First Real Estate Investment Trust (First REIT), Singapore’s first healthcare real estate investment trust, today reported that its distributable income for the third quarter ended 30 September 2009 amounted to $5.22 million, or 0.8% lower than the $5.26 million in the corresponding period last year. Correspondingly, 3Q 2009 distribution per unit (DPU) remained steady at 1.90 cents. Based on its closing...
2009
There was a flurry of transactions at the 25-year-old Regent Court recently. The 49-unit freehold condominium failed to sell en bloc for $34 million, or $528 psf, after it surfaced last December that the stamp duty for the en-bloc sale agreement in 2007 had not been paid by Regent Development, a nominee of Landquest Pte Ltd. Earlier, some owners also opposed the deal as they claimed that the sales proceeds...
The tourism stakes are high and Singapore is trying to woo more visitors. It is betting on the two integrated resorts due to open next year, and also spinning for a more diverse crowd. The Singapore Tourism Board (STB) said that it is on track to meeting its target of attracting 9 to 9.5 million visitors to the city this year. Despite the economic downturn, 6.2 million tourists visited Singapore in the...
Prime retail rents on Orchard Road declined by 2.8 per cent to S$38.17 per square foot in the third quarter from the previous three months. That is smaller than the 3.7 per cent fall in the second quarter and the 4.4 per cent drop in the first, according to a report by Colliers International. Meanwhile, the average monthly retail rents in prime malls in the Tampines, Woodlands and Jurong areas posted an...
Mainboard-listed developer Keppel Land said its third quarter net profit surged 70 per cent to S$78.5 million as property markets across Asia strengthened amid signs of an economic recovery. Sales rose 22.6 per cent to about S$228 million for the three months ended September. Capitalising on the improving market sentiment, Keppel Land launched Madison Residences and Caribbean Residences as well as...
Mainboard-listed Straits Trading Company said it's reorganising its hospitality assets under one unit. It has set up a wholly-owned subsidiary called Rendezvous Hospitality Group, or RHG, which will own hospitality assets in excess of S$300 million. These include 13 hotels currently under management and four additional properties under development. It has appointed Iqbal Jumabhoy as the CEO of this new...
CapitaCommercial Trust (CCT) has said its distribution per unit (DPU) for the third quarter ended in September is 1.85 cents. This is a 20.1 per cent on-year rise, with last year's DPU restated to 1.54 cents after adjusting for a rights issue. Distributable income for the third quarter came in at S$52.1 million, up about 21 per cent on-year. CCT's CEO, Lynette Leong, said the performance over the period...
The Housing and Development Board (HDB) has said it cannot take over the wet markets owned by private operators or interfere with the commercial negotiation between the new owner and the stallholders when such wet markets change hands. The HDB also cannot "impose new requirements that are more stringent on the new owner, compared to those already imposed on the existing one". HDB said this in a statement...
Singapore-listed Guangzhou Investment (GZI) said it is proposing to streamline its operations in order to focus on the property business. The streamlining will involve the separation of its non-property related business and a change of its company name to Yuexiu Property Company. Following the completion of the reorganisation, Yuexiu will focus solely on the property business. The other assets currently...
It will help achieve environmental sustainability NATIONAL Development Minister Mah Bow Tan yesterday championed the cause for sustainable cities to help achieve global environmental sustainability. Speaking at the Isocarp Congress in Portugal, he said: 'Without proper urban planning, rapid population growth and industrialisation within cities will result in severe congestion and pollution, and the...