CapitaCommercial Trust is preparing to spend up to S$1.5 billion to convert the Market Street Car Park into an office tower. Whether the project will go ahead or not depends on feasibility studies, but a major regulatory hurdle has been cleared. The URA has lifted restrictions for the site, which originally requires the land to be used mainly for car parks. CapitaCommercial, which owns the car park...
REITS
A new fund has been jointly set up by Pacific Star Group and HSH Real Estate – which is the real estate unit of HSH Nordbank – to invest in prime properties in Asia. It has a target fund size of 500 million euros (S$1 billion). The fund will initially target established markets, which include Singapore, Japan and South Korea. It may also tap emerging markets like China and India eventually. HSH Real...
One of the biggest initial public offerings (IPO) this year made a disappointing debut yesterday – a casualty of the uncertainties afflicting financial markets. Despite a generally upbeat stock market, Parkway Life Real Estate Investment Trust (Reit) opened trading in the afternoon session at $1.27, a cent below the offer price of $1.28, and steadily fell before ending at $1.19 a unit. Ms Daphne Roth,...
Like most other property-related counters, Singapore-listed real estate investment trusts or REITs have been sold down in recent weeks amid the market volatility. As one analyst puts it, the last time he looked, the buildings were still standing, the offices still occupied and owners still collecting rents in a robust economic environment. But it appears that investors are not seeing REITS in the same...
Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings may sell its one third stake in Singapore’s Marina Bay Financial Centre to Suntec Real Estate Investment Trust (Reit) when the complex is completed in 2010. The stake is likely to be worth “more than US$1 billion ($1.5 billion)”, Mr Justin Chiu, executive director of Cheung Kong said. The company is building the 24-hectare office and...