Lim & Tan Securities
Report Date: 18 August 2025

Singapore Market Insights August 2025: Robust Property Sales, Company Earnings, and Fund Flows Drive Investor Sentiment

Table of Contents

• Market Overview: Index & Sector Performance
• Key Project Launch: Springleaf Residence Fuels Real Estate Optimism
• Company Focus: APAC Realty Delivers Resilient Outlook
• In-Depth: UOL Group’s Stellar H1 2025 Results and Strategic Outlook
• Macro News Impacting US, China, and Hong Kong Markets
• Major Share Transactions & Buybacks
• Institutional and Retail Fund Flow Analysis
• Dividend Calendar: Upcoming Ex-Dates and Payments
• SGX Watch-List: Companies Under the Microscope

Market Overview: Index & Sector Performance

• Daily market value: S\$1,574.1m; Volume: 1,370m shares
• 52-week FSSTI High/Low: 4,282.8 / 3,340.4
• Key sector movers: Baltic Dry Index surged 105% YTD; Gold up 26.8% YTD
• Crude Oil fell -12.4% YTD; Palm Oil up 9.4% YTD

Key Project Launch: Springleaf Residence Fuels Real Estate Optimism

Springleaf Residence, a joint development by GuocoLand and Hong Leong Holdings in the Upper Thomson area, achieved a remarkable 92% take-up rate at launch. The project sold 870 out of 941 units at an average S\$2,175 psf, with one-bedroom units starting from S\$878,000 and most units priced below S\$2.5 million. This “sensitively priced” approach outperformed the average S\$2,320 psf for new suburban homes transacted YTD, and is also competitive against new executive condominiums averaging S\$1,750 psf.

• GuocoLand and Hong Leong secured the site at S\$779.6m (S\$905 psf ppr) in April 2024
• Springleaf Residence is now the second-best-selling project in 2025, after Parktown Residence in Tampines (1,041 units sold at S\$2,360 psf average)
• Eight new condo launches since July have collectively sold over 1,800 units in August so far
• Springleaf marks the seventh new project in Upper Thomson’s District 26 since 2021
• With rising construction costs, new homes below S\$1 million are expected to become rare

Company Focus: APAC Realty Delivers Resilient Outlook

• Year-to-date new home sales have already surpassed the total sold in 2024, indicating strength for real estate agencies
• APAC Realty is capitalized at S\$259 million, trades at 14.2x forward P/E, 1.6x P/B, with a 6.1% dividend yield

The strong transaction momentum is likely to benefit agencies like APAC Realty, which is also featured in an investor webinar hosted by Lim & Tan Securities. The company is poised for resilient results, leveraging the buoyant residential market.

In-Depth: UOL Group’s Stellar H1 2025 Results and Strategic Outlook

• Property development revenue rose on strong contributions from Pinetree Hill, Watten House, and MEYER BLUE
• New asset contributions: 388 George Street (Sydney), Odeon 333 (Singapore)
• Effective weighted average interest rate on borrowings fell to 3.34% (from 3.79%)
• UOL trades at 16.3x forward PE, 0.5x PB, and offers a 2.5% dividend yield
• Consensus target price: S\$8.06 (10.9% upside)
• UOL’s portfolio is diversified, with stable office and retail outlook and a new foray into student accommodation

CEO Liam Wee Sin emphasizes the resilience of Singapore’s residential market, driven more by genuine demand than speculation, with launch success increasingly tied to location and product differentiation. Office and retail are expected to remain stable, while hospitality faces caution but may benefit from upcoming MICE events.

Macro News Impacting US, China, and Hong Kong Markets

• The US economy has avoided recession but faces persistent uncertainty, impacting consumption and business investment
• Markets are reacting in “binary” fashion—rallying when recession or overheating is absent
• Global strategists recommend a defensive, long-duration stance in fixed income
• China: A record number of Chinese firms are seeking US listings due to stricter domestic rules and higher US valuations
• 36 Chinese companies listed in the US in H1 2025, following 64 in 2024; many through SPACs
• Over 100 Chinese firms, including Alibaba, JD.com, and Baidu, are now US-listed, with a combined market cap of around US\$1 trillion
• More than 40 Chinese companies are waiting to list on Nasdaq; 2025 could set a record for Chinese IPOs in the US

Major Share Transactions & Buybacks

Active share buybacks were seen across several blue-chip names including Keppel Ltd, OCBC, Olam, Raffles Medical, SIA Engineering, and others. These buybacks reflect strong balance sheets and management confidence.

Institutional and Retail Fund Flow Analysis

For the week of 4 August 2025:

• Institutional investors net sold S\$256.8m (improving from S\$494.6m net sell the previous week)
• Retail investors net bought S\$144.3m (down from S\$380.8m net buy prior week)

Sector-wise, institutional flows favored Industrials, Real Estate (excluding REITs), and Technology, while the largest outflows hit Financial Services and REITs.

Dividend Calendar: Upcoming Ex-Dates and Payments

SGX Watch-List: Companies Under the Microscope

As of August 2025, 32 companies are under SGX’s watch-list, including new additions such as Addvalue Technologies, Renaissance United, Telechoice, Tiong Seng Holdings, Global Invacom Group, Green Build Technology, Keong Hong, and Camsing Healthcare. These companies are monitored for compliance and performance issues.

Conclusion: Market Outlook for Investors

Singapore’s property sector continues to underpin market confidence, with strong sales from new launches and robust results from major developers like UOL Group. Real estate agencies are benefiting from surging transaction volumes, while share buybacks and dividends offer additional value for shareholders. Meanwhile, global macro trends—especially in the US and China—continue to shape capital flows and valuation strategies. Investors should remain attentive to sector rotation, earnings momentum, and regulatory developments as the market heads into the final quarter of 2025.