RECALLING: November 5 2007
By EdgeProp
/ EdgeProp |
Acer Building for sale at $75 milllion to $80 million
DTZ is selling Acer Building through expressions of interest. Acer, comprising two blocks of eightstorey buildings, a five-storey podium and basement car park, is at 29 International Business Park, near the Jurong East MRT station. The 126,250 sq ft site has a plot ratio of 2.5. Gross floor area is at around 314,130 sq ft and net lettable area is 222,510 sq ft. Current rents range from $3 to $4 psf per month. The deal involves a partial leaseback by Acer Computer (Singapore). The deadline for expressions of interest is 3pm on Nov 21.
Source: DTZ
Government to sell The Atrium@Orchard
The Singapore Land Authority (SLA) has appointed CB Richard Ellis (CBRE) as the sole marketing consultant on the planned sale of The Atrium@Orchard. This is the first time the government is selling a prime Grade A commercial building. Completed in 2002, Atrium@Orchard is located above the Dhoby Ghaut MRT station and next to Plaza Singapura. The property sits on a land area of 9,575 sq m and has two towers of seven-storeys and 10-storeys, respectively, with a total net lettable area of 35,000 sq m. There is also a basement of 100 carpark lots. The property is 100% leased and will be sold with existing tenancies. Tenants include major financial institutions and F&B outlets.
Far East tops bid for Enggor Street site
The URA tender of the residential site at Enggor Street last Thursday drew only two bids. The land parcel has a site area of 32,681 sq ft and a maximum permissible gross floor area (GFA) of 274,522 sq ft. The allowed development for the subject site is for residential purposes, with the first floor for commercial use.
The two bids of $851psf per plot ratio (ppr) and $550 psf ppr were from Far East Organization and First Capital Holdings, respectively. “We expect that Far East Organization will win the tender,” says Nicholas Mak, director of consultancy and research at Knight Frank. According to Mak, the tender price of $233.8 million by Far East Organization works out to a break-even cost of about $1,350 to $1,450 psf.
URA sells 12 Sembawang housing sites
The URA has sold by public auction all 12 parcels of land for landed housing development at Sembawang Road and Andrews Avenue (Sembawang Greenvale Phase 1). The highest price paid was $14.3 million by Mecbonn Engineering for a 43,681 sq ft terraced development site. Fragrance Homes paid $9.2 million for a 31,237 sq ft terraced site.
MMP REIT gross revenue grows 8.7%
Macquarie MEAG Prime Real Estate Investment Trust (MMP REIT) ended the third quarter — Jan 1 to Sept 30 — with gross revenue of $73 million, 8.7% more than the corresponding period last year. Net property income grew 5% to $54.6 million. Income available for distribution is $42.8 million — 1.54 cents for the quarter (from July 1), almost 7% more than the same time last year. In September, MMP REIT completed its acquisition of a seventh property in Tokyo, Ebisu Fort, for ¥5,700 million ($72.25 million).
Source: MMP
CDL Hospitality Trust 3Q revenue up 70%
CDL Hospitality Trusts (CDLHT) has reported gross revenue of $24 million for the quarter ended Sept 30, up 70% from the corresponding period last year. The big increase was due to improvements in the operating performance of CDLHT’s hotels in Singapore and the first full quarter’s contribution from the Novotel Clarke Quay, acquired in June. Income available for distribution was $18.8 million, representing 2.36 cents per stapled security — exceeding its IPO projections by 68%. CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust and CDL Hospitality Business Trust.
CapitaMall raises $352 million in private placement
CapitaMall Trust’s (CMT) private placement of 97 million new units has been fully subscribed, raising $352 million. The issue, priced at $3.63 per unit, is expected to reduce CMT’s gearing from 40.7% to 34.9%. More than 30 institutional investors participated, including from Europe, the US, Asia and Australia. CMT is the largest Real Estate Investment Trust (REIT) by market capitalisation and asset size ($5.9 billion and $5.8 billion, respectively) in the country. The group has interests in 13 retail malls around Singapore and a 20% stake in CapitaRetail China Trust.
Robinson turnover up 21%
Strong sales at Marks & Spencer in Singapore and Malaysia saw Robinson increase its 1Q2008 net profit after tax by 51% for the FY ending June 30, 2008, to $6.5 million, from $4.3 million in the same period in the last financial year. Turnover increased almost 21% to $90.6 million. Additional trading space from the group’s new VivoCity stores and an extended Robinson store at Centrepoint Shopping Centre also contributed to increased sales. Profit from operations fell to $1.7 million from $3.2 million in the corresponding period last year due to set-up costs in new stores and higher rental costs in Singapore. The drop was offset by a $3.5 million increase in investment income and gains.
Allco REIT’s 3Q profit ahead of forecast
Allco Commercial Real Estate Investment Trust (Allco REIT) has ended the third quarter with net income of $9.3 million — 10% more than forecasted. Net property income at $15.4 million was 16% more than expected. Funds available for distribution to unitholders are $11 million — 1.59 cents for the quarter. Allco has eight properties — in Singapore, Japan and Australia — in its portfolio.
Orchard Road’s $40 million transformation
Singapore’s most prominent shopping district, Orchard Road, will be undergoing a major $40 million rejuvenation to turn its 2km long pedestrian mall from Tangling Mall to La Meridian Hotel into “a tropical boulevard”. The construction will start after Chinese New Year next February. Works will include landscaping, repaving of footpaths and additional Urban Green Rooms that can be used for art exhibitions or as resting places.
OFFSHORE
Ascendas iHub opens in Nanjing
Singapore’s business space provider, Ascendas, officially opened its first IT park in Jiangsu province, China, last week called Ascendas iHub Nanjing. Some of the key tenants taking up space there include the Shenzhen Development Bank and Prologis Investment. The IT park is located in the Jiangning Economic & Technological Development Zones. The iHub has five hightech buildings with a total space of 52,000 sq m.
Source: Ascendas
Cathay enters joint venture in Dubai
Cathy Organisation — a Singapore pioneer in the movie industry since 1935 — and Emaar Malls Group LLC have formed a joint-venture company to be based in Dubai. Called Reel Entertainment LLC, the company will manage the development of all cineplexes in the 150 malls Emaar plans to open in the Middle East, North Africa and the Indian subcontinent. Reel Entertainment is 75%-owned by Emaar and 25% by Cathay.
CBRE posts 54% jump in revenue
CB Richard Ellis Group’s third-quarter revenue increased 54% to US$1.5 billion. Diluted earnings per share rose 23% to 48 US cents (73 cents) compared with 3Q2006. Strong growth was achieved despite the US$32.9 million increase in interest expense associated with the purchase of the Trammell Crow Company. Asia-Pacific was the fastest-growing region for the group. Third-quarter revenue here totalled US$134.5 million, a 54% increase on 3Q2006, mainly due to improved performance in Australia, China, Japan and Singapore.
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