Top Stock Market Highlights of the Week: City Developments Limited, GlobalFoundries and Mapletree Investments
City Developments Limited, or CDL, and IOI Properties Group Berhad (KLSE: 5249) announced a share sale agreement for their joint venture South Beach mixed-use development.
Under this agreement, IOI will acquire CDL's 50.1% stake in South Beach based on an agreed property value of S$2.75 billion.
This value is a 3% premium over South Beach's latest valuation of S$2.67 billion as of 31 December 2024.
Based on CDL's share, the sales consideration amounts to S$834.2 million.
Both CDL and IOI have been joint venture partners in South Beach since 2011.
The property comprises Grade A office space, a 634-room hotel, restaurants, cafes, and South Beach Residences, which consist of 190 luxury apartments and penthouses.
CDL expects that the disposal will result in a gain of approximately S$465 million when the transaction is completed by the third quarter of this year.
The blue-chip property group believes that this divestment represents a strategic opportunity to unlock value from South Beach and will provide it with enhanced financial flexibility to redeploy the proceeds.
The sale also allows CDL to crystallise gains in the property, and proceeds will be used to reduce borrowings to improve its net gearing ratio.
The cash can also be used for new acquisitions, investing in new development projects, or to optimise its capital management.
Such divestments remain a key pillar of CDL's strategy and involve capital recycling activities that promise to unlock value for its shareholders.
GlobalFoundries is the latest company to announce plans to spend money to bolster its US production.
The Malta-based company manufactures essential chips for semiconductors and electronics makers that handle vital but mundane tasks such as controlling power and managing the flow of data inside devices.
The artificial intelligence (AI) boom increased demand for a variety of chips, boosting the need for power-efficient chips used in data centres and communication equipment.
GlobalFoundries, which is majority-owned by the government of Abu Dhabi, will commit US$13 billion to expand its existing plants in New York and Vermont.
The company will also make a US$3 billion spending commitment to research into advanced packaging and other technologies in the US.
However, CEO Tim Breen did not give a specific timeline on when this amount will be spent, citing the company's need to be flexible in managing the supply-demand balance.
The investment is driven by higher demand from chip customers who are seeking more local production in an attempt to reduce reliance on suppliers that are concentrated in just one location.
This diversification is a direct effect of Trump's tariff announcement as companies seek to rejig or re-adjust their supply chains to avoid paying higher taxes.
Mapletree Investments Pte Ltd, or MIPL, reported a strong turnaround for its fiscal 2025 (FY2025) ending 31 March 2025.
The investment firm announced a net profit of S$227.2 million, reversing the net loss of S$577.2 million in FY2024, largely due to revaluation losses.
Recurring net profit, however, fell by close to 11% year on year to S$637.4 million.
MIPL's FY2025 revenue stood at S$2.2 billion, lower than the prior year's S$2.8 billion, because of the deconsolidation of Mapletree Logistics Trust (SGX: M44U).
Despite the lower core net profit, the investment company's assets under management (AUM) grew from S$77.5 billion to end FY2025 at S$80.3 billion.
The increase was due to a larger number of acquisitions and development projects.
The company acquired Derby DC1 and Verda Park in the UK, marking its first foray into the country.
MIPL also purchased a portfolio of 10 logistics assets in Spain.
Meanwhile, the firm is also marketing its Mapletree Emerging Growth Asia Logistics Development Fund, which focuses on Malaysia, India, and Vietnam.
This fund, which is targeted to close this year, will comprise development assets with AUM of up to US$1.8 billion.
MIPL is also the fourth-largest student housing owner in the UK, rising from seventh place last year.
The group owns 30,000 student beds in the UK and the US.
Another area of growth is data centres, with MIPL set to complete the construction of its first data centre development in Hong Kong in the second half of this year.
It is also exploring acquisition opportunities in locations such as London, Milan, Madrid, Japan, and South Korea.
As it builds up its data centre portfolio, there is a chance that these assets could be injected into Mapletree Industrial Trust (SGX: ME8U), another REIT that MIPL sponsors.
We've found 5 SGX-listed dividend stocks with strong track records in turbulent markets. If you want consistency in an uncertain world, start here.
Follow us on Facebook, Instagram and Telegram for the latest investing news and analyses!
