Pacific Star increases stake in Prime REIT to 50%

Pacific Star increases stake in Prime REIT to 50%


SINGAPORE : Singapore-based real estate investment house Pacific Star Group has agreed to buy the 25 percent stake held by MEAG Munich Ergo Asset Management in Prime REIT Management Holdings.


Prime REIT owns 100 percent of listed Macquarie Pacific Star Prime REIT Management. It is also the sole owner of Macquarie Pacific Star Property Management, which is the property manager of MMP REIT.


The purchase will increase Pacific Star’s interest in Prime REIT to 50 percent. Pacific Star’s existing stake in Prime REIT is held through its associated company Investmore Enterprises.


Pacific Star said the purchase reaffirms its commitment to the growth of the REIT industry in Singapore. – CNA /ls


Source: Channel NewAsia

Investors flee emerging property markets: survey

Investors flee emerging property markets: survey


LONDON – Cash-thirsty investors are being forced to abandon plans for investment in emerging property sectors because of persistent problems in global money markets, the Royal Institution of Chartered Surveyors said on Thursday.


In its quarterly Global Commercial Property Survey, RICS said investor appetite for risk had plunged since the onset of the credit crunch, squeezing transaction volumes in emerging Europe, Asia and Latin America.


‘A beacon of credit crunch resilience in the second half of 2007, it seems investors are now less sure of the potential higher returns on offer in emerging markets,’ the report said.


Respondents were also less than confident about resilience of commercial property values in developed Asia, North America and Australasia in the second quarter of 2008, with prices forecast to fall at almost double the pace of western Europe.


‘With prime yields across some emerging European cities now on par with those in developed markets, it is little surprise that investors have turned cautious on a relative valuation basis when risk is factored into the equation,’ said RICS Senior Economist Oliver Gilmartin.


‘Tenant demand is still rising across emerging markets although at a more muted pace as multinationals feel the pinch from tougher economic times,’ Mr Gilmartin said.


RICS said African and Middle Eastern markets were likely to buck this trend as fast-growing petrodollar businesses based in cities such as Dubai and Doha spurred demand for commercial property space. — REUTERS


Source: Business Times

One Raffles Quay wins prestigious FIABCI award

One Raffles Quay wins prestigious FIABCI award


SINGAPORE: The International Real Estate Federation or FIABCI has named Singapore’s One Raffles Quay as the winner of the excellence award in the office category.

FIABCI held its 17th annual Prix d’Excellence Awards ceremony in Amsterdam on Thursday.

The award recognises One Raffles Quay for excelling in all aspects of development, including construction, brokerage, facilities management and marketing strategy.

Developers for One Raffles Quay are Cheung Kong Holdings, Hongkong Land, and Keppel Land.

Officially opened in March 2007, the building houses renowned tenants such as ABN AMRO, Barclays Capital, Credit Suisse and Deutsche Bank.


Source: Channel NewsAsia

Eastern Holdings says FY net profit up 89%

Eastern Holdings says FY net profit up 89% 


Boutique property developer, Eastern Holdings says its full year net profit surged 89 percent to 15.5 million dollars.


Revenue over the same period jumped 19 percent to 57 million dollars.


The company attributed the increase to the group’s decision to diversify into the second core business in property development.


Barring unforseen circumstances, the group expects to do well in the next 12 months with profits from the sale of properties at MacTaggart Road and Amoy Street.


Source: 938Live

Resorts World at Sentosa launches marine fund

Resorts World at Sentosa launches marine fund


SINGAPORE – Resorts World at Sentosa (RWS) on Thursday launched a fund to sponsor research, education and conservation efforts related to marine life, to further the marine conservation cause.


The RWS Marine Life Fund will dispatch up to $100,000 (US$73,347) each year in 2008 and 2009; and up to $1 million each year from 2010 when the resort opens.


The company also said 25 per cent of this fund would be set aside for kids working on school projects related to marine conservation.


It added that shark fin will not be offered on the menus of banquets and restaurants throughout the resort. — BT newsroom


Source: Business Times

Stamford Land FY08 net profit up 28.7%

Stamford Land FY08 net profit up 28.7%


SINGAPORE – Stamford Land Corporation on Thursday unveiled a 28.7 per cent rise in its net profit for the year ended March 31, 2008.


Revenue, however, fell 7.3 per cent to $276.11 million (US$202.52 million) as it has a low inventory of completed residential properties for sale compared with last year.


The hotel segment saw higher revenue due to improved occupancy and room rates. The company also benefited from currency gains.


Its property development & investment segment recorded decrease in revenue in line with fewer units of Stamford Marque remaining for sale (22 units) in the current reporting year.


The company is proposing a final dividend of 1.5 cents a share and a special dividend of 1 cent a share. These are in addition to the interim dividend of 1.5 cents a share paid on March 12, 2008.


