UOL-CapitaLand consortium wins Hougang Central tender, CDL to launch new freehold luxury project

SINGAPORE – Property stocks were among the gainers on the Straits Times Index (STI) last week.

UOL’s shares rose 7.7 per cent over the period, after a consortium comprising the company, CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Development (CLD) won a $1.5 billion tender for the Hougang Central integrated residential and commercial site.

The stock closed on Jan 16 at $10.07, from the previous week’s close of $9.35.

CICT on Jan 14 said the move is a significant milestone as it reinforces the trust’s foothold in its core market of Singapore, while expanding its retail footprint into the north-east region.

Under the joint development, CICT will develop and own 100 per cent of the commercial component, while CLD and UOL, in a 50-50 joint venture, will develop the residential component for sale.

CICT, which is also an STI component stock, announced on Jan 14 that it is divesting Bukit Panjang Plaza for $428 million in cash.

The move is part of CICT’s broader portfolio reconstitution strategy, under which asset divestments may be considered to enable capital redeployment into potential growth opportunities, or other strategic purposes.

CICT shares closed flat at $2.41 on Jan 16.

City Developments Limited (CDL) shares climbed 3.3 per cent last week as the developer announced previews for Newport Residences, a 246-unit freehold luxury project in Anson Road.

CDL group chief executive Sherman Kwek said the timing is ideal to introduce the rare freehold offering, citing strong and resilient demand for recent new launches in prime areas.

DBS Group Research analyst Tabitha Foo maintains a “buy” rating and $11.80 target price for CDL, seeing potential for further gains and viewing the stock as undervalued compared with peers. “We see CDL as a near-term tactical play with room for valuation catch-up,” she stated in her Jan 15 note.

The stock ended the week at $9.16 on Jan 16, from the previous week’s close of $8.87.

Meanwhile, a multi-week rally in Singapore’s banking stocks pushed the sector to fresh record highs, with DBS Bank climbing past $59 and OCBC Bank reaching as high as $20.54.

Shares of DBS rose 2.6 per cent last week to a record closing price of $59.12, while OCBC stock closed up 3.2 per cent to $20.44. UOB gained nearly 2 per cent to $36.74, below its all-time closing high of $38.67.

Analysts are split on the banks’ outlook. Some say stable earnings and higher dividend hopes could keep the banks buoyant, while others said headroom for further valuation expansion may be limited.

Gold jumps, then retreats

Spot gold prices edged lower after hitting record highs earlier last week, as stronger United States economic data lifted the dollar and reduced demand for safe-haven assets.

Spot gold reached more than US$4,640 per ounce in the week before paring gains to close at approximately US$4,596 an ounce on Jan 16.

The precious metal has surged more than 60 per cent over the past year as investors sought shelter amid geopolitical tensions, attacks on the Federal Reserve and the prospect of more US interest rate cuts.

Earlier in the month, HSBC said gold prices could rise to around US$5,000 per ounce in the first half of 2026, although volatility is expected to stay high and pullbacks may occur more often.

Singapore-listed gold mining company

CNMC Goldmine Holdings

closed 13.7 per cent higher at $1.16, from the previous week’s close of $1.02.

SPDR Gold Shares, the world’s largest exchange-traded fund that tracks the price of gold, ended the week at US$421.29 from the previous week’s closing price of US$414.47.

Seatrium customer wins ruling, Coliwoo up on bullish calls

Seatrium shares gained 1.8 per cent to close the week at $2.24 as its customer Equinor received the green light from US judge Carl Nichols to

resume work on the Empire Wind project

, which involves a vessel built by Seatrium.

The court ruling provides a lift to rig builders amid a wave of US actions to halt offshore wind projects, which US President Donald Trump has criticised as unprofitable and damaging to the landscape as he pushes for greater use of fossil fuels.

Judge Nichols pushed back, warning that Equinor’s Empire Wind project would suffer “irreparable harm” from further delays while its legal fight over the US government’s stop-work order plays out in court.

