CapitaMalls Asia Limited and Suzhou Industrial Park Jinji Lake Urban Development Co., Ltd (SIPJUD) announced today that they marked a key milestone by breaking ground for the largest shopping mall in East China. Owned by the Suzhou Industrial Park (SIP) government, SIPJUD is the master developer of the SIP Central Business District (“CBD”), known as the Suzhou Centre. The ground-breaking ceremony of...
Singapore REITS
Real estate fund manager ARA Asset Management plans to raise between S$700-800 million by listing some of its Asian assets in a yuan-denominated initial public offering in Singapore, the first outside Hong Kong or China. ARA Asset Management is an affiliate of Hong Kong tycoon Li Ka Shing's Cheung Kong Holdings. According to Dow Jones report, Singapore-listed ARA expects to get approval from the...
CapitaMalls Asia and Sime Darby Property will jointly develop a shopping mall in Klang Valley, Malaysia. The companies said they have entered into a conditional agreement to form a 50-50 joint venture to develop the mall on a freehold site in Taman Melawati. The total development cost is expected to be about RM500 million (S$204.5 million). Upon completion. the mall will have a total net lettable area of...
The proposed acquisition of Pandan Logistics Hub from CWT Limited is expected to boost Cache Logistics Trust's total assets under management to S$944 million. In a statement, ARA-CWT Trust Management Limited, manager of Cache Logistics Trust, said the acquisition is the largest that Cache has made to date. Cache has proposed to acquire Pandan Logistics Hub from CWT for S$66 million. On completion of the...
Singapore has recently seen a surge in the issuance of perpetual bonds. As the name suggests, these are bonds that can last in perpetuity with no maturity date. Most perpetual bonds have a "call" date when the issuer may redeem the bonds, usually at a premium. However, redemption is not an obligation, and so most perpetual bonds have a "step-up coupon" feature that increases the coupon payment investors...
CapitaMall Trust sells (CMT) has on 2 May 2012 awarded a tender to Oxley Bloom Pte Ltd for the sale of Hougang Plaza located at Upper Serangoon Road at a price of around S$119.1m. Hougang Plaza is a three-storey neighbourhood shopping mall located in Hougang Central that caters to the basic shopping and entertainment needs of residents in the vicinity. The property has a leasehold tenure of 99 years with...
Hotel trust M&L Hospitality Trusts has deferred its initial public offering (IPO) on the Singapore Exchange, as investor demand for its shares was less than targeted. The trust has completed its international roadshow with investors this month, but the "targeted book coverage outcome was not ideal". In a report by Channel Newsasia, M&L had planned to raise as much as S$460 million for its IPO...
Mapletree Industrial Trust (MIT) recorded a distribution per unit (DPU) of 2.22 Singapore cents for the fourth quarter of its fiscal year. This is 2.8 per cent higher than the third quarter and 15 per cent higher than the corresponding period of the previous year. For its full fiscal year, the real-estate investment trust (REIT) recorded a DPU of 8.41 cents, beating its own forecast by 12.7 per...
Suntec Real Estate Investment Trust (Suntec REIT) has reported a first quarter distribution per unit (DPU) of 2.45 Singapore cents. This is 2.7 per cent higher from its DPU of 2.39 cents declared a year ago. The trust said its annualised distribution yield stood at 7.8 per cent, compared to 7.6 per cent in the same period last year. Suntec REIT's gross revenue rose 20.1 per cent to S$73.3 million...
The popularity of Singapore Real Estate Investment Trusts, or S-REITS, looks set to rise, given the expectations of a stronger Singapore dollar in the year ahead. This follows the recent announcement by the Monetary Authority of Singapore (MAS) to allow the Singapore dollar to appreciate at a faster pace. Mr Liu Jinshu, deputy lead analyst at SIAS Research, said: "If they expect the dollar to appreciate,...