Ascott Residence Trust Q1 RevPAU up 10% on quarter to S$55
Ascott Residence Trust (ART) posted a 10 per cent quarter-on-quarter increase to S$55 for its revenue per available unit (RevPAU) of its properties under management contracts and management contracts with minimum guaranteed income, excluding rental housing and student accommodation properties. In an update for the quarter, the managers noted an increase in average portfolio occupancy from mid-40 per cent in Q4 2020 to about 50 per cent in Q1 2021, which was supported by block bookings.
CDLHT posts 1% rise in Q1 NPI amid tentative recovery in hospitality industry
CDL Hospitality Trusts (CDLHT) on Thursday posted a 1 per cent rise in net property income (NPI) in Q1 2021 ended March 31, 2021 to S$19.8 million, from S$19.6 million a year ago. Gross revenue was marginally higher at S$34 million in the first quarter of 2021, increasing by 2.8 per cent year on year (yoy) from the same period last year.
Dasin Retail Trust enters into sale and purchase agreement with two subsidiaries of ARA Asset Management
Dasin Retail Trust’s trustee-manager on Thursday announced that its chairman Zhang Zhencheng, as well as Aqua Wealth Holdings, has entered into a sale and purchase agreement with two subsidiaries of ARA Asset Management, to sell a 50 per cent stake in the trustee-manager, as well as some 5 per cent of the total units issued in the trust.
FEHT Q1 net property income falls 8.4% on lower gross revenue
In a business update on Friday, Far East Hospitality Trusts (FEHT) said it posted a 6.9 per cent decline in gross revenue to S$21.3 million for Q1 2021. This was down from S$22.9 million in Q1 2020. Net property income also fell 8.4 per cent to S$18.2 million in the first quarter of 2021, from S$19.9 million in the same period last year.
Frasers Hospitality Trust’s H1 2021 distribution down 45.5 per cent
Frasers Hospitality Trust’s (FHT) distribution per stapled security (DPS) fell by 45.5 per cent to 0.179 Singapore cent, for H1 FY2021 ended March 31, from 0.3287 cent a year ago. Gross revenue was down 36.2 per cent to S$39.9 million, from S$62.6 in H1 2020. Performance remained “adversely affected” by the Covid-19 pandemic, which brought about a steep drop in global tourism, the trust said in a regulatory filing on Friday.
Mapletree Industrial Trust’s Q4 DPU up 15.8% year on year
Mapletree Industrial Trust (MIT), for its fourth quarter ended March 31, posted a distribution per unit (DPU) of 3.30 Singapore cents, indicating a 15.8 per cent year-on-year (y-o-y) increase from 2.85 Singapore cents in the corresponding period last year. Revenue in Q4 FY20/21 rose 18.9 per cent y-o-y from S$101.8 million in Q4 FY19/20 to S$121.06 million. Net property income (NPI) increased 17.3 per cent y-o-y to S$91.81 million, from S$78.26 million the previous year.
Will CICT exit One George Street?
In a message to unitholders in its annual report, the manager of CapitaLand Integrated Commercial Trust (CICT) had indicated in February that the newly merged trust will be looking to optimise its portfolio. Tony Tan Tee Hieong, chief executive of CICT’s manager, had said: “We have started our portfolio reconstitution strategy, to review and evaluate our existing properties for other enhancement opportunities or potential divestments to recycle capital.”
Views, Reviews, Forum & Others
What does it mean to be a smart and sustainable city?
Climate change and urbanisation are two of the most important challenges facing the world today – and they are inextricably linked. In South-east Asia, one of the most rapidly developing regions in the world, millions are moving out of rural settings into more urbanised areas every year. Sadly, this urbanisation is usually accompanied by an increase in greenhouse gas emissions. However, this need not be the case.
A stronger recovery, but with caveats
The Monetary Authority of Singapore’s latest macroeconomic review released on Wednesday points to stronger economic recovery going forward, but this is subject to several caveats and uncertainties. The good news is that the gross domestic product growth this year is likely to exceed the upper end of the official 4 per cent to 6 per cent forecast and overall output is already back to pre-pandemic levels.
Take comfort in history: Vaccine hesitancy is as old as vaccines
About 15 months into the coronavirus pandemic, vaccines are, for most of us, the key to getting out of lockdown and returning to lives that we recognise. And with more than a billion doses administered worldwide, there are reasons for hope – even if that hope is not spread evenly. But for vaccines to work, we need enough people who are willing to take them.
