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Reports Singapore

Singapore stock market and companies daily report (Ascott REIT, Mapletree Industrial Trust, Sim Lian Group) (March 21, 2014)

March 21, 2014, Friday, 05:46 GMT | 01:46 EST | 11:16 IST | 13:46 SGT
Contributed by Shares Investment

- Ascott Residence Trust has agreed to acquire Infini Garden, a rental housing property in Fukuoka city, Japan, for JPY6.3 billion (about $78.4 million). On a pro forma basis, the acquisition is expected to increase the trust’s FY13 distribution per unit by 2.1 percent from $0.0840 to $0.0858.

- Mapletree Industrial Trust will develop a $250 million build-to-suit facility for Hewlett-Packard Singapore at Telok Blangah. The project, expected to be completed in 1H17, will convert the existing two flatted factories and a canteen into a high-tech industrial cluster while increasing the gross floor area from about 437,300 square feet (sqf) to approximately 824,500 sqf and plot ratio from 1.3 to 2.5.

- Sim Lian Group will launch the sale for the first phase of Vision Exchange, a 99-year leasehold commercial development located at Jurong Gateway, on 22 March. The project comprises a 25-storey office tower with two levels of food and beverage space and medical suites. The development, slated for completion in 2018, has a total gross floor area of approximately 688,890 sqf.

- Teho International proposed a $12.3 million acquisition of TIEC Holdings, a real estate developer specialising in residential properties which is currently working on four projects, worth approximately $60.8 million, in Singapore. The move is in line with Teho’s diversification strategy into property investment and development.

- Tritech Group secured a Rmb24.4 million waste water treatment contract from HuaRong Xuehua Brewery (Henan) Co. Tritech will design, construct the structural work, supply and install the equipment as well as adjust and commission the waste water treatment plant with a total capacity of 8000 cubic metre per day.

- WE Holdings entered a contract to sell 20,000 wet metric tonne of iron ore lumps to China-based Ningbo Foreign Trade Co by 20 April. The contract, worth an estimated US$1.4 million, signals the commencement of WE Holdings’ iron ore trading business.

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