3 Things You Need to Know About the Singapore Stock Market Today
Great Tuesday evening, Fools! Here are three things about the local stock market that you might be interested in today.
1. The Straits Times Index (SGX: ^STI), ended the day at 3,329.03 points, edging up by 5.97 points or 0.18%.
The most significant winner in the index was Jardine Strategic Holdings Limited (SGX: J37). Its shares increased 1.2% to US$43.69.
On the other hand, UOL Group Limited (SGX: U14) was the STI component that lost the most ground. The property developer’s shares tumbled 1.9% to S$8.74.
2. The earnings season is here so do check out some of the latest coverages below:
3. The collective sale fever has not abated.
Construction and property group, Chip Eng Seng Corporation Ltd (SGX: C29), announced this morning that its wholly-owned subsidiary, CEL Real Estate Development Pte Ltd, has won the en bloc tender for freehold property, Changi Garden, with an offer price of S$248.8 million. The Straits Times reported that the bid was around 27% above the asking price. The purchase price translates to S$888 per square foot per plot ratio.
Chip Eng Seng intends to redevelop the property into a low-rise residential condominium with full facilities. The redevelopment is expected to yield around 320 residential units and possibly some retail shops. For context, Changi Garden currently has 84 residential and retail units.
Shares of the firm ended Tuesday at S$0.905, up 0.6%.