UOB Kay Hian has upgraded its call on CapitaLand Mall Trust to"buy" with a target price of S$2.65 as the real estate investment trust is poised to gain from rental contributions from the revamped Funan, and benefit from the development of the Jurong Lake District.
In a report, the brokerage's analysts Jonathan Koh and Loke Peihao said that Funan, with about 90 per cent of pre-leasing commitment for retail spaces and 98 per cent of pre-leasing commitment for office spaces, is estimated to"contribute rental income of S$16.5 million in Q3, representing 8 per cent of total gross revenue".
As a result, the brokerage has increased its revised distribution per unit forecast for fiscal 2019 by 12 per cent to factor in the contributions from Funan when it opens in June. With the Urban Redevelopment Authority's draft Master Plan 2019 calling for the development of Jurong Lake District as Singapore’s second central business district, CMT malls in the area may benefit from future development in the area.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hot stock: Eagle Hospitality Trust falls below IPO price in heavy tradingUNITS in Eagle Hospitality Trust (EHT) tumbled below their initial public offering (IPO) price of US$0.78 to hit a low of US$0.735 as at 3.06pm on Friday, when it made its debut on the mainboard of the Singapore Exchange (SGX). Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
CapitaLand transfers two Shanghai office properties to maiden real estate equity fundCAPITALAND will divest from two Shanghai properties, Innov Center and Pufa Tower and inject both in its maiden discretionary real estate equity fund, CapitaLand Asia Partners I (CAP I), as seed assets. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Share of Asia-Pacific real estate AUM up in 2018; CapitaLand top in region with US$55.9b in AUM: pollASIA-PACIFIC (APAC) recorded US$588.8 billion in total real estate assets under management (AUM) in 2018, representing 18.4 per cent of US$3.2 trillion in total global real estate AUM, up from 16.9 per cent in 2017. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Canopy Growth pushes into Cannabis beauty and wellness with This Works buyREUTERS: Canopy Growth Corp said on Wednesday it would buy skincare company This Works for CUS$73.8 million (US$55.2 million), adding beauty and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
COE for smaller cars dives as buying stallsCERTIFICATES of entitlement (COE) prices ended lower across the board at the tender on Thursday, with the premium for smaller cars taking the biggest tumble. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Novartis CEO sees chance to accelerate profit margin targetNovartis could reach its main drugs business's margin target 'a little sooner' than 2022, as it now forecasts, as it cuts costs and as new drugs ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »