Stocks to watch: Frasers Property, UOL, Thakral, QAF
Frasers Property , UOL Group : In a move to curb rising speculative buying in Singapore's residential property market, the authorities are increasing the Seller's Stamp Duty (SSD) rates by four percentage points, and extending the holding period that SSD applies from three to four years. These changes will take effect for all residential properties purchased on and after Jul 4, said the Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore in a statement on Thursday night. The revised SSD will not affect HDB owners due to the minimum occupation period for HDB flats. UOL is launching Upperhouse at Orchard Boulevard soon, while Frasers Property and Sekisui House are previewing The Robertson Opus this weekend. Prices start at S$3,150 per square foot. Shares of UOL Group closed 1.2 per cent or S$0.08 lower at S$6.62 on Thursday before the news, while Frasers Property shares ended flat at S$0.895.
Thakral Corp : The mainboard-listed company said on Thursday that its investee company in Australia, GemLife Communities Group, has debuted on the Australian Securities Exchange, on a conditional and deferred settlement basis. Via its initial public offering (IPO) exercise, GemLife has raised A$750 million (S$628.3 million) from around 180.3 million stapled securities offered at a price of A$4.16 apiece, making it Australia's largest IPO this year. Thakral subscribed for an additional 600,962 GemLife stapled securities at the IPO price, resulting in a total of about 64 million GemLife stapled securities. The counter ended Thursday 4.7 per cent or S$0.07 lower at S$1.43.
QAF : The food manufacturer and distributor expects profit to fall significantly for the half-year ended Jun 30, due to higher costs, unfavourable foreign exchange rates and increased impairment of its joint venture investment. The group said on Thursday that it expects a 'material reduction' in its profit attributable to owners of the company, compared with its performance in the same period last year. Its revenue for H1 2025, however, is expected to be comparable to that in H1 2024. Its shares closed flat at S$0.915, before the announcement.
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Asia News Network
24-07-2025
- Asia News Network
Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal
July 24, 2025 TOKYO – apan's embattled Prime Minister Shigeru Ishiba denied on July 23 that he was about to quit, saying there was 'not a single grain of truth' in source-based reports that said he would step down within weeks. News of a looming resignation, likely after key political events in August, had threatened to eclipse a surprise trade deal struck with the US just hours earlier, which shaved 'reciprocal' tariffs from 25 per cent down to 15 per cent. Despite Mr Ishiba's denials, the reality is that his position is increasingly precarious after his ruling Liberal Democratic Party (LDP) suffered a historic defeat in the Upper House election on July 20 , following a decisive trouncing in Lower House polls in October 2024. The crushing outcome has stirred the hornet's nest and might prove to be a career-ending blow, as the LDP and coalition partner Komeito now lack a majority in both Houses of Japan's bicameral Parliament. It remains uncertain whether the US trade deal, which was universally cheered by investors and economists, will quell the brewing civil war within the LDP and offer Mr Ishiba some breathing room. The Nikkei 225 index rallied, briefly soaring more than 1,500 points to a one-year high before paring some gains to close 1,396 points, or 3.5 per cent, higher at 41,171.32. The trade deal not only provided significant relief – the 15 per cent rate is the lowest so far among countries with a trade surplus with the US – but also spared Japan from making substantial concessions in its two 'sacred cow' industries: cars and rice. However, it does not erase the precedent of Japanese leaders resigning in disgrace after electoral setbacks, a fate Mr Ishiba is resisting .At a half-hour news conference on July 21, Mr Ishiba used the word 'responsibility' 10 times as he tried to justify his leadership. He held his ground when confronted about apparent double standards, having been vocal for then Prime Minister Shinzo Abe's resignation in 2007 after the coalition lost its Upper House majority in that year's election. Mr Ishiba countered that all he wanted was for Mr Abe to 'offer his sincere explanations as to why he should remain' – something he said he was now doing. He added that the LDP remained the largest party in the Diet, and cited the 'national crisis' of US trade tariffs as a reason why a