Few takers for business event venues despite raised capacity cap
With the loosening of business event capacity restrictions in March, corporates are starting to explore physical meetings once again, but an increase in enquiries at venues has translated to actual bookings for only a few. The Singapore Tourism Board (STB) announced last month that from April 24, business-to-business events could host up to 250 people without pre-event testing, and 750 people with pre-event testing.
Hybrid work drives a new employer-employee reality
When the pandemic hit, organisations were forced to digitalise and pivot to remote working overnight. Employers had to find new ways to engage with team members, and people found themselves in a balancing act between their professional and personal lives. Technology was a natural solution for many businesses, but questions remained around effective workforce enablement and engagement.
SPACs: When retail investors ride with private equity
With a SPAC, the retail investor now has the opportunity to tap into a universe previously inhabited only by private equity. So naturally, the investing public is excited and wants in on what they see is a hot ticket to outsized returns. And why shouldn’t the average investor have access to opportunities that have vastly benefited a privileged few? But as the window opens, so too the risks get much larger.
Update on COVID-19 (Coronavirus Disease 2019) Situation
35 new Covid cases on Thurs, including 16 community cases
There were 35 new coronavirus cases confirmed as at Thursday noon, taking Singapore’s total to 61,121. They included 16 community cases. There were no new cases from migrant workers’ dormitories, said the Ministry of Health (MOH). Among the latest community cases, eight are linked to the Filipino nurse who works at Tan Tock Seng Hospital (TTSH) and were detected from the Health Ministry’s proactive testing of patients and staff in the affected ward.
32 ICA officers placed under quarantine while about 100 tested for Covid-19
[Singapore] Thirty two Immigration & Checkpoints Authority (ICA) officers at Changi Airport have been placed under quarantine order while around 100 will be tested for Covid-19 as a precaution. The 32 officers were identified to have been in close contact with the 38-year-old officer who tested positive for Covid-19, said ICA on Thursday (April 29).
Vaccinated cleaner at care facility among Singapore’s new community Covid-19 cases
A fully vaccinated woman who was working as a cleaner at a community care facility in Tuas South was the sole unlinked case out of the 16 community cases announced by the Ministry of Health (MOH) on Thursday (April 29). The 39-year-old Vietnamese national dons full personal protective equipment while at work – including an N95 mask, face shield, gown and gloves.
TTSH patient with Covid-19 symptoms moved to NCID
A 72-year-old woman who developed symptoms associated with Covid-19 while staying in a general ward at Tan Tock Seng Hospital (TTSH) before testing positive has been moved to an isolation ward. Madam Ong Kim Choo’s infection was detected on Wednesday. A nurse deployed at the ward had been diagnosed with the virus on Tuesday, prompting action to lock down the ward and test patients and staff. So far, there are nine people in the hospital cluster.
TTSH cluster of concern, but no need to be overly worried, say experts
The Covid-19 cluster at Tan Tock Seng Hospital is of concern, but the focus now should be on making sure that it does not spread, said several experts. As the pandemic rages on elsewhere, the development is a reminder that hospitals are vulnerable and infection control needs to be taken extremely seriously. The cluster emerged at Tan Tock Seng Hospital (TTSH) following the positive diagnosis on Tuesday of a nurse who works in a general ward.
Are spiking community cases going to deflate Singapore-Hong Kong air travel bubble?
Is the keenly-awaited Singapore-Hong Kong air travel bubble at risk of bursting, now that the Singapore has reported a spike in covid community cases? The relaunch of the quarantine-free travel arrangement between the two Asian aviation hubs was announced only on Monday – and with cautious optimism – but since then Singapore has reported 16 community cases on Thursday, and six between Monday and Wednesday.
*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation
Global Economy & Global Real Estate
US recovery gains steam as spending fuels 6.4% GDP growth
US economy is stronger, but it’s not yet time for policy shift: Fed
Battered US office market perks up with workers trickling back
US economy accelerates in Q1 and jobless claims edge lower
Blackstone puts 100m euros of European warehouses up for sale
First case of Covid Indian variant detected in France: health agency
European office landlord offers gyms, concierges as post-pandemic perks
ECB set to adopt hybrid home-office work post-pandemic, says Lagarde
Manulife CEO embraces flexible schedules, unhurried return to office
China Vanke prepares for US$2b property management IPO
China’s April factory activity growth expected to slow
China seeks to quash reports of shrinking population
Japan business leaders suggest ways for government to speed up vaccination rate
Japan’s jobless rate falls to 2.6% in March: government
Japan’s March factory output rebounds as car production jumps
Tokyo consumer prices slide as lower cellphone fees weigh on inflation
India’s first 3D-printed home offers affordable housing solution