CapitaLand Ascendas REIT Occupancy Falls to 92% and More Asia Real Estate Headlines

Singapore-listed CapitaLand Ascendas REIT reports falling occupancy as the US portfolio sees more unused space, with that story leading today’s headline roundup. Elsewhere in the world of S-REITS, Frasers Centrepoint Trust posts flat distribution per unit and Mapletree Pan Asia Commercial Trust’s DPU dips 12 percent.

US Holdings Lead CapitaLand Ascendas REIT Occupancy Down

Portfolio occupancy at Singapore-listed CapitaLand Ascendas REIT dipped to 92.1 percent in the third quarter from 93.1 percent in the previous quarter.

Occupancy in the US fell to 87.1 percent, mainly due to lower occupancy in Raleigh, while in Australia it slipped to 91.7 percent, largely due to a lease expiry in Sydney, the trust’s manager said Friday in a business update. Nevertheless, occupancy remained stable at 92 percent in Singapore and remained high in Europe at 99.3 percent. Read more>>

Frasers Centrepoint Trust Distributions Hold Steady

Distribution per unit for Singapore-listed Frasers Centrepoint Trust for its second half ended September 2024 was S$0.0602, unchanged from a year earlier.

The result came even as revenue fell 2.5 percent to S$179.5 million ($135.5 million) and net property income dropped 0.6 percent to S$128.8 million on a year-on-year basis. On Friday, FCT’s manager attributed the lower revenue and NPI for the half-year period to the absence of contributions from Changi City Point, which was sold in October 2023. Read more>>

MPACT Distributions Fell 12% in Most Recent Quarter

Singapore-listed Mapletree Pan Asia Commercial Trust’s distribution per unit fell 11.6 percent year-on-year to 1.98 Singapore cents for the second quarter ended 30 September.

Revenue declined 6.1 percent to S$225.6 million ($170.4 million) and net property income fell 8.5 percent to S$167.7 million on a year-on-year basis. Read more>>

Starhill Global REIT Sells Wisma Atria Office Units in Singapore

Singapore-listed Starhill Global REIT is divesting the strata office lots that it owns at Wisma Atria for a cash consideration of S$16.1 million ($12.2 million) or S$2,100 per square foot, the trust’s manager said Monday.

The sale is to an unrelated third party, with the divestment amount representing a 22.2 percent premium to the latest valuation of the property, the manager said. Read more>>

India Office Leasing on Track for Record Year

India’s office space market is poised for a record-breaking year in 2024, with demand projected to surpass 70 million square feet (6.5 million square metres), according to a recent report by Savills India. The surge is attributed to robust activity in key sectors like IT-BPM, flexible workspaces and BFSI.

Between January and September 2024, office space absorption reached 55.1 million square feet, marking a 30 percent year-on-year increase across six major cities. This figure aligns with total absorption for the entire year of 2022, setting a new benchmark for the January-September period. Read more>>

Foreclosure Sales of Singapore Homes Declined in Q3

Fewer properties in Singapore went under the hammer in the third quarter of 2024, despite current economic cost pressures, Knight Frank said.

A Monday report by the consultancy showed a total of 86 auction listings in the quarter, including repeat listings, down 25.2 percent from Q2’s 115. Year-on-year, listings fell 15.7 percent. Read more>>

China Property Transactions Surge in October

China’s property market is on the mend, with transactions in the top cities surging after the launch of measures late last month to stimulate demand and shore up confidence.

The secondary market in Shanghai has recorded more than 20,000 transactions so far this month, a 52.3 percent jump from September levels, according to data published by the official Shanghai Real Estate Trading Centre on Sunday. On Saturday alone, 1,301 deals were transacted — the second-highest daily figure this year. Read more>>

Casino Operator to Invest $8B to Expand Singapore’s Marina Bay Sands

Casino operator Las Vegas Sands plans to invest $8 billion in Singapore to expand its Marina Bay Sands resort, a major bet by the Nevada-based firm on the city-state’s tourism market.

The project, dubbed IR2, is to build a fourth hotel tower that will include 570 luxury suites, gaming areas, a 15,000-seat arena, rooftop pools, food and beverage offerings and 110,000 square feet (10,219 square metres) of space for exhibitions and conferences, the company said during its earnings presentation earlier this week. Read more>>

KKR, Bain Continue $4.2B Battle for Japan’s Fuji Soft

A rare takeover battle has broken out in Japan between two American private equity firms. For Japan, it is the clearest sign yet of a new era.

KKR and Bain Capital are wrestling for control of Japanese software company Fuji Soft. KKR made the initial bid, winning the support of the company’s board and some large shareholders. But Bain then came out with an offer that is 7.4 percent higher, valuing the company at nearly $4.2 billion. Read more>>

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