Daily Archives: 20 Oct 2009

Accreditation raises questions

Posted on 20 Oct 2009 | Comments Off on Accreditation raises questions

Some in the property industry question how the rules can be enforced and ask who will do the policing

THE government last week unveiled a proposed framework to regulate property agents here – a move thought to be urgent as complaints about errant agents have risen over the years.

The changes mooted are varied. Among other things, the Ministry of National Development (MND) proposes that real estate agents no longer be allowed to be freelancers – that is, agents not contracted with an accredited agency.

It also wants to prevent agents from representing more than one agency.

And a recognised accreditation body for agents will be set up next year, which will create and maintain a public central registry that lists all accredited agents so that people can check that the agent they engage is qualified.

To oversee all this, a new government agency will be created. The aim is to monitor the activities of property agents more closely and enforce rules more keenly. Continue reading →

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A-Reit property income up 11.7% for Q2

Posted on 20 Oct 2009 | Comments Off on A-Reit property income up 11.7% for Q2

DPU falls as equity base grows after fund-raising, occupancy slips

ASCENDAS Real Estate Investment Trust (A-Reit) yesterday reported a net property income of $81.1 million for the second quarter ended Sept 30 – up 11.7 per cent from a year ago.

Diversified: A-Reit’s portfolio holds 90 properties, including the Infineon Technologies builidng

Distributable income also increased as a result, rising 15.4 per cent from the same period last year to $61.6 million.

But distributable income per unit (DPU) dropped as the unit base grew from equity fund-raising. A-Reit’s DPU for Q2 came to 3.48 cents, down 13.2 per cent from 4.01 cents a year ago.

On a proforma basis, adjusting for the increased number of units, DPU for Q2 last year would have been 3.02 cents. This would mean a gain instead of 15.2 per cent.

For the half year ended Sept 30, A-Reit’s net property income rose 13.7 per cent from a year ago to $161.8 million. Distributable income grew 16.6 per cent to $122.6 million.

The half-year DPU stood at 7.1 cents – 10 per cent less than the 7.9 cents a year ago. Again adjusting for new units issued, the proforma DPU last year would have been 6.09 cents, leading to a 16.6 per cent gain. Continue reading →

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