Far East Organization has priced its hospitality trust listing at 93 Singapore cents per stapled security, the top end of its indicative price range. The public offer opens at 9am on Friday, and the trust manager said it believes the timing of the listing is right. Targeting to raise about S$1.49 billion, Far East Hospitality Trust is the largest initial public offering (IPO) in Singapore this year. The...
REITS
Global Logistic Properties (GLP) has reported a 53.7 per cent increase in first quarter (ended June 30) net profit to US$153 million (S$190.6 million), driven by a strong operational performance in China and growth in its Japanese fund management platform. Asia's largest logistic facilities provider said turnover rose 32 per cent year-on-year to US$170.5 million (S$212.4 million), boosted by a 75 per cent...
Singapore's Real Estate Investment Trusts (REITS) have outperformed the broader market so far this year rising 22 per cent compared to the benchmark Straits Times Index's 14 per cent gain. But analysts said such higher capital gains are adding pressure on yields. Reaching higher are the average Distribution Per Unit from REITS. On average, analysts noted that dividends grew 2 per cent from the previous...
CDL Hospitality Trusts (CDLHT) has announced a 10.2 per cent increase in its second-quarter distribution per unit (DPU) to 2.92 cents, up from 2.65 cents in the same period last year. The trust said its gross revenue climbed 6.0 per cent to S$36.6 million, due mainly to higher revenue per available room (RevPAR) and strong growth in visitor arrivals. Its net property income rose by 5.9 per cent from...
Singapore's real estate investment trusts (S-REITs) are well placed to weather tight operating conditions, according to a recently published report by Standard & Poor's Ratings Services. The report, titled Why Singapore REITs Can Survive Their Financial Fitness Test, said that the outlook for Singapore's commercial-leasing segment is becoming more challenging and the funding environment is likely to...
Shopping mall developer CapitaMalls Asia has added two new malls in Qingdao, China and Japan worth a total of S$662.2 million to strengthen its presence in the region. CapitaMalls announced on Monday that it signed an agreement to acquire a site to develop its first shopping mall in Qingdao, China. It was acquired from Qingdao Vanke City Real Estate Co. Ltd and Qingdao Shuangshan Gongmao Co. Ltd. The...
Shopping mall developer CapitaMalls Asia has posted S$232 million in net profit for the second quarter of the year, up 40.7 per cent from the same period last year. CapitaMalls Asia attributed the rise in net profit to portfolio gains from its injection of two of its China assets into a private fund, as well as contributions from newly-acquired properties in Japan and China. Group revenue for the three...
Mapletree Logistics Trust Management (MLTM) has appointed Ms Ng Kiat as its new chief executive officer (CEO) with immediate effect. She replaces Mr Richard Lai, who has resigned from MLTM due to personal reasons. Mr Lai will be on leave until his last day of service on August 25. Prior to the appointment, Ms Ng was the chief investment officer, Southeast Asia at Mapletree Investments Pte Ltd. She...
Ascendas Hospitality Trust has received strong demand for its initial public offering. A total of over 437 million stapled securities were offered for subscription at S$0.88 per stapled security. At the close of the public offer at 12 noon on July 24, there were more than 17,000 valid applications for about 485 million stapled securities. The placement tranche of 355 million stapled securities, offered...
CapitaRetail China Trust (CRCT) has reported higher distribution per unit (DPU) of 2.41 Singapore cents for the second quarter of 2012. This is an increase of 12.1 per cent over the 2.15 cents in the same period last year. Gross revenue for the three months ending June 30 increased 24.3 per cent year-on-year to S$38.1 million, while net property income was up 20.9 per cent year-on-year to S$24.9 million....