Singapore shares are likely to trade in a tight range, after the muted session on Wall Street overnight, as US investors awaited for the Greek referendum this weekend amid a mixed jobs report.
Regional bourses are trading lower this morning in Tokyo (-0.4%) and Sydney (-1%), while Seoul was flat.
From a chart perspective, the STI tested but failed to penetrate above its 3,360 resistance for the third time in three weeks. Downside support remains at its recent low of 3,268.
*REITs: Changes governing REITs has been finalized by MAS and are seen as less stringent than the proposals tabled in Oct '14. As expected, leverage flexibility is now fixed at a single tier limit of 45% vs the previous cap of 35%-60% for unrated/rated REITs, and development limit raised to 25% vs 10% previously. Independent directors are now required to make up at least half of the board for improved independence, in the event unit holders are not allowed to appoint directors. However on fees to REIT managers, MAS has urged for increased transparency instead of a prescriptive route due to the varying business models.
*Perennial Real Estate: Entered 40:60 JV with Guangdong Boai Medical Group to acquire, develop and manage hospital/ medical services business in China for Rmb286.7m ($63m). Subsequently, the JVCo will acquire its first operational medical business, tumour and cancer specialist Modern Hospital Guangzhou, a 246-bed hospital. Group will also reposition its Perennial Dongzhan Mall, currently under redevelopment from a retail mall to an international medical and healthcare hub.
*GLP : Signed new lease agreements in China totalling 58,000 sqm (624,000 sf) with all four customers that cater to domestic consumption, which includes JD.com, RT-Mart.
*Sarine: Marked the milestone of having scanned 10m stones worldwide. Group now has quarterly
throughput of just over 1m stones.
*SIIC- Awarded a Rmb63.8m ($13.9m) BOT wastewater treatment project with 30-year concession from the Wuhan City municipal government in China. Plant will have design capacity of 50k tons a day near term, and 100k tons in long term.
*BBR: 75%-owned Moderna Homes secured its second pre-fabricated pre-finished volumetric construction contract for four student hostel blocks and a multi-storey car park in NTU, expected for completion in 2Q17. The contract win will add to net order book, which stood at $555m at 5 May ‘15.
*Chiwayland: Set up a fund management business as its investment arm, which allows the group to tap on private investors to participate to invest in Chiwayland’s own portfolio of property development projects, as well as other real estate development projects and assets.
*Keong Hong: Won $163.4m contract for building works at Sembawang Crescent, expected for completion by Jan ‘18.
*Geo Energy: To supply 1.5m tonnes of coal to Brazilian financial firm BTG Pactual Commodities over one year commencing Aug ’15.
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