political vacuum must be avoided. Now that this 'national crisis' has been averted, two schools of thought appear to have emerged within the LDP. One suggests that the surprisingly favourable agreement terms, after a battle that Mr Ishiba said was fought on ' national interests', could give him the tailwind to stay on, especially if future polls reflect improved public sentiment. Yet the prevailing opinion is that Mr Ishiba should depart – on a high note, with the trade victory – after a turbulent nine months in power. The movement to force him out if he does not quit of his own accord has been gaining traction. Younger and mid-ranking lawmakers, including political scions Yasutaka Nakasone and Takako Suzuki, are leading a petition for Mr Ishiba to resign. Local prefectural chapters from Hokkaido and Ibaraki, to Ehime and Kochi, have submitted formal letters requesting his resignation. According to LDP by-laws, members can force a party presidential election if a majority of lawmakers and prefectural delegates demand one. The party's election strategy chief Seiji Kihara even said that a hard reset was necessary to win back trust, suggesting that the LDP should cede power to the opposition. Two separate polls by Kyodo News and Yomiuri Shimbun this week, conducted before the trade deal was concluded, indicate that public opinion is divided over whether Mr Ishiba should quit, although a slight majority is in favour of his resignation. The Mainichi newspaper had cited unnamed sources as saying that Mr Ishiba 'will resign by the end of August', a timeframe chosen with the political calendar in mind. Mr Ishiba is slated to preside over war memorial services marking 80 years since the end of World War II, before welcoming top African leaders for a triennial summit on Japan-Africa cooperation. In the same month, the LDP will complete its post-mortem into the Upper House election results, which Mr Ishiba is expected to use as a basis for his future decisions. On July 23, Mr Ishiba sought a rare meeting with former prime ministers Taro Aso (2008-2009), Yoshihide Suga (2020-2021), and Fumio Kishida (2021-2024). He told reporters that the subject of his future was never raised during the 80-minute talks. 'Neither have I ever made statements that I will resign. There is absolutely no truth to the media reports,' he averred, adding: 'We shared a strong sense of crisis, that a split within the LDP must never occur.' He added that his immediate priority was to familiarise himself with the trade agreement, given that Japan exports more than 4,000 items to the US, and to ensure affected businesses receive the necessary support. The 15 per cent tariff rate has been broadly viewed in a positive light, with Ms Asuka Tatebayashi, a senior analyst at Mizuho Bank's global strategic advisory department, telling The Straits Times that the impact would be 'much lower and minimised' than the mooted 25 per cent. She added that no quota was set on Japanese car exports to the US, as was feared, while the deal puts an end to months of uncertainty for businesses. Tariffs on Japanese cars and car parts would be cut from 27.5 per cent to 15 per cent. And as Japan promised to buy more American rice, this would be done by increasing the ratio of US imports under an existing 'minimum access' framework that allows 770,000 tonnes of rice to be imported tariff-free per year, above which a duty of 341 yen (S$3) per kilogram is charged. Meanwhile, Japan would also inject US$550 billion (S$703 billion) of investments into various US sectors, including semiconductors, ships and steel. Chief trade negotiator Ryosei Akazawa, on his eighth trip to Washington, admitted that he did not expect to be able to conclude the deal on this visit. Former Japanese trade negotiator Sota Kato told ST that it was unclear what brought the deal across the finishing line now, adding that the LDP's Upper House defeat could have been a catalyst. 'The most plausible theory is that the US was in a hurry to seal the deal before the Ishiba administration is brought down and things have to start over,' said Dr Kato, who is now a research director at the Tokyo Foundation for Policy Research think-tank. He believed the deal's conclusion would hasten Mr Ishiba's departure, but wondered if Japan's next leader will come from the LDP, given that the ruling coalition does not hold a majority in the Diet. Regardless, political scientist Toru Yoshida of Doshisha University felt that behind-the-scenes horse-trading with the opposition will be inevitable, whether Mr Ishiba stays or goes. Or, he added: 'The LDP may try to secure a comeback through a snap election under a new prime minister.'
