Singapore

It will invest into the development of a 665,000 sqft complex worth $290m.

It has $68m initial assets under management (AUM).

Drivers who will pre-register will then be notified for the next application steps.

They have a principal amount of nearly $1.63b at 6.75%.

Revenue from healthcare services division grew 8% amidst new corporate clients and a new contract.

Operating profit from insurance business slipped 11% to $141.4m.

It will engineer and construct projects for Denmark’s Ørsted Wind Power and Norway’s Norled AS.

Interest for office properties is picking up.

Wall Street's weakness could drag down the local sentiment today.

Profit shares from associates and joint ventures crashed 92% to $13.5m. GuocoLand’s profit slid 85% YoY to $26.1m in its Q1 FY18/19 from $171.79m, an announcement revealed. Its revenue was slashed by more than half from $316.98m to $168m. Revenue was dragged down by lower sales of completed residential units recorded as the firm has brought down its inventory of completed unsold units substantially in the past quarters, especially those in Singapore. “Revenue contribution from the strong sales of Martin Modern will be recognised progressively in future quarters as it is currently undergoing construction,” the firm noted. Other income for the firm rose by $6.6m whilst other expenses reduced by $9.5m YoY due to movements in foreign exchange and fair value changes on derivative financial instruments. Finance costs dropped 23% to $19.3m over higher capitalisation of finance costs during the quarter for projects. Meanwhile, share of profit of associates and joint ventures crashed 92% to $13.5m amidst the recognition of profit from Changfeng Residence, the group’s joint venture residential project in Shanghai, in the previous corresponding quarter.  

Grab accounted for the largest deal in the region with a $2b raise.

And SPH co-leads $4.14m funding for US marketing intelligence platform.

One major deal is a floating production storage and offloading (FPSO) contract that could be worth up to $2.76b (US$2b).Although order wins have been behind expectations in m2019 amidst project delays in final investment decisions (FIDs), Sembcorp Marine’s (SMM) strong order pipeline could secure $3b or more worth of new orders in 2019, DBS Equity Research said. The research firm is also positive on SMM’s offshore capital expenditure (capex) recovery ahead. Amongst these contracts may include a Gravifloat modularised liquefied natural gas (LNG) which could go around $1b, two large Compressed Gas Liquid carriers for SeaOne Caribbean valued at $800m in total, and Rosebank’s floating production storage and offloading (FPSO) contract that could be worth up to $2.76b (US$2b). The firm has so far clinched around $1b of new orders YTD.

It saw a continuous growth in DPU. Improving office rents and retail sentiment in Singapore could unburden investors of the fear that Mapletree Commercial Trust may not be able to counter the impact of higher interest rates, DBS Equity Research said. “As investors acknowledge this fact, MCT’s share price should outperform,” they commented. Moreover, they noted MCT’s ability to deliver consistent growth in distribution per unit (DPU), highlighting the quality of its assets. However, DBS Equity Research noted that a key risk could be a retail sales slowdown which could hit VivoCity’s ability to hike its rents. Another key risk is a slower-than expected pick-up in office/business park rents, DBS Equity Research noted. In Q2, MCT’s NPI grew to $86.26m, up 2.2% YoY from $84.42m to $86.26m, an announcement revealed. Revenue also inched up 2.5% YoY to $109.92m.  

However, unemployment rates inched up slightly from 2% to 2.1%.

The $789.6m purchase price for Westgate implies a property yield of 4.3% or $2,746 psf.