Singapore, January 12, 2026, 15:25 SGT — Regular session
- City Developments shares nudged up in afternoon trading, staying close to their 52-week high.
- UOB pointed to a potential bottom for Singapore’s main interest-rate benchmark in early 2026.
- Traders eye U.S. inflation numbers alongside Singapore housing data for the next signal.
City Developments Ltd (SGX:C09) shares edged up 0.34% to S$8.90 by 2:58 p.m. Singapore time Monday. Earlier, the stock hit S$8.99, marking the peak of its 52-week range, during active trading. Roughly 1.35 million shares changed hands, with prices swinging between S$8.83 and S$8.99.
Rate expectations have shifted back into the spotlight. UOB’s strategists told a market outlook webinar that Singapore’s key interest-rate benchmark, the Singapore Overnight Rate Average (SORA), which impacts mortgage costs, could hit its low point by the second quarter of 2026 as U.S. rate cuts take effect. “We are not so far away from the low,” said Peter Chia, UOB’s senior foreign exchange strategist. The Straits Times
This matters for developers since funding costs and buyer affordability usually track interest rates. A clearer view on borrowing expenses can shift how investors value property earnings — often ahead of any sales data updates.
Fund flow buzz has played a role as well. Institutions net bought Singapore stocks during the first five trading days of 2026. City Developments topped the list for net institutional inflows, joined by Hongkong Land and UOL Group, reported Geoff Howie of The Business Times.
The broader market held steady. Singapore’s Straits Times Index gained roughly 0.6%, hovering near 4,776.
City Developments has emerged as a standout in property stocks so far this year. Its shares climbed over 10% by last week, closing at S$8.87 on Jan. 9. Hongkong Land and UOL also posted gains, according to The Straits Times. The report pointed to the U.S. December inflation data due Jan. 13 as a key event that could shift rate expectations.
CDL, known as a Singapore property pioneer and a global real estate player, holds stakes in residential, commercial, and hospitality sectors.
The shares have surged past their start-of-year prices. They closed at S$8.02 on Jan. 2, jumped to S$8.87 by Jan. 9, and climbed further on Monday to near S$8.99.
But the rate story isn’t one-sided. If inflation remains stubborn and rate cuts get pushed out, mortgage demand might slump again, making valuations that outpaced earnings feel overdone. A slowdown in new-home sales would probably shift attention to balance-sheet leverage and how quickly assets are being recycled.
Investors now turn to Singapore’s housing and transaction data for a clearer picture. The Urban Redevelopment Authority is set to release its full suite of real estate stats and quarterly market updates for 4Q2025 on Jan. 23.