Straits Times
23-07-2025
- Straits Times
Japan PM Ishiba refutes reports of imminent resignation after surprise US trade deal
Japan's Prime Minister and president of the ruling Liberal Democratic Party Shigeru Ishiba at the party's headquarters in Tokyo on July 23. – Japan's embattled Prime Minister Shigeru Ishiba denied on July 23 that he was about to quit, saying that there was 'not a single grain of truth' in source-based reports that said he would step down within weeks. News of a looming resignation, likely after key political events in August, had threatened to eclipse a surprise trade deal struck with the United States just hours earlier, which shaved 'reciprocal' tariffs from 25 per cent down to 15 per cent. Despite Mr Ishiba's denials, the reality is that his position is increasingly precarious after his ruling Liberal Democratic Party (LDP) suffered a historic defeat in the Upper House election on July 20 , following a decisive trouncing in Lower House polls in October 2024. The crushing outcome has stirred the hornet's nest and might prove to be a career-ending blow, as the LDP and coalition partner Komeito now lack a majority in both Houses of Japan's bicameral Parliament. It remains uncertain whether the US trade deal, which was universally cheered by investors and economists, will quell the brewing civil war within the LDP and offer Mr Ishiba some breathing room. The Nikkei 225 index rallied, briefly soaring more than 1,500 points to a one-year high before paring some gains to close 1,396 points, or 3.5 per cent, higher at 41,171.32. The trade deal not only provided significant relief – the 15 per cent rate is the lowest so far among countries with a trade surplus with the US – but also spared Japan from making substantial concessions in its two 'sacred cow' industries: cars and rice. Top stories Swipe. Select. Stay informed. Singapore Judge asks prosecution for more information on Kpods in first case involving etomidate-laced vapes Singapore Male victim of fatal Toa Payoh fire was known to keep many things, say residents Singapore 5 teens arrested for threatening boy with knife, 2 charged with causing hurt Singapore HDB launches 10,209 BTO and balance flats, as priority scheme for singles kicks in Sport Saka the difference as Arsenal beat AC Milan at National Stadium Singapore Cyclist charged after allegedly hitting elderly pedestrian, killing him Singapore Over 1.15 million Singaporeans aged 21 to 59 have claimed SG60 vouchers Singapore Singapore Oceanarium will enhance tourism while supporting sustainability: Grace Fu However, it does not erase the precedent of Japanese leaders resigning in disgrace after electoral setbacks, a fate Mr Ishiba is resisting . At a half-hour news conference on July 21, Mr Ishiba used the word 'responsibility' 10 times as he tried to justify his leadership. He held his ground when confronted about apparent double standards, having been vocal for then Prime Minister Shinzo Abe's resignation in 2007 after the coalition lost its Upper House majority in that year's election. Mr Ishiba countered that all he wanted was for Mr Abe to 'offer his sincere explanations as to why he should remain' – something he said he was now doing. He added that the LDP remained the largest party in the Diet, and cited the 'national crisis' of US trade tariffs as a reason why a political vacuum must be avoided. Now that this 'national crisis' has been averted, two schools of thought appear to have emerged within the LDP. One suggests that the surprisingly favourable agreement terms, after a battle that Mr Ishiba said was fought on ' national interests ', could give him the tailwind to stay on, especially if future polls reflect improved public sentiment. Yet the prevailing opinion was that Mr Ishiba should depart – on a high note, with the trade victory – after a turbulent nine months in power. The movement to force him out if he does not quit on his own accord has been gaining traction. Younger and mid-ranking lawmakers, including