The Urban Redevelopment Authority (URA) has accepted a joint tender for the Jurong Gateway site at a tender price of nearly S$969 million from CapitaMall Trust, CapitaMalls Asia and CapitaLand. The 99-year leasehold site is likely to be developed into a mixed retail and office space. It has a land area of approximately 18,159 square metres, with a maximum permissible total gross floor area of 88,980...
REITS
Global Logistic Properties (GLP) posted a net profit of US$49.2 million for its fourth quarter ended March 2011. That is a 63 per cent drop from a year ago, when it posted a net profit of about US$133 million. GLP, a listed company which owns warehouses and other logistic assets in China and Japan, said its Japanese properties sustained minor damages from the Japanese earthquake, which contributed to...
CapitaMalls Asia (CMA) is planning to acquire at least seven more malls by the end of the year, to grow its S$24.1-billion global portfolio to 100 properties. This is in line with plans to acquire another S$2 billion worth of new projects this year. All eyes are on the growth of the Chinese market, which makes up the lion's share of the portfolio in terms of gross floor area (GFA) at 70 per cent, ahead of...
Mainboard-listed Ascendas REIT (A-REIT) has submitted a S$110 million bid for a business park site at Fusionopolis. A-REIT said this property, together with its existing properties within the one-north region and the neighbouring Science Park I and II, will enhance its market leadership position in the Business & Science Parks segment. The trust is planning to develop the business park site into a...
When it comes to shopping, the Indonesians are slated to be the next big spenders. That's according to analysts, who say the country's large population and robust economic growth will contribute to higher disposable incomes. Analysts also said that this trend would mean Singapore-listed retail real estate investment trusts (REITs), which have large exposure to emerging markets like Indonesia and China,...
CapitaRetail China Trust (CRCT) is acquiring New Minzhong Leyuan Mall - a mall in Wuhan's shopping and entertainment belt - for RMB 395 million (S$76 million) from The Ascott Holdings. Both CRCT and The Ascott Holdings are units of property developer CapitaLand. The mall has a net property income (NPI) yield of 8.1 per cent compared to the NPI of 7 per cent for CRCT's entire portfolio. CRCT's entire...
Mainboard-listed ARA Asset Management said its net profit increased 19 per cent to S$14.8 million for the first quarter ended March. The real estate fund management company said its revenue also saw a similar increase to S$27.2 million from S$22.9 million in the same quarter last year. This was supported by a 14 per cent growth in recurrent management fees to S$22.1 million which was higher than the...
This year's second-largest initial public offering (IPO) has a flat showing on its first trading day on Wednesday. Mapletree Commercial Trust opened a tad higher but soon gave up early gains to end at its IPO offer price of 88 cents. The real estate investment trust (REIT) is the most actively traded counter in the Singapore Exchange during the session, with some 140 million units changing hands. The...
Mainboard-listed Global Logistic Properties (GLP) is offering 3 billion yuan (S$567 million) in fixed rate notes under its newly established medium-term note programme, a move that boosts Singapore's role as an offshore centre for the Chinese currency. GLP said yesterday its first yuan-denominated note is an integral part of its plan to diversify its sources of funding. The company, which has logistics...
Mapletree Logistics Trust on Thursday said its first-quarter distribution per unit (DPU) rose 3.3 per cent on-year to 1.55 cents. The Trust said its DPU increased by a lower percentage due to an enlarged number of units from the equity fund raising exercise in the last quarter of the financial year in 2010. Distributable income rose by 21.7 per cent on-year to S$37.5 million while net property income...