Temasek-owned Mapletree Investments is planning to raise as much as S$1.6 billion in gross proceeds from a planned initial public offering of a Greater China-focused real estate investment trust (REIT). Scheduled to list on the Singapore Exchange on March 7, Mapletree Greater China Commercial Trust could potentially be Singapore's largest initial public offering in two years. In a preliminary prospectus...
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Perennial China Retail Trust (PCRT) has posted S$43.6 million in amount available for distribution to unitholders for the year ended December 31. This brings its full-year distribution per unit to 3.86 Singapore cents. For the fourth quarter, amount available for distribution to unitholders was S$11.2 million. The China-focused retail development trust said distributable income for the full year was...
Far East Organization has topped the list of property developers in Singapore yet again for best sales figures last year at 2,181 private homes, or around 10 percent of the total number of 22,290 new units sold. Among its best-selling projects were The Hillier in Hillview Rise and Watertown in Punggol, according to DTZ Research. In second place is City Developments Limited (CDL) and parent company Hong...
Property giant United Industrial Corp (UIC) on Friday reported annual net profit doubled even as revenue fell, helped by a surge in fair value gains on the group’s investment properties. For the year ended Dec 31, UIC earned S$391.6 million, including a S$247.3 million revaluation gain, while revenue slumped 12 per cent to S$711.5 million. Turnover fell mainly due to lower revenue from hotel operations,...
Shopping mall developer and operator CapitaMalls Asia announced on Thursday a 10 per cent on-year decline in its fourth-quarter net profit. The company attributed the drop mainly to lower fair value gains from investment properties in China and Singapore, as well as impairment losses in India and higher finance costs. Net profit for the quarter fell to S$184.8 million from S$205.4 million a year...
Global Logistic Properties (GLP) has reported a 31 percent on-year rise in third quarter net profit to US$113 million. The logistic facilities provider benefited from a strong lease-up of development projects as well as rental growth in China. Group revenue rose 20 percent year-on-year to US$174 million in the three months ended December Mr. Ming Z. Mei, Co-Founder and Chief Executive Officer of GLP,...
Far East Hospitality Trust has announced a higher distribution per unit (DPU) from its earlier forecast. At its maiden results briefing, the trust says DPU per stapled security will be 2.09 cents. This compared to its forecast of only 2 cents during its initial public offering (IPO) in August. The higher distribution comes on the back of a rise in income available for distribution of S$33.6...
Global Logistic Properties (GLP) announced on Monday the expansion of GLP Japan Development Venture to US$2.2 billion. It will commit an additional 29 billion yen (US$316 million) to the joint venture to develop modern logistics properties in Japan. GLP has a 50 percent stake in the JV with Canada Pension Plan Investment Board. Singapore-listed GLP is one of the world's leading providers of modern...
Wing Tai Holdings on Monday reported second-quarter net profit surged from the corresponding period in the previous year, boosted by its property business. Net profit for the three months ended Dec 31 was up 159 per cent to S$88.7 million as revenue jumped 73 per cent to S$321.8 million, Wing Tai said. The stellar performance was due in large part to progressive sales in its projects such as Foresque...
Analysts say the comprehensive Land Use Plan released by the government on Thursday will present many opportunities for developers. It will also boost the property market in years to come. They add that home prices in some areas could also appreciate, though not any time soon. Housing estates like Woodlands, Sembawang, Seletar and Punggol may be far from the city today, but come 2030, these towns are...