political scions Yasutaka Nakasone and Takako Suzuki, are leading a petition for Mr Ishiba to resign. Local prefectural chapters from Hokkaido to Ibaraki, Ehime, and Kochi have submitted formal letters requesting his resignation. According to LDP by-laws, members can force a party presidential election if a majority of lawmakers and prefectural delegates demand one. The party's election strategy chief Seiji Kihara even said that a hard reset was necessary to win back trust, suggesting that the LDP should cede power to the opposition. Two separate polls by Kyodo News and Yomiuri Shimbun this week, conducted before the trade deal was concluded, indicate that public opinion is divided over whether Mr Ishiba should quit, although a slight majority is in favour of his resignation. The Mainichi newspaper had cited unnamed sources as saying that Mr Ishiba 'will resign by the end of August', a timeframe chosen with the political calendar in mind. Mr Ishiba is slated to preside over war memorial services marking 80 years since the end of World War II, before welcoming top African leaders for a triennial summit on Japan-Africa cooperation. In the same month, the LDP will complete its post-mortem into the Upper House election results, which Mr Ishiba is expected to use as a basis for his future decisions. On July 23, Mr Ishiba sought a rare meeting with former prime ministers Taro Aso (2008-2009), Yoshihide Suga (2020-2021), and Fumio Kishida (2021-2024). He told reporters that the subject of his future was never raised during the 80-minute talks. 'Neither have I ever made statements that I will resign. There is absolutely no truth to the media reports,' he averred, adding: 'We shared a strong sense of crisis, that a split within the LDP must never occur.' He added that his immediate priority was to familiarise himself with the trade agreement, given that Japan exports more than 4,000 items to the US, and to ensure affected businesses receive the necessary support. The 15 per cent tariff rate has been broadly viewed in a positive light, with Ms Asuka Tatebayashi, a senior analyst at Mizuho Bank's global strategic advisory department, telling The Straits Times that the impact would be 'much lower and minimised' than the mooted 25 per cent. She added that no quota was set on Japanese car exports to the US, as was feared, while the deal puts an end to months of uncertainty for businesses. Tariffs on Japanese cars and car parts would be cut from 27.5 per cent to 15 per cent. And as Japan promised to buy more American rice, this would be done by increasing the ratio of US imports under an existing 'minimum access' framework that allows 770,000 tonnes of rice to be imported tariff-free per year, above which a duty of 341 yen per kilogram is charged. Meanwhile, Japan would also inject US$550 billion (S$703 billion) of investments into various sectors, including semiconductors, ships and steel . Chief trade negotiator Ryosei Akazawa, on his eighth trip to Washington, admitted that he did not expect to be able to conclude the deal on this visit. Former Japanese trade negotiator Sota Kato told ST that it was unclear what brought the deal across the finishing line now, adding that the LDP's Upper House defeat could have been a catalyst. 'The most plausible theory is that the US was in a hurry to seal the deal before the Ishiba administration is brought down and things have to start over,' said Dr Kato, who is now a research director at the Tokyo Foundation for Policy Research think-tank. He believed the deal's conclusion would hasten Mr Ishiba's departure, but wondered if Japan's next leader will come from the LDP, given that the ruling coalition does not hold a majority in the Diet. Regardless, political scientist Toru Yoshida of Doshisha University felt that behind-the-scenes horse-trading with the opposition will be inevitable, whether Mr Ishiba stays or goes. Or, he added: 'The LDP may try to secure a comeback through a snap election under a new prime minister.'
