Monthly Archives: March 2010

A roof over my bloated head

I dread this time of the year. It’s nearing April, the month when the lease on my current rental apartment will expire.

Since the option of a year-long extension in my existing contract has been exhausted, the nerve-racking and tedious ritual of hunting for a decent new roof over my head has begun.

And I have slipped into anxiety mode.

The fear of not finding a suitable replacement in time has forced me into action at least two months in advance. Besides, my long list of demands in a rental home makes my search even more difficult.

For the last 21/2 years that I have been in Singapore, I have shared living space with a flatmate in two separate, as near-perfect HDB flats as any expat could wish for. I have also been fortunate enough to find a quiet, friendly and safe neighbourhood and two accommodating and understanding landladies.

Now I insist that the next apartment be as good as the last two, if not better. But the actual process of finding something suitable gives me the jitters.

The search is a long, rough one which involves daily scans of the classifieds, incessant and sometimes untimely phone calls by poacher agents offering their services, sweaty walks to prospective locations and sleepless nights worrying about an uncertain tomorrow.

It drives me to the edge, like a student who is taking the O-level exams after not having studied at all for the whole year.

The initial worry is finding a good agent, someone whose accent I can decipher and who, in turn, can decipher mine. Then comes the most difficult part of explaining to him my exact requirements.

After two years of living in apartments enviably close to an MRT station and just a 20-minute ride away from the office, I am averse to spending an additional second travelling to work.

Besides a good location, I want the flat to be on a high floor with plenty of sunshine, and have good ventilation and big bathrooms with clean toilets (seats not squats). Budget, of course, is a big consideration and so is the cleanliness and safety barometer of the neighbourhood. Proximity to foodcourts, supermarkets, golf clubs and so on are an added advantage. (What can I say, I am high-maintenance.)

The length of my list makes most agents slump with exasperation, while the tolerant few try to talk me into striking out at least one demand. I end up striking out, you guessed it, the agent.

In my defence, my work hours compel me to seek such comforts. But, some of the roadblocks are not of my making. For instance, if the flat meets my expectations, chances are the owners insist on letting it out only to families or to non-Indians.

At other times, they have a list of demands, like no cooking (a hobby of mine), no parties (they don’t know that I’d rather go to Clarke Quay) and no boyfriends (I am single leh! Don’t they read my columns?).

Last year’s recession has added to my woes, as I try to tighten my belt without trying to compromise on my needs. The process is upsetting, making an eternally optimistic and adventure-loving person like me want to run home to Mummy in Mumbai.

But, then I comfort myself with positive thoughts.

Singapore’s Housing Board has an excellent record of building affordable apartments for nearly 85 per cent of its people. So I tell myself that even though I may run out of energy, it is highly unlikely that I will run out of choices.

Besides, despite all the hurdles in finding a flat, some of them of my own creation, I am confident that for every failed viewing, I will have 100 more choices every day. For every exasperated agent, I will have 10 other tolerant types who will be ready to assist me.

Having jumped into the fray early, I still have the luxury of time to choose according to my whims.

And I am sure that the keys to the new rental flat will be handed to me before it is time to move out of the old one.

The writer is an assistant to the foreign editor in The Straits Times and has lived in Singapore for 21/2 years.

Source : Sunday Times – 21 Mar 2010

New Reit hoping to raise $400m

Cache Logistics Trust prospectus says 474.2m units will be offered at 84-88 cents each

CACHE Logistics Trust has lodged its listing prospectus with the Monetary Authority of Singapore, revealing that the new Reit hopes to raise about $400 million through its IPO.

According to the prospectus, Cache is offering 474.2 million units at 84 to 88 cents each.

A distribution yield in the range of 8.82-9.08 per cent has been forecast for 2011, depending on the issue price.

Cache is managed by ARA-CWT Trust Management (ACT) which is 60 per cent owned by ARA Asset Management Ltd and 40 per cent by CWT Ltd.

Daniel Cerf, formerly deputy chief executive of K-Reit Asia Management is ACT’s CEO. Mr Cerf, a licensed architect in the US, was previously general manager of special duties at Keppel Land.

Lim How Teck, who recently resigned as non-executive independent director of AIMS AMP Capital Industrial Reit Management, is ACT’s chairman and non-executive director.

Cache is a Singapore-based Reit and will principally invest in logistics properties in the Asia-Pacific as well as real estate-related assets.

Its initial portfolio of properties consists of six logistics warehouse properties in Singapore with an aggregate gross floor area (GFA) of 3.86 million square feet and a value of about $730 million.

The properties are CWT Commodity Hub, CWT Cold Hub, Schenker Megahub, C&P Changi Districentre, Hi-Speed Logistics Centre and C&P Changi Districentre. The properties are part of a sale and leaseback agreement entered by Cache with CWT and C&P Holdings respectively.

According to the prospectus, the initial portfolio is 94.1 per cent occupied by and contracted to 262 end-users comprising domestic and international companies.

The largest end-user accounts for 16.1 per cent of the total GFA of the initial portfolio. The top five end-users together account for 56.5 per cent of the occupied GFA.

CWT and C&P Holdings are the master lessees for these properties. Of the occupied GFA, 79.1 per cent is occupied by direct counterparties of the master lessees being third-party logistics service providers and third-party end-users.

The remaining 20.9 per cent of the occupied GFA is contracted from the master lessees by CWT related entities, which has in turn been fully contracted for use by third-party end-users.

C&P Holdings is a significant shareholder of CWT with a stake of 35.9 per cent.

The master lease agreements provide for lease durations ranging from five to 10 years and a weighted average lease expiry of 6.4 years, with locked-in annual rental escalations and a triple net lease structure for the first five years of the initial contracted lease term.

CWT and C&P has granted right of first refusal to Cache, providing the Reit with access to future acquisition opportunities. As at Dec 31, 2009, there are 11 properties totalling 2.3 million sq ft of GFA currently owned by CWT in Singapore, China and Vietnam and two income-producing properties totalling over 723,651 sq ft of GFA currently owned by C&P in Singapore of which Cache has first right of refusal.

Source : Business Times – 20 Mar 2010