Singapore has recently seen a surge in the issuance of perpetual bonds. As the name suggests, these are bonds that can last in perpetuity with no maturity date. Most perpetual bonds have a "call" date when the issuer may redeem the bonds, usually at a premium. However, redemption is not an obligation, and so most perpetual bonds have a "step-up coupon" feature that increases the coupon payment investors...
REITS
CapitaMall Trust sells (CMT) has on 2 May 2012 awarded a tender to Oxley Bloom Pte Ltd for the sale of Hougang Plaza located at Upper Serangoon Road at a price of around S$119.1m. Hougang Plaza is a three-storey neighbourhood shopping mall located in Hougang Central that caters to the basic shopping and entertainment needs of residents in the vicinity. The property has a leasehold tenure of 99 years with...
Hotel trust M&L Hospitality Trusts has deferred its initial public offering (IPO) on the Singapore Exchange, as investor demand for its shares was less than targeted. The trust has completed its international roadshow with investors this month, but the "targeted book coverage outcome was not ideal". In a report by Channel Newsasia, M&L had planned to raise as much as S$460 million for its IPO...
Singapore shopping mall developer CapitaMalls Asia posted profit after tax of S$66.8 million for the first quarter of its fiscal year, up 36 per cent from the S$49.1 million reported last year. In a stock exchange filing, the company said its revenue rose 41 per cent to S$70.9 million from S$50.2 million in the same period last year. This was mainly due to the contributions from its three newly acquired...
Mapletree Industrial Trust (MIT) recorded a distribution per unit (DPU) of 2.22 Singapore cents for the fourth quarter of its fiscal year. This is 2.8 per cent higher than the third quarter and 15 per cent higher than the corresponding period of the previous year. For its full fiscal year, the real-estate investment trust (REIT) recorded a DPU of 8.41 cents, beating its own forecast by 12.7 per...
Suntec Real Estate Investment Trust (Suntec REIT) has reported a first quarter distribution per unit (DPU) of 2.45 Singapore cents. This is 2.7 per cent higher from its DPU of 2.39 cents declared a year ago. The trust said its annualised distribution yield stood at 7.8 per cent, compared to 7.6 per cent in the same period last year. Suntec REIT's gross revenue rose 20.1 per cent to S$73.3 million...
The popularity of Singapore Real Estate Investment Trusts, or S-REITS, looks set to rise, given the expectations of a stronger Singapore dollar in the year ahead. This follows the recent announcement by the Monetary Authority of Singapore (MAS) to allow the Singapore dollar to appreciate at a faster pace. Mr Liu Jinshu, deputy lead analyst at SIAS Research, said: "If they expect the dollar to appreciate,...
CapitaCommercial Trust (CCT) reported on Friday a distribution per unit (DPU) of 1.90 cents for the first quarter ended March 31. This is 3.3 per cent higher than the 1.84 cents DPU CCT reported in the same quarter a year ago. CCT's distributable income for the three months rose 3.4 per cent to S$53.9 million from the previous year. In a filing to the Singapore Exchange, CCT said the higher...
Mapletree Logistics Trust (MLT) said its distribution per unit rose 9.7 per cent to 1.70 cents on-year for the January to March period. In a stock exchange filing, the trust said this was supported by earnings from the four properties acquired in the past 15 months and growth from its existing portfolio. Net property income for the quarter rose 12.3 per cent to S$61.4 million. Meanwhile, property...
Asia's largest logistic facilities provider Global Logistic Properties (GLP) is leasing most of its warehouses in China to domestically driven consumer industries. Barring a global recession, GLP is confident the China market will help drive its growth and take up a larger share of its portfolio. Online retail sales in China have doubled every year for the last five years, benefiting e-commerce...