Straits Times
23-07-2025
- Straits Times
Local buyers are key to recovery of prime district condo market
Find out what's new on ST website and app. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025. SINGAPORE – When Malaysia's IOI Properties began pre-sales for its 683-unit, 99-year leasehold condo W Residences Marina View in Singapore's Central Business District on July 13, only two units were reportedly booked. It was a sign of how foreign buyers, deterred by hefty taxes on their property purchases, were still giving the luxury housing segment a miss. But just a week later, two new prime district condos, UpperHouse at Orchard Boulevard and The Robertson Opus in Unity Street – the only 999-year residential project launch in District 9 this year – collectively sold 303 units over their July 19 launch weekend. This is above the 253 new units sold in the third quarter of 2023 after foreign buyers were slapped with a 60 per cent additional buyer's stamp duty (ABSD) in April 2023. The strong weekend showing also comes after two years of tepid sales of new prime district condos, which plummeted to a record low of 46 units sold in the second quarter of 2025, according to PropNex. The dry spell afflicting prime district condos appears to be lifting, with UpperHouse and The Robertson Opus poised to boost prime district transactions to a two-year quarterly high in the third quarter this year. These units have become more appealing as the price gap between prime district condos and those in the city fringe has narrowed substantially. As a result, they offer better value to local buyers, who were primarily behind the weekend's strong showing at the two launches. The gap between the median price per square foot (psf) of new homes in the prime district and city fringe areas has narrowed from a high of 56.5 per cent in 2018 to a mere 1.9 per cent in the first half of 2025, Huttons Asia chief executive Mark Yip noted. Furthermore, the three-month compounded Singapore Overnight Rate Average, or Sora rates, have dipped below 2 per cent in July 2025, lowering borrowing costs, he added. An artist's illustration of The Robertson Opus in Unity Street. PHOTO: FRASERS PROPERTY, SEKISUI HOUSE As a result, more than 93 per cent of new non-landed private homes in the prime district in the first half of the year were bought by Singapore Permanent Residents and Singaporeans. PropNex chief executive Kelvin Fong noted that the average $3,350 psf price transacted at UpperHouse is among the most competitive prices for a luxury condo launch in the prime Orchard Road area. In comparison, the 54-unit freehold Park Nova luxury condo in Tomlinson Road recorded a median price of $4,979 psf when it first launched in May 2021. On a quantum basis, transacted prices of UpperHouse's one-bedders began at nearly $1.4 million, while two-bedders ranged from $2.1 million to $2.7 million. At The Robertson Opus, some 41 per cent of its 348 units were sold on July 20. The units fetched an average price of $3,360 psf. Transacted prices of its one-bedders (495 sq ft) ranged from $1.59 million to $1.67 million, while two-bedders (689 to 721 sq ft) sold for between $2.17 million and $2.63 million, according to PropNex. In comparison, W Residences – which will sit atop the 360-room five-star W Singapore hotel – said it is offering selected units at special preview prices starting from just above $3,20 0 psf. That means prices of the cheapest one-bedroom units (538 sq ft to 570 sq ft) start at above $1.8 million. When asked how it plans to boost demand, IOI Properties said on July 22 that 'interest has been encouraging, with units already reserved or under negotiation'. A spokesman added that further release plans will be evaluated when the preview ends. With several more prime district and centrally located projects expected to be launched in the coming months, developers may become more strategic in their marketing plans and pricing, ERA key executive officer Eugene Lim said. This can be seen in the starting prices for River Green in the prime district of River Valley, and the nearby city fringe condo Promenade Peak at Zion Road. River Green's starting price of $2,846 psf and Promenade Peak's starting price of $2,680 psf appear to be a sweet spot for buyers of centrally located new launches. Both projects, which will launch on Aug 2, saw robust demand during July previews. Two more centrally located condos could begin pre-sales in October: prime district project Skye at Holland, and Zyon Grand at Zion Road, a city fringe project. Whether the rebound in new prime district condo sales can be sustained will depend on the take-up rates of the upcoming prime district and centrally located new launches. Mr Nicholas Mak, chief research officer at said this also hinges on whether prices of the new prime district launches are within 'an acceptable price range' – which appears to be the lower end of the $3,000 psf range for 99 year-leasehold launches, and between $3,250 and $3,500 psf for freehold developments. With the hefty ABSD still in place for residential property purchases by foreign buyers, the only way to keep local buyers interested in prime district properties is to ensure that prices are accessible to them , especially in the face of growing economic uncertainty.
