Lim & Tan Securities
Date of Report: 18 August 2025

Singapore Market Hits New Highs: GuocoLand’s Springleaf Residence, UOL’s Stellar Earnings, and Key Fund Flows Power Investor Optimism

Market Overview: STI and Global Indices Performance

The Singapore market continues to demonstrate resilience, with the FSSTI index closing at 4,230.5, up 1.4% month-to-date (MTD) and an impressive 11.7% year-to-date (YTD). While global markets saw mixed results—S&P 500 fell 0.3% and Nasdaq decreased by 0.4%, the Dow Jones edged up 0.08%. Other notable performances include the UK’s FTSE 100 (+11.8% YTD), Nikkei (+8.7% YTD), and Hang Seng Index (+26.0% YTD).

Key Commodities and Interest Rates

Springleaf Residence: Singapore’s Blockbuster Launch

GuocoLand and Hong Leong Holdings have set a new benchmark in the Upper Thomson area with the launch of Springleaf Residence. Achieving a 92% take-up rate, the project sold 870 out of 941 units within its launch weekend, at an average price of S$2,175 per square foot (psf).
Key highlights:

• Prices start at S\$878,000 for one-bedroom units (388 sq ft, S\$2,263 psf).
• Most units are priced below the S\$2.5 million mark, catering to a wide range of buyers.
• Compared to the average S\$2,320 psf for new mass-market homes in the Outside Central Region (OCR), Springleaf Residence stands out as “compelling value.”
• Executive condos (ECs) in Singapore are now averaging S\$1,750 psf, making Springleaf even more attractive to buyers.
• GuocoLand and Hong Leong secured the plot at S\$905 psf per plot ratio in April 2024.
• Springleaf Residence is the second best-selling project of 2025, after Parktown Residence (Tampines), which sold 1,041 units at an average of S\$2,360 psf.

The robust performance of Springleaf Residence is set to encourage further developer participation in the upcoming Upper Thomson Road Parcel A state land tender.

Singapore Residential Market: Booming Developer Sales and Agency Opportunities

Eight new condo projects have been launched since July, with over 1,800 new units sold in August alone—on track for the strongest monthly sales numbers since November 2024. This surge is anticipated to benefit real estate agencies such as APAC Realty, which is expected to deliver resilient results in 2025.

APAC Realty’s management is set to discuss company prospects in a webinar, reflecting its positive outlook amid the housing boom.

UOL Group Delivers Robust 1H25 Results: Revenue, Profit, and Strategic Growth

UOL Group ($7.27, down 3 cents) reported a stellar 45% increase in operating PATMI to $206.6 million for 1H25, with net attributable profit up 58% to $205.5 million.

• Property development revenue jumped 40% to \$731.7m, led by Pinetree Hill, Watten House, and MEYER BLUE.
• Property investments rose 12% to \$303.6m, boosted by new assets and enhanced buildings.
• Marketing expenses increased 29% to \$72.6m, reflecting more active project launches.
• Finance expenses declined 12% to \$90.7m, benefiting from lower rates and hedging strategies.
• UOL’s effective average borrowing rate dropped to 3.34% (from 3.79%).

CEO Liam Wee Sin highlighted UOL’s diversified portfolio and Singapore’s status as a stable investment destination. He noted that residential demand is driven by genuine housing needs, with project success increasingly dependent on micro-location and product differentiation.

• Office demand remains stable, driven by a flight to quality and limited CBD supply.
• Retail is supported by limited new supply, with suburban malls benefiting from strong local catchments.
• Hospitality is challenged by global headwinds, but upcoming MICE events may provide a boost.
• UOL’s market cap is S\$6.1bn, trading at 16.3x forward PE and 0.5x PB, with a 2.5% dividend yield.
• Consensus target price is S\$8.06, representing 10.9% upside.
• UOL has also ventured into student accommodation, seen as a “bright spot.”

Institutional and Retail Fund Flows: Who’s Buying and Selling?

Retail investors, meanwhile, were net buyers of UOB (+S$214.5m), SIA (+S$158.8m), and Sembcorp Industries (+S$74.8m), while offloading DBS (-S$142.4m), Yangzijiang Shipbuilding (-S$71.8m), and iFast Corporation (-S$43.3m).

Dividend Announcements and Key Corporate Events

A slew of dividend and special distribution announcements are on the calendar, with companies such as Comfort Delgro, Starhub, Propnex, Pan United, HR Net, First Resources, Hong Leong Asia, APAC Realty, CNMC Goldmine, Jardine C&C, Venture Corp, Food Empire, Capland India Trust, XMH, Stamford Tyres, 17Live, Sasseur REIT, Bund Centre, Thakral Corp, UMS, and SGX all declaring payouts.

Corporate Actions: Acquisitions, Share Buybacks, and Insider Trades

A series of notable share transactions took place between 1-15 August 2025. Key acquisitions include:

• Singtel: 100,000 shares acquired by Yong Ying I at S\$4.05.
• TOTM: 2,175,600 shares acquired by Thomas Clive Khoo at S\$0.025 (15.03% stake).
• Indofood Agri Resources: PT Indofood Sukses Makmur Tbk acquired 9,056,200 shares (85.87% stake).
• Stamford Land Corp: Ow Chio Kiat bought 120,000 shares (46.209% stake).
• Credit Bureau Asia: Koo Chiang bought 105,200 shares (64.16% stake).

Numerous companies executed share buybacks, including HK Land, Keppel Ltd, Global Investment Limited, Olam, OCBC, SIA Engineering, and more. Disposals were recorded in Venture Corp, CNMC Goldmine, IFS Capital, and iFast Corp.

Sector Watch: Top Dividend Yields and Value Picks

Macro News: US and China Listings, Economic Outlook

A record number of Chinese companies are seeking US listings in 2025 due to stricter domestic rules and attractive US valuations. In the first half of 2025, 36 mainly small and mid-size Chinese companies went public in the US, following the record 64 in 2024. Many are pre-profit startups entering via SPACs. US lawmakers remain wary, but the flow continues.
Key macro perspectives:

• US economy is stable but faces persistent uncertainty; markets remain binary in reactions.
• Inflation is contained, enhancing the appeal of longer-duration bonds.
• Global fixed income strategists advocate a long-duration stance, staying neutral on inflation-linked bonds.

SGX Watch-List: Companies to Monitor

Currently, 32 companies are under SGX’s watch-list due to various compliance or performance issues, including Amos Group, Ascent Bridge Ltd, ASTI Holdings, British And Malayan Holdings, CH Offshore, Cosmosteel, and more. Latest additions include Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare.

Upcoming Corporate Events and Ex-Dividend Dates

August and September 2025 are packed with earnings releases, dividend ex-dates, and special distributions, featuring major names such as OCBC, UOB, DBS, Genting, Wilmar, Propnex, Capland India Trust, and SGX.

Conclusion: Singapore Remains a Beacon of Stability and Growth

With robust developer sales, strong agency performance, and companies like UOL and APAC Realty delivering solid earnings, Singapore’s market fundamentals remain sound. Institutional and retail flows highlight key sector trends, while macroeconomic stability and strategic corporate moves continue to underpin investor confidence. The local property market stands out as a particular bright spot, driven by real demand, innovative launches, and a favorable investment climate.
Investors should closely monitor upcoming launches, dividend distributions, and watch-list developments as Singapore navigates the next phase of growth.