Hongkong Land Launches New Singapore Fund as Regional Deal-Making Accelerates
Hongkong Land to Form Singapore Central Private Real Estate Fund
Hongkong Land has unveiled plans to establish its Singapore Central Private Real Estate Fund (SCPREF), which will be seeded by its Singapore commercial portfolio and future acquired assets. The fund is intended to drive earnings growth, expand assets under management (AUM), and create a new stream of fee income for the group. Likely seed assets include Hongkong Land’s one-third stakes in Marina Bay Financial Centre (MBFC) Towers 1 & 2, One Raffles Quay (ORQ), and its full stake in One Raffles Link (ORL).
Keppel REIT Acquires MBFC Tower 3 Stake
Before transferring its Singapore assets into SCPREF, Hongkong Land was required to first offer its interests in ORQ, MBFC Towers 1 & 2, and MBFC Tower 3 to existing joint venture partners. Keppel REIT accepted the offer to acquire Hongkong Land’s one-third interest in MBFC Tower 3. The sale lifts Hongkong Land’s total capital recycling since 2024 to US$2.8 billion, progressing toward its US$4 billion 2027 capital recycling goal.
Assets Valued at $3.9 Billion to Move Into SCPREF
With pre-emptive offers for ORQ and MBFC Towers 1 & 2 having lapsed, Hongkong Land will transfer its interests in these assets, along with ORL, into SCPREF. The combined assets carry an attributable property value of $3.9 billion as of end-June and represent 3.2 million sq ft of prime Singapore office space. SCPREF is expected to launch with AUM more than twice the size of its seed portfolio, with third-party capital commitments nearing completion.
Hongkong Land Targets US$100 Billion AUM by 2035
The creation of SCPREF supports Hongkong Land’s long-term ambition to grow its AUM to US$100 billion by 2035. Singapore remains a core market, and the company plans to reinvest capital recycled from MBFC Tower 3 and SCPREF into ultra-premium integrated commercial properties. A formal update on SCPREF’s establishment is expected in 1Q2026.
Sembcorp to Acquire Alinta Energy for A$6.5 Billion
Sembcorp Industries has agreed to acquire 100% of Australia-based Alinta Energy for A$6.5 billion from Pioneer Sail Holdings and Latrobe Valley Power. Alinta, owned by Chow Tai Fook Enterprises since 2017, adds a major power retailer and generator to Sembcorp’s portfolio. The deal aligns with Sembcorp’s goal of growing its renewable capacity to 25GW by 2025. Completion is expected in the first half of 2026.
Alinta’s Assets Strengthen Sembcorp’s Energy Transition Push
Alinta Energy operates high-efficiency generation assets with 93% availability and a 10.4GW pipeline of renewable and firming projects. Sembcorp will retain Alinta’s management team, led by CEO Jeff Dimery, ensuring continuity as the company accelerates low-carbon growth.
Seatrium and GE Vernova Win Major TenneT Contract
TenneT has awarded a consortium of GE Vernova and Seatrium a contract for the BalWin5 offshore grid project, bringing Seatrium’s new contract wins for FY2025 above $4 billion. BalWin5 is a 2.2GW high-voltage direct current (HVDC) system that will transmit German North Sea wind power to the onshore grid. Work begins in January 2026, with fabrication handled at Seatrium’s Singapore and Batam yards.
Consortium Expands Role in Europe’s Offshore Energy Network
This marks the consortium’s fourth project under its five-year collaboration with TenneT and its first involving TenneT’s German 2GW program. Seatrium will deliver the converter platform, while GE Vernova will supply onshore and offshore converter stations and HVDC control systems. BalWin5 is expected to power 2.75 million households once completed.
Keppel REIT Buys Larger Stake in MBFC Tower 3
Keppel REIT will acquire a one-third stake in MBFC Tower 3 for $937.5 million from Sageland Private, a Hongkong Land subsidiary. This values the entire property at roughly $4.36 billion and represents a 1% discount to independent valuation. The acquisition is expected to be distribution per unit (DPU) dilutive, and Keppel REIT will fund the purchase through an underwritten preferential offering of 23 new units for every 100 held.
Hongkong Land Continues Asset Recycling Strategy
The sale forms part of Hongkong Land’s ongoing effort to monetize Singapore assets. Recent transactions include the September divestment of its residential developer MCL Land to Sunway for $738.7 million. MBFC Tower 3 is currently 99.5% occupied with a 3.5-year weighted average lease expiry. Keppel REIT, its sponsor Keppel, and related entities have committed to fully subscribe to their entitlement of new units.