Meanwhile, shares of Coliwoo rose 5.3 per cent to 59.5 cents after analysts initiated coverage on the co-living operator, citing tailwinds such as a growing number of international students and expatriates, as well as high home ownership costs for foreigners.

RHB analyst Vijay Natarajan noted that co-living is a niche and fast-growing segment in Singapore, driven by structural shifts such as the rising popularity of community living and hybrid work. RHB assigned Coliwoo a “buy” rating with a target price of 82 cents on Jan 15, representing a 41 per cent upside from its closing price of 58 cents on Jan 14.

CGS International initiated with an “add” rating and a price target of 74 cents on Jan 14, underpinned by strong earnings visibility and growth prospects.

Analysts Tan Jie Hui and Lim Siew Khee noted that Coliwoo captures Singapore’s undersupply of affordable central rentals for non-residents, though downside risks include softer occupancy and rental rates.

The Assembly Place, Toku set to list

Coliwoo’s peer

The Assembly Place is seeking to raise $18.3 million

through a Catalist initial public offering (IPO).

The offer – opening from Jan 15 and closing on Jan 21 – of 50.3 million shares at 23 cents a share comprises 48.3 million placement shares and two million public offer shares.

Cornerstone investors, including Apricot Capital and Maybank Securities, will subscribe for around 29.5 million shares on behalf of certain high-net-worth clients.

The Assembly Place said it would use net proceeds of around $9.7 million to expand its portfolio and pursue investment opportunities, and another $1 million would be channelled to its working capital.

The firm would also focus on enhancing its digital technologies, developed in-house, to improve its services and efficiency.

Cloud communications and customer experience platform Toku announced on Jan 14 that it plans to raise $16.25 million through an IPO, offering 65 million shares at 25 cents each.

The offer opened on Jan 14 and runs until noon on Jan 20.

Toku provides enterprise customers with a platform to seamlessly orchestrate all conversations across voice, chat, e-mail and other digital channels, while navigating complex regulatory, linguistic and infrastructure requirements.

Toku’s non-independent non-executive chairman Lim Hwee Hua said: “With data sovereignty and responsible AI (artificial intelligence) becoming strategic priorities across both public and private sectors, Toku is well-positioned to meet the region’s growing demand for trusted, compliant citizen and customer engagement.”

Other market movers

Shares of Lum Chang Holdings rose 20 per cent over the week to 63 cents after the construction firm on Jan 15 guided for an improved net profit for the six months ended Dec 31.

The expected improvement is largely attributable to stronger operating performance of the group’s restoration and interior fit-out business.

Construction and property developer Low Keng Huat (LKH) jumped 7.5 per cent to close at 78.5 cents on Jan 16.

Consistent Record, a special purpose vehicle controlled by LKH managing director Marco Low and his family, raised its voluntary conditional offer to take the property developer private to 78 cents a share, up from 72 cents previously.

Sembcorp Industries shares closed 2.2 per cent higher over the week to $6.12, from Jan 9’s close of $5.99.

Sembcorp Industries said in a Jan 15 exchange filing that it will seek shareholder approval for its proposed acquisition of Alinta Energy.

An extraordinary general meeting has been scheduled for Jan 30 to vote on the purchase of Australia’s fourth-largest utilities provider from Hong Kong-based Chow Tai Fook Enterprises.

What to look out for this week

Shares of Toku are set to list on the Catalist board on Jan 22, while The Assembly Place is expected to begin trading on Jan 23.

Singapore’s December consumer price index release on Jan 23 will be under the spotlight, with attention on both headline and core inflation trends.

News relating to the upcoming Singapore Budget 2026 statement on Feb 12 will be in focus, while the Monetary Authority of Singapore is expected to announce a date for its January monetary policy statement, which should be no later than Jan 30, according to UOB.

Attention will also be on Mr Trump’s appearance at Davos 2026, with markets listening closely for signals on trade, tariffs, foreign policy and global economic priorities that could shape investor sentiment.