News by Michelle Zhu

Among the participating investors are affiliates of Beacon Capital Partners, a real-estate developer, owner and manager of office properties in major US markets.

CapitaLand last Friday revealed it had acquired a portfolio of income-producing three office buildings and a mall, comprising two office buildings in Yokohama — Yokohama Blue Avenue and Sun Hamada; one office building in Tokyo — Kokugikan Front; and one shopping mall in Saitama — Seiyu & Sundrug.

In a Thursday announcement, the property development, investment and capital management unit of Temasek, says the acquisition is part of its long-term strategy to strengthen its corporate housing and serviced apartment business.

The group also proposed a final dividend of 10 Singapore cents per share.

The manager of Manulife US REIT reported a distribution per unit (DPU) of 3.55 US cents (5 Singapore cents) for FY16, which exceeded the forecast DPU of 3.39 US cents by 4.8% due to higher property performance and lower borrowing costs and trust expenses.

The higher revenue and PBIT were mainly fuelled by higher contributions from FCL’s Singapore strategic business unit (SBU) and international business unit.

According to local media sources, the Ministry of National Development is mulling the option of creating a new category of subletting, which involves both existing and new residential sites which are designated specifically for the purpose of short-term rentals.

Revenue for the quarter grew 6% to S$126.7 million, largely attributed to additional contribution from ART’s acquisition of Sheraton Tribeca New York Hotel in the US, which was completed in April 2016.

The lower quarterly and annual DPU figures are mainly due to Keppel’s pro-rata preferential offering with the acquisition of Keppel DC Singapore 3 (KDC SGP 3).

Richard R Magnus, chairman of manager CapitaLand Mall Trust Management Limited (CMTML), notes the trust’s “resilient” performance against a challenging backdrop.