Disclosure: Royston Yang owns shares of Mapletree Industrial Trust.
The post Top Stock Market Highlights of the Week: City Developments Limited, GlobalFoundries and Mapletree Investments appeared first on The Smart Investor.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
11 minutes ago
- Yahoo
Jetstar Asia ends 20-year chapter with final flight from Singapore on 31 July; Toto results: 1 winning ticket sweeps $12.8 million jackpot: Singapore live news
Jetstar Asia operated its final flight from Singapore's Changi Airport on Thursday, 31 July, ending over 20 years of service as a Singapore-based budget airline under the Qantas Group. The last flight, 3K685 to Kuala Lumpur, departed at 2.55 pm and marked an emotional moment for many cabin crew and ground staff who gathered to bid farewell. The latest Toto draw on 31 July delivered big for one lucky winning ticket which pocketed $12,827,485 as the sole Group 1 winner for the jackpot. Thursday's draw was a cascade draw as the jackpot had swelled or snowballed from about $1.2 million on 21 July to over $10 million following three consecutive draws without a Group 1 winner. Read more in our live blog below, including the latest local and international news and updates. Toto results: 1 winning ticket sweeps $12.8 million jackpot The latest Toto draw on 31 July delivered big for one lucky winning ticket which pocketed $12,827,485 as the sole Group 1 winner for the jackpot. Thursday's draw was a cascade draw as the jackpot had swelled or snowballed from about $1.2 million on 21 July to over $10 million following three consecutive draws without a Group 1 winner. The winning numbers on Thursday evening were 7, 19, 20, 21, 22 and 29 while the additional number drawn was 37. According to Singapore Pools, the Group 1 winning ticket was bought through its account betting service under the QuickPick Ordinary Entry. There were also 20 winning tickets for the Group 2 prize which had a share amount of $73,408. For more on the Toto results for the 31 July draw, read here. Jetstar Asia ends 20-year chapter with final flight from Singapore on 31 July Jetstar Asia operated its final flight from Singapore's Changi Airport on Thursday, 31 July, ending over 20 years of service as a Singapore-based budget airline under the Qantas Group. The last flight, 3K685 to Kuala Lumpur, departed at 2.55 pm and marked an emotional moment for many cabin crew and ground staff who gathered to bid farewell. Jocelyn Chow, a 61-year-old flight attendant who spent 13 years with the airline, said she couldn't believe it was the last day of Jetstar Asia. "I feel very sad that there's no more Jetstar Asia, and I'm also honoured to know that I'm operating the last flight out of Changi Airport," she added. Her fellow stewardess Flora Foo, 65, reflected on her 14 years with Jetstar Asia, highlighting the meaningful moments with passengers. She shared that despite it being a "low-cost airline", it was the "little gestures and the simple requests" that made the flight "much more comfortable" for travellers. She said, "And at the end of the day, when they disembark and just say a thank you to you, it really melts your heart." As the final flight departed, airport staff lined the tarmac and waved goodbye. Jetstar Asia announced in June its decision to cease operations by the end of July, leading to the retrenchment of over 500 staff members. CEO John Simeone reported that out of roughly 900 job applications from affected employees, more than half had resulted in job offers or interviews, with some offered roles in airport lounges or the tourism sector. For more on Jetstar Asia's final day of operations, read here. Toto results: 1 winning ticket sweeps $12.8 million jackpot The latest Toto draw on 31 July delivered big for one lucky winning ticket which pocketed $12,827,485 as the sole Group 1 winner for the jackpot. Thursday's draw was a cascade draw as the jackpot had swelled or snowballed from about $1.2 million on 21 July to over $10 million following three consecutive draws without a Group 1 winner. The winning numbers on Thursday evening were 7, 19, 20, 21, 22 and 29 while the additional number drawn was 37. According to Singapore