July | 2009 | Lush Dream Home

The showflat was only due to open today.

But on Monday, some, mostly property agents, were already lining up for units at the Optima condominium at Tanah Merah. They went home after developer TID made it clear the queue would not be recognised.

However, this did not stop hundreds from turning up early yesterday – leading to a massive queue and the occasional ugly spat over queue-jumping. The result? TID decided, at about 8pm, to open the showflat doors and, unusually, kick off open balloting.

The process began after 11pm last night and carried on well into the wee hours of the morning. Successful applicants paid the 5-per-cent deposit on the spot. Continue reading →

Suntec Reit DPU up 6.6% as office revenue rises

Posted on 31 Jul 2009 | Comments Off

SUNTEC Reit’s distribution income for the second quarter rose 13.5 per cent to $47.7 million from $42 million a year back. Distribution per unit was 2.977 cents, 6.6 per cent up year-on-year.

Gross revenue for the three months ended June 30 rose 8.9 per cent to $64.5 million, from $59.2 million for the same period last year.

This was mainly due to higher office revenues achieved during the quarter, said ARA Trust Management, Suntec Reit’s manager. Gross office revenue rose 20 per cent year-on-year in Q2, driven by higher rents achieved for the Suntec City and Park Mall properties, as well as additional revenue from Suntec City office strata space acquired last year.

The overall committed occupancy rate for Suntec Reit’s office portfolio was 94.8 per cent as at June 30. Continue reading →