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CapitaCommercial Trust to buy 1 George Street building for S$1.2b |
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Thursday, 27 March 2008 |
By Channel NewsAsia | Posted: 27 March 2008 1001 hrs
SINGAPORE: CapitaCommercial Trust (CCT) has been given a call option to buy the 1 George Street building for nearly S$1.2 billion.
This translates to S$2,600 per square foot of net lettable area.
CapitaLand will also provide yield protection to CCT, ensuring a minimum net property income of some S$50 million per annum.
This means a net property yield of 4.25% per annum on the purchase price for five years until 2013.
CCT said the acquisition will be funded by debt and it will not place out new units or do a rights issue.
1 George Street was completed in 2004 and is one of the newest premier commercial properties in Singapore catering to the financial services industry and multinational companies.
The property is located in the core of Singapore's central business district, within walking distance to the Raffles Place and Clarke Quay MRT stations.
It is currently 100% occupied by tenants that include The Royal Bank of Scotland, law firm WongPartnership and insurer Lloyd's of London.
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Last Updated ( Monday, 31 March 2008 )
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S'pore CCT to buy CapitaLand office bldg for S$1.2b |
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Thursday, 27 March 2008 |
the straits times 27 march , 2008
SINGAPORE - SOUTHEAST Asia's largest developer CapitaLand said on Thursday that it has granted CapitaCommercial Trust (CCT) an option to buy the 1 George Street office building for $1.165 billion.
CapitaLand, which owns a 30-per cent stake in CCT, a Singapore-listed office property trust, said in a statement that it expects to recognise a $47.1 million gain from the sale.
For more information: http://www.straitstimes.com/Latest+News/Money/STIStory_220952.html
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Temasek's Fund Says Investors Crossed `Maximum Fear' |
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Thursday, 27 March 2008 |
By Jean Chua and Simeon Bennett Bloomberg.com 27 march, 2008
March 27 (Bloomberg) -- Temasek Holdings Pte's fund management unit said investors have passed ``the point of maximum fear'' amid the global credit squeeze and it expects to meet a target of $3 billion in assets by June.
Fullerton Fund Management, which oversees $2.5 billion of third-party money and an undisclosed amount of capital for Singapore's sovereign wealth fund, saw the U.S. Federal Reserve's decision to rescue Bear Stearns Cos. from bankruptcy as a turning point, Fullerton's Chief Executive Officer Gerard Lee said.
``The Fed coming in to facilitate JPMorgan Chase & Co.'s purchase of Bear Stearns is a watershed event, and most bottoms are found during watershed events,'' Lee said in an interview in Singapore yesterday. ``From that perspective, we could have already crossed the point of maximum fear.''
The Fed stepped in with JPMorgan on March 14 to provide emergency funding to Bear Stearns in the biggest government bailout of a U.S. securities firm. Before the announcement, Bear Stearns's clients withdrew $17 billion in two days amid speculation that the firm was running short of cash.
Templeton Asset Management Ltd.'s Mark Mobius said he ``generally'' agrees with Temasek's assessment that the markets have reached a bottom.
`Damn Close'
``If we haven't achieved it, we're damn close,'' Mobius, who oversees $47 billion in emerging-market equities, said in a phone interview from Hong Kong today. ``With the kind of liquidity that's pouring into the system, with the Fed, and now the European Central Bank and others putting more money into the system, we think stock prices are not going to remain down. We think there's a good chance of growth going forward.''
For more information: http://www.bloomberg.com/apps/news?pid=20601080&sid=ac2sQ.SKxlCE&refer=asia
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HDB introduces higher CPF grant for singles who live with parents |
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Thursday, 27 March 2008 |
Channel NewsAsia - Thursday, 27 March, 2008
SINGAPORE: Starting next month, single Singaporeans aged 35 and above who buy HDB resale flats to live together with their parents may apply for a higher CPF housing grant of S$20,000 if they meet the eligibility conditions.
