Latest news with #CICT
Business Times
06-08-2025
- Business
- Business Times
Stocks to watch: CICT, Keppel, Sats, F&N, MPACT, Parkway Life Reit
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Aug 6): CapitaLand Integrated Commercial Trust (CICT) : The manager of the trust on Wednesday posted an update on its private placement, with an issue price fixed at S$2.11 per new unit. The Reit on Tuesday have provided a range of the issue price to be between S$2.105 and S$2.142 per new unit. In addition, the joint bookrunners and underwriters are said to have agreed to raise an additional gross proceeds of around S$100 million for the issue, such that the aggregate gross proceeds raised is approximately S$600 million. Units in CICT last traded at S$2.24, and announced on Wednesday morning that it will be lifting its trading halt. Keppel : The group on Tuesday amended the terms of the sale of its 70 per cent stake in Saigon Sport City , with lower prices than previously announced. Its subsidiary Jencity, which owns 100 per cent of Saigon Sport City, will now sell a stake of 35 per cent each to HTV Dai Phuoc and Vinobly Investment Real Estate Joint Stock, for about 2.6 trillion dong (S$127.2 million) for each divestment. This is compared the earlier agreement where Jencity was to be paid by HTV Dai Phuoc about 320 billion dong for a 5 per cent stake, and as much as 3.3 trillion dong for another 30 per cent stake. Shares of Keppel closed on Tuesday up S$0.07 or 0.8 per cent at S$8.42, before the news. Sats : The Singapore-headquartered air cargo services provider on Tuesday opened a new air-cargo handling facility in Changi Airport , which is expected to cut minimum processing time for shipments by 20 per cent. The facility covers 3,000 square metres, or about half the size of a soccer field, and can process cargo in as little as two hours, down from the usual 2.5 hours, said the company. It is named the BUP Handling Centre, and will be operated round the clock by Sats Cargo at Sats Cargo's Airfreight Terminal. The counter closed 1.3 per cent or S$0.04 up at S$3.22 before the announcement. F&N : The beverage maker on Tuesday evening reported a net profit of S$118.2 million for the nine months ended Jun 30 , a 3.9 per cent decline from the S$123 million in the same year-ago period. Revenue rose by approximately 10 per cent to S$1.77 billion, from S$1.6 billion in the corresponding period a year prior. Earnings per share for the period stood at S$0.081, lower than S$0.084 the year before. Shares of F&N closed flat at S$1.43 on Tuesday, before the news. Mapletree Pan Asia Commercial Trust (MPACT) : It has priced S$200 million of senior green notes at 2.45 per cent, with the debt maturing in 2032 . The proceeds will be used to finance or refinance eligible green projects of MPACT and its subsidiaries, said the manager of MPACT on Tuesday. The management of MPACT will apply to list the notes on the Singapore Exchange (SGX) for trading, and for the debt security to be recognised under the SGX Sustainable Fixed Income initiative. Units of MPACT closed unchanged at S$1.32 on Tuesday, before the announcement. Parkway Life Real Estate Commercial Trust (Reit) : The Reit has raised its first-half distribution per unit (DPU) by 1.5 per cent to S$0.0765 from S$0.0754 in the previous corresponding period. The higher DPU was due to acquisitions in France and Japan in the second half of 2024 and higher rental contributions from its core Singapore hospitals, said the Reit's manager on Wednesday. Revenue climbed 8.1 per cent to around S$78.3 million, boosting net property income by 8 per cent to S$73.8 million. Units of Parkway Life Reit closed 0.7 per cent or S$0.03 higher at S$4.06 on Tuesday. Vin's Holdings : The automotive group expects to report a net loss for its first half ended Jun 30, 2025, indicated its profit warning issued on Tuesday. This is due to lower revenue and higher administrative expenses, mainly driven by higher staff costs and one-off listing expenses. The group made its trading debut as the year's first initial public offering on the SGX on Apr 15. The counter ended on Tuesday 3.6 per cent or S$0.01 higher at S$0.29, before the announcement. Sing Investments and Finance (SingFinance) : The lender posted a 35 per cent increase in net profit to S$21.7 million for its first half ended June, up from S$16.1 million in the year-ago period. Its earnings per share stood at S$0.1835 for the six months, compared to S$0.0.1361 in H1 2024. The counter finished on Tuesday 0.8 per cent or S$0.01 higher at S$1.25.
