IRs insist: we will open on time
Don’t bet on it! That’s the advice from quite a few observers as the people behind Singapore’s two planned integrated resorts insist that they will open on time. Marina Bay Sands is scheduled to open at the end of next year. Sentosa Resorts World is set to open in the first quarter of 2010. Upset … Read more
High Court wants STB to hear Regent Court sale appeal
THE Regent Court collective sale may yet happen: the High Court has thrown the case back to the Strata Titles Board (STB) to continue its hearing for the sale application. The STB threw out the sale late last year but yesterday, Justice Judith Prakash upheld the sale committee’s appeal against that decision. It has been … Read more
SPIO to be one-stop portal for state tenders: SLA
THE Singapore Land Authority (SLA) said yesterday that from tomorrow onwards, state tenders will be launched only on its State Property Online Information (SPIO) portal. Such tenders were previously posted on both the Government Electronic Business Portal (GeBIZ) and SPIO. SLA said the move is aimed at providing a seamless and one-stop information update on … Read more
Refinancing tops Suntec Reit agenda
Q4 distribution income surges 44.5% to $43.9m WITH credit concerns looming over the market, refinancing is now top of the agenda for Suntec Real Estate Investment Trust (Reit). ‘While we have no major financing needs in the next 12 months, we are keenly aware of the current global financing crisis and liquidity crunch,’ said Yeo … Read more
Reit sponsors and their lucrative exit strategies
MACQUARIE Group, which on Tuesday said it would sell its entire stake in Macquarie Prime Reit and the Reit’s manager to Malaysia’s YTL Corporation for $285 million, is certainly making a neat exit from its investment. However, the interests of minority shareholders, some of whom were waiting for a similar offer for their units, have … Read more
New brands at Orchard Central
ORCHARD Central, Far East Organization’s upcoming mall, has signed up more than 100 tenants so far – including several names that are new to Singapore. The 250,000 sq ft mall is now 60 per cent leased with five months to go before it opens its doors to shoppers. ‘We are very encouraged by our tenants’ … Read more
New Orchard mall 60% leased ahead of opening
Orchard Central and other upcoming malls to offer retail space even as economy slows down ORCHARD Central, the first of three new malls springing up in Orchard Road, is already 60 per cent leased five months ahead of its opening – despite the murky outlook for the economy, including retail spending. Retail sales have started … Read more
Suntec REIT’s Q4 distribution income up 44.5% on-year
Suntec REIT’s distribution per unit (DPU) for the fourth quarter rose 34.6 per cent year-on-year to 2.854 cents between July and September. Its distribution income of S$43.9 million for the same period was 44.5 per cent higher on-year. The gains were led by higher rentals from its Suntec City and Park Mall properties. Net property … Read more
Wing Tai reports Q1 earnings fall of 47%
WING Tai Holdings said Thursday that its first quarter profit fell 47 per cent to S$32.6 million, from S$61.8 million a year ago as it saw lower profit contributions from associated and joint venture companies. Earnings per share fell to 4.13 Singapore cents, from 8.58 Singapore cents a year ago. For the three months ended … Read more
CITM posts DPU of 1.490 cts
Cambridge Industrial Trust Management (CITM), the manager of Cambridge Industrial Trust (CIT), has announced a distribution of 1.490 cents per unit for the quarter July 1 2008 to Sept 30 2008. Net property income exceeded forecast by 8.0 per cent while distributable income exceeded forecast by 8.2 per cent, it said. Its annualised DPU of … Read more