Pools, the Group 1 winning ticket was bought through its account betting service under the QuickPick Ordinary Entry. There were also 20 winning tickets for the Group 2 prize which had a share amount of $73,408. For more on the Toto results for the 31 July draw, read here. The latest Toto draw on 31 July delivered big for one lucky winning ticket which pocketed $12,827,485 as the sole Group 1 winner for the jackpot. Thursday's draw was a cascade draw as the jackpot had swelled or snowballed from about $1.2 million on 21 July to over $10 million following three consecutive draws without a Group 1 winner. The winning numbers on Thursday evening were 7, 19, 20, 21, 22 and 29 while the additional number drawn was 37. According to Singapore Pools, the Group 1 winning ticket was bought through its account betting service under the QuickPick Ordinary Entry. There were also 20 winning tickets for the Group 2 prize which had a share amount of $73,408. For more on the Toto results for the 31 July draw, read here. Jetstar Asia ends 20-year chapter with final flight from Singapore on 31 July Jetstar Asia operated its final flight from Singapore's Changi Airport on Thursday, 31 July, ending over 20 years of service as a Singapore-based budget airline under the Qantas Group. The last flight, 3K685 to Kuala Lumpur, departed at 2.55 pm and marked an emotional moment for many cabin crew and ground staff who gathered to bid farewell. Jocelyn Chow, a 61-year-old flight attendant who spent 13 years with the airline, said she couldn't believe it was the last day of Jetstar Asia. "I feel very sad that there's no more Jetstar Asia, and I'm also honoured to know that I'm operating the last flight out of Changi Airport," she added. Her fellow stewardess Flora Foo, 65, reflected on her 14 years with Jetstar Asia, highlighting the meaningful moments with passengers. She shared that despite it being a "low-cost airline", it was the "little gestures and the simple requests" that made the flight "much more comfortable" for travellers. She said, "And at the end of the day, when they disembark and just say a thank you to you, it really melts your heart." As the final flight departed, airport staff lined the tarmac and waved goodbye. Jetstar Asia announced in June its decision to cease operations by the end of July, leading to the retrenchment of over 500 staff members. CEO John Simeone reported that out of roughly 900 job applications from affected employees, more than half had resulted in job offers or interviews, with some offered roles in airport lounges or the tourism sector. For more on Jetstar Asia's final day of operations, read here. Jetstar Asia operated its final flight from Singapore's Changi Airport on Thursday, 31 July, ending over 20 years of service as a Singapore-based budget airline under the Qantas Group. The last flight, 3K685 to Kuala Lumpur, departed at 2.55 pm and marked an emotional moment for many cabin crew and ground staff who gathered to bid farewell. Jocelyn Chow, a 61-year-old flight attendant who spent 13 years with the airline, said she couldn't believe it was the last day of Jetstar Asia. "I feel very sad that there's no more Jetstar Asia, and I'm also honoured to know that I'm operating the last flight out of Changi Airport," she added. Her fellow stewardess Flora Foo, 65, reflected on her 14 years with Jetstar Asia, highlighting the meaningful moments with passengers. She shared that despite it being a "low-cost airline", it was the "little gestures and the simple requests" that made the flight "much more comfortable" for travellers. She said, "And at the end of the day, when they disembark and just say a thank you to you, it really melts your heart." As the final flight departed, airport staff lined the tarmac and waved goodbye. Jetstar Asia announced in June its decision to cease operations by the end of July, leading to the retrenchment of over 500 staff members. CEO John Simeone reported that out of roughly 900 job applications from affected employees, more than half had resulted in job offers or interviews, with some offered roles in airport lounges or the tourism sector. For more on Jetstar Asia's final day of operations, read here.
