Latest news with #LendleaseGlobalCommercialREIT
Independent Singapore
2 days ago
- Business
- Independent Singapore
Yet another S$3.4 million rental demand hits Cathay Cineplexes over former Jem outlet
SINGAPORE: Yet another claim over unpaid rent has surfaced against Cathay Cineplexes—this time, a statutory demand for S$3.4 million owed for its former Jem outlet. This followed a letter of demand the company received in February for about S$2.7 million in rent and other costs for its cinema outlets at Century Square and Causeway Point. Channel News Asia (CNA) reported, citing a bourse filing on Wednesday (Jul 2), that Cathay Cineplexes' owner and operator mm2 Asia said the cinema chain received the statutory demand on Tuesday from the landlord's solicitors. In the statutory demand, it was stated that Cathay Cineplexes has until July 22 to pay the outstanding sum of S$3,446,748.26 or to secure or compound the sum to the landlord's satisfaction. Otherwise, the company would be considered unable to pay its debts. The statutory demand also stated that interest at 1% per month, calculated daily, will continue to accrue on the outstanding amount until payment is made. See also Medical fees sharing outlawed finally mm2 Asia said its board is seeking legal advice and will issue further updates if there are material developments. It added that Cathay Cineplexes' board is doing the same in response to the statutory demand. According to CNA , the cinema at Jem closed on Mar 27 after the company received a notice of termination from DBS Trustee Limited, the trustee of Lendlease Global Commercial REIT. At the time, mm2 Asia said it owed about S$4.3 million in rent for the outlet and cited ongoing industry challenges since the COVID-19 pandemic as a reason for the closure. It noted that negotiations with the landlord had been ongoing for more than a year before the termination took effect. In a May 19 filing, mm2 Asia said that Cathay Cineplexes owed around S$10.26 million to multiple landlords across its cinema locations in Singapore. Of this, approximately S$3.07 million is backed by corporate guarantees from mm2 Asia. The group said these debts stemmed mainly from the closure of loss-making outlets during the post-pandemic recovery, as well as cash flow difficulties that are affecting the cinema business. See also SIA flight from New Delhi to Singapore carried a dead passenger Since 2022, the cinema chain has faced a series of shutdowns. In February, it also closed its West Mall outlet in Bukit Batok . /TISG Read also: Save Our Screens: Cathay Cineplexes launches S$100 voucher deal for 10 movies, popcorn, and drinks
The Star
09-05-2025
- Business
- The Star
LREIT posts strong Q3 rental reversions
KUALA LUMPUR: Lendlease Global Commercial REIT (LREIT) reported a positive rental reversion of 10.4 per cent for its retail portfolio in the third quarter (Q3) ended March 31, 2025, with a healthy tenant retention rate of 87.9 per cent by net lettable area (NLA), despite a softer retail climate. In a statement, LREIT said visitation declined by 0.2 per cent, and tenant sales fell 5.1 per cent year-to-date, pressured by outbound tourism and weaker demand in discretionary segments such as shoes, fashion, and sporting goods. Nonetheless, LREIT's retail assets remained resilient with a portfolio occupancy of 99.5 per cent. It also maintained a stable overall portfolio occupancy of 92.1 per cent and a long portfolio weighted average lease expiry (WALE) of 7.3 years by NLA and 4.9 years by gross rental income (GRI). The LREIT's Jem office property achieved a 13 per cent rental uplift following a rent review effective Dec 3, 2024, with the building remains fully leased to Singapore's Ministry of National Development through 2044. Office occupancy stood at 86.6 per cent as of March 31, with the segment accounting for approximately 22 per cent of total GRI. Its chief executive officer, Guy Cawthra noted the Singapore portfolio accounts for roughly 90 per cent of total valuation and continues to anchor LREIT's income, and it will assess asset recycling opportunities and outline a forward growth plan to the market. On the capital front, LREIT successfully refinanced SG$200 million in perpetual securities due April 2025, issuing SG$120 million at a lower 4.75 per cent coupon and funding the remainder through new loans. The move reduced borrowing costs and brought gearing down to 38.0 per cent. (SG$1 = RM3.28) Leasing activity remained active, highlighted by the signing of Shaw Theatres at Jem, replacing Cathay Cineplex's space, and new entrants such as lululemon, Chagee, and Japanese thrift brand 2nd Street enhancing the tenant mix. Negotiations with Cathay regarding outstanding receivables are ongoing. LREIT also continued enhancing its asset base, with the completion of ground floor lobby upgrades at Building 3 in Milan, delivering a more modern and tenant-friendly environment. Upgrades to restrooms at Jem are underway, targeting phased completion by the first quarter of 2026. Meanwhile, redevelopment of a 48,200-square-foot car park at Grange Road into a multifunctional event space is progressing on schedule, with piling works expected to complete by end-2025. - Bernama