The Housing and Development Board said this higher—tier singles grant will also apply to eligible singles buying the Design, Build and Sell Scheme (DBSS) flats with their parents.
Under the existing Single Singapore Citizen Scheme, single Singaporeans aged 35 and above can get a CPF housing grant of S$11,000 to buy a HDB resale flat.
Minister in the Prime Minister’s Office Lim Boon Heng announced the above higher—tier singles grant in Parliament on 5 March.It is a pro—family initiative to encourage children to look after their parents.
To qualify for the higher—tier singles grant, the eligible single must commit to living together with his/her parents in the resale flat for at least five years.
Within this minimum occupation period of five years, the parents cannot buy or take over the ownership of another HDB flat separately from this same single child, or invest in a private property.
All other prevailing policies such as the income ceiling, minimum occupation period for resale, resale levy liability, will apply.
Property agents said this new scheme is unlikely to have any impact on the market given the small segment it serves.
For more information: http://sg.news.yahoo.com/cna/20080327/tap-337531-231650b.html
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A-REIT's value of industrial properties gains 14% to S$484m |
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Thursday, 27 March 2008 |
Channel NewsAsia 27 March 2008 1744 hrs
SINGAPORE: Ascendas Real Estate Investment Trust (A-REIT) said the value of its industrial properties gained 14 percent to about S$484 million as at 29 February 2008.
The numbers are likely to boost its performance for the financial year ending in March.
A-REIT said the gains were booked after independent annual valuations for 80 properties in its portfolio by consultants DTZ Debenham Tie Leung, CB Richard Ellis, Chesterton International and Jones Lang LaSalle.
The trust is citing a significantly improved industrial property market, which led to higher occupancy and good rental rates.
Valuations were raised across all sectors, with the business and science parks sector posting the largest appreciation of S$244 million.
The hi-tech industrial sector saw values appreciate by S$116.5 million.
The light industrial segment gained S$60.2 million, while its logistics & distribution centres saw values rise by S$63.2 million.
For more information: http://www.channelnewsasia.com/stories/singaporebusinessnews/view/337605/1/.html
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Yishun condo site draws record bid of $213.5m |
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Wednesday, 26 March 2008 |
By:fiona Chan The Straits Times 26 March, 2008
A YISHUN condominium site drew a higher-than-expected top bid when its tender closed yesterday, belying expectations of a property market slide.
Developer MCL Land offered $213.5 million for the 99-year leasehold plot, which works out to about $350 per sq ft per plot ratio (psf ppr) - believed to be a new benchmark for Yishun.
Property consultants said this could translate into the finished project selling at record prices for the area, even as home buyers are now holding out for lower prices in a subdued market.
Mr Nicholas Mak, director of research and consultancy at Knight Frank, estimated that the end units for the Yishun project could be priced from $830 psf up to almost $900 psf.
This would be almost double what the 99-year leasehold Orchid Park Condo down the road is fetching. Four units at the 14-year-old development have been sold there this year at an average price of $460 psf.
MCL Land's bid pipped four others and came in almost 70 per cent higher than the next bid, from Peak Green, at $127 million, or $208 psf ppr.
Frasers Centrepoint, Sim Lian and Hong Kong's Cheung Kong also tabled offers ranging from $57.7 million to $109.7 million, or $95 to $180 psf ppr - which some consultants said were 'unrealistically low' bids. They had predicted bids of between $200 and $300 psf ppr.
But Mr Li Hiaw Ho, executive director of CBRE Research, said the response was 'fairly robust' and signalled 'developers' confidence in the suburban segment despite the current lukewarm response to new projects'.
For more information: http://straitstimes.asia1.com.sg/Money/Story/STIStory_220606.html
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pacific stars to $2bn for asian property fund |
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Wednesday, 26 March 2008 |
Daryl Loo/ Reuters Posted: Wed, 26 march, 2008. 1:16 AM IST
Singapore: A Singapore-based real estate investment and fund management firm, Pacific Star Group, said on Tuesday it aims to raise $2 billion (Rs8,020 crore) for an Asian property fund.
