snapshot

Singapore stocks opened higher on Wednesday. STI up 1%; Nio up 5%; Keppel Reit, UOB, OCBC, DBS and CityDev up 1%.

Stocks to Watch

City Developments Limited (CDL): The developer’s wholly owned subsidiary has increased its offer to buy the shares of Millennium & Copthorne Hotels New Zealand (MCK) that it does not already own to NZ$2.80 apiece. In a letter to MCK shareholders on Tuesday, CDL said the new price is “the final and best” that its subsidiary, CDL Hotels Holdings New Zealand, is willing to pay. The company will not change the price again and neither will it make another offer within nine months. The higher offer reflects a 60 per cent premium to the one-month volume weighted average share price of NZ$1.75. On Tuesday, MCK said its independent directors committee was assessing the higher offer and will provide a recommendation to shareholders by Apr 28. Shares of CDL closed 2.1 per cent or S$0.10 higher at S$4.84 on Tuesday, before the announcement.

Keppel Real Estate Investment Trust (Reit): The Reit manager reported on Wednesday a net property income growth of 13.3 per cent year-on-year to S$54.6 million in Q1 of 2025. The manager said this increase is due to better performance of the Singapore properties in the central business district, increased occupancy at 2 Blue Street, as well as contribution from 255 George Street. The Reit’s distributable income, including an anniversary distribution, fell 3.2 per cent year-on-year to S$53.4 million. Units of Keppel Reit closed S$0.005 or 0.6 per cent higher at S$0.83 on Tuesday.

Paragon Reit: The Reit’s unitholders approved the scheme resolution proposed by Cuscaden Peak’s Times Properties to take the trust private. Its delisting is expected on Jun 6, subject to regulatory approval. During the scheme meeting on Tuesday, around 82.8 per cent of those present and voting, agreed to the privatisation offer, representing about 97.6 per cent of units. The scheme resolution was also contingent on the approval of amendments made to the Paragon trust deed. The last day of trading for the counter is expected to be on or around May 14, followed by its record date on May 23 at 5 pm. Paragon Reit unitholders will receive the scheme consideration of S$0.98 a share in cash on or around Jun 4. Paragon Reit called for a trading halt on Tuesday morning and requested to lift it on Wednesday morning. The counter last closed on Monday 0.5 per cent or S$0.005 lower at S$0.97.

BRC Asia: The steel fabricator said on Tuesday that it has entered into a conditional share purchase agreement to buy a controlling stake of 55 per cent in Southern Steel Mesh. BRC Asia will buy 12.9 million shares from the company’s parent Southern Steel, for a cash consideration of RM61 million (S$18.2 million). The parent will retain a minority stake. BRC’s shares closed down S$0.04 or 1.3 per cent at S$3.03, before the announcement.

SG Local News

The race begins as Nomination Day kicks off

Prospective candidates for GE2025 will file their papers at nine nomination centres ahead of Polling Day on May 3.

The PAP is expected to face contests in all 97 seats, with 10 opposition parties likely to field candidates across every constituency when nomination proceedings close at noon today.

As parties unveil their final line-ups on Nomination Day, all eyes will be on where the political heavyweights and new “star catches” from the PAP and WP are fielded.

Voters will also find out how many multi-cornered fights are set to take place and which familiar faces will bow out of politics.

CGS cuts Singapore’s 2025 GDP forecast to 1.6% amid tariff risks

CGS International has downgraded Singapore’s 2025 GDP growth forecast to 1.6%, from an earlier projection of 2.5%, citing mounting trade-related pressures from newly imposed U.S. reciprocal tariffs.

In its latest ASEAN macroeconomic update, CGS International noted that despite Singapore’s existing Free Trade Agreement with the U.S., the country has been included in the baseline 10% tariff.