Global Logistic Properties yesterday said its second-quarter net profit more than doubled from the corresponding period a year earlier due to higher contributions from its China operations and currency conversion gains. Net profit was US$200.7 million (S$258.9 million) in the three months ended Sept 30, compared with US$85.4 million a year earlier, the provider of logistics facilities in China and Japan...
Singapore REITS
Parkway Life Real Estate Investment Trust (PLife REIT) has reported distributable income of S$14.5 million for the quarter ended September 30, an increase of 6.8 per cent year-on-year. Distribution per unit (DPU) for the quarter rose 6.8 per cent year-on-year to 2.40 cents. Net property income increased 3.6 per cent year-on-year to S$20.14 million. Gross revenue increased by 4.1 per cent year-on-year to...
Suntec Real Estate Investment Trust (Suntec REIT) has announced a S$410 million asset enhancement initiative (AEI) for its flagship asset, Suntec City. The AEI is scheduled to start in mid-2012, and will comprise a S$230 million capital expenditure in remaking Suntec City Mall and a further S$180 million on Suntec Singapore International Convention and Exhibition Centre (Suntec Singapore). Suntec REIT...
Mainboard-listed CDL Hospitality Trusts (HT) has announced a 9.1 per cent increase in its third quarter distribution per unit to 2.77 cents, up from 2.54 cents in the same period last year. The increase was attributed to its performance in its hospitality portfolio and contribution from Studio M Hotel acquired in the second quarter of 2011. The latter added S$2.8 million to its gross revenue. All in, CDL...
Singapore-listed mall developer CapitaMalls Asia (CMA) said it will jointly develop the largest shopping mall in Suzhou, China through a joint venture with a Chinese partner. In a stock exchange filing, the mall developer said it will have a 50 per cent stake in the venture and will share half the costs of around S$686 million. The project development will cost about S$1.3 billion. CMA signed the...
Frasers Centrepoint Trust (FCT) has posted an 8.8 per cent on-year increase in its fourth quarter distribution per unit of 2.35 cents, the highest it has ever paid out. This follows the re-opening of its biggest asset. Causeway Point registered net property income of S$13.3 million, an increase of 95.6 per cent. This helped lift FCT's gross revenue to S$117.9 million and and net property income to S$82.6...
Singapore shopping mall developer Capita-Malls Asia said yesterday its third-quarter net profit fell 30.3 per cent from a year earlier mainly due to higher finance expenses and absence of gains from sold assets. Net profit for the three months ended September was S$36.5 million, compared with a restated S$52.4 million, the company said. The company restated comparative figures from 2010 after adopting a...
K-REIT Asia has acquired Ocean Financial Centre (OFC) from Keppel Land for more than S$2 billion. The deal sees K-REIT's aggregate leverage level rise about two percentage points to 41.6 per cent. OFC is currently 80 per cent occupied with some existing leases at lower-than-existing market rental rates due to the global financial crisis. To sweeten the deal, Keppel Land has promised rental support of up...
CapitaCommercial Trust (CCT), an office landlord partly owned by CapitaLand, reported yesterday a distributable income of S$51.9 million for the third quarter, down 7.8 per cent from the same period last year. This is due to lower rental income following the sale of StarHub Centre and Market Street Car Park for redevelopment as well as negative rent reversions from expiring office leases this year, CCT...
CapitaMalls Asia said its multi-billion dollar investments in China won't contribute much to its earnings in the near-term. The property developer played host to some of its tenants at a convention in Singapore on Wednesday. While Japanese exporters may be hurting from gains in the yen, the currency's strength has given Daiso - market leader of 100 yen shops - reason to cheer. Mr Hirotake Yano,...