“[Colliers suggests] that because of limited land supply and government restrictions on developing new shopping centres in major downtown areas, new supply growth is expected to slow in the following years and the market should continue to favour landlords.”
RHB is remaining “neutral” on CapitaLand while raising its target price to S$3.60 from S$3.15 previously, as it expects limited upside on the stock following the run-up in its share price, which has increased by about 20% in the year-to-date.
Overall, the lower earnings attributable to shareholders was due to absence of the substantial profits recognised from CDL’s second Profit Participation Securities (PPS) platform in 4Q2015.
CDL China, a wholly-owned subsidiary of City Developments Limited (CDL), is acquiring a prime Shanghai commercial project, Meidao Business Plaza for RMB 900 million (S$186 million) through the purchase of a 100% equity stake in Shanghai Meidao Investment Co.
This brings the total DPU for FY2016 to 10.05 cents, 5.2% lower than then 10.6 cents declared for FY2015.
Perennial Somerset Investors (PSIPL), a consortium led by Perennial Real Estate Holdings (Perennial), has agreed to divest a 70% stake in TripleOne Somerset to Simply Swift Limited, an indirect wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings.
Gross revenue grew 47.4% to S$108.76 million (RM341 million), compared with S$73.77 million a year ago, which was largely due to a S$31 million contribution by its accretive acquisition of Mapletree Business City I (MBC I).
RHB is maintaining its “buy” call on Frasers Centrepoint Trust (FCT) with a target price of $2.22 despite foreseeing a challenging retail outlook for 2017, as the research house is confident in the REIT’s management as well as suburban mall portfolio.
Franses Gallery, a London-based UK art gallery, says it is currently in the midst of a “bitter [court] dispute” with CapitaLand over a new 15-year lease of purpose-built premises within the Singapore-listed property developer’s Ascott-branded Cavendish Hotel.
The Ascott Limited, CapitaLand’s serviced residence unit, has launched a new co-living hospitality concept brand Lyf, pronounced ‘life'.
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