Straits Times
05-08-2025
- Business
- Straits Times
CICT to remaining 55% of CapitaSpring, raise $500m from private placement to finance it
Sign up now: Get ST's newsletters delivered to your inbox The Grade A office tower in Raffles Place has nearly 100 per cent committed occupancy as at end-June. SINGAPORE - CapitaLand Integrated Commercial Trust (CICT) on Aug 5 announced the proposed acquisition of the 55 per cent of CapitaSpring it does not already own at an agreed property value of S$1.05 billion. Of this, 45 per cent is from CapitaLand Development (CLD) and 10 per cent is from Mitsubishi Estate. The agreed property value for the whole 51-storey office tower in Raffles Place is $1.9 billion. The total acquisition outlay is estimated $482.3 million. Tan Choon Siang, CEO of CICT's manager said: 'CapitaSpring has consistently performed well, maintaining nearly 100 per cent committed occupancy as at 30 June 2025, underpinned by good quality tenants from diverse trade sectors. We are confident in the office tower's long-term potential to capture future growth, supported by sustained demand for quality Grade A office spaces and limited supply in the core CBD. 'Our Singapore exposure will increase from approximately 94 per cent to 95 per cent of our portfolio property value, advancing our strategic goal to deepen our presence in this core market.' On a pro forma basis, the acquisition is expected to deliver a distribution per unit (DPU) accretion of 1.1 per cent, assuming CICT had held and operated 100 per cent of CapitaSpring's commercial component from Jan 1 to June 30, 2025. CICT intends to finance it (excluding the acquisition fee related to the acquisition of CLD's 45 per cent interest, which will be paid in CICT units) using proceeds raised through a private placement, which is expected to raise $500 million. Top stories Swipe. Select. Stay informed. World Israel to decide next steps in Gaza after ceasefire talks collapse Singapore 'I wish I can hear her sing again,' says boyfriend of Yishun fatal crash victim Asia What's it like to deal with brutal US tariffs? Ask Malaysia Singapore Singapore launches review of economic strategy to stay ahead of global shifts Singapore A look at the five committees reviewing Singapore's economic strategy Opinion Keeping it alive: How Chinese opera in Singapore is adapting to the age of TikTok Life Glamping in Mandai: Is a luxury stay at Colugo Camp worth the $550 price tag? The proposed placement of over 237.5 million new units will have a minimum offering price of $2.105 per unit. The issue price range between $2.105 and $2.142 represents a discount of between around 4.1 and 5.7 per cent to the volume weighted average price (VWAP) of $2.2334 per unit for trades of the units executed on Aug 4. The new units are expected to be listed on the Singapore Exchange on Aug 14. CICT's manager estimates that the quantum of DPU held as at the close of Aug 13 under the cumulative distribution to be at between 6.92 cents and 7.02 cents. It also announced on Aug 5 that CICT posted a 3.5 per cent year-on-year rise in its first half DPU to 5.62 cents, which will be paid on or around Sept 18. Distributable income for the six months ended June grew 12.4 per cent to $411.9 million, compared with $366.5 million in the year-ago period. This increase was attributed to the income contribution from ION Orchard, which was acquired on Oct 30, 2024, better performance from existing properties and lower interest expenses, partially offset by the divestment of 21 Collyer Quay CICT units were halted from trading before the market opened on Aug 5. They closed on Aug 4 at $2.24, up 2.3 per cent or five cents.
