DAILY NEWS

Daily News – 25th October 2018

Singapore Real Estate

Recent collective sales face challenges galore
Gilstead Mansion is an example of the challenges faced by collective sales sites in recent times, as owners face the double whammy of cooling measures and revised guidelines on the maximum number of allowable units outside the central area which will set in in months. The 24-unit development in the Novena area has relaunched its tender at S$65 million, or S$3 million below the guide price they initially announced in June. The site has at least 80 per cent of owners agreeing to this new price, even as several other en blocs here are still trying to get the required mandate to lower their prices.
https://www.businesstimes.com.sg/real-estate/recent-collective-sales-face-challenges-galore
https://www.businesstimes.com.sg/real-estate/gilstead-mansion-relaunches-collective-sale-tender-at-s65m
https://www.straitstimes.com/business/property/gilstead-mansion-up-for-collective-sale-again-at-lower-price

Expanded expressway link to ease congestion
The expansion of the interchange between the Tampines Expressway (TPE) and the Kallang-Paya Lebar Expressway (KPE) would help improve traffic conditions in the growing Punggol area, say experts. The Straits Times reported last week that the intersection between the two expressways, including a direct connection to Punggol Central, would open by the end of next month.
https://www.straitstimes.com/singapore/expanded-expressway-link-to-ease-congestion

Companies’ Brief

FCT posts 3.6% drop in Q4 DPU to 2.862 Singapore cents
Frasers Centrepoint Trust (FCT) posted a 3.6 per cent dip in distribution per unit (DPU) to 2.862 Singapore cents for its fiscal fourth quarter, down from 2.97 cents a year ago. For the quarter under review, net property income (NPI) fell 4.9 per cent to S$32.88 million, while gross revenue rose 0.5 per cent to S$48.51 million.
https://www.businesstimes.com.sg/companies-markets/fct-posts-36-drop-in-q4-dpu-to-2862-singapore-cents
https://www.straitstimes.com/business/companies-markets/fct-posts-36-drop-in-q4-dpu-to-2862-cents-on-higher-property-expenses

MCT’s Q2 DPU up 1.3% as gross revenue, net property income rise
Bolstered by higher contributions from VivoCity, Mapletree Business City I and Bank of America Merrill Lynch HarbourFront, Mapletree Commercial Trust’s (MCT) second-quarter distribution per unit (DPU) was 1.3 per cent higher at 2.27 Singapore cents compared to a year ago.
https://www.businesstimes.com.sg/companies-markets/mcts-q2-dpu-up-13-as-gross-revenue-net-property-income-rise

Suntec Reit’s Q3 DPU up 0.3% to 2.491 cents
Suntec Reit has posted a third-quarter distribution per unit (DPU) of 2.491 Singapore cents, up 0.3 per cent from the same period a year earlier. This was helped by higher contributions from Southgate Complex and a 0.374 Singapore cent capital distribution from the disposal of Park Mall in 2015, although lower office revenue from Suntec City offset higher retail and convention revenue.
https://www.businesstimes.com.sg/companies-markets/suntec-reits-q3-dpu-up-03-to-2491-cents
https://www.straitstimes.com/business/companies-markets/suntec-reit-dpu-up-03-for-q3

Ascendas India Trust to pay Q2 DPU of 1.98¢
Ascendas India Trust will pay out a distribution per unit (DPU) of 1.98 Singapore cents for the second quarter, up 32 per cent year-on-year, the manager said on Wednesday. This lifts DPU to 3.58 Singapore cents for the six months to Sept 30, up from 2.81 Singapore cents before.
https://www.businesstimes.com.sg/companies-markets/ascendas-india-trust-to-pay-q2-dpu-of-198%C2%A2

Tuan Sing’s Q3 profit falls 35% to S$3.77m
Tuan Sing Holdings on Wednesday posted a 35 per cent fall in net profit for the third quarter to S$3.77 million, due to the absence of an one-off gain that had lifted earnings in the corresponding quarter last year by S$2.9 million. The property developer’s revenue for the three months ended Sept 30 was S$94.6 million, down 6 per cent from a year ago.
https://www.businesstimes.com.sg/companies-markets/tuan-sings-q3-profit-falls-35-to-s377m

