Daily Archives: 14 Oct 2009

Super rich count the cost

Posted on 14 Oct 2009 | Comments Off on Super rich count the cost

Asia-Pacific’s high net worth individuals harder hit than global average. GENEVIEVE CUA reports

THE wealth of high net worth individuals (HNWIs) in the Asia-Pacific took a harder knock than the global average, falling below 2006 levels at end-2008. And while the sharp rebound in markets this year would have restored some of this wealth, it is estimated that aggregate wealth is still about 25 per cent below the peak in 2007.

But the ultra HNWI segment suffered an even bigger dent in wealth and numbers. This segment is defined by Merrill Lynch and Capgemini as people with investible assets of at least US$30 million excluding their home.

Based on data crunched by Merrill Lynch and Capgemini, the region’s HNWI population fell 14.2 per cent to 2.4 million individuals, compared with a global drop of 14.9 per cent. This segment has investible wealth of at least US$1 million. But in terms of the value of assets, HNWI wealth in the Asia-Pacific sank 22.3 per cent to US$7.4 trillion, below the 2006 level of US$8.4 trillion. Aggregate HNWI wealth hit US$9.5 trillion in 2007. Continue reading →

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K-Reit posts 18% rise in Q3 distributable income

Posted on 14 Oct 2009 | Comments Off on K-Reit posts 18% rise in Q3 distributable income

OFFICE trust K-Reit Asia said yesterday that its third-quarter distributable income rose 18 per cent on the back of positive rental reversions.

Distributable income for the three months ended Sept 30 rose to $18 million, from $15.2 million a year ago. Distribution per unit (DPU) accordingly rose to 2.69 cents from 2.34 cents.

The trust, which is a unit of Keppel Land, also reported a 29 per cent rise in net property income to $12.3 million, from Q3 2008’s $9.5 million.

K-Reit’s portfolio – which includes Bugis Junction Towers and a one- third stake in One Raffles Quay – attained 94.9 per cent committed occupancy as at end-September; the trust reported the same occupancy rate at end-June. Continue reading →

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