CapitaLand to give back S$41.5m in rental rebates to existing mall tenants
Property developer CapitaLand has said it will give back S$41.5 million in rental rebates to existing retail, commercial and industrial tenants. This will effectively mean a 4 per cent reduction in rentals on average. The developer is passing on the savings it received from the government’s Budget announcement last week. Finance Minister Tharman Shanmugaratnam had … Read more
Ascendas India Trust sees Q3 distributable income climb 36%
Ascendas India Trust on Thursday said that distributable income for its third quarter ended December 31, 2008 rose 36 per cent to S$15.3 million. Distribution per unit (DPU) for Q3 FY 2008/09 rose 35 per cent to 2.02 Singapore cents. Distribution is semi-annual, hence the third quarter’s distribution will be made with that of next … Read more
Parkway Life REIT to pay unitholders 1.84 cents per share for Q4
Parkway Life REIT (PREIT) will pay 1.84 cents per unit for its fiscal fourth quarter. This is nearly 18 per cent higher than its forecast. For the full year, unitholders can expect a payout of 6.83 cents per unit – about 9 per cent higher than forecast. All in for the full year, PREIT had … Read more
ParkwayLife Reit Q4 DPU up
ParkwayLife Reit on Thursday reported distribution per unit for Q4 2008 of 1.84 Singapore cents, an increase of 17.9 per cent over forecast for the period and 15.9 per cent over the Q4 2007 actual performance. Distribution payment date is expected on 27 February 2009. PREIT posted gross revenues of S$16.2 million in Q4 2008, … Read more
ParkwayLife Reit manager appoints CEO, CFO
Parkway Trust Management Limited, manager for Parkway Life Reit, on Thursday appointed Yong Yean Chau as CEO and executive director. Mr Yong had been named acting CEO on Dec 23 last year. He joined PTML as Chief Financial Officer on Feb 1, 2008. Mr Yong was previously the CFO of Singapore Tourism Board. With his … Read more
Fortune Reit’s CEO resigns
ARA Asset Management (Singapore) Limited, the manager of Fortune Real Estate Investment Trust (Fortune Reit), said on Thursday that Stephen Chu has resigned as its chief executive officer to take up other responsibilities within the ARA Asset Management group (of which the manager is a subsidiary). Following Mr Chu’s resignation, Chiu Yu Justina, the manager’s … Read more
Idle offices
Analysts expect more ‘shadow space’ ahead Even as office rentals are tumbling fast, more space is lying idle at vacancy levels approaching those seen just before the recent boom years. As at the end of last month, the island-wide vacancy rate ofoffice space stood at 8.8 per cent,up from the third quarter’s rate of8.2 per … Read more
Koh Brothers wins $145m HDB contract
The Housing and Development Board (HDB) said yesterday that it has awarded a $144.6 million contract to build the first part of Punggol Waterway to Koh Brothers. The win brings the value of contracts Koh Brothers has on hand to over $690 million. Construction of the waterway is scheduled to start next month and will … Read more
Rush for URA approvals before window closed
All’s quiet on the property front but developers secured a raft of approvals (provisional permission) for private residential projects from the Urban Redevelopment Authority in the last quarter of 2008. The key reason for this is that developers rushed to make their submissions for provisional permission (PP) before a new ruling that scraps the exemption … Read more
Tougher rules cut queue for new HDB flats
THE queue of buyers for new Housing Board flats has become shorter and it is moving faster too. Serious house-buyers are getting the flats they want sooner because a group of ‘frivolous’ buyers, who used to clog up the queue and waste everyone’s time by rejecting flats offered to them, appear to have dropped out. … Read more
