FCT to buy $480m malls from parent
FRASERS Centrepoint Trust (FCT) , which owns suburban malls, said yesterday that it would buy three properties worth $480 million in two years, funded mostly through loans as investor appetite for new equity dries up. ‘Right now, the capital market is not there unfortunately, but the banks are still lending and I’ve got the debt … Read more
Cheung Kong posts 56% jump in second-half profit
Earnings boosted by higher investment income, Hutchison’s sale of unit in India Cheung Kong (Holdings) Ltd, Hong Kong billionaire Li Ka- shing’s biggest property developer, posted a 56 per cent rise in second-half profit after reporting higher investment income and earnings at unit Hutchison Whampoa Ltd. Profit for the six months ended Dec 31 rose … Read more
Singapore office rents could peak this year
Tenant resistance will ease pace of rental growth, and office take-up may slow over 5 years, writes MORAY ARMSTRONG IT WAS a year of new records for the Singapore office market in 2007. Rents were driven to new highs in terms of growth rates – prime rents surged a staggering 92 per cent year on … Read more
Singapore retail rents unlikely to soften
But Singapore’s retail operators finding it tough to sustain their businesses, writes SHERENE SNG SHOPPING seems to be in the psyche of every Singaporean but how will the dynamics in the retail sector – rising rents in particular – reshape our favourite pastime? First, let’s look at the current situation, where retail space has inched … Read more
Rising demand for Built-to-Suit space
With CBD office rentals continuing to increase, companies are looking for cheaper alternatives, write CHRIS ARCHIBOLD and TAHLIL KHAN WHILE demand for central business district (CBD) office space remains very strong, some significant trends have emerged in the way a number of multinational companies view options in terms of location and type of premises for … Read more
Worst case: 3% growth, best case: 5.5% – NTU
Its economists say that S’pore will feel the pain if US goes into a recession GDP growth in Singapore could be as little as 3 per cent this year if the US economy tanks, economists from the Nanyang Technological University (NTU) said yesterday. The Economic Growth Centre at NTU based its forecast on the US … Read more
US recession may cause Singapore’s GDP growth to drop to 3%
The market generally expects Singapore’s economy to grow by 5.5 percent this year. But economists at Nanyang Technological University (NTU) said if the United States goes into a recession, there is a 50 percent chance that Singapore’s GDP growth may drop to as low as 3 percent. Generally, consumer demand is expected to slow down … Read more
Choa Chu Kang residential parcel up for sale
Analysts think the 99-year leasehold site may fetch $230-$270 psf ppr THE Urban Redevelopment Authority yesterday launched a 1.9-hectare residential site in Choa Chu Kang Drive for sale by public tender. Analysts reckon the 99-year leasehold site could fetch $230-$270 per square foot per plot ratio (psf ppr), or $131.7 million to $154.6 million in … Read more
CCT gets option to buy 1 George Street for $1.17b
Deal comes with income support from seller CapitaLand till 2013 Big office investment sales deals have not ground to a complete halt. CapitaCommercial Trust announced yesterday that it has an option from sponsor CapitaLand to buy 1 George Street for $1.165 billion or $2,600 psf of net lettable area, showing that income support may be … Read more
Property trust to acquire office building for $1.17b
Sale of 1 George Street to CCT comes with arrangement guaranteeing yields CAPITACOMMERCIAL Trust (CCT) plans to buy a three-year-old office block – the building was completed in 2004 – in the Central Business District (CBD) for $1.17 billion from its biggest shareholder, CapitaLand. The purchase of the 1 George Street building will augment the … Read more
