71 Robinson Road office block sold for $655m to real estate investment firm

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Commerz Real has sold its 71 Robinson Road property to SV Robinson for $655 million. SV Robinson is a real estate investment company which is a member the Sun Venture group of companies.

The sale was done through its open-ended real estate fund hausInvest, Commerz Real said on Tuesday. Commerz Real was also advised on the sale by CBRE and JLL, with law firm Dentons providing legal consulting, and EY for tax consulting.

The move comes weeks after a report on Sun Venture being granted exclusive due diligence with a view to buy the 15-storey office block, The Business Times understood at the time.

It was also reported that the property is running at full house with an average monthly passing rent in the low-$10 per square foot range, with tenants including CommerzBank, Visa, Ogilvy and WeWork. WeWork has leased three floors since 2017.

Commerz Real purchased the property for its fund in 2008. The building has 13 storeys with around 22,000 square metres of office space, along with two storeys with parking spaces.

It has a net lettable area of 237,644 square feet, sits on a site at the corner of Robinson Road and McCallum Street, and has nearly 74 years' balance lease. It was completed 11 years ago and deemed to have Grade A specifications.

The office block also stands on the site of the former Crosby House, which Singtel sold in 2006 to a Lehman Brothers and Kajima Overseas Asia partnership.

Commerz Real global head of transaction management Henning Koch said: "We have utilised the market and leasing situation to attain an extremely attractive market price for our investors. Asia remains an interesting market for new acquisitions for hausInvest."

CBRE managing director of capital markets Jeremy Lake added that top bids were all very close, reflecting the positive outlook which local and foreign investors have for the office investment market.

"71 Robinson Road is a very high-quality building with bluechip tenants, attributes which investors identified very quickly. The net yield in year one is in the region of 3.5," he said.

Source: Straits Times, 30 July 2019

Positive office market numbers, but clouds loom

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THE latest official data points to overall positive indicators for the Singapore office market, but some analysts see warning signs.

CBRE's associate director of research Catherine He said: "We have observed more cautious sentiments as firms are assessing the full impact of the trade war, with more opting for renewals rather than committing capital expenditure to expand or relocate."

There has also been some right-sizing in the banking sector, as well as consolidation and a drive towards space efficiency in the business consultancy, pharmaceutical and fast-moving consumer goods sectors, she added.

The rental index compiled by the Urban Redevelopment Authority (URA) for office space in the central region of Singapore rose 1.3 per cent in the second quarter of this year over the previous three months.

This came on the back of the continued tightening of supply, with the island-wide vacancy rate of office space falling to 11.5 per cent as at the end of Q2 2019 from 11.8 per cent at end-Q1 2019.

Island-wide net demand of office space, as reflected in the