The firm plans to get the funds from global institutional investors to invest in properties in India, China, North-East Asia and South-East Asia, Frank-Rainer Vaessen, Pacific Star’s president of fund management, said in a telephone interview from Munich.
Vaessen, a former managing director at Ergo Versicherungsgruppe AG, a part of Germany’s Munich Reinsurance Co., said investors have become more cautious due to the ongoing credit crisis, but continue to view Asian real estate as a growth sector due to the region’s expanding economies.
“The risk appetite for investors has reduced a little bit and is focused more on established markets like Singapore, Japan and South Korea, but no one is ignoring China either,” Vaessen said.
“The latest measurements of the government have created some uncertainties, so it is not so easy to convince investors to invest in China, but at the end of the day, no investors will ignore China among their country allocation,” he said.
The new fund, which will officially launch on Wednesday, is Pacific Star’s biggest to-date, and is structured as an umbrella fund investing in four new country funds, set up to acquire properties in China, India, Northeast Asia and Southeast Asia.
Vaessen said he is optimistic about raising $1 billion in funds by mid-year, and another $1 billion by year-end, as the targeted investors are largely untouched by the ongoing credit crisis, which has frozen liquidity for financial institutions.
For more information: http://www.livemint.com/2008/03/26001742/Pacific-Star-to-raise-2-bn-fo.html
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Last Updated ( Wednesday, 26 March 2008 )
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Shaky future for property sector as owners head for the exit |
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Wednesday, 26 March 2008 |
carolyn cummins the age.com.au 26, march 2008
MANAGERS are warning that the outlook for the property sector is unclear as portfolios worth $4 billion-plus are being prepared for sale to anyone who has the cash to buy.
Last year, property transactions were valued at a record $14 billion-plus, but with the global credit crisis deepening, almost a third of that is being offered back to investors, through on and off-market deals.
But vendors are having trouble finding buyers who can raise the cash to buy in these tight times.
Perpetual Investment's head of direct property, Goran Ujdur, has warned that for the highly geared trusts — most in the S&P/ASX 200 property trust index are geared at more than 50% — things will get uglier before they get better.
"Buyers are smelling blood, so they are sitting on the sidelines and waiting," Mr Ujdur said.
"Many of these vehicles will have to sell good assets just to stay afloat."
The assets being offered so far are A-grade office towers across most capital cities and large and small shopping centres excluding, for now, the Centro properties held in its two unlisted wholesale funds, and a smattering of defence land for redevelopment.
There are also the sales by MFS of its Sheraton Mirage Resort, Mirage Country Club and Golf Course, the Bale Resort and two development sites. Recently listed hotel group Hedley Leisure Group, controlled by Cairns businessman Tom Hedley, is said to be looking to offload its $1.2 billion pub empire.
Retail landlord Centro and the Allco-managed property trusts have $2.2 billion and $1 billion of Australian property up for sale respectively, although some of the assets are in trusts that need to be unwound to make sales more palatable.
Mr Ujdur said cash was king, so superannuation funds, sovereign wealth funds and cashed-up private investors who had sold major portfolios in the past two years would be in a strong position to buy good assets at reduced prices.
For more information: http://business.theage.com.au/shaky-future-for-property-sector-as-owners-head-for-the-exit/20080325-2
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S'pore A-REIT says property revalued 14 pct higher |
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Wednesday, 26 March 2008 |
by Daryl Loo Reuters wed. 26 march, 2008 7:19pm
SINGAPORE, March 27 (Reuters) - Singapore's Ascendas Real Estate Investment Trust (A-REIT) (AEMN.SI: Quote, Profile, Research) said on Thursday that it will book an unrealised revaluation gain of S$483.6 million ($350.4 million) on its 80 properties, an increase of about 14.2 percent.
The higher valuation was due to significant improvement in the industrial property market, "which led to higher occupancy and good rental rates improvement across the portfolio", A-REIT said in a statement.
For more information: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSIN17302820080326
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