Tag Archives: Funds

CapitaMall Trust Q1 DPU at 2.29 cents

Posted on 20 Apr 2011 | Comments Off on CapitaMall Trust Q1 DPU at 2.29 cents

CapitaMall Trust Management said its distribution per unit (DPU) for the first quarter stood at 2.29 Singapore cents.

That is up three per cent from the 2.23 Singapore cents reported in the same period a year ago.

The trust said that this is largely due to contributions from Clarke Quay, which was acquired in July 2010, as well as robust rental renewals.

Net property income for the quarter ended March 31 was up by 8.2 per cent on-year to about S$105.7 million.

CEO of CapitaMall Trust Management, Simon Ho, said that going forward, the firm will continue to explore opportunities for selective acquisitions and greenfield developments.

The trust is a unit of property developer CapitaLand.

Source : CNA – 20 Apr 2011

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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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