Ascendas Real Estate Investment Trust (A-REIT) has reported a 4.0 per cent on-year increase in distribution per unit (DPU) to 3.62 cents for its third quarter ended 31 December 2012. The amount available for distribution increased 11.9 per cent to S$81.1 million in the quarter under review. In a filing on the Singapore Exchange, A-REIT said it recorded positive rental reversion of between 5.5 per cent...
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Shares of major property developers in Singapore were battered Monday after the government introduced new measures to cool the real estate market at the weekend. By midday, shares of top developers listed on the Singapore Exchange had sunk more than four per cent as investors spooked by the measures dumped the stocks. CapitaLand shed 4.11 per cent to S$3.73, City Developments fell 6.11 per cent to...
In a blog post on Monday, Minister for National Development Khaw Boon Wan said buyers of Executive Condominiums with outdoor spaces might not have realised that they were being sold space that the developer did not pay for. This is because outdoor roof terraces and private enclosed spaces on the ground floor do not count as gross floor area (GFA). This policy was put in place to encourage developers to...
Seeking more support to offset rising rental cost takes top spot in the wish list of Singapore companies for the upcoming Budget 2013. This is according to a survey finding by the Institute of Certified Public Accountants of Singapore (ICPAS). While no official date for Singapore Budget has been announced yet, many companies are hoping that the government will hand out some goodies in this year's...
Rentals for private homes may have hit record prices and volume in 2012, but some market experts said the market will be slower in 2013. Median rents as of October 2012 has reached S$3.75 psf, 14.3 per cent higher than the S$3.28 psf in Jan 2011. Commodities trader Pushkar Jamnerkar will be looking to work and live in Singapore with his family for the second time. However, property prices have spiked...
CDL Hospitality Trusts on Friday announced that it is buying the Angsana Velavaru resort in the Maldives from Banyan Tree Holdings for US$71 million (S$86.8 million). This marks the trust's first resort acquisition and a new geographic market segment. As part of the sale and leaseback agreement, CDL Hospitality Real Estate Investment Trust will grant a lease for the resort to Banyan Tree Holdings for 10...
Southeast Asia's largest property developer CapitaLand is reassessing its investments in India, Middle East and London. The company may divest some of its investments in office, commercial and residential properties in these three locations. CapitaLand says it now plans to focus on Singapore and China markets. Making his first major move since taking over the helm at CapitaLand, new President and Group...
Property developer Hao Yuan Investment has admitted that the botched proposed sale of its Forestville executive condominium (EC) was due to "some technical issue." In a statement on Wednesday, Hao Yuan said it acknowledged that "there were some technical issues with regards to Forestville Executive Condominium." It added that its "architects are working closely with the relevant authorities to resolve...
NTUC Income will be acquiring a further 51 per cent stake in 16 Collyer Quay from Goldman Sachs to fully own the prime office building. In a statement, the Singapore insurer said the acquisition values the 37-storey, 999-year leasehold building formerly known as Hitachi Tower, at around S$660 million. This works out to less than S$2,400 per square foot on a net lettable space of over 278,000 square...
Singapore's economy grew 1.2 percent this year, hurt by weak US, European and Japanese economies, said Prime Minister Lee Hsien Loong in his New Year message on Monday. "Next year we expect to grow by 1-3 percent. In our new phase, we must expect slower growth than we have become accustomed to," he added. Mr Lee said Singapore has made steady progress in 2012 by improving Singaporeans' lives and...