The on-going Washington drama over the government shutdown continues to drag on ad nauseum. But in Singapore, the stock market has remained calm despite the political impasse in the US. The Straits Times Index (SGX: ^STI) ended the day at 3,137 points, barely moving from last Friday’s close. There were 11 blue chips in the green and 14 in the red. Real estate company CapitaLand Limited (SGX: C31) gained 0.7% to S$3.08. Last Thursday, retail mall developer CapitaMalls Asia (SGX: JS8), which is majority-owned by CapitaLand, announced that it had begun construction work for the Melawati Mall located north…
The on-going Washington drama over the government shutdown continues to drag on ad nauseum. But in Singapore, the stock market has remained calm despite the political impasse in the US.
Real estate company CapitaLand Limited (SGX: C31) gained 0.7% to S$3.08. Last Thursday, retail mall developer CapitaMalls Asia (SGX: JS8), which is majority-owned by CapitaLand, announced that it had begun construction work for the Melawati Mall located north east of the Malaysian capital, Kuala Lumpur.
The mall is a 50:50 joint venture between CMA and Malaysia-based Sime Darby Property. It will have a net lettable area of around 620,000 square feet upon completion.
Development costs for the mall are estimated to come in around S$258m. CMA has commented that it will “leverage on [its] expertise in developing and managing shopping malls around the region to create a one-stop retail and lifestyle destination that will enhance the attractiveness of the Melawati township, as well as become the lifestyle centre for residents living north east of Kuala Lumpur.”
Keppel Corporation Limited (SGX: BN4) rose 0.7% to S$10.57. The company announced last Friday that its marine engineering arm, Keppel Offshore & Marine, had signed a Memorandum of Understanding (MOU) with subsidiaries of Mexico’s national oil company, Petroleos Mexicanos (PEMEX).
Under the MOU, Keppel would develop, own, and operate a yard in the Port of Altamira, Mexico together with PEMEX’s subsidiaries, PEMEX Exploraocion y Produccion (PEP) and P.M.I. Norteamerica, S.A. de C.V. (PMI).
The yard will be developed in phases, with the total development cost estimated to be about US$400m. The first phase of the development, which will cost around US$150m, will see the yard being equipped to handle certain parts of the work needed in the construction of six Keppel-designed KFELS B class jackup drilling rigs for PEP.
Keppel O&M’s chief executive, Tong Chong Heong commented that “the MOU reinforces [the company’s] Near Market, Near Customer strategy and places [it] in a strong position to capture opportunities from the continued growth of the Gulf of Mexico.”
SIA Engineering (SGX: S59) put on 0.8% to S$4.94. The company, which provides maintenance, repair, and overhaul (MRO) services to many airlines around the world, is pencilled in for second-quarter earnings on 7 November.
SIA Engineering’s previous second quarter saw its quarterly revenue grow 4.4% to S$284.5m, while profits increased by 5.8% to S$67.1m. Investors will hope that the company can improve upon those numbers.
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