In today’s roundup of regional news headlines, Singapore-listed Keppel DC REIT reports 2.5 percent year-on-year growth in its distribution per unit for the first half of 2022, as Mapletree Industrial Trust posts a 4.2 percent boost and CapitaLand China Trust records a 3.1 percent slide. Also, Hong Kong’s Henderson Land says it wants to help solve the housing crisis in the region’s costliest real estate market.
Keppel DC REIT reported 2.5 percent growth in its first-half distribution per unit to S$0.05049 from S$0.04924 a year earlier.
Distributable income rose 8.2 percent to S$91.2 million ($65.8 million), mainly due to contributions from the three accretive acquisitions — Guangdong Data Centre, London Data Centre and Eindhoven Campus — as well as investment in the NetCo bonds, asset enhancement initiatives at DC1 and the Dublin assets, and the completion of Intellicentre 3 East Data Centre. Read more>>
Mapletree Industrial Trust reported a 4.2 percent year-on-year gain in distribution per unit to 3.49 Singapore cents in the first quarter of its financial year ended 30 June, the REIT’s manager said Monday. Sequentially, however, its DPU was flat.
Net property income for the first quarter rose 24 percent year-on-year to S$129.9 million ($93.6 million), while gross revenue grew 31 percent to S$167.8 million. Read more>>
CapitaLand China Trust on Tuesday posted a 3.1 percent year-on-year drop in first-half distribution per unit to S$0.041 after opting to retain S$3.6 million ($$2.6 million) of the amount available for distribution for financial flexibility.
Excluding the amount retained, DPU would have been 2.1 percent higher on the year at S$0.0432, the manager said in a press statement. Read more>>
Henderson Land Development, one of Hong Kong’s four major developers, plans to lend more land to the government to build transitional homes and is keen to help accelerate development of an area close to the Chinese border.
Martin Lee, co-chairman of Henderson — which has the largest farmland reserves among developers — said Hong Kong’s pledge to build the Northern Metropolis is an “inevitable trend”, as the financial hub integrates deeper with the Greater Bay Area. Read More>>
Singapore-listed OUE Commercial REIT on Monday reported a 12.2 percent fall in its distribution per unit for the first half of 2022 to S$0.0108 from S$0.0123 a year earlier.
The fall in DPU was driven by lower first-half net property income, which fell 14.2 percent to S$93.6 million from S$109 million in the year-earlier period. Read more>>
Soaring construction costs in Hong Kong are likely to make property developers more restrained when they are bidding for land, according to analysts.
The government’s Civil Engineering Works Index showed that building costs surged by 10.8 percent last year. This was followed by another 3.2 percent rise in the first quarter of 2022. Read more>>
While GuocoLand might be best known as a developer, chief executive Cheng Hsing Yao harbours ambitions to create a premium real estate brand in Asia as GuocoLand builds up its end-to-end capabilities.
Cheng, who assumed the role of CEO in July last year, told the Business Times in a recent interview: “To do so, we will continue to build on our end-to-end capabilities to create a multi-platform real estate company. End-to-end means from land acquisition and conceptualisation, to the development and management of our assets.” Read more>>
The first four tourist attractions of New World Development’s 11 Skies complex at Hong Kong International Airport’s Skycity are set to open from the end of 2023 to early 2024.
The complex will feature more than 800 shops and over 120 dining options, 11 Skies, which is operated by K11 Group, said. The first phase of 11 Skies — three Grade A office towers called K11 Atelier 11 Skies with 570,000 square feet (52,955 square metres) of space — opened this month. K11 was founded by NWD CEO Adrian Cheng in 2008. Read more>>