The Government of Singapore Investment Corp (GIC) has increased its investment in an Australian property firm. Media reports in Australia say GIC has increased its stake in GPT to between 12 and 18 per cent after pumping in an additional A$250 million to A$300 million. GPT is one of Australia's largest diversified listed property groups with prime retail and office assets across Australia. It also has a...
General
Keppel Land has turned in a 23.2 per cent drop in earnings for the first nine months of 2008. Net income came in at S$159 million. Revenue for the same period fell by almost 38 per cent on-year to S$645 million. Keppel Land said the global economic crisis has hurt residential sales in China, Vietnam, India and Indonesia in the third quarter of 2008. It also saw lower earnings from its property services...
Frasers Centrepoint Trust's full-year distribution per unit (DPU) rose 11.3 per cent on year for 2008, from 6.55 cents to 7.29 cents. Quarter-on-quarter, its DPU climbed 22.8 per cent to 2.05 cents. The mainboard-listed retail REIT's gross revenue for the year was up 9.2 per cent compared to last year, at S$84.7 million. Frasers said its gross revenue and net property income growth was driven by strong...
CapitaCommercial Trust (CCT) achieved a distributable income of S$43.2m for the third quarter ended September 30. This was 46.1 per cent higher compared to the same period last year. The increase was attributed mainly to the higher gross rental income achieved for its portfolio as well as income contribution from its No.1, George Street property. The trust's third quarter distribution per unit (DPU) also...
CAUGHT in between a sluggish economy and sticky office rents, many business owners are feeling squeezed. Many are trying to cut costs while looking for new opportunities. But Regus Group's country general manager (South-east Asia) William Willems has little doubt that serviced offices - like the ones his firm officially launched last week at One Fullerton - are the answer. Mr Willems told Today: "Now is...
Far East's West Coast Plaza 70 per centleased before launch Never mind the news about consumers tightening their belts or forgoing frills in the face of an economic downturn. As far as developer Far East Organization is concerned, tenants of West Coast Plaza - its latest refurbished suburban retail offering - are all geared up for business for the upcoming festive season. Formerly known as Ginza Plaza,...
Vivace , a haven for contemporary living , offers a selection of trendy apartments with a choice of 1-bedroom/studio, 2-bedroom and penthouse units. The development sits on beautifully landscaped grounds lined with soothing water features and spa pools. To reflect the urban lifestyle, the building adopts the concept of Vivace - a movement of a lively mood in music. The facade and running patterns are...
Ascott Residence Trust (Ascott Reit) achieved a unitholders' distribution of S$15.86 million for the third quarter of 2008. This is a 32 per cent increase compared to the same period in 2007. In a statement, Ascott says distribution per unit (DPU) for the quarter ended September 30, 2008, is 2.61 cents, a 31 per cent year-on-year increase. Ascott Reit posted strong operating performance for the third...
High costs spur CapitaMall Trust to shelve expansion plans THE manager of mainboard-listed CapitaMall Trust (CMT) said it will shelve expansion plans for three of its malls due to high construction costs and the competitive environment for resources currently. CapitaMall Trust Management said CMT had planned to add office space and expand the amount of retail space at Funan DigitaLife Mall (Funan);...
CLIMATE change is not the only reason why Singapore is taking a serious interest in sustainable development. The current economic crisis presents a number of challenges - or provides the impetus, some would say - for Singapore's building industry to not only cut cost but also come up with innovative and green-friendly construction practices. To get builders to reduce the impact of building works on the...