Daily Archives: 13 Oct 2009

K-Reit Asia to distribute $18m in 3Q

Posted on 13 Oct 2009 | Comments Off on K-Reit Asia to distribute $18m in 3Q

K-Reit Asia, the office landlord owned by Keppel Land, says its third-quarter distribution to shareholders will be $18 million, up 18.3% compared to 3Q08. This means a distribution unit of 2.69 cents.

K-REIT Asia achieved a distributable income of $51.1 million for the period from Jan 1 to Sept 30, 2009. This was 25.4% higher than that for the same period in 2008, due mainly to higher rental rates achieved for new and renewed leases.

Gross rental income from K-REIT Asia’s initial properties, namely Keppel Towers, GE Tower, Prudential Tower and Bugis Junction Towers, grew by 19.9% year-on-year to $45.1 million for YTD Sep 2009.

Net property income for YTD Sep 2009 was $35.4 million which represents a 27.3% year-on-year increase, due to the higher gross rental income from K-REIT Asia’s initial properties. Continue reading →

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HDB’s sale of balance flats nearly nine times oversubscribed

Posted on 13 Oct 2009 | Comments Off on HDB’s sale of balance flats nearly nine times oversubscribed

The Housing & Development Board (HDB) has seen strong demand for the 2,100 flats being offered under its “Sale of Balance Flats” exercise.

The HDB received more than 19,000 applications, just a day before the exercise closes, which means that the flats are nearly nine times oversubscribed.

Demand was high for the flats – ranging from studio apartments to executive flats – in estates such as Bedok, Bukit Batok, Choa Chu Kang, Bukit Panjang and Woodlands.

Balance flats are those unsold in previous Build-to-Order exercises, surplus flats under the Selective En bloc Redevelopment Scheme, as well as repurchased flats.

These flats are either completed or nearing completion – so owners do not have to wait long before moving in.

The exercise, which is the largest to date, replaces the existing balloting exercise, quarterly sales and half-yearly sales exercises.

The HDB said that the rationale behind this move is to simplify the flat application process, and to provide buyers with a wider choice of flats across a range of locations in one exercise.

Source : Channel NewsAsia – 13 Oct 2009

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