Daily Archives: 14 Aug 2009

Singapore Reit Starhill completes $234 million rights offering

Posted on 14 Aug 2009 | Comments Off

Starhill Global Reit receives applications for 129.3% of the rights units available in the offering.

Investors snapped up a rights offering from Starhill Global Real Estate Investment Trust yesterday, helping the company to raise S$337.3 million ($234 million).

The Singapore-listed company received valid acceptances and excess applications for a total of 1.24 billion rights units, representing 129.3% of the 963 million rights units available in the offering, which Starhill launched in late June. The units were offered on a one-for-one basis and sold at a subscription price of S$0.35 each.

Since the rights issue was launched, units in the Reit have not moved notably: on the first day of the deal, June 22, they were trading at S$0.50. Continue reading →

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Posted in Funds

Tagged Funds, Singapore REITS, Starhill

Property scene not too frothy: CDL

Posted on 14 Aug 2009 | Comments Off

PROPERTY tycoon Kwek Leng Beng believes the Government may try to cool the property market – if it gets too frothy – by resuming its regular land sales programme as a way to boost supply.

However, the City Developments (CDL) chairman also said yesterday that the current buying momentum can be sustained and should not be seen as over-exuberant.

He was speaking at a press conference during which CDL unveiled its second-quarter results – another weak set of figures.

Mr Kwek said the recent resurgence in property sales should be put into context.

‘It should not be viewed as over-exuberant or extraordinary, bearing in mind that developers had put on hold many of their launches in 2008,’ he Continue reading →