Shares of Catalist-listed St James Holdings closed 19 per cent higher on Monday, boosted by news the firm would be transformed into a property developer via a reverse takeover deal. The nightspot operator's shares ended trading at 6.4 cents each, up from 5.4 cents before the stock was suspended on Friday. The shares rose as high as 7.7 cents earlier in the session. St James said on Friday it would...
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Online property portal group PropertyGuru is seeking to launch an initial public offering within the next 18 months, with Singapore or Australia the most likely listing destination, the company’s Chief Executive said yesterday. If the company lists in Singapore, it would be the first online property portal to list in the city-state, while in Australia, it would be the second after ipropertygroup,...
United Industrial Corporation (UIC) has made a formal offer to take mainboard-listed Singapore Land (SingLand) private. UIC announced last month that it wanted to buy over the remaining 19.64 per cent of shares in SingLand that it did not already own. The deal is valued at S$761.7 million. UIC is offering to pay S$9.40 for each SingLand share. It said that buying out minority shareholders will...
As small and medium-sized enterprises (SMEs) struggle with labour tightening in the push for improved productivity, they are also being squeezed by landlords demanding ever-rising rents. Many businesses that lease commercial and industrial space, especially those under the real estate investment trust (REIT) structure, are hurting, and I must say, hurting real bad. Over the course of this week, Members...
Global Logistic Properties (GLP), the real estate giant whose key shareholders include Singapore’s sovereign wealth fund GIC, has agreed to pay Brazil’s BR Properties 3.2 billion reais (S$1.7 billion) for property assets in the South American country. Singapore-based GLP is buying 34 industrial and logistics facilities in Brazil that will lead to a yield of 9.4 per cent, the company said yesterday...
Singapore's real estate investment trust (REIT) sector has been going through a rough patch. After seeing several bouts of sell-offs in 2013, the S-REIT index is now at its lowest level in almost one and a half years. But several REITs have reported record results this earnings season. Channel NewsAsia finds out if that could help boost sentiment in the sector. The latest REIT to list on the...
Keppel REIT, the second-biggest office property trust in Asia excluding Japan, is seeking buyers for its 30-storey Prudential Tower in Singapore’s financial district, Bloomberg News reported on Monday, citing two people familiar with the matter. Keppel REIT owns a 92.8 per cent stake in the tower, which was valued at S$490 million as of Dec 31 by independent valuers, according to the company’s...
OUE Commercial REIT is set to be the first major initial public offering (IPO) in Singapore this year. It will also be the first among a slew of trust listings -- including the ones planned by Korea's Lotte Shopping and Keppel's data centre unit -- that's headed for the Singapore bourse. Overseas Union Enterprise (OUE) has started taking orders for its S$400 million REIT listing. The IPO is priced...
CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower for S$579.4 million. In a filing with the Singapore Exchange, CapitaLand said the option was granted to a consortium comprising Sun Venture Homes and Low Keng Huat (Singapore), which has up to January 24 to exercise it. Located at Jurong Gateway, Westgate Tower is the office component of the Westgate...
Singapore has been the largest initial public offering (IPO) market across Southeast Asia, raising S$6.2 billion year-to-date. Looking ahead, analysts expect a healthy pipeline of Business Trusts and real estate investment trusts (REITs) to list in Singapore in 2014, despite concerns over rising interest rates. Listing activity in other ASEAN markets such as Indonesia, Malaysia and Thailand is also...