THE Singapore Land Authority (SLA) has launched another site for short-term office use, a move aimed at relieving the supply crunch.
The property is the former Upper Aljunied Technical School on Upper Aljunied Road. It has a land area of 19,704 sq m and a gross floor area of 7,722 sq m.
It comes with a guide rental of $74,100 a month or $9.60 per sq m, with the tenancy renewable up to 2012.
The SLA says property and leasing companies have already expressed interest.
It has put out various state properties as interim sites this year, including former childcare centres, and more are being identified in suburban areas or away from the Central Business District.
This was a response to the tight office market and soaring rents in prime areas, which are driving some tenants to seek cheaper locations further from town.
In the residential market, two more collective sale sites have been put on the market.
The bigger plot is Cavenagh Gardens on Cavenagh Road, near the Istana. Owners at the estate, a 130,000 sq ft freehold site, want $619 million, or $2,308 per sq ft of potential gross floor area.
PropNex, which is marketing the site, has applied for permission to amalgamate a piece of state land.
If this is allowed, the combined site will cost $770 million, excluding about $72.8 million for the state land. The cost will be higher in this case because whoever buys the combined site will be able to build a bigger project.
If the amalgamation is not allowed, developers will be restricted to a smaller project of up to seven storeys, said PropNex.
PropNex said the buyer could instead keep and revamp two existing blocks, which have 13 storeys each, but they would have to apply for permission to retain them. The tender closes on Nov 23.
The agent also put up the freehold Novena Hill in Novena for sale yesterday at a price of $56 million to $60 million, or up to $1,777 per sq ft of potential gross floor area. The tender closes on Nov 16.
Source : Straits Times - 20 Oct 2007
Monday, October 22, 2007
INDONESIA’S Lippo Group will be raising up to $587.4 million with the planned Singapore listing of a real estate investment trust (Reit)
INDONESIA’S Lippo Group will be raising up to $587.4 million with the planned Singapore listing of a real estate investment trust (Reit) based on its retail properties in Indonesia.
The Lippo-Mapletree Indonesia Retail Trust (LMIR) will offer 645.5 million units at 78 to 91 cents a unit, according to the trust’s preliminary prospectus which was lodged with the Monetary Authority of Singapore yesterday.
Separate from the offering, Lippo will subscribe for 287.7 million units in the trust while Singapore’s Mapletree Investments will subscribe for 127.3 million units. This means that Lippo and Mapletree will hold stakes of at least 27.1 per cent and 12 per cent in the trust once it is listed.
Of the 645.5 million units that will be part of the share offering, 625.5 million units will be placed out to institutional and other investors, while 20 million units will be offered to the public.
The trust will be the first Reit in Singapore to provide exposure to Indonesia’s growing retail sector.
Two other SGX-listed Reits have significant exposure to overseas retail markets - CapitaRetail China Trust, which owns retail properties in China, and Fortune Real Estate Investment Trust, which holds retail properties in Hong Kong.
LMIR’s initial property portfolio will comprise seven retail mall properties and seven retail spaces located within other retail malls, all of which are located in Indonesia.
Source : Business Times - 20 Oct 2007
The Lippo-Mapletree Indonesia Retail Trust (LMIR) will offer 645.5 million units at 78 to 91 cents a unit, according to the trust’s preliminary prospectus which was lodged with the Monetary Authority of Singapore yesterday.
Separate from the offering, Lippo will subscribe for 287.7 million units in the trust while Singapore’s Mapletree Investments will subscribe for 127.3 million units. This means that Lippo and Mapletree will hold stakes of at least 27.1 per cent and 12 per cent in the trust once it is listed.
Of the 645.5 million units that will be part of the share offering, 625.5 million units will be placed out to institutional and other investors, while 20 million units will be offered to the public.
The trust will be the first Reit in Singapore to provide exposure to Indonesia’s growing retail sector.
Two other SGX-listed Reits have significant exposure to overseas retail markets - CapitaRetail China Trust, which owns retail properties in China, and Fortune Real Estate Investment Trust, which holds retail properties in Hong Kong.
LMIR’s initial property portfolio will comprise seven retail mall properties and seven retail spaces located within other retail malls, all of which are located in Indonesia.
Source : Business Times - 20 Oct 2007
QUEK Leng Chan’s Singapore-listed property arm GuocoLand has posted a group net profit of $27.7 million for the first quarter ended Sept 30, 2007
QUEK Leng Chan’s Singapore-listed property arm GuocoLand has posted a group net profit of $27.7 million for the first quarter ended Sept 30, 2007, up from $8.1 million for the corresponding year-ago period, as revenue more than doubled from $88.2 million to $191 million.
