26 December 2012

Singapore Shares Market Daily Update - 26 December 2012

#SG Market: City Dev is expected to launch Echelon, its 99 yr leasehold private condo project next to Redhill MRT Station, this week with indicative sales price of ~$1,700psf. Marco Polo may also be in focus after 49% owned tug and logistics operator PT Pelayaran Nasional Bina Buana Raya (BBR) secured approval for its IPO on Indonesia Stock Exchange, with listing planned for a 9 Jan 13 listing.

#SG Economiy: Overall CPI rose a smaller-than-expected 0.1% mom NSA (consensus: +0.4%, Oct 12: -0.2%), pushing Nov CPI down to a 2-yr low of 3.6% yoy from Oct 12’s 4.0% (consensus: +3.8%, CIMB: +4.1%). Core inflation eased from 2.2% to 2.0% yoy due to cheaper clothing, footwear and household durables.

#Grandbanks: Company's CEO Robert William Livingston II announced that he will not renew his service agreement when it expires on Dec 31, 2012. Current CFO will act as CEO until a new CEO is found.

#Rowsley: Shares surged on 24 December 2012 after the company announced plans to buy a huge site in Malaysia's Iskandar region and a top architectural firm by issuing up to $581m in new shares.

#City Dev: The developer is expected to launch this week for Echelon, its 99-year leasehold private condo project next to Redhill MRT Station, with indicative price of ~$1,700 psf.

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