A year ago, it paid a first and final dividend of two cents a share and a special dividend of one cent a share. — BT newsroom


Source: Business Times

New Project Launch by Developer: Shelford Suites

New Project Launch by Developer


Address: 16, 16A & 16B Shelford Road


Tenure: Freehold


Type of Development: 3 blocks of 5-storey residential units with a basement car park, swimming pool and communal facilities


Total Unit: 77 units


Unit Mix: 2/3/3PH/4PH


Payment Scheme: Deferred and Progressive


Special Features: Private Lift Lobby for all residences


Selling Point:

          Panoramic vista of nature’s greenery and the city skyline

          Walking distance to Botanic Gardens and the future Botanic Gardens MRT Station

          Located within 1km of Nanyang Primary School and Raffles Girls’ Primary School

          Conferred the BCA Green Mark Gold award for integrating green innovations in the condominium




Please contact me if you need further details on the above-mentioned projects or any other projects’ details. I would be more than happy to be of assistance.

Easing of yuan bonds not much help: Fitch

Easing of yuan bonds not much help: Fitch


(BEIJING) Most of China’s cash-thirsty property developers are unlikely to benefit from the easing of a regulatory logjam on domestic bond issuance, Fitch Ratings said yesterday.


The China Securities Regulatory Commission (CSRC) has overseen the corporate bond market since last August, but it did not start until March to authorise developers to issue debt.


Four developers have since been allowed to issue a total of 12.8 billion yuan (S$2.5 billion) in corporate bonds, and a few more are likely to get the green light in the coming months, Fitch said.


Only nine corporate bonds in total have been issued and are trading on the Shanghai and Shenzhen stock exchanges since the CSRC took over regulatory responsibility for the market.


That is partly because the banking regulator has barred banks from guaranteeing new bond issues.


This in turn means insurance companies, the main source of demand, may not buy them.


The People’s Bank of China, frustrated by the regulatory deadlock, in April extended the maturity of issues on the commercial paper market, which it supervises, to as long as five years.


Fitch said the CSRC’s approval would give the four developers a new channel to raise cash, but it would not have an immediate impact on the credit profiles of Chinese real estate firms, especially those listed overseas.


The bond market is accessible only to domestically listed firms.


The four companies are Poly Real Estate Co, Vanke Co, Gemdale Corp and Xinhua Zhongbao Co.


The rating agency said bond financing would be available only to a few leading locally listed developers due to limits on market capacity and investors’ appetite.


‘It is not opening the door wide, but just a chink,’ said Matthew Kong, an associate director in Fitch’s Asia Pacific corporate team.


All four developers said they would use part of the bond proceeds to replace bank borrowings.


Chinese developers have relied heavily on bank loans to expand aggressively.


However, that strategy has become tougher since the government tightened credit late last year in an effort to curb inflation. — Reuters


Source: Business Times

Japan’s property industry downgraded by Morgan

Japan‘s property industry downgraded by Morgan


Condominiums put up for sale in the Tokyo region dropped in April


(TOKYO) Japan’s real estate industry was downgraded to ‘in-line’ from ‘attractive’ by Morgan Stanley, which cited credit tightening after the sub-prime market collapse in the US and a slowdown in the national condominium market.


Mitsui Fudosan Co and Mitsubishi Estate Co, Japan’s two biggest developers, also were cut to ‘equal-weight’ from ‘overweight’ by Tomoyoshi Omuro, an analyst at Morgan Stanley.


The collapse of the sub-prime market in the US has made it harder for Japanese developers and funds to borrow.


Condominiums put up for sale in the Tokyo region dropped for an eighth month in April, as rising prices discouraged potential buyers.


‘We believe office rent hikes ahead and higher margins on construction of new buildings are already in share prices for the three majors, leaving little good news to come,’ said Mr Omuro in his report.


‘Credit tightening due to sub-prime issues, correction in property prices and a worsening condo market must also be weighed.’


Mitsui Fudosan has gained 2.5 per cent and Mitsubishi Estate has risen 2.6 per cent so far this year, compared with a 7.4 per cent decline for the six-member Topix Real Estate Index. — Bloomberg


Source: Business Times

Designers of National Art Gallery named

Designers of National Art Gallery named



THE Ministry of Information, Communications and the Arts (Mica) yesterday announced the appointment of Studio Milou Architecture of France and CPG Consultants Pte Ltd as principal consultants to design and build the National Art Gallery of Singapore.



‘We arrived at this decision after much deliberation, carefully studying each scheme and holding extensive discussions with the architectural teams. Studio Milou Architecture and CPG Consultants have captured our vision for this project well, understood its complexities, and are a professional and extremely competent team,’ said Lee Boon Yang, Minister for Information, Communications and the Arts. ‘I have great confidence in this architectural team we have selected, and have no doubt that they will be able to deliver an iconic building for Singapore’s National Art Gallery.’


The appointments come after an architectural design contest was launched in February last year to transform City Hall and the former Supreme Court Building into the $320 million gallery. The competition drew 111 entries from 29 countries. In August, three proposals were shortlisted by an international jury panel from five finalists. Following that, a rigorous due diligence process was conducted by Mica focusing on jury assessment, public feedback, technical evaluation, track record and cost evaluation.


On the whole, Studio Milou Architecture from France and CPG Consultants benefited from their ‘impressive combined track record’ of designing museums and galleries in France and Singapore, including several major National Heritage Board museums.


Source: Business Times