CapitaCommercial Trust (CCT) achieved a distributable income of S$43.2m for the third quarter ended September 30. This was 46.1 per cent higher compared to the same period last year. The increase was attributed mainly to the higher gross rental income achieved for its portfolio as well as income contribution from its No.1, George Street property. The trust's third quarter distribution per unit (DPU) also...
Singapore REITS
Ascott Residence Trust (Ascott Reit) achieved a unitholders' distribution of S$15.86 million for the third quarter of 2008. This is a 32 per cent increase compared to the same period in 2007. In a statement, Ascott says distribution per unit (DPU) for the quarter ended September 30, 2008, is 2.61 cents, a 31 per cent year-on-year increase. Ascott Reit posted strong operating performance for the third...
High costs spur CapitaMall Trust to shelve expansion plans THE manager of mainboard-listed CapitaMall Trust (CMT) said it will shelve expansion plans for three of its malls due to high construction costs and the competitive environment for resources currently. CapitaMall Trust Management said CMT had planned to add office space and expand the amount of retail space at Funan DigitaLife Mall (Funan);...
K-REIT Asia has booked a distributable income of S$40.8 million for the first nine months of the year. That is almost triple compared to same period in 2007. This works out a distribution per unit of 6.28 cents per unit. Net property income climbed 31 per cent year-on-year to hit S$27.8 million, with a distribution yield of 8.72 per cent. The jump was due largely to its acquisition of a one-third...
Investment trusts are losing their attraction as good defensive options for investors in the current turbulent markets. As lending from banks begins to dry up, these trusts are facing refinancing difficulties. Analysts said their once attractive yields no longer seem as enticing, and real estate investment trusts (REITs) are no exception. REITs that have the backing of sponsors such as Mapletree and City...
Parkway Life Real Estate Investment Trust (REIT) has announced it will revise annual rent for its Singapore hospital properties upwards by 6.25 per cent. These properties include Mount Elizabeth Hospital, Gleneagles Hospital and East Shore Hospital, and were leased to Parkway Hospitals Singapore for a term of 15 years from 2007. Parkway Trust Management said the properties are the main contributor to the...
Singapore REITs have been massively sold off since the start of the year - down some 36 per cent on average to date. This is in line with property developers, whose stocks have fallen some 44 per cent since January. In comparison the STI is only down about 24 per cent. But analysts say REITs may be a good defensive play in the current turbulent climate. Property prices and rental costs have been on the...
DESPITE the sluggish economy, downtown office rentals show no sign of budging from high, with multi-nationals seemingly largely unfazed by top dollar demands for prime space. Yesterday, office landlord CapitaCommercial Trust (CCT) announced that mining giant BHP Billiton had renewed its lease at Capital Towers, while JPMorgan Chase expanded its premises by one-and-a-half floors in the same...
Frasers Centrepoint has completed its acquisition of an 18-per-cent stake in Allco Reit and all of Allco Singapore, which manages the property trust. Allco Reit will now be renamed Frasers Commercial Trust following the $180-million deal. Frasers Centrepoint has now dropped plans to list its own separate commercial property trust. Instead, it will offer its current portfolio of commercial assets, worth...
Lippo-Mapletree Indonesia Retail Trust (LMIR Trust) has posted first half earnings of S$39.3 million, 3 per cent higher than its own forecast. Revenue came in at S$53.8 million, which also exceeded projections. Lippo-Mapletree said it is on track to pay out 5.84 cents per unit for the whole year, as earlier forecast. The trust said it is less affected by inflationary pressures because it targets the...