Tag Archives: Somerset Grand Cairnhill

Ascott Reit’s unitholders’ distribution up 14% to $27.6m

Posted on 29 Apr 2013 | Comments Off on Ascott Reit’s unitholders’ distribution up 14% to $27.6m

Ascott Residence Trust (Ascott Reit) posted a 14 percent increase in unitholders’ distribution in Q1 2013 to S$27.6 million compared to the same period last year, while distribution per unit climbed five percent to 2.25 cents.

“Ascott Reit has continued to deliver good returns to Unitholders despite the slower global economy due to the ongoing macroeconomic uncertainties,” said Lim Jit Poh, Chairman of the Reit’s manager.

The hike was the result of a realised exchange gain of S$8.1 million from the repayment of foreign currency bank loans using the placement proceeds.

Meanwhile, revenue dropped three percent to S$69.2 million due to the divestment of Somerset Grand Cairnhill Singapore and Somerset Gordon Heights Melbourne in 2012, and lower contribution from the Reit’s existing properties – mainly in Singapore and Japan.

Additionally, gross profit declined nine percent to S$33.8 million due mainly to lower revenue, higher staff costs and depreciation expense.

Source : PropertyGuru – 29 Apr 2013

 

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CapitaLand to buy Orchard area property for S$359m

Posted on 10 Jul 2012 | Comments Off on CapitaLand to buy Orchard area property for S$359m

CapitaLand said it will buy an Orchard area property from its associate, Ascott REIT, for S$359 million.

It will redevelop the property, Somerset Grand Cairnhill, into an integrated development comprising serviced residences (with hotel licence) and high-end residential properties.

CapitaLand is expected to sell the redeveloped serviced residences (with hotel licence) back to Ascott REIT for S$405 million in 2017.

Sales of the 200 to 250 high-end residential units, which should comprise 60 per cent of the development, are slated for launch next year.

Ascott, the serviced residences arm of CapitaLand, said it will be using part of gains from two divestments for investment opportunities in Europe.

These include divesting serviced residences The Ascott Raffles Place and the entire interest in Ascott Guangzhou to Ascott REIT for S$220 million and S$63.6 million, respectively.

Chong Kee Hiong, CEO of The Ascott Ltd, said: “I think selling to the REIT is in line with the price that the tender results have shown. Of course, we own 49 per cent of Ascott REIT — all things being the same, our preference obviously is to sell to Ascott REIT than to sell to third party.”

CapitaLand said the new Cairnhill serviced residences component is neither profitable nor loss-making, and analysts predict the upside will mainly come from the selling price of future residential units.

Source : CNA – 2012 Jul 10

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Posted in Office / Retail / Industrial, Property Market / Real Estate

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