MARKET UPDATES :
- Eight bids have been received for an executive condominium (EC) site along Choa Chu Kang Drive. Sim Lian Land placed the top bid of S$207.4 milion or S$361 per square foot per plot ratio (psf ppr) for the site, which is expected to yield an estimated 535 homes. ECs are a public-private housing hybrid with initial buyer eligibility and resale restrictions that are completely lifted 10 years after the completion of the project.
- SINGAPORE Airshow, Asia’s largest aerospace and defence exhibition, contributed S$319 million to the Singapore economy in 2014. A study by Kadence International said that this was a 25 per cent increase from the 2012 edition and that the growth was supported by a substantial increase in foreign expenditure, which rose 30 per cent from 2012.
- HDB resale prices slipped 1.1 per cent in August compared with July 2014, data from the Singapore Real Estate Exchange (SRX) shows. The three and four-room flats were the main drag, as their resale prices fell 2 per cent and 0.9 per cent respectively in August. The larger flats – five-room and executive flats – turned out to be resilient in August, with resale prices edging up 0.8 per cent and 1.5 per cent respectively.
- CHARISMA Energy Services Limited said on Thursday that it has secured a US$72 million contract over a seven-year period to provide a fleet of five offshore support vessels for a Middle Eastern national oil company for use in the Arabian Sea. The provider of mechanical and electrical engineering services in Singapore said that the project will be funded through internal resources, as well as bank borrowings.
STOCK RECOMMENDATION :
- BUY OLAM INTERNATIONAL ABOVE 2.690 TG 2.730, 2.780, 2.840 SL2.640