New Indian Express
11-07-2025
- Business
- New Indian Express
Khadi thriving, restoring lives under PM Modi: Minister Karandlaje
BENGALURU: Union Minister of State for MSME and Labour and Employment Shobha Karandlaje highlighted that under the leadership of PM Narendra Modi, India's Khadi and Village Industries (KVI) sector has recorded unprecedented growth, achieving production worth Rs 1.16 lakh crore and retail sales of Rs 1.7 lakh crore, while generating employment for over 1.94 crore people in the country. During her visit to the Khadi and Village Industries Commission (KVIC) campus on Thursday, she said the sector has witnessed a transformative journey in the last decade. Since 2014, KVI sales have grown by 447%, production by 347%, and employment by 49% — a growth she described as a testament to 'Modi Ki Guarantee'. Speaking at the Multi-Disciplinary Training Centre, she praised Karnataka's contribution to the khadi movement. 'In 2024–25 alone, the state recorded Rs 535.21 crore in khadi production and Rs 667.95 crore in retail sales, creating livelihoods for over 21,745 rural artisans,' she said. She also highlighted the impact of the Prime Minister's Employment Generation Programme (PMEGP), under which Rs 132.41 crore in Margin Money has been distributed to 4,379 beneficiaries, resulting in the creation of 43,557 jobs in Karnataka. Shobha said khadi today is more than just cloth and it is a symbol of self-reliance and national pride. She said the PM's vision extends beyond economic development. 'It is about restoring dignity and prosperity to India's artisans, especially women, SC/ST communities, and those in tribal and backward areas. Through schemes like PMEGP, MMDA, KRDP, and Work-Shed Scheme, khadi is not just thriving — it's transforming lives,' she said. 'Rising domestic demand for coco peat' She also called for enhanced innovation, collaboration, and commercialisation in India's coir industry during her visit to the Central Institute of Coir Technology (CICT). Stressing the need to modernise and scale the traditional sector, she said only 30% of coconut husk generated in India is utilised, leaving room for growth. She pointed out to the rising domestic demand for coco peatand called for immediate steps to develop new applications and expand into high-potential markets. She encouraged CICT to explore eco-conscious products.
Business Times
29-06-2025
- Business
- Business Times
Best performing S-Reits post double-digit total returns in H1
[SINGAPORE] The S-Reit sector delivered a stable performance in the first half of 2025, with the iEdge S-Reit index gaining 0.6 per cent to 1,010.73 as at Thursday (Jun 26), and dividends taking the index total returns to 3.2 per cent for the period. More than half the 30 constituents on the iEdge S-Reit index delivered positive total returns in the first six months of the year, and the top five performers delivered double-digit total returns over the period. These outperformers were Frasers Hospitality Trust (FHT), CapitaLand Integrated Commercial Trust (CICT), First Reit , Frasers Centrepoint Trust (FCT) and Parkway Life Reit. Their year-to-date total returns ranged between 10 and 21.4 per cent as at Thursday. Most of the outperformers in the first half reported robust operating performance with stable occupancy and positive rental reversions. FCT's revenue and net property income (NPI) grew by 7.1 per cent and 7.3 per cent on year to S$184.4 million and S$133.7 million, respectively, in H1 2025. This growth was primarily driven by increased occupancy and passing rent across its portfolio of malls, and the completion of asset enhancement initiatives at Tampines 1. Distribution per unit (DPU) grew 0.5 per cent to S$0.06054. Similarly, ParkwayLife Reit reported higher gross revenue in Q1 2025, arising from the contribution of nursing homes acquired in Japan and France. Its DPU rose 1.3 per cent to S$0.0384. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up On a like-for-like basis, CICT charted growth in Q1 gross revenue and NPI of 1.1 per cent and 1.4 per cent, respectively, and it continued achieving higher signing rents for new and renewed leases. FHT's outperformance came on the back of a proposed privatisation. The Reit sector trades at compelling valuations relative to its historical average. As of end-May, the forward dividend yield for the FTSE ST Reit Index was around 6.4 per cent, representing a yield spread of nearly four percentage points to benchmark 10-year Singapore Government Bond yields, higher than the 10-year average. In terms of price-to-book ratio, the sector trades under 0.8 times, below the 10-year average of 1.0 times. The strongest performing S-Reits on the iEdge S-Reit index in the first half of 2025 were also among those with the highest price-to-book ratios currently. The top seven performers in H1 have price-to-book ratios of between 1.0 and 1.7 times, higher than the sector average. For the first half of 2025, retail investors were net buyers of S-Reits, with the sector receiving total net inflow of around S$400 million as at Jun 26. Institutional investors were net sellers of S-Reits over the period, with over S$500 million in net outflows. However, some S-Reits (including CICT, FHT and ParkwayLife