Welcome to this week’s edition of top stock market highlights.
Centurion Corporation (SGX: OU8)
Another new REIT looks set to debut on the mainboard of the Singapore Exchange (SGX: S68) after the successful IPO of NTT DC REIT (SGX: NTDU).
Centurion, which owns and operates a portfolio of purpose-built worker accommodation (PBWA) and student accommodation (PBSA) assets, applied on 14 July for a REIT to be listed.
This REIT will be named Centurion Accommodation REIT.
The new REIT will have an initial portfolio of 14 properties comprising five PBWA in Singapore, eight PBSA in Britain, and one PBSA in Australia.
Centurion Corporation will then acquire one more PBSA in Australia when it is ready for occupation, bringing the total to 15.
After this acquisition, the portfolio’s value will be S$2.1 billion.
Centurion Corporation will retain a stake in Centurion Accommodation REIT while distributing some of the REIT’s units to shareholders via a dividend-in-specie.
NTT DC REIT (SGX: NTDU)
NTT DC REIT will go down in history as the largest REIT listing on SGX in the past decade.
The REIT debuted at US$1.02 on 14 July and peaked at US$1.03, but closed at its offer price of US$1.
The REIT’s backer and sponsor is NTT Group (TYO: 9432), a Japanese telecommunications giant.
NTT DC REIT is now the third pure-play data centre REIT listed on the SGX, after Keppel DC REIT (SGX: AJBU) and Digital Core REIT (SGX: DCRU).
The public tranche of the IPO was around 9.8 times oversubscribed while the whole IPO saw an oversubscription rate of 4.6 times.
The REIT is forecasting an annualised distribution yield of 7.5% for the nine months from 1 July 2025 to 31 March 2026.
Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore, MAS, reported a net profit of S$19.7 billion for its fiscal year 2025 (FY2025) ending 31 March 2025.
This profit was more than four times higher than the prior fiscal year’s net profit of S$3.8 billion.
Singapore’s central bank, in its annual report, attributed the strong performance to strong investment gains.
Investment gains totalled S$31.4 billion for FY2025 because of soaring markets and declining inflation.
Translation effects led to a S$3.4 billion loss, and net expenses came up to S$8.3 billion.
However, MAS did sound a note of caution as uncertainties and geopolitical tensions could impact its investment performance, and by extension, its net profit, in the coming years.
Meanwhile, for the second half of 2025 and in 2026, the central bank expects inflation to remain subdued.
However, inflation could flare up again should Trump’s tariffs result in higher prices across supply chains.
Smaller firms should, therefore, plan their finances prudently and avoid taking on large new loan commitments.
Marina Bay Sands
On 15 July, Las Vegas Sands (NYSE: LVS) held a groundbreaking ceremony for the construction of its US$8 billion expansion project for Marina Bay Sands (MBS).
The project, which is named IR2 for now, promises to be an “ultra-luxurious resort and entertainment destination”.
IR2 was designed by Safdie Architects, the same US firm that designed MBS.
The new development will have an all-suite hotel tower with 570 suites, with the average suite size being larger than what’s available in the current MBS.
IR2 will also have more luxury boutiques, high-end restaurants, and a new gaming area.
There will also be a 15,000-seat entertainment arena which can host regional and international acts and large-scale live events.
This project is expected to be completed by June 2030, with the official opening slated for January 2031.
Singapore exports
Singapore’s non-oil domestic exports (NODX) jumped 13% year on year for June 2025, far above analysts’ estimates of a 5% year-on-year increase.
The better performance was led by exports of electronic products such as personal computers and integrated circuits, which soared 53.8% and 17.5% year on year, respectively.
For the first half of 2025, NODX rose 5.2% year on year.
Despite a dimmer outlook due to Trump’s tariffs and global economic uncertainty, Singapore’s economy grew at a better-than-expected 4.3% for the second quarter of 2025 from a year earlier.
Trade Minister Gan Kim Yong, however, cautioned that the imposition of US tariffs would weigh on growth in the next six to 12 months.
Enterprise Singapore is actively monitoring the tariff situation and will adjust its 2025 NODX forecast where appropriate.
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Disclosure: Royston Yang owns shares of Keppel DC REIT, Digital Core REIT, and Singapore Exchange.
