Daily Archives: 19 Oct 2009

A-REIT posts 15.4% y-o-y increase in distributable income to $61.6m

Posted on 19 Oct 2009 | Comments Off on A-REIT posts 15.4% y-o-y increase in distributable income to $61.6m

Ascendas Real Estate Investment Trust (A-REIT) has announced a 11.7% y-o-y increase in net property income to $81.1 million for 2Q FY09/10 due to an enlarged portfolio compared to $97.3 million for 2Q FY08/09. Distributable income increased by 15.4% to $61.6 million from a year ago.

However, DPU for the quarter fell 13.2% to 3.48 cents for the quarter from 4.01 cents a year ago.

Reflecting the severe global recession, A-REIT says occupancy rate declined marginally to 96.8% from 97.1% a quarter ago. For its multi-tenanted properties, occupancy moderated to 93.3% from 94.0%.

In 2Q FY2009/10, A-REIT successfully redeemed its P1-AAA-001 Commercial Mortgage Backed Securities at their principal amount of €144 million ($300 million) with existing unsecured credit facilities. With this redemption, A-REIT’s financial flexibility is significantly enhanced as the number of unencumbered properties in the portfolio increase to 31 properties worth approximately $2 billion. The nearest refinancing requirement is a $300 million term loan facility in March 2010 which A-REIT says it has received an offer to extend the loan. Continue reading →

Comments Off on A-REIT posts 15.4% y-o-y increase in distributable income to $61.6m

Posted in Funds

Tagged , , ,

Opportunities for more S’pore firms in Tianjin Eco-city projects

Posted on 19 Oct 2009 | Comments Off on Opportunities for more S’pore firms in Tianjin Eco-city projects

More Singapore companies, including small and medium enterprises (SMEs), may soon have opportunities to be involved in projects in the

Sino-Singapore Tianjin Eco-city in China.

Senior Minister of State for National Development, Grace Fu, was replying to a question by Dr Ong Seh Hong in Parliament on Monday.

Ms Fu said the ministry has been working with IE Singapore and the Building and Construction Authority to organise awareness seminars and business missions to the eco-city.

To date, Ms Fu said the joint venture company undertaking the development of the project, which is led by Keppel Corp, has signed several agreements with Singapore companies to be involved in projects in the eco-city. Continue reading →

Comments Off on Opportunities for more S’pore firms in Tianjin Eco-city projects

Posted in Overseas Property

Tagged ,