Daily Archives: 21 Oct 2009

CapitaCommercial Trust’s Q3 DPU up 20% to 1.85 Singapore cents

Posted on 21 Oct 2009 | Comments Off on CapitaCommercial Trust’s Q3 DPU up 20% to 1.85 Singapore cents

CapitaCommercial Trust (CCT) has said its distribution per unit (DPU) for the third quarter ended in September is 1.85 cents.

This is a 20.1 per cent on-year rise, with last year’s DPU restated to 1.54 cents after adjusting for a rights issue.

Distributable income for the third quarter came in at S$52.1 million, up about 21 per cent on-year.

CCT’s CEO, Lynette Leong, said the performance over the period was boosted by proactive lease and cost management strategies.

For the quarter, CCT successfully signed leases with companies such as serviced office operator Servcorp and financial services firm Exane SNC.

Going forward, Ms Leong said she expects positive demand for office space to return and rental rates to stabilise if Singapore’s economic recovery continues. Continue reading →

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Posted in Funds

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Guangzhou Investment to streamline operations to focus on property biz

Posted on 21 Oct 2009 | Comments Off on Guangzhou Investment to streamline operations to focus on property biz

Singapore-listed Guangzhou Investment (GZI) said it is proposing to streamline its operations in order to focus on the property business.

The streamlining will involve the separation of its non-property related business and a change of its company name to Yuexiu Property Company.

Following the completion of the reorganisation, Yuexiu will focus solely on the property business.

The other assets currently held by GZI will then focus on the transport business under a unit called GZT.

GZI said the re-organisation will enable it to more effectively capitalize on the robust growth of the domestic property sector in China.

As part of the reorganisation, GZI’s board declared a special dividend of some US$642 million or about S$115 million by way of a distribution in specie of GZT Shares. Continue reading →

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Posted in Overseas Property

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