Market Snapshot

Singapore stocks opened flat on Wednesday. iFast rose 2%; Yangzijiang Shipbuilding rose 1%; SingPost sank 16%; NIO fell 2%; SIA fell 0.6%.

Stocks in Focus

Hotel Properties Limited (HPL): The property group clarified on Tuesday that it is still in discussions with parties over the redevelopment of Forum The Shopping Mall and voco Orchard Singapore. It added that there is no certainty that the discussions will result in any transaction. This came after news broke that HPL was in talks to sell its stakes in the two marquee assets along Singapore’s Orchard Road shopping strip. Shares of HPL closed up 6.3 per cent or S$0.33 at S$5.54, before the company called for a trading halt at 4.30 pm on Tuesday.

Hongkong Land: It posted an underlying profit of US$297 million for the six months ended Jun 30, reversing from a net loss of US$7 million in the corresponding year-ago period. Revenue for the first half of 2025 fell to US$751.2 million, down 23 per cent from US$972.4 million year on year. Underlying earnings per share for H1 2025 stood at US$0.1351, from an underlying loss per share of US$0.0031 in H1 2024. Shares of Hongkong Land closed 2.1 per cent or US$0.13 higher at US$6.39 on Tuesday, before the H1 results were announced.

Keppel Real Estate Investment Trust (Reit): On Wednesday, it reported a 2.9 per cent decline in its H1 FY2025 distribution per unit (DPU) of S$0.0272, from S$0.0280 in the corresponding year-ago period. The distribution will be paid out on Sep 15, with its record date on Aug 7. Property income rose 9.1 per cent to S$136.5 million from S$125 million in the same period a year prior. This is largely due to contribution from 255 George Street acquired in May 2024, and higher occupancy at 2 Blue Street. Units of Keppel Reit closed 1.1 per cent or S$0.01 up at S$0.95 on Tuesday.

CapitaLand China Trust (CLCT): Its DPU for the six months ended Jun 30 fell 17.3 per cent to S$0.0249, from S$0.0301 in the year-ago period. This was due to lower net property income (NPI) and a weaker yuan against the Singapore dollar, which was partially offset by savings in finance costs, its manager said on Wednesday. In actual Singapore dollar terms, NPI fell 9.7 per cent to S$106.5 million from S$117.9 million previously, while revenue declined 7.9 per cent to S$159.2 million from S$173 million. Units of CLCT ended flat on Tuesday at S$0.78.

Starhill Global Reit: Its manager on Tuesday posted a net property income of S$74.5 million for the second half ended Jun 30, 2025, flat compared to the year-ago period. This was attributed to the lack of growth primarily to higher contributions from the Singapore retail properties and net movement in foreign currencies. Its revenue inched up 0.7 per cent to S$95.8 million from S$95.2 million previously. Units of Starhill Global Reit closed flat at S$0.55 on Tuesday.

Far East Hospitality Trust (FEHT): The stapled group on Wednesday posted 9.2 per cent fall in distribution per stapled security to S$0.0178 for its first half ended June, down from S$0.0196 in the previous corresponding period. Distribution to stapled security holders dropped 8.7 per cent to S$36 million from S$39.5 million in the year-ago period. Stapled securities of FEHT finished on Tuesday 0.8 per cent or S$0.005 lower at S$0.61.

CDL Hospitality Trusts (CDLHT): On Wednesday, it reported an 11.9 per cent decline in its H1 FY2025 NPI of S$0.0272, from S$66.5 million in the year-ago period. Its S$7.2 million net NPI decline was largely driven by ongoing room renovations at the W Hotel, which accounted for a S$3.2 million drop. The group’s core Singapore market NPI fell 20.9 per cent to S$30.2 million, from S$38.3 million in H1 of FY2024. This came alongside lower RevPAR, which fell 14.2 per cent to S$165 from S$193. Stapled securities of CDLHT closed on Tuesday 0.6 per cent or S$0.005 lower at S$0.85.

First Reit: Its H1 distribution per unit fell 5.8 per cent to S$0.0113 from S$0.012 in the year-ago period, the manager said on Tuesday. Rental and other income for the half-year fell 2.9 per cent to S$50.5 million from S$52 million previously, mainly driven by the depreciation of the rupiah and yen against the Singapore dollar. Net property and other income fell in tandem, down 2.7 per cent to S$48.9 million from S$50.3 million. Units of First Reit closed unchanged at S$0.28 on Tuesday.

SG Local News

Singapore Keeps Monetary Settings Unchanged as Trade Tensions Ease

Singapore's central bank on Wednesday kept its monetary policy settings unchanged after economic growth surprised to the upside in the second quarter.

The Monetary Authority of Singapore said it will maintain the prevailing rate of appreciation of its exchange rate-based policy band.

The width and the level at which the band is centred were unchanged.

"The risk of a sharp step-down in global growth in the near-term has receded along with the general de-escalation in trade tensions as well as more benign financial conditions since April," the MAS said in a statement. It added it was in an appropriate position to respond to risks after two previous easings.

US "Non-Committal" on Whether Level of Tariffs with Singapore Will Stay at 10%: DPM Gan

The US is not ready to discuss potential concessions to the 10 per cent baseline tariff on all goods entering the country, Deputy Prime Minister Gan Kim Yong said on Tuesday (Jul 29).

But Singapore has expressed its interest in negotiating that levy, he said in an update on the tariff situation in his first public engagement after returning from a trip to the US from Jul 20 to Jul 26.

Mr Gan added that the US was also "non-committal" as to whether the level of tariffs will remain at 10 per cent. He was speaking at an Institute of Policy Studies (IPS) and Singapore Business Federation (SBF) conference, "Global-City Singapore: SG60 and Beyond", in a dialogue moderated by geopolitics editor at The Economist David Rennie.

Hotel Properties Looks to Redevelop Certain Singapore Properties Via Possible Joint Ventures

Hotel Properties said on Tuesday that several parties have approached the company for the redevelopment of its Forum The Shopping Mall property and adjacent land, which includes the voco Orchard Singapore hotel.

Earlier in the day, Bloomberg News had reported that the company was looking to sell a majority stake in the properties, valuing the assets for at least S$2 billion ($1.55 billion), citing people familiar with the matter.

A joint venture with regards to the properties, located in Singapore's main shopping belt, is a "possibility", the company, owned by embattled billionaire Ong Beng Seng, said in a statement.