CapitaCommercial Trust (CCT) has decided to defer the planned redevelopment of the Market Street car park. In January 2008, CCT was granted an outline planning permission by urban planners to redevelop the property into a Grade A office building. Since then, it has been working with its appointed architect and consultants to finalise and submit design plans to the Urban Redevelopment Authority. In a...
CCT
CapitaCommercial Trust (CCT) is planning to sell S$280 million worth of five-year convertible bonds. The bonds are being targeted at mainly institutional investors. CCT said it could issue more convertible bonds to raise another S$90 million. This will take the total amount raised to S$370 million. The Trust said it could also pay cash in lieu of issuing new units on conversion of the bonds. It will be...
CapitaCommercial Trust (CCT) has been given a call option to buy the 1 George Street building for nearly S$1.2 billion. This translates to S$2,600 per square foot of net lettable area. CapitaLand will also provide yield protection to CCT, ensuring a minimum net property income of some S$50 million per annum. This means a net property yield of 4.25% per annum on the purchase price for five years until...