Singapore Office Valuations Remain Firm
Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall were valued at $1.794 billion based on Keppel REIT’s one-third stake, while One Raffles Quay was valued at $1.313 billion on the same basis. Hongkong Land shares rose 3.19% to US$6.78 on the news.
🔥 Malaysia’s IPO Momentum Surges as Corporate Deals and Court Rulings Shape the Year
KL:BURSA.BHD:Bursa Malaysia
Bursa Malaysia ended the year with **60 IPOs**, the exchange’s highest in two decades, despite global market volatility. CEO Datuk Fad’l Mohamed said the bourse exceeded last year’s listing numbers and remains one of Asean’s most active IPO markets, with many more companies queued for 2026.
KL:CHB:Critical Holdings Bhd
Critical Holdings Bhd secured a **RM40.8 million** contract for mechanical and electrical works at a Bukit Jalil data centre, with completion slated for December 2026.
KL:FFB:Farm Fresh Bhd
Farm Fresh’s co-founder Loi Tuan Ee sold **RM132.5 million** worth of shares—50 million shares via Rainforest Capital and Farmchoice Foods—at **RM2.65 each**. Loi remains the company’s largest shareholder with a 37.42% stake.
KL:VANTNRG:Vantris Energy Bhd
Vantris Energy Bhd, formerly Sapura Energy, reported a **RM4.27 billion net profit** for 3QFY2026 due to a one-off gain from debt forgiveness after completing its restructuring. Despite the headline profit, the group posted an **operating loss** of RM97.07 million as revenue fell on weaker engineering and construction contributions.
KL:GENERGY:Wasco Greenergy Bhd
Wasco Greenergy Bhd said it requires clearer Indonesian regulatory guidelines before expanding major investments in biomass steam-energy systems. Indonesia contributed **49% of FY2024 revenue**, and the company plans to boost its presence with new offices and service centres following its Bursa Malaysia listing.
KL:TEXCHEM:Texchem Resources Bhd
Japanese sauce maker Otafuku opened a **RM50 million halal-certified factory** in Sendayan TechValley through a joint venture with Texchem Resources’ subsidiary Sushi King Holdings. The new facility offers production capacity eight times that of the previous plant to meet rising demand and support exports across Asia, the Middle East, and Europe.
KL:AGX:AGX Group Bhd
AGX Group Bhd proposed a **one-for-four bonus warrant issue**, offering up to 108.22 million warrants. Based on an indicative 52 sen exercise price, the company may raise up to RM56.27 million for working capital.
KL:RHBBANK:RHB Bank Bhd
The Court of Appeal ordered RHB Bank Bhd to disclose its **Minimum Due Diligence guidelines** for foreign-exchange transactions to Maritime Network Sdn Bhd within 45 days, after a three-judge panel allowed the company’s pre-trial discovery appeal.
Wall Street Rotates Out of AI Titans as Dow & S&P 500 Hit Fresh Records
📌 MARKET RECORDS & ROTATION
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq Composite
The **Dow Jones Industrial Average**, **S&P 500**, and **Nasdaq Composite** diverged on Thursday as a Federal Reserve rate cut and weak tech earnings pushed investors toward economically sensitive stocks. The **Dow** surged 646.26 points to a record 48,704.01, while the **S&P 500** closed at a record 6,901.00. The **Nasdaq Composite** slipped 0.26% to 23,593.86.
📌 VISA LIFTS THE DOW
US:V:Visa
A rally in **Visa** shares—after an upgrade from Bank of America—helped propel the Dow to its new all-time high.
📌 ORACLE SLUMPS ON WEAK RESULTS
US:ORCL:Oracle
**Oracle** plunged nearly 11% after reporting disappointing revenue and raising its spending forecast, fueling concerns about debt levels and raising broader doubts about the near-term payoff of AI investments.
📌 AI STOCKS DECLINE
US:NVDA:Nvidia
US:AVGO:Broadcom
Other AI-linked giants **Nvidia** and **Broadcom** slipped more than 1% as concerns spread about the pace of AI monetization.
📌 CYCLICAL STOCKS GAIN
US:HD:Home Depot
Cyclical names such as **Home Depot** traded higher as investors rotated away from high-growth technology stocks.
📌 MARKET COMMENTARY ON AI RISKS
US:IBKR:Interactive Brokers
Steve Sosnick of **Interactive Brokers** said **Oracle**’s weak showing is acting like “a canary in the coal mine” for the massive trillion-dollar AI spending cycle.
