K-REIT Asia has announced that its second-quarter distribution per unit (DPU) rose 86.5 per cent to 1.94 cents, up from a restated 1.04 cents in the same period last year. Distributable income for the quarter ended June rose 89.5 per cent to S$49.8 million. The strong performance is due primarily to the income contribution from the 87.5 per cent interest in Ocean Financial Centre, acquired on December...
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Singapore-listed Keppel Land is making its first foray into Sri Lanka with the signing of a conditional joint venture agreement with CT Properties, a leading property developer in Sri Lanka. The joint venture will develop a luxury condominium project with about 260 residential units in the affluent Kotahena district in Colombo, the commercial capital of Sri Lanka. In a statement released on Friday,...
The property market is expected to see demand rise over the next 12 months from deep-pocketed institutional buyers such as real estate investment trusts (REITs), which are starting to see more value in the local marketplace, analysts say. More REIT listings are also likely to spur acquisitions here. The proposed listing of Ascendas Hospitality Trust is set to be Singapore's largest initial public offering...
Marina One, a landmark mixed-use development at Marina South, broke ground on Wednesday. M+S, a joint venture owned by Malaysia's Khazanah Nasional and Singapore's Temasek Holdings, says the development will provide commerce, high-end residences and retail spaces, and is on track to be completed by 2017. The 60:40 joint venture between Khazanah Nasional and Temasek came about after a landmark land...
Shareholders of Orchard Parade Holdings Limited (OPHL) have approved the firm's plans to divest three properties. This was agreed upon at an extraordinary general meeting held Wednesday, where 99.9 per cent of shareholders voted in approval. The three properties are: Orchard Parade Hotel, Albert Court Village Hotel and Central Square Village Residences. OPHL said in a statement that it would now proceed...
Singapore's famed shopping street, Orchard Road, has been ranked 25th most expensive in the world this year. With rents of retail space averaging at S$462.43 per sq ft a year, this is a notch up from last year against 129 cities in a study conducted by Colliers International. New York's Fifth Avenue and Hong Kong's Queen's Road Central and Canton Road were the world's top three most expensive shopping...
The proportion of foreign and company private home buyers has fallen from 20 per cent in 2011 to 7 per cent in the first half of 2012. The National Development Ministry said this could be attributed to earlier rounds of cooling measures and the Additional Buyers' Stamp Duty (ABSD) imposed in December. Still, experts pointed out that property prices and volumes remain at record levels. Developers may...
The proportion of private residential properties bought by foreigners and companies has fallen sharply - from about 20 per cent in 2011 to 7 per cent in the first half of this year. Short-term property speculation has also fallen sharply, as indicated by the relatively low volume of sub-sales. And private home prices moderated significantly, rising marginally by 0.3 per cent in the first half of 2012...
Singapore is set to see the launch of its largest initial public offering (IPO) for the year, with Ascendas Hospitality Trust lodging its preliminary prospectus with the Monetary Authority of Singapore (MAS) to list on the SGX Mainboard. The trust, which comprises a real estate investment trust and a business trust, plans to sell between 506 million and 530 million stapled securities in its IPO to raise...
CapitaLand said it will buy an Orchard area property from its associate, Ascott REIT, for S$359 million. It will redevelop the property, Somerset Grand Cairnhill, into an integrated development comprising serviced residences (with hotel licence) and high-end residential properties. CapitaLand is expected to sell the redeveloped serviced residences (with hotel licence) back to Ascott REIT for S$405...