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...
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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...
The global hospitality sector is set to make a come back next year after several sluggish quarters. Observers told an industry seminar in Singapore that the serviced apartment segment in Asia will emerge the strongest. But hotels may struggle with fewer business travellers and an oversupply of hotel rooms. The hospitality sector has seen sluggish times since the start of the global downturn. But...
Island resort Sentosa will soon be home to the world’s tallest duel roller-coaster ride and movie stars such as Marilyn Monroe, Shrek and the motley mob of Alex, Marty, Melman and Gloria last spotted in Madagascar,the movie. The Universal Studios theme-park which will be housed on the 49 hectares Resorts World at Sentosa, revealed Tuesday its two dozen attractions, including 18 rides and attractions...
National Development Minister Mah Bow Tan will be delivering a keynote address at the 45th ISOCARP International Congress in Porto, Portugal, on Tuesday. The congress is organised by the International Society of City and Regional Planners. It is an annual gathering of key policy and decision makers, professional urban planners and industry experts from the international urban planning community. This...
DPU falls as equity base grows after fund-raising, occupancy slips ASCENDAS Real Estate Investment Trust (A-Reit) yesterday reported a net property income of $81.1 million for the second quarter ended Sept 30 - up 11.7 per cent from a year ago. Distributable income also increased as a result, rising 15.4 per cent from the same period last year to $61.6 million. But distributable income per unit (DPU)...
Ascendas Real Estate Investment Trust (A-REIT) is distributing 3.48 cents per unit, down 13.2 per cent on-year, for the second quarter ended September. However, total distributable income is up 15.4 per cent at S$61.6 million, compared to the same period last year. The drop in distribution per unit is largely attributed to share dilution after the private placement of new units in August this...