MapletreeLog Trust enters into agreement to buy Melbourne logistics property for $17.4 mil

SINGAPORE (Sept 17): The manager of Mapletree Logistics Trust (MLT) announced Tuesday it has entered into a conditional forward purchase agreement for the acquisition of a warehouse in Melbourne, Australia at a property purchase price of A$18.4 million ($17.4 million).

The property is a one-storey modern logistics facility to be constructed at 15 Boterro Place in Truganina, Melbourne – one of the fastest growing industrial precincts in Australia.

Suntec REIT kept at 'neutral' by RHB on operational weaknesses

SINGAPORE (June 20): RHB Research is maintaining Suntec REIT at ‘neutral’ despite an improved balance sheet, given operational weaknesses are expected to persist until 1H20.

This is because two of its seven assets are under development while Suntec City Offices is undergoing asset enhancements.

In Australia, its Olderfleet building is on track to be completed by mid-2020. Leasing progress has been healthy, with 76% pre-committed, and a heads of agreement signed for an additional 13%.

Hatten Land announces Australia expansion plans with Melbourne land acquisition

SINGAPORE (Mar 6): Hatten Land intends to foray into the Australian real estate market by acquiring a land parcel in Southbank, Melbourne, from Australia’s Sundale Developments for a consideration of not more than A$15.8 million ($15.25 million).

The land has a planning permit to develop a multi-storey building comprising dwellings, retail premises and offices with an estimated gross floor area (GFA) of 25,000 sq m.

Hatten however intends to develop a mixed-use development on the land, which may comprise retail and hospitality units as well.  

Wing Tai jointly acquires Melbourne office building for $97.2 mil

SINGAPORE (Apr 17): Wing Tai Holdings and Australia-listed Abacus Property Group are jointly acquiring an office building at 464 St Kilda Road in Melbourne, Australia, for A$95.38 million ($97.18 million).

The acquisition will be made via Wingspring Trust and Abacus 464 St Kilda Road Trust, a subsidiary of Abacus Property.

Wingspring Trust was established in Australia by Wing Tai’s investment arm Wingspring Investment with WT Corporate Services acting as the trustee for the trust.

Frasers Commercial upgraded to 'buy' on attractive valuations, Grade B recovery prospects

SINGAPORE (Apr 5): OCBC Investment Research is upgrading Frasers Commercial Trust (FCOT) to “buy” from “hold” with an unchanged fair value of $1.51 on expectations of an impending recovery of Grade B CBD Core office rental rates.

In a Thursday report, lead analyst Joseph Ng says that while Grade A CBD Core landlords would be the immediate beneficiaries of Singapore’s robust economic outlook, he believes their Grade B CBD Core peers should also enjoy some upside, albeit belatedly.

Ho Bee Land unit in JV for residential development in Melbourne

SINGAPORE (Dec 20): Ho Bee Land’s wholly-owned subsidiary, HB Oracle, has entered into a joint venture agreement with Villa World Wollert for a residential development in Wollert, Melbourne, Australia.

The partners have set up a new joint venture company, Wollert JV, to undertake the project.

Villa World will hold a majority 51% stake in the JV, with HB Oracle holding the remaining 49%.

Lian Beng, KSH to divest St Kilda Road property in Melbourne for $36.6 mil

SINGAPORE (July 24): Lian Beng Group and KSH Holdings announced Monday that Lian Beng (St Kilda) has entered into a contract of sale with an unrelated third party for the proposed disposal of 19 units at 596 St Kilda Road in Melbourne, Australia for A$34 million ($36.6 million).

Lian Beng (St Kilda) is a wholly-owned subsidiary of Goldprime Realty, which in turn is an 80%-owned subsidiary of Lian Beng Group and a 20%-owned associated company of KSH.

Fragrance Group launches new residential tower and hotel

SINGAPORE (July 13): Fragrance Group today announced that it has officially launched its development project in Melbourne and a new-build hotel in Tasmania.

The development project known as 555 Collins was launched by the group’s subsidiary, Fragrance VIC-MEL (Collins), and consists of a 47-level residential tower with 625 apartments, retail spaces and basement car parking.

Keppel REIT unit to acquire 50% stake in Melbourne property for $362 mil

SINGAPORE (June 29): Keppel REIT’s wholly-owned sub-trust Keppel REIT (Australia) Sub-Trust 5 has entered into an implementation deed to acquire a 50% interest in a premium office tower to be developed at 311 Spencer Street in Melbourne, Australia for A$347.8 million ($362.4 million).

Sited on freehold land, the 42-storey Grade A office tower will have an estimated total net lettable area (NLA) of 717,000 sq ft.

The property is strategically located between Melbourne’s central business district and the new Docklands precinct, which is an extension of the CBD.

Frasers Logistics & Industrial Trust’s 1Q DPU beats forecasts by 6.7% at 1.75 cents

SINGAPORE (May 5): The manager of Frasers Logistics & Industrial Trust (FLT) has declared a distribution per unit (DPU) of 1.75 cents for the 1Q ended March, exceeding the forecast DPU of 1.64 cents by 6.7%.

Gross revenue registered at A$40.9 million ($42.45 million) for the quarter, 1.6% above the forecast of A$40.3 million after the inclusion of straight lining rental adjustment.

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