Yahoo
11 minutes ago
- Yahoo
SIEW 2025 Registration Opens: Envisioning Energy Tomorrow, Building Systems Today
SINGAPORE, July 31, 2025 /PRNewswire/ -- Registration is now open for the 18th Singapore International Energy Week (SIEW), happening from 27 to 31 October in Singapore. Organised by the Energy Market Authority (EMA), SIEW 2025 will explore the theme "Envisioning Energy Tomorrow, Building Systems Today", highlighting the urgent need to develop secure, sustainable, and affordable energy systems for the future. 2. SIEW 2025 will bring together key industry leaders including: Governments and International Organisations H.E. Dr Saleh Ali Hamed Al Kharabsheh, Minister of Energy and Mineral Resources, Hashemite Kingdom of Jordan H.E. Eddy Soeparno, People's Consultative Assembly Vice Speaker, Republic of Indonesia Clare McLaughlin, Australia's Governor to the International Energy Agency, and Head of Division, Energy Performance and Security, Australia Dr Fatih Birol, Executive Director, International Energy Agency Francesco La Camera, Director-General, International Renewable Energy Agency Xin Bao'an, Chairman, Global Energy Interconnection Development and Cooperation Organisation Dr Sama Bilbao y León, Director General, World Nuclear Association Dato' Ir. Ts. Razib Dawood, Executive Director, ASEAN Centre for Energy Regulators and Utilities Judy Chang, Commissioner, United States Federal Energy Regulatory Commission Siti Safinah binti Salleh, Chief Executive Officer, Energy Commission, Malaysia Mark McAllister, Chairman, Office of Gas and Electricity Markets, United Kingdom Datuk Ir. Megat Jalaluddin bin Megat Hassan, Chief Executive Officer, Tenaga Nasional Berhad, Malaysia Industry Andy Piepel, Vice President R&D, Electrical Markets Division, 3M Dr Owen Chen, Chief Technology Officer & Vice President, Concord New Energy Group Lim Wee Seng, Group Head of Sustainability, Energy, Renewables & Infrastructure, Project Finance and Strategic Advisory, Institutional Banking Group, DBS Bank Dominic Genetti, Senior Vice President, Carbon Capture and Storage, ExxonMobil Low Carbon Solutions Pablo Koziner, Chief Commercial & Operations Officer, GE Vernova Peter Wong, Executive Director and Managing Director, Hong Kong and China Gas Company Takao Tsukui, President and CEO, Mitsubishi Power Leong Wei Hung, Chief Executive Officer, Singapore LNG Corporation Thorbjörn Fors, Group Senior Vice President and Managing Director of Asia Pacific, Siemens Energy 3. Flagship events at SIEW 2025 include: I. SIEW Summit: Plenary sessions addressing energy resilience, the role of AI, grid integration, natural gas markets, and financing for infrastructure. II. Singapore-IEA Forum: Explores AI's role in smarter, more resilient energy systems and Asia's energy landscape. III. Fifth Singapore- IRENA High-Level Forum: Focuses on regional connectivity and renewable energy investments. IV. The Energy Insights, TechTable, and Thinktank Roundtables will spotlight innovations like small modular reactors, biomethane, and AI-powered low-carbon infrastructure. V. 25th Conference of the Electric Power Supply Industry (CEPSI): Hosted by SP Group, CEPSI will examine regional power sector collaboration and system modernisation across Asia Pacific. VI. SG60@SIEW Energy Showcase: Marks Singapore's 60-year energy journey, spotlighting policy innovations and technologies shaping its future to 2065. 4. Held alongside SIEW 2025, partner events will spotlight evolving energy solutions in Asia: I. Asia Clean Energy Summit: Clean energy innovations from the private sector II. Asia Gas Markets Conference: Role of gas, hydrogen and carbon capture in the energy mix III. Asian Downstream Summit (ADS) | Asian Refining Technology Conference (ARTC) | Ammonia & Carbon Capture Asia (ACCA): Low-carbon tech and digitalisation in industrial energy transformation 5. Register at to enjoy early bird rates and bundled discounts. About the Singapore International Energy Week SIEW is an official trademarked event by the EMA. It is an annual platform for energy professionals, policymakers and commentators to discuss and share best practices and solutions within the global energy space. View original content to download multimedia: SOURCE Energy Market Authority
Bloomberg
13 minutes ago
- Bloomberg
Wild History of Jailed Ex-Premier's $3 Million Mansion Keeps Buyers Wary
Business Open House A lavish villa owned by a former prime minister who is serving jail time for a coup attempt is struggling to find buyers in Kazakhstan's capital, even at a 40% discount. The bureaucrats at Kazakhstan's state asset management company are facing a task that's as unusual as it's near impossible: selling a villa of the highest luxury. The 2,878-square-meter (30,980-square-foot) house in the swankiest corner of the capital, Astana, flaunts over-the-top features that have become a hallmark of luxury properties around the world: A pool with a unique water feature, a dance club and a theater in addition to 30 rooms that include sleeping quarters with a rare four-person bed. And it was once owned by Karim Massimov, the nation's longest-serving prime minister who is now doing jail time for an attempted coup.
