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MAPLETREE Logistics Trust yesterday reported a 97 per cent rise in distributable income to $11.8 million for the fourth quarter of last year.

This was largely due to an extra 23 properties it bought over the past year.

Its available distribution per unit for the fourth quarter was 1.45 cents - 38 per cent higher than last year.

This takes last year’s total payout to 5.07 cents per unit, exceeding its forecast by 10.7 per cent.

The trust will distribute 1.75 cents to 1.85 cents per unit on Feb 28 for the period from Oct 1 last year to Jan 24.

At the end of last year, its portfolio comprised 41 properties worth $1.43 billion, with another $221.3 million worth of acquisitions announced.

Mr Chua Tiow Chye, chief executive of Mapletree Logistics Trust Management, said the trust’s performance would have allowed its investors to enjoy a one-year total return of about 30 per cent, including capital gains.

Meanwhile, Ascendas Real Estate Investment Trust (A-Reit) yesterday announced its third-quarter distributable income - which rose 6.8 per cent to $41 million.

Third-quarter distribution per unit - which will be paid out on Feb 28 - was 3.2 cents, up from 3.01 cents in the same period a year earlier.

This represents an annualised yield of 4.8 per cent based on the Dec 29 closing price of $2.67 per unit.

Mr Tan Ser Ping, the chief executive of A-Reit’s manager, said the result was due to a larger portfolio and positive rental reversions, especially from suburban properties in the existing portfolio.

A-Reit had a portfolio of 68 properties worth $3 billion as at Dec 31. In its financial year so far, it has announced about $425 million worth of acquisitions and developments.

Source : Straits Times - 17 Jan 2007

KOH Brothers Group yesterday said it has acquired a 12,900 sq ft freehold site at Florence Road, near Kovan MRT, for $5.2 million. The price includes a development charge of about $1.5 million. The acquired site is adjacent to two freehold plots already owned by Koh Brothers.

The amalgamated land area is 22,400 sq ft, and the land has a 1.4 plot ratio, giving it a gross floor area of 31,400 sq ft. Koh Brothers said the company intends to develop the site into a five-storey residential project with 32 homes averaging around 1,000 sq ft each.

Francis Koh, executive director of Koh Brothers subsidiary Koh Brothers Development Pte Ltd, which bought the site, said: ‘We will continue to stay focused in our strategy of developing quality lifestyle-and-theme concept projects that appeal to home seekers.’

Koh Brothers’ shares closed 2.5 cents up at 48 cents yesterday.

Source : Business Times - 16 Jan 2007

KHENG Leong, a privately owned property group controlled by the family of banker Wee Cho Yaw, has bought a privatised HUDC estate in Hougang for $209 million. The company inked a deal over the weekend to buy Minton Rise in a collective sale, according to sources.

Minton Rise

BT understands that Kheng Leong may team up with listed construction and property group Low Keng Huat in some way. But sources could not say for sure whether this would involve Low Keng Huat merely handling the construction of the project or taking an equity stake in the redevelopment as well.

Minton Rise has 342 apartments in total. Owners will receive about $611,000 on average. The deal will be subject to approval from the Strata Titles Board.

The $209 million that Kheng Leong has agreed to pay is the reserve price. NRA Real Estate brokered the sale. The unit land price works out to about $236 psf of potential gross floor area, inclusive of an estimated $84 million development charge and a $19.5 million sum (estimated last year but not confirmed by the authorities) for upgrading the site’s lease from a then remaining term of 79 years to a fresh 99-year term.

The 472,378.5 sq ft site is zoned for residential use with a 2.8 plot ratio (ratio of potential gross floor area land area), which could mean a new condo with about 1,100 units averaging 1,200 sq ft.

Separately, on West Coast Road, the owners of the freehold Regent Garden are putting their homes up for collective sale. The indicative price is about $34 million or $375 psf of potential gross floor area, including development charges estimated at about $5.8 million. Colliers International is marketing the property through an expression of interest that closes on Feb 13.

Source : Business Times - 16 Jan 2007

$20m set aside; it’s also putting Katong bungalow up for auction

INDIA’S UCO Bank has set aside about $20 million to buy nine apartments in Singapore’s Districts 9, 10 and 15 to house its expat staff working here. The apartments will most likely be in completed developments.

The bank is also selling off one of its existing properties in Singapore - a single-storey freehold bungalow at 59 Goodman Rd in the Katong area.

59 Goodman Road

The property, with an indicative price of about $6.5 million, will be auctioned by Knight Frank on Jan 25. The bank has owned the 59 Goodman Rd premises since 1951 and is selling the property instead of redeveloping it as that will take more time, a UCO bank spokesman in Singapore told BT.

The property will be sold with vacant possession.

A UCO Bank spokesman also revealed that the bank is negotiating to buy four apartments in the Meyer Rd area.

Market watchers note that the location - in District 15 - has traditionally been a favourite among Singaporean Indian investors and is fast gaining popularity among overseas Indian parties investing in the Singapore real estate market.

UCO Bank also owns a 55 per cent majority stake in Bharat Building at Raffles Place where its offices are currently housed. The spokesman says there has always been a long-term plan to redevelop the 999-year leasehold, nine-storey property but a decision to do so has yet to be made.

The 59 Goodman Rd freehold property has a 13,573 sq ft land area and can be redeveloped into at least two new bungalows, according to Knight Frank auctioneer Mary Sai, who will be conducting the auction for the property at 2.30 pm on Jan 25 at Carlton Hotel.

At a separate auction at 2pm today at 15 Ford Avenue in the Holland Rd area, Knight Frank will be auctioning crystalware, table lamps, carpets, paintings, a piano, English cups and saucers and other items for the estate of Renee Parrish.

Source : Business Times - 16 Jan 2007

The Singapore Land Authority (SLA) has awarded Goldkist International the tenancy for the 30-year-old East Coast Resort (ECR), formerly known as the Costa Sands Resort (East Coast).

The tenancy, which starts on March 1, is for three years initially and is renewable up to 2015.

ECR, with 197 chalets, is the largest state property for recreational use in the popular East Coast Park. The previous tenant was Resort Concept, whose lease expired in 2005.

An SLA statement yesterday said Goldkist indicated that it will retain the chalet resort and spend about $5 million improving it.

Goldkist also plans to change the name to ‘Island Park Resort’ to reflect the improved facilities, which will be run by a new company called Island Park Resort Pte Ltd.

Among other things, there are plans for a new clubhouse, spa facilities, gaming arcades, sports facilities, team-building activities and traditional Indian yoga. Goldkist will also explore overseas tie-ups to market the resort abroad. SLA said it received four bids ranging from $103,300 to $324,444 per month for the ECR site. Goldkist, the highest bidder at $324,444, impressed SLA with its detailed study of the resort and its elaborate upgrading plans.

Goldkist International is a Singapore-based company with real estate assets of over $10 million in Sim Lim Square. Its main business is the import, export and distribution of IT and communication products, with a sales turnover of over $40 million a year.

Source : Business Times - 16 Jan 2007