Singapore stocks fell this week, with the STI down 1%.

In terms of individual stocks, Bumitama Agri up 15%; First Resources up 12%; Sri Trang Agro, HPH Trust USD up over 8%; Golden Agri-Res up 7%.

Market News

CapitaLand and IOI Close to Buying Singapore $1.9 Billion Office Towers, Bloomberg Reports

CapitaLand Investment and Malaysian developer IOI Properties Group are nearing a deal to buy an iconic office development in Singapore’s commercial center, according to people familiar with the matter, Bloomberg reported,

The Temasek Holdings Pte-backed Singapore property asset manager and IOI are looking to form a joint venture to finalize a transaction for One Raffles Place, the people said, asking not to be identified because the information is private. The property is likely to be sold for just under S$2.4 billion ($1.9 billion), one of the people said.

The development, comprising two office towers with 62 and 38 floors, along with a retail mall, is set to join a spate of commercial real estate assets changing hands as the market revives, supported by low borrowing costs and sellers’ greater willingness to be flexible on pricing.

Singapore to Offer Tax, Visa Incentives for Fund Sector to Rival Hong Kong

Singapore will introduce tax exemptions on profits earned by fund managers and make it ‌easier for investment professionals to obtain visas as it seeks to head off growing competition in the asset management sector, the central bank said on Wednesday.

The Monetary Authority of Singapore and the finance ministry plan to exempt from tax investment profits earned by fund managers from managing ​certain funds, including those of single family offices. More details will be announced in the 2027 budget.

MAS also ​said it would support hedge funds "committed to establishing or deepening their presence in Singapore" through ⁠an investment programme.

DBS Working on Succession Plan for Long-Serving Chairman Peter Seah, Bloomberg News Reports

DBS Group, Singapore's biggest bank, is working on ​a succession plan for its long-time Chairman ‌Peter Seah, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Seah, who has led the bank ​for more than 16 years, has fulfilled ​his responsibilities in guiding the lender since joining ⁠the board in 2009 and becoming chairman ​in 2010, the report added.

A DBS spokesperson told ​Reuters that Seah remains the non-executive chairman of DBS Group Holdings, but did not comment on the chairman search.

OCBC Prices £1 Billion Floating Rate Covered Bonds Due 2029

OCBC has priced £1 billion (S$1.7 billion) in aggregate principal amount of floating rate covered bonds due 2029, it announced on Thursday (Aug 20).

The covered bonds will bear interest at the compounded daily Sterling Overnight Index Average (Sonia) rate, plus 0.48 per cent per annum payable quarterly in arrear.

The Sonia rate is the average of the interest rates that banks pay to borrow the pound sterling from other financial institutions and institutional investors overnight.

UOB Prices US$1.4 Billion Floating Rate Covered Bonds Due 2030

UOB on Wednesday (Aug 19) said that it has priced £1 billion (US$1.4 billion) floating rate covered bonds due February 2030.

The issue date of the covered bonds is expected to be Aug 25. An application will be made to the Singapore Exchange for the listing and quotation.

The covered bonds will bear interest at the compounded daily Sterling Overnight Index Average (Sonia) rate, plus 0.49 per cent per annum payable quarterly in arrear.

The Sonia rate is the average of the interest rates that banks pay to borrow the pound sterling from other financial institutions and institutional investors overnight.