Monday, June 25, 2012
K-REIT Asia to raise stake in Ocean Financial Centre
SINGAPORE: K-REIT Asia will acquire a 12.39 per cent interest in Ocean Financial Centre for S$228.4 million, raising its stake to 99.9 per cent.
In a filing with the Singapore Exchange, K-REIT Asia said the acquisition wil be funded by bank borrowings and the issue of 60 million new units at S$1.17 per unit. The issue price translates to a 15 per cent premium to K-REIT's Monday closing price of S$1.02 per unit.
The proposed placement is expected to raise around S$70 million.
K-REIT, sponsored by Keppel Land Ltd., said it expects the acquisition to be immediately yield-accretive and raise its distribution to unit holders.
Ocean Financial Centre is a 43-storey premium Grade A office development located at the Raffles Place and Marina Bay precincts.
Ms Ng Hsueh Ling, CEO of K-REIT Asia Management, said: "Since our first acquisition of Ocean Financial Centre in December last year, we have raised the committed occupancy from 80 per cent to over 90 per cent as at end-March.
The enlarged interest will give us full management control of the property and higher tax transparent income, which will increase the DPU to K-REIT Asia's unit holders."
"With this acquisition, approximately 93 per cent of K-REIT Asia's Singapore assets by value will be located in the prime Singapore central business district, strengthening K-REIT Asia's position as the key premium office landlord in the Raffles Place and Marina Bay precincts."
- wong chee tat :)
Tuesday, June 19, 2012
Monday, June 18, 2012
Retail rents in S'pore edge up in Q2
Retail rents in S'pore edge up in Q2
Posted: 18 June 2012 1550 hrs
SINGAPORE: Singapore's retail rents remained resilient in Q2 2012, supported by a high employment rate and tourist arrivals.
According to property consultancy DTZ, the average rents of prime retail space in Orchard/Scotts Road rose marginally by 0.1 per cent quarter-on-quarter to S$30.33 per sq ft per month. Meanwhile, average rents in suburban areas increased 0.2 per cent to S$28.35 per sq ft per month.
However, DTZ said average retail rents in Singapore are expected to remain flat for the rest of the year. This is due to uncertainties in the eurozone which could curtail consumer spending as well as the tight labour market which could hamper retailers' expansion plans.
Meanwhile, Singapore is also seeing supply-side pressure from the development pipeline such as The Atrium@Orchard, orchardgateway, Westgate, Jem, Star Vista, which will be completed in 2012 and 2013.
Ms Chua Chor Hoon, Head of DTZ Asia Pacific Research, said, "While landlords are becoming more selective in offering space to control their tenant mix, retailers are at the same time getting more careful in committing to rental space as they desire prime frontage and good shopper traffic.
"This has resulted in temporary vacancies in some shopping centres, especially those in non-prime locations, as landlords were not able to find the right mix of tenants."
-CNA/ac
- wong chee tat :)
Posted: 18 June 2012 1550 hrs
SINGAPORE: Singapore's retail rents remained resilient in Q2 2012, supported by a high employment rate and tourist arrivals.
According to property consultancy DTZ, the average rents of prime retail space in Orchard/Scotts Road rose marginally by 0.1 per cent quarter-on-quarter to S$30.33 per sq ft per month. Meanwhile, average rents in suburban areas increased 0.2 per cent to S$28.35 per sq ft per month.
However, DTZ said average retail rents in Singapore are expected to remain flat for the rest of the year. This is due to uncertainties in the eurozone which could curtail consumer spending as well as the tight labour market which could hamper retailers' expansion plans.
Meanwhile, Singapore is also seeing supply-side pressure from the development pipeline such as The Atrium@Orchard, orchardgateway, Westgate, Jem, Star Vista, which will be completed in 2012 and 2013.
Ms Chua Chor Hoon, Head of DTZ Asia Pacific Research, said, "While landlords are becoming more selective in offering space to control their tenant mix, retailers are at the same time getting more careful in committing to rental space as they desire prime frontage and good shopper traffic.
"This has resulted in temporary vacancies in some shopping centres, especially those in non-prime locations, as landlords were not able to find the right mix of tenants."
-CNA/ac
- wong chee tat :)
Saturday, June 16, 2012
Thursday, June 14, 2012
Wednesday, June 13, 2012
Tuesday, June 12, 2012
Monday, June 11, 2012
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