Reit) bucked the trend and recorded net institutional inflows in H1. Institutions have also been net-buying the Reit sector in recent weeks with more than S$100 million in net inflows for the five sessions to Jun 26. As the second half approaches, investors will be watching for the path of interest rates as well as continued operational resilience. While the US Federal Reserve has so far not cut interest rates in 2025, expectations are for several rate cuts to come later in the year. In Singapore, domestic interest rates have also been falling, with the three-month compounded Singapore Overnight Rate Average slipping from 3.0227 on Jan 2 to 2.0797 on Jun 26. Analysts watching the sector have noted that the decline in local borrowing rates has not triggered significant unit price movements for the sector thus far. However, investor sentiment may improve if global interest rates abroad are eventually cut. The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
Business Times
22-06-2025
- Business
- Business Times
Despite softer retail outlook, most S-Reits with Singapore retail assets record double-digit positive rent reversions
[SINGAPORE] Seven Singapore-listed real estate investment trusts (S-Reits) with local retail assets have recorded improvements in revenue and net property income (NPI), supported by improved operating metrics, positive rental reversions and robust occupancy rates. They are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (L-Reit), Mapletree Pan Asia Commercial Trust (MPACT), OUE Reit , Starhill Global Reit and Suntec Reit . Here is a look at their recent business updates and financials. CICT reported a slight 0.8 per cent year-on-year (yoy) decline in both revenue and NPI for the first quarter of 2025, due to the absence of income from 21 Collyer Quay, which was divested in November 2024. Excluding the divested asset, revenue and NPI were up by 1.1 per cent and 1.4 per cent, respectively. CICT's retail portfolio recorded a 17.5 per cent yoy growth in tenant sales, with shopper traffic rising by 23 per cent. The portfolio's rent reversion was 10.4 per cent, with higher rates in downtown malls compared with suburban ones. The trust expects positive rent reversions signed in FY2023 and FY2024 leases to contribute to FY2025 revenue, along with the full-year distribution income from Ion Orchard, acquired in September 2024. FCT reported increases in revenue and NPI of 7.1 per cent and 7.3 per cent, respectively, for the first half of 2025, driven by higher rental income from renewed and new leases. Its portfolio maintained a committed occupancy of 99.5 per cent. Shopper traffic and tenant sales were up by 1 per cent and 3.3 per cent, respectively, yoy. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Overall rent reversion for the period was positive at 9 per cent. FCT's Hougang Mall property commenced asset-enhancement initiative (AEI) works in April 2025, which are expected to be completed by Q3 2026. The expected return on investment is around 7 per cent, on S$51 million in capital expenditure. At present, 64 per cent of the AEI spaces have been pre-committed. L-Reit reported that its Singapore portfolio, comprising around 90 per cent of its total portfolio by valuation, achieved positive retail rent reversion of 10.4 per cent despite a softer retail landscape. Committed occupancy for Jem and 313@somerset remained high at 99.9 per cent and 98.9 per cent, respectively. MPACT recorded lower revenue and NPI for FY2024/2025, down by 5.1 per cent and 6.1 per cent, respectively, yoy. However, revenue and NPI from MPACT's Singapore portfolio rose by 1 per cent and 1.1 per cent, respectively, driven by VivoCity. Despite disruptions from ongoing AEI works, the mall recorded full-year tenant sales that crossed the S$1 billion mark for a third consecutive year. MPACT achieved 89.6 per cent committed occupancy as at Mar 31, and it recorded a 3.6 per cent rental uplift overall, with VivoCity alone seeing a robust 16.8 per cent rent reversion. OUE Reit's retail segment contributes 16.8 per cent of its overall revenue. Its Mandarin Gallery asset maintained a 99.5 per cent committed occupancy as at Mar 31, and recorded 4.9 per cent positive rent reversion in Q1. Starhill Global Reit reported full occupancy as at Mar 31 for its Singapore retail portfolio. Its overall portfolio has a weighted average lease term expiry of 7.2 years by net lettable area, with more than 64 per cent of leases expiring beyond FY2027/2028. The Reit's Singapore retail properties include a 71.49 per cent stake in Wisma Atria and a 27.23 per cent stake in Ngee Ann City. The Reit renewed its master lease with Takashimaya manager Toshin Development Singapore – which commenced on Jun 8 – for an initial term of 12 years, with further renewal options. The new master lease includes built-in rent escalations and an annual profit-sharing arrangement, providing upside for the Reit. Suntec Reit's Singapore retail portfolio recorded improved committed occupancy of 98.2 per cent as at Mar 31, compared to 95.8 per cent in the year-ago period. Rent reversion for its Singapore retail properties was 10.3 per cent, with a 91 per cent retention rate. The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
