Singapore Property Analyst

Anni Kum

Equity Bottom-Up

Frasers Commercial Trust / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/13879" target="_blank" data-smartkarma-citation="entities:13879:1">Frasers Commercial Trust (FCOT SP)</a> to sell 55 Market Street at 44.5% premium above valuation and possibly at record-low exit yield of 1.7% in the Singapore office market.  </li>
<li>Sales proceeds, if used to repay existing debt, would reduce FCOT's gearing as at 30 Sep 2017 from 34.7% to 26.5% on a pro-forma basis, freeing up its balance sheet to pursue overseas expansion in search of higher yields.</li>
<li>Pro-forma NAV is expected to increase from S$1.60 to S$1.70 as at 30 Sep 2017.  FCOT trades at around…</li>
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Frasers Commercial Trust (FCOT SP) to sell 55 Market Street at 44.5% premium above valuation and possibly at record-low exit yield of 1.7% in the Singapore office market.  
Sales proceeds, if used to repay existing debt, would reduce FCOT's gearing as at 30 Sep 2017 from 34.7% to 26.5% on a pro-forma basis, freeing up its balance sheet to pursue overseas expansion in search of higher yields.
Pro-forma NAV is expected to increase from S$1.60 to S$1.70 as at 30 Sep 2017.  FCOT trades at around…


Frasers Commercial Trust (FCOT SP) Registers a Record Low Exit Yield on Divestment

Singapore and emerging market real estate

Royston Foo

Thematic (Sector/Industry)

<p><a href="https://www.smartkarma.com/entities/13879" target="_blank" data-smartkarma-citation="entities:13879:1">Frasers Commercial Trust (FCOT SP)</a> announced today that it has entered into a sale agreement with an unidentified party to sell 55 Market Street – a 999-year leasehold office building with NLA of 71,796 sq ft located in the heart of Singapore CBD. Sale consideration of S$216.8 mil is at a 44.5% premium to latest valuation of S$150 mil and the consideration translates to a rate of S$3,020 psf NLA. Base on FY17’s net property income of S$4.2 mil, the transaction cap rate is 1.94%. This might be…</p>

Frasers Commercial Trust (FCOT SP) announced today that it has entered into a sale agreement with an unidentified party to sell 55 Market Street – a 999-year leasehold office building with NLA of 71,796 sq ft located in the heart of Singapore CBD. Sale consideration of S$216.8 mil is at a 44.5% premium to latest valuation of S$150 mil and the consideration translates to a rate of S$3,020 psf NLA. Base on FY17’s net property income of S$4.2 mil, the transaction cap rate is 1.94%. This might be…

Singapore Office – Rising Capital Value Might Not Be a Good Thing for Office REITs After All

<p><a href="https://www.smartkarma.com/entities/22748" target="_blank" data-smartkarma-citation="entities:22748:1">Frasers Logistics &amp; Industrial (FLT SP)</a> ("FLT") launched a massive equity financing in May 2018 for the acquisition of 21 logistics facilities in Germany and Netherlands. In the same month,  <a href="https://www.smartkarma.com/entities/1077" target="_blank" data-smartkarma-citation="entities:1077">Capitaland Commercial Trust (CCT SP)</a> ("CCT") launched a private placement in relation to the acquisition of a Grade A commercial asset in Frankfurt. CCT’s latest equity financing followed hot on the heels of its S$700 million rights issue in October 2017 for the acquisition of Asia Square 2. As the launch of…</p>

Frasers Logistics &amp; Industrial (FLT SP) ("FLT") launched a massive equity financing in May 2018 for the acquisition of 21 logistics facilities in Germany and Netherlands. In the same month,  Capitaland Commercial Trust (CCT SP) ("CCT") launched a private placement in relation to the acquisition of a Grade A commercial asset in Frankfurt. CCT’s latest equity financing followed hot on the heels of its S$700 million rights issue in October 2017 for the acquisition of Asia Square 2. As the launch of…

Is the S-REIT Sector's Valuation at Its Peak?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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March Quarter Earnings of SGX’s Largest Office REITs

Keppel-KBS US REIT – US-Focused Office REIT Debuts on SGX

Singapore

Frasers Commercial Trust is a real estate investment trust. The Trust invests primarily in income-producing commercial office properties and its current portfolio consists of office buildings located in Singapore and Australia.

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Frasers Commercial Trust (FCOT SP)