From the courtroom: Property tycoon Ong Beng Seng to plead guilty
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Business Times
33 minutes ago
- Business Times
Lendlease Global Commercial Reit to divest office component of Jem to Keppel for S$462 million
[SINGAPORE] Lendlease Global Commercial Reit will be divesting the office component of the Juong commercial-retail development Jem to Keppel for S$462 million, with the proceeds to be used to pay down debts and potentially for distribution to unitholders. In a regulatory statement published on Monday (Aug 4), the manager of the real estate investment trust (Reit) announced that the trustee entered into a put and call option agreement with the purchaser on Monday. Currently, the 12-level office space – which the Reit acquired in 2022 – is leased to the Ministry of National Development for 30 years from December 2014. Net proceeds from the divestment will be used to predominantly repay certain loans, and this is expected to reduce the Reit's aggregate leverage ratio to approximately 35 per cent on a pro forma basis from 42.6 per cent as at June 2025. The divestment could result in a net cash gain of approximately S$8.9 million, which will be available for distribution to unitholders. The manager said that key benefits of the divestment include improving the Reit's financial position, unlocking value of the office component, and increasing the Reit's focus on retail to over 85 per cent of its portfolio by valuation BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Had the divestment been completed on Jul 1, 2024, the pro forma distribution per unit (DPU) would have been S$0.0352 Singapore cents, 2.2 per cent lower than S$0.036 cents before the sale. Had the divestment been completed in end-June, 2025, the net asset value per unit would have been S$0.74, marginally lower than S$0.75 before the sale. Keppel said in a media statement that private funds under its sustainable urban renewal strategy are acquiring the office component of Jem, and the asset manager and operator will explore upgrading works to reduce the energy use intensity. Keppel's earnings per share and net tangible assets per share for the current year are not expected to be materially impacted by the acquisition, it said. Lendlease Global Commercial Reit units closed 2.7 per cent or S$0.015 higher at S$0.565 while Keppel shares closed S$0.04 or 0.5 per cent higher at S$8.35 on Monday, before this announcement.
Straits Times
an hour ago
- Straits Times
Ukraine charges six people, including lawmaker, in drone procurement scheme
Sign up now: Get ST's newsletters delivered to your inbox KYIV - Ukraine said on Monday it had charged six people including a lawmaker and a government official for embezzling funds in the purchase of drones and jamming equipment for the military. Kyiv relies on a steady supply of drones and electronic warfare systems to fight Moscow's invasion and is also waging a crackdown on graft critical to its future in the European Union. Anti-corruption authorities said on Saturday they had uncovered a scheme involving the legislator, one сurrent and one now sacked official, a National Guard commander and two businessmen, giving kickbacks for purchases at inflated prices. "In 2024–2025, an organised criminal group systematically misappropriated funds allocated by local authorities for defence needs," the National Anti-Corruption Bureau said in a statement, adding the bribes totalled around 30% of the contracts' value. The drone contract was worth $240,000 with an inflation of about $80,000, the bureau said. President Volodymyr Zelenskiy, who sparked a public furore last month for briefly scrapping the independence of two anti-corruption agencies, praised the move on Saturday after meeting the agency heads. Besides the lawmaker, those charged on Monday include a former governor and regional administration chief, the head of a city military administration, the commander of a National Guard Unit, and the director and the owner of a drone manufacturer. Top stories Swipe. Select. Stay informed. Singapore Govt forms 5 new committees to look at longer-term economic strategies; report due in mid-2026 Singapore Singapore launches new economic strategy review to stay ahead of global shifts Business More support for sectors and workers vulnerable to tech disruptions, global competition Singapore Ong Beng Seng to be sentenced on Aug 15, prosecution does not object to fine due to his poor health Singapore All recruits at BMTC will be trained to fly drones and counter them: Chan Chun Sing Singapore Pritam Singh had hoped WP would 'tip one or two more constituencies' at GE2025 Singapore SIA flight bound for Seoul returns to Singapore due to technical issues Singapore Woman, 26, hit by car after dashing across street near Orchard Road None of the suspects were identified. The equipment was locally manufactured. REUTERS
Independent Singapore
an hour ago
- Independent Singapore
‘We're fast becoming like Hong Kong now': Wing Tai Holdings' 88% sold River Green condo draws flak over ‘very small' 980 sq ft four-bedders
SINGAPORE: Property developer Wing Tai Holdings' River Green residential project launch saw brisk take-up, with 88% of its units gone the day after it launched on Saturday (Aug 2). However, the project has since drawn flak over its 'very small' 980 sq ft four-bedroom units. By 6 p.m. on Sunday (Aug 3), buyers had taken up 460 units of the 524-unit development in District 9, making it the best-selling project in the Core Central Region (CCR) so far this year, according to Huttons Asia CEO Mark Yip, as reported by EdgeProp Singapore . Units were sold at an average price of S$3,130 per square foot (psf), with 98% of buyers being Singaporeans and Permanent Residents (PRs), and the rest foreigners. 'All units were well received,' the developer added. PropNex CEO Kelvin Fong said more than 90% of the two-, three-, and four-bedroom units were taken up at the launch. Mr Yip added that the larger units were especially popular, with only seven of the 104 three-bedroom units and two of the 35 four-bedroom units left. According to EdgeProp Singapore's report in early July, 53% of the development was made up of two-bedroom units, which range from 527 sq ft for typical layouts to 657 sq ft for two-bedroom plus study units. Three-bedroom units, as well as one-bedroom and one-bedroom plus study units, each made up 20% of the development—three-bedders ranged from 786 to 883 sq ft, while the one-bedroom and one-bedroom plus study units have 420 sq ft and 452 sq ft, respectively. The remaining 7% were four-bedroom units at 980 sq ft. While nearly sold and 'well received' by buyers, netizens online were surprised by the 'very small' sizes of the units. One commenter wrote, 'Four bedders at 980 sq ft? That's just 91 sq m! One of those bedrooms can only fit a single bed, maybe squeeze in a wardrobe…Some two-bedders that are 527 sq ft; that's just 49 sq m!' 'This is very small. Even for a three-bedder, it's just barely enough,' said another commenter. Others compared the sizes with older condos, saying even their two-bedroom homes were larger. One commenter noted that their own two-bedroom unit is 1,200 sq ft and already feels cramped, questioning how four bedrooms could fit into something smaller. 'Can all four of those bedrooms even accommodate a wardrobe and a bed? ' he added. A few compared the situation to Hong Kong, with one saying, 'We're fast becoming like Hong Kong now,' with another adding, 'We definitely don't want to head in that direction.' Others, however, were not surprised. One user pointed out that the pricing is cheap when looked at as a whole because the four-bedroom units are only 980 sq ft. However, he warned that while this might sound good for investors, it could be 'bad for the country' if the trend goes on. 'Can you imagine a day where all of the new four-bedroom condos and five-room flats are as small as 900+ sq ft? Can you imagine a whole family of six in such a small space?' he said. Singapore's property 'shrinkflation' has been happening since 2010, a trend analysts link to developers adjusting to loan restrictions, property cooling measures, and changing buyer demands. According to Cushman & Wakefield, the median size of new non-landed homes in Singapore fell by 10.6%, from 1,012 sq ft in 2010 to 904 sq ft in 2024. The decline was even steeper in prime areas, where average unit sizes shrank by 20.6% to 829 sq ft. /TISG Read also: Is Sheng Siong's upcoming Orchard Road outlet at The Cathay a shift from its 'core identity' of serving heartland communities?
