GuocoLand rises after Springleaf Residence launch; EV maker Nio powers on ahead of S-E Asia debut

SINGAPORE – GuocoLand ended last week at a five-year high after recording a 92 per cent take-up rate on the launch weekend of Springleaf Residence.

Shares of the developer closed at $1.84 on Aug 22, up 2.8 per cent through the week.

It had sold 870 out of 941 units at its Upper Thomson project at an average of $2,175 per square foot (psf). Prices at the development start at $1,995 psf, with one-bedroom units of 388 sq ft starting at $878,000, or $2,263 psf.

Together with joint developer Hong Leong, GuocoLand secured the plot for $779.6 million in April 2024, or $905 psf per plot ratio, in a state land tender.

Since the Government started selling land in the Lentor Hills neighbourhood area, also known as District 26, in 2021, six other condominiums have been brought to market.

Meanwhile, shares of Chinese electric vehicle (EV) manufacturer Nio jumped following the launch of its new ES8 sport utility vehicle – the largest battery electric SUV in China – on Aug 22.

The EV maker is also set to make its South-east Asia debut in the first quarter of 2026, after naming Wearnes Automotive as its Singapore distributor on Aug 18. A Malaysian distributor is expected to be appointed soon.

Nio, which has a secondary listing in Singapore, closed the week at US$5.88, up 12 per cent – its highest level on the Singapore Exchange (SGX) so far in 2025.

Great Eastern rises after resuming trading

Following a suspension of more than a year, shares of Great Eastern (GE) resumed trading on Aug 21 after a bonus share issue restored the insurer’s minimum free float requirement.

The counter closed at $13.70 on Aug 22 – up 6.2 per cent compared with its July 2024 pre-suspension closing price of $12.90, after adjusting for the one-for-one bonus issue.

The insurer on Aug 19 said shareholders should expect its trading price to adjust correspondingly when trading resumes, given the bigger share base.

The company’s total share capital now stands at 503 million ordinary shares and 443.6 million Class C non-voting shares, up from 473.3 million ordinary shares before the suspension.

OCBC Bank, GE’s major shareholder, helped restore the free float by receiving Class C shares, which diluted its holding of GE voting shares from 93.72 per cent to 88.19 per cent.

Construction stocks rally

The construction sector saw significant gains last week, led by BRC Asia, which rose 12.6 per cent through the week to close at $3.92 on Aug 22.

BRC saw profits rise 37.42 per cent year on year to $44.8 million for the third quarter ended June 30, while revenue increased 7 per cent to $408.6 million over the same period.

It is one of just two key suppliers for the Housing Board’s Build-To-Order projects, and also recently won a steel reinforcement contract for the Changi Airport Terminal 5 substructure, bringing its order book to $2 billion as at July 2025.

Other construction players also rose last week, with Hong Leong Asia up 27.7 per cent at $2.40; Pan-United up 6.2 per cent at $1.20; Soilbuild Construction up 10.6 per cent at $2.20; and Koh Brothers up 7 per cent at 30.5 cents.

New issuer Skylink to join SGX

Catalist-listed Sincap Group lodged its prospectus on Aug 20 for the reverse takeover of commercial vehicle leasing firm Skylink Apac, paving the way for Skylink to list on the SGX.

The sale and purchase agreement, valued at $42.3 million, includes a base consideration of up to $28.3 million – made up of $27.5 million in new Sincap shares issued at 22.5 cents a share, and $800,000 payable in cash.

The remaining $14 million will be structured as an earn-out, contingent on Skylink achieving a profit target of $7.3 million across financial years 2025 and 2026.

Sincap, which does not have any operational businesses since suspending trading of its shares in May 2021, is expected to hold its extraordinary general meeting on Sept 11.

Once the deal is complete, Skylink will join a growing list of new companies on the SGX.

Several new entrants, like interior fit-out firm Dezign Format, have continued to perform well after listing.

UOB Kay Hian initiated coverage on Dezign Format on Aug 20, assigning the stock a “buy” call and a 37-cent target price after its Catalist debut on Aug 15.

This represents an upside of 39.6 per cent from Dezign Format’s initial public offering (IPO) price of 26.5 cents a share.

The counter closed at 34.5 cents on Aug 22.

Its industry peer Lum Chang Creations also saw a surge in its share price last week, The stock hit a high of 50.5 cents on Aug 22, more than double its IPO price of 25 cents, before closing the week at 49.5 cents.

Other market movers

Sats hit $3.34 when the market opened on Aug 21, up 5.03 per cent from the previous day’s close, after the air cargo handler reported a 9.1 per cent year-on-year rise in profit to $70.9 million for the first quarter ended June 30.

The company’s revenue grew 9.9 per cent to $1.5 billion for the quarter, of which $1.18 billion came from gateway services. Food solutions revenue rose 5.6 per cent to $328.3 million.

Still, Sats noted that tariffs and challenging trade and operating conditions could affect its expansion in global cargo and passenger markets. Its shares ended the week flat at $3.26.

Digital banking and wealth management platform iFast plunged by more than 11 per cent to $8.66 when the market opened on Aug 19, after substantial shareholder CP Invest – a subsidiary of Temasek-owned Cuscaden Peak Investments – halved its stake in the company.

This was the company’s biggest drop since April 28, when it fell 13.23 per cent to $6.35. Since then, it had climbed 54 per cent to hit its highest level at $9.78 on Aug 15.

CP Invest sold about 14.4 million iFast shares for $130.9 million, at a 6.7 per cent discount to the previous day’s close. The sale cut its stake from 9.6 per cent to 4.9 per cent, meaning it is no longer a substantial shareholder.

iFast closed the week at $8.45, down 13.6 per cent.

Retail jeweller Aspial Corp surged last week after it put up 15 freehold strata-titled retail units in East Village in Bedok for sale at $71.8 million.

The 15 units up for sale range from 431 sq ft to 6,985 sq ft, with 11 approved for food and beverage use. The expression-of-interest exercise closes on Sept 18.

Aspial closed on Aug 22 at 11 cents, up 25.56 per cent through the week.

Marco Polo Marine rose after it won a $5 million ship repair contract for its newly completed dry dock.

It also secured a three-year master service agreement to provide a range of repair, maintenance and conversion services for Cyan Renewables’ fleet of offshore wind vessels.

Shares of the marine logistics provider closed on Aug 22 at 6.7 cents, up 4.7 per cent through the week.

What to look out for this week

Several US technology firms will announce results this week.

Nvidia’s earnings, due on Aug 27 after the market closes, will be among the most closely watched.

US gross domestic product data for the second quarter of the year will be released on Aug 28, and will provide further insight on the health of the US economy ahead of September, when the Federal Reserve is widely expected to cut interest rates.