📌 FED RATE CUT SUPPORTS SMALL CAPS
US:RUT:Russell 2000 Index
Following a divided Fed decision to cut rates for the third time this year, the **Russell 2000** hit new intraday and closing highs as smaller companies benefited more from lower borrowing costs.
📌 SANTA CLAUS RALLY EXPECTATIONS
SGX:S27.SI:S&P 500
Sosnick said a Santa Claus rally now “seems preordained,” and the **S&P 500** could break 7,000 before facing potential pressure next year.
📌 ANALYSTS EYE BROADCOM RESULTS
US:AVGO:Broadcom
US:MSFT:Microsoft
US:AMZN:Amazon
US:MRVL:Marvell Technology
US:GOOGL:Alphabet (Google)
Wall Street expects **Broadcom**’s upcoming earnings to offer insight into AI chip demand. Reports suggest **Microsoft** and **Amazon** may shift custom-chip development away from **Marvell** toward **Broadcom**, while **Google**’s long-running TPU partnership continues to boost sentiment.
📌 FED SEES COOLING LABOR MARKET
US:FED:Federal Reserve (non-listed)
Fed Chair Jerome Powell said job growth may have turned negative in recent months, influencing policymakers’ decision to deliver another quarter-point rate cut.
📌 FUTURES MOVE AFTER THE BELL
US:DGT:Dow Jones Industrial Average
SGX:S27.SI:S&P 500
US:QQQ:Nasdaq 100
Futures for the **Dow** and **S&P 500** edged higher Thursday night, while **Nasdaq 100** futures slipped slightly.
📌 BROADCOM DOWN AFTER EARNINGS BEAT
US:AVGO:Broadcom
Despite beating estimates and forecasting doubled AI chip sales, **Broadcom** fell nearly 5% in extended trading. Shares remain up 75% year-to-date.
📌 LULULEMON SURGES AS CEO EXITS
US:LULU:Lululemon Athletica
**Lululemon** jumped 10% after announcing its CEO will depart Jan. 31 following a prolonged period of underperformance.
📌 COSTCO SLIPS ON MIXED REACTION
US:COST:Costco
**Costco** dipped slightly after beating quarterly expectations with 8.2% year-over-year sales growth.
🔥 China Tech & Markets Slide as AI IPOs Loom and ZTE Faces U.S. Scrutiny
HK:09988.HK:BABA-W
BABA-W fell 1.7% to HKD150.6 as resale prices of its Quark AI glasses surged to RMB5,000, pushing delivery wait times to 45 days.
HK:01024.HK:KUAISHOU-W
KUAISHOU-W slipped 0.6% to HKD66.75 after rolling out new policies that offer up to RMB20,000 per comic-style drama series.
HK:09999.HK:NTES-S
NTES-S dipped 0.6%, despite its game “Where Winds Meet Mobile” securing over 5 million global pre-registrations ahead of its international launch.
HK:02382.HK:Sunny Optical
Sunny Optical lost 2% even as its November mobile lens shipments rose 7.5% year-on-year.
HK:09988.HK:BABA-W
HK:00700.HK:Tencent
AI startups MiniMax and Zhipu—backed by BABA-W and Tencent—are reportedly preparing Hong Kong IPOs within weeks, with MiniMax targeting an early 2026 listing to raise hundreds of millions of USD.
Non-listed:CICC
CICC said global monetary restructuring is underway, adding that gold’s revaluation reflects declining USD credibility rather than a return to the gold standard. The firm emphasized gold’s role as a safe haven but noted it cannot replace credit money in modern financial systems.
HK:00763.HK:ZTE
ZTE said it is communicating with the U.S. Department of Justice amid reports of an investigation under the Foreign Corrupt Practices Act. The company reaffirmed its zero-tolerance stance on corruption and stated operations remain normal. Reuters earlier reported ZTE may face a settlement exceeding USD1–2 billion. Shares closed the midday session down 9.4% at HKD28.68 on heavy trading.
Non-listed:Beijing Guanghe Qiancheng Technology
China’s polysilicon industry has identified Beijing Guanghe Qiancheng Technology as a potential future acquisition platform for capacity integration. However, STAR Market Daily reported the newly registered company has not yet begun operations.
HK:03887.HK:HashKey
HashKey’s Hong Kong IPO has reportedly been oversubscribed by more than 100 times so far.
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