The improved showing was due mainly to higher contribution from the group’s property development projects in China, especially from West End Point condo in Beijing.
GuocoLand’s bottom line also received a fillip from other income, which jumped from $9.2 million to $15.8 million, mainly due to higher net foreign exchange gains arising from the revaluation of US dollar bank loans.
However, finance costs rose by 74 per cent to $12.6 million due to an increase in bank loans and the convertible bonds.
Cash and cash equivalents increased from $1.09 billion as at June 30 to $1.53 billion as at Sept 30, largely because of net proceeds of about $555 million received from a renounceable 1-for-3 rights issue at $2.50 per share in July this year.
GuocoLand also gave an update of its various projects. In Singapore, it achieved sales of 86 per cent for Le Crescendo in Paya Lebar and 91 per cent for The View @ Meyer as at Oct 18. The group has also sold 97 per cent of the 337 units launched in The Quartz condo in Buangkok.
In Beijing, the 810-unit West End Point is 96 per cent sold.
Piling for the group’s development sites situated in Nanjing’s Qixia District (Ascot Park Phase 1) and Shanghai’s Putuo District (Changfeng Phase 1) has been completed. Construction has started for Changfeng Phase 1. Resettlement for the development site in Nanjing’s Xuanwu District (Hillview Regency) is largely completed.
The group’s 65 per cent-owned subsidiary GuocoLand (Malaysia) Berhad has eight ongoing mixed residential development projects in the Klang Valley. Earthwork and piling for an integrated commercial development project in Damansara Heights is in progress.
In Vietnam, the master plan for the group’s integrated development project next to Vietnam Singapore Industrial Park near Ho Chi Minh City has been submitted to the authorities.
‘Given the robust economies in the countries in which the group operates, namely, Singapore, China, Malaysia and Vietnam, the group believes that demand for quality residential properties and well-located commercial properties in these countries will remain sustainable,’ GuocoLand said.
In Singapore, GuocoLand is expected to launch the 210-unit Goodwood Residence in the prime Bukit Timah area in the next few months.
GuocoLand’s earnings per share rose to 3.62 cents for Q1 ended September 2007, from 1.32 cents for the year-ago period. Net asset value per share stood at $2.37 as at Sept 30, seven cents higher than in June 30.
On the stock market yesterday, GuocoLand closed unchanged at $5.55.
Source : Business Times - 20 Oct 2007
The improved showing was due mainly to higher contribution from the group’s property development projects in China, especially from West End Point condo in Beijing.
GuocoLand’s bottom line also received a fillip from other income, which jumped from $9.2 million to $15.8 million, mainly due to higher net foreign exchange gains arising from the revaluation of US dollar bank loans.
However, finance costs rose by 74 per cent to $12.6 million due to an increase in bank loans and the convertible bonds.
Cash and cash equivalents increased from $1.09 billion as at June 30 to $1.53 billion as at Sept 30, largely because of net proceeds of about $555 million received from a renounceable 1-for-3 rights issue at $2.50 per share in July this year.
GuocoLand also gave an update of its various projects. In Singapore, it achieved sales of 86 per cent for Le Crescendo in Paya Lebar and 91 per cent for The View @ Meyer as at Oct 18. The group has also sold 97 per cent of the 337 units launched in The Quartz condo in Buangkok.
In Beijing, the 810-unit West End Point is 96 per cent sold.
Piling for the group’s development sites situated in Nanjing’s Qixia District (Ascot Park Phase 1) and Shanghai’s Putuo District (Changfeng Phase 1) has been completed. Construction has started for Changfeng Phase 1. Resettlement for the development site in Nanjing’s Xuanwu District (Hillview Regency) is largely completed.
The group’s 65 per cent-owned subsidiary GuocoLand (Malaysia) Berhad has eight ongoing mixed residential development projects in the Klang Valley. Earthwork and piling for an integrated commercial development project in Damansara Heights is in progress.
In Vietnam, the master plan for the group’s integrated development project next to Vietnam Singapore Industrial Park near Ho Chi Minh City has been submitted to the authorities.
‘Given the robust economies in the countries in which the group operates, namely, Singapore, China, Malaysia and Vietnam, the group believes that demand for quality residential properties and well-located commercial properties in these countries will remain sustainable,’ GuocoLand said.
In Singapore, GuocoLand is expected to launch the 210-unit Goodwood Residence in the prime Bukit Timah area in the next few months.
GuocoLand’s earnings per share rose to 3.62 cents for Q1 ended September 2007, from 1.32 cents for the year-ago period. Net asset value per share stood at $2.37 as at Sept 30, seven cents higher than in June 30.
On the stock market yesterday, GuocoLand closed unchanged at $5.55.
Source : Business Times - 20 Oct 2007
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