Property developer Overseas Union Enterprise (OUE) has received approval from the Singapore Exchange (SGX) to list a hospitality-focused real estate investment trust (REIT). In a filing with the SGX, OUE said the REIT manager plans to appoint real estate veteran Chong Kee Hiong as chief executive officer and executive director. Mr Chong is the former CEO of The Ascott, the serviced apartment arm of...
Singapore REITS
Ascott Reit has agreed to buy three serviced residences in China and 11 rental residential properties in Japan for a total of S$287 million. This will raise FY2012 distribution per unit by 2.9 per cent – from 8.76 cents to 9.01 cents. Ascott Reit said the three serviced residences in China are located in Shanghai, Shenyang and Suzhou and they will continue to be managed by Ascott. It will also...
Singapore Press Holdings (SPH), the newspaper publisher that owns Paragon shopping mall on Orchard Road, has tapped Credit Suisse and DBS Group to manage a listing of its property assets in an initial public offering (IPO) of as much as S$1 billion, according to people with knowledge of the matter. The IPO could take place as soon as the third quarter of this year, said two sources, who asked not to be...
Park Hotel Group has agreed to sell Park Hotel Clarke Quay to Ascendas Hospitality Trust for S$300 million. The hotel is located in the Clarke Quay area, started operations in 2009. The hotel has 336 guest rooms and suites. Source : Channel NewsAsia – 8 Apr...
Luxury property developer Ho Bee Group is not ruling out launching a real estate investment trust (REIT) in the next two years. These are for its commercial properties, including its latest mixed development The Metropolis. Ho Bee's chairman Chua Thian Poh said this on Thursday on the sidelines of the ceremony to mark the completion of structural works for The Metropolis. Even before the two towers are...
Property developer Overseas Union Enterprise (OUE) is exploring the establishment of a real estate investment trust (REIT) on the mainboard of the Singapore Exchange (SGX). In a filing with the SGX on Thursday, OUE confirmed that it is in "preliminary discussions" with banks. But the property developer added that details such as the properties to be injected into the REIT, the pipeline assets of the...
Real estate investment trusts (Reits) have become an investment darling in Singapore giving investors attractive returns. But for retailers, Reits are causing them to cough out more in rents. This is because Reits act mainly to boost returns for their shareholders. President of the Singapore Retailers Association (SRA), Jannie Chan, says the higher rentals are adding to the woes in the retail sector...
Ascendas Real Estate Investment Trust (A-REIT) is acquiring The Galen, a property located in Singapore Science Park II, for S$126 million. The Galen is a six-storey multi-tenanted building, with net lettable area of 21,775 square meters. The building has an occupancy rate of about 97.5 percent. In a statement, A-REIT said it will be granted a land lease of 66 years for the property and expects to...
The increasing use of debt, or leverage, in Singapore Real Estate Investment Trust (S-Reit) funding mixes could pose risks to the sector, said Fitch Ratings. According to a report on the S-Reit sector by the ratings agency, these risks include refinancing risk and exposure to interest-rate shocks. Fitch added that "the competition for assets that results from the use of leverage will put downward...
Ascendas Real Estate Investment Trust (A-Reit) said yesterday it will help fund two industrial property purchases from a private placement worth S$406.4 million. Due to strong demand, it will sell 160 million new units — up from 140 million — to institutional and other investors at S$2.54 per unit, a 3.5 per cent discount from the volume-weighted average price of S$2.6328 on Thursday. The proceeds...