Singapore shares may start the new month on a positive note on Thursday, tracking US gains on hopes of more stimulus from the Federal Reserve, but local property stocks may be in focus after the government raised land development charges.
Singapore’s benchmark Straits Times Index <.FTSTI> rose 3.34% on Wednesday to 2,885.26 points. Stocks and factors to watch:
Singapore’s Wilmar International (WLIL.SI) may be in focus after announcing its Australian sugar unit Sucrogen failed to get the support needed to go ahead with its proposed purchase of assets belonging to Proserpine Co-operative Sugar Milling Association.
Property stocks such as CapitaLand (CATL.SI) may also be in the spotlight after the Singapore government raised land development charges for the six months starting Sept 1 to reflect higher property values.
Singapore’s Global Logistic Properties (GLPL.SI), which owns warehouses in Japan and China, said on Thursday it has formed a joint venture with Canada Pension Plan Investment Board to develop logistic facilities in Japan. Each partner will invest US$250 million ($301 million) of equity over a projected three years, it said.
Singapore commodities firm Olam (OLAM.SI) said on Wednesday it had agreed to buy India’s Hemarus Industries for US$73.8 million ($88.9 million). When completed, the deal will give Olam a sugar milling facility with a capacity of 3,500 tons crush per day as well as a 20 megawatt co-generation facility.
Singapore-listed Chinese property developer Yanlord (YNLG.SI) said on Wednesday it had sold 155, or 60.3%, of the 257 apartment units on the first day of launch at its Yanlord Sunland Gardens project in Shanghai, China. The company achieved 1.7 billion yuan (US$321.2 million) in pre-sales of the units, it said.
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