Developer Sim Lian Group, through its subsidiary Geo-Tele, has offered to sell its property at 9 Tai Seng Drive to Sabana Investment Partners (SIP) for S$46.3 million. The construction and property company said the offer price represents a premium of 78 per cent over the book value and presents an attractive opportunity for it to dispose of the asset. The firm will require the approval of JTC...
REITS
The Government of Singapore Investment Corporation (GIC) has agreed to acquire a 5 per cent stake in the proposed real estate investment trust of the Malaysian developer, Sunway City. Sunway City said it has entered into a cornerstone agreement with GIC for the sale of 134 million units of the REIT. In its stock exchange filing, Sunway City said GIC will buy the units at 98 Malaysian sen per unit or at...
CapitaCommercial Trust plans to spend about S$92 million for asset enhancement work on its existing Grade A office building at Six Battery Road. Based on the property's valuation as at end December 2009, the cost is equivalent to approximately eight per cent. CCT says Six Battery Road will be physically, technically and functionally enhanced to meet the modern-day needs of office tenants and improve the...
The real estate arm of the Government of Singapore Investment Corp may list its logistics business in an initial public offering, according to reports. The listing, possibly in Singapore, will reportedly involve GIC Real Estate's Japanese assets, including ProLogis Holdings, which provides distribution facilities. The IPO is estimated to be valued at between US$500 million and US$1 billion and could take...
Mainboard-listed Saizen Reit says it has started to accumulate cash in preparation for its resumption of distribution payouts. It says it has turned the corner and expects payment of its 2010 financial year distributions to unitholders to take place in September this year. Saizen says its net property income for the third quarter ended in March fell 12.4 per cent to S$10.1 million compared to the same...
Parkway Life REIT said its first quarter distribution per unit rose 9.7 per cent to 2.07 cents, compared to 1.89 cents in the same quarter a year ago. This came on the back of a 9.7 per cent increase in distributable income to S$12.5 million for the quarter ended March, from S$11.4 million last year. Net property income for the quarter was 13.4 per cent higher at S$17.2 million. The higher revenue was...
Mainboard-listed Ascott Residence Trust (ART) says its distribution per unit (DPU) fell 6 per cent on-year in the first quarter to 1.66 cents. This is lower than the 1.77 cents announced in the year-ago period. Unitholders' distribution also dropped by 5 per cent on-year to S$10.3 million. The fall in distribution came despite revenue rising 3 per cent on-year to S$43.5 million. ART says the drop in...
Mainboard-listed CDL Hospitality Trust says its income available for distribution per stapled security, after deducting the income retained for working capital, rose 17.8 per cent on year in the first quarter to 2.32 cents. This translates to a distribution yield of 4.95 per cent for the quarter, based on a unit price of S$1.90 as at close of market on 29 April 2010. Gross revenue increased 18.1 per cent...
Suntec Real Estate Investment Trust (Suntec REIT) said its first quarter distribution per unit (DPU) fell 13.9 per cent to 2.51 cents from 2.92 cents a year ago. Distributable income for the quarter ended March 31 dipped 2.1 per cent to S$45.37 million on-year. Suntec Reit added that its net property income also fell 2.7 per cent to S$47.8 million from S$49.2 million in the same quarter a year...
Real estate investment trust Starhill Global said its restated first quarter distribution per unit or DPU rose 2.2 per cent to 0.95 cents for the period ended March 31. This is 2.2 per cent higher compared to 0.93 cents achieved for the previous corresponding period. Net distributable income for the period fell 1.8 per cent to S$18.7 million from S$19 million a year ago. However, net property income saw...