Tag Archives: Capita Commercial Trust

CapitaLand to jointly develop Market Street Car Park

Posted on 19 Apr 2011 | Comments Off on CapitaLand to jointly develop Market Street Car Park

CapitaCommercial Trust (CCT) and its parent company CapitaLand plan to jointly develop Market Street Car Park into a office tower.

The project cost is estimated to be about S$1.4 billion.

In a joint statement, both companies said that based on this figure, the development is considered financially viable.

The stabilised yield from the completed development is expected to exceed 6 per cent per annum.

CCT will have a 40 per cent stake in the development.

This is in accordance with a regulation preventing real estate investment trusts from undertaking projects that exceed 10 per cent of their asset sizes.

The new tower will be 245 metres high, with an estimated gross floor area of 887,000 square feet.

It is expected to be completed by the end of 2014.

The property has a land lease of 62 years.

Separately, CCT has posted a lower distribution per unit for the first quarter compared to the same period last year.

For the three months ending March, it distribution per unit was 1.84 Singapore cents – down 4.1 per cent.

Revenue for the first quarter fell 10.6 per cent on-year to S$91 million.

The decline was mainly due to a loss in rental income from property divestments and lower revenue from its Six Battery Road property.

Source : CNA – 19 Apr 2011

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Posted in Developers, Office / Retail / Industrial

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Anticipating, accelerating, accentuating

Posted on 22 Aug 2009 | Comments Off on Anticipating, accelerating, accentuating

CapitaCommercial Trust shares its ‘triple-A strategy’ for riding through challenging times

FOR a sector that looked extremely vulnerable during the worst of the credit crisis, most real estate investment trusts (Reits) in Singapore managed to turn in steady results in the second quarter of this year.

CapitaCommercial Trust (CCT) was one that met or exceeded analysts’ expectations. Riding on higher rental income and better operating margins, its Q2 distributable income and distribution per unit (DPU) each rose around 33 per cent from a year ago.

But are the skies clear for Reits? Analysts have flagged other challenges to maintaining distributions in a subdued economy – rents are likely to keep sliding and acquisitions may still be hard to carry out.

CCT adopts a ‘triple-A strategy’ in such times, says Lynette Leong, CEO of trust manager CapitaCommercial Trust Management. ‘We anticipate, Continue reading →

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Posted in Funds

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