CapitaLand Mall Trust DPU up 5% at 2.92 S cents for Q3
CapitaLand Mall Trust (CMT) has posted a third-quarter distribution per unit (DPU) of 2.92 Singapore cents, up 5 per cent from the same period a year earlier. Gross revenue for the three months to Sept 30 was S$170.5 million, up 0.7 per cent from the same period a year earlier although contributions from Junction 8, IMM Building, Plaza Singapura, Bedok Mall and Tampines Mall were partially offset by lower gross revenue from Sembawang Shopping Centre, which was divested in June, and lower occupancy and rental rates contracted on new and renewed leases from JCube and Bukit Panjang Plaza.
https://www.businesstimes.com.sg/companies-markets/capitaland-mall-trust-dpu-up-5-at-292-s-cents-for-q3
https://www.straitstimes.com/business/companies-markets/capitaland-mall-trust-dpu-up-5-at-292-cents-for-q3

Mapletree Commercial Trust Q2 DPU up 1.3%
Mapletree Commercial Trust’s second-quarter distribution per unit (DPU) was 1.3 per cent higher at 2.27 Singapore cents, up from 2.24 cents a year ago. Gross revenue for the three months ended Sept 30 rose 2.5 per cent to S$109.92 million while net property income (NPI) was up 2.2 per cent to S$86.26 million. The results were bolstered by higher contributions from VivoCity, Mapletree Business City I and Bank of America Merrill Lynch HarbourFront. Income available for distribution increased 1.3 per cent to S$65.56 million.
https://www.businesstimes.com.sg/companies-markets/mapletree-commercial-trust-q2-dpu-up-13

AA Reit DPU dips 2% for Q2 at 2.50 S cents
AIMS AMP Capital Industrial Reit (AA Reit) has posted a second-quarter distribution per unit (DPU) of 2.50 Singapore cents, down 2 per cent from 2.55 Singapore cents for the same period a year earlier. Gross revenue for the fiscal second-quarter ended Sept 30 was S$29.4 million, down 0.3 per cent. Net property income was 0.5 per cent lower at S$19.3 million.
https://www.businesstimes.com.sg/companies-markets/aa-reit-dpu-dips-2-for-q2-at-250-s-cents
https://www.straitstimes.com/business/companies-markets/aa-reit-dpu-dips-2-to-250-cents-for-q2

OUE Lippo Healthcare board warns of expected Q3 net loss
OUE Lippo Healthcare is expected to report a net loss for the third quarter, based on a preliminary assessment of its unaudited financial results, the board warned in a profit guidance on Wednesday. The projected loss for the three months to Sept 30 is mainly due to operating costs, as well as the deconsolidation of Wuxi New District Phoenix Hospital, said the board.
https://www.businesstimes.com.sg/companies-markets/oue-lippo-healthcare-board-warns-of-expected-q3-net-loss

Stephen Riady’s son to lead OUE hospitality division
The son of Indonesian tycoon Stephen Riady became chief executive of OUE’s hospitality division on Wednesday, according to a bourse filing from the company. Brian Riady, a 28-year-old Singapore resident, will be responsible for “managing all aspects of the business of the hospitality division” at OUE, where his father is executive chairman and a substantial shareholder.
https://www.businesstimes.com.sg/companies-markets/stephen-riadys-son-to-lead-oue-hospitality-division

Parkway Life Reit Q3 DPU falls 4.1% to 3.23 S cents
Healthcare-focused real estate investment trust (Reit) Parkway Life Reit (PLife Reit) announced a distribution per unit of 3.23 Singapore cents for its third fiscal quarter, down 4.1 per cent from the year-ago period. The Reit, one of Asia’s largest listed healthcare Reits by asset size, attributed the dip to the absence of a one-off divestment gain a year ago, which was the divestment of four Japan properties in December 2016. The divestment gains (after tax) of S$5.39 million was fully distributed to unitholders over four quarters in FY2017, the Reit said.
https://www.businesstimes.com.sg/companies-markets/parkway-life-reit-q3-dpu-falls-41-to-323-s-cents
https://www.straitstimes.com/business/companies-markets/parkway-life-reit-q3-dpu-drops-41-to-323-cents

Yanlord Land paying 450m yuan for 30% stake in Suzhou residential project
Mainboard-listed developer Yanlord Land Group has invested in a private home project in China through a wholly-owned subsidiary, it said on Wednesday. Its Nanjing Renyuan Investment unit paid 450 million yuan (S$89.4 million) for a 30 per cent stake in the project company behind a residential project in the eastern city of Suzhou. The site has a gross floor area of 141,864 square metres (1.53 million square feet), with a maximum plot ratio of 2.5.
https://www.businesstimes.com.sg/companies-markets/yanlord-land-paying-450m-yuan-for-30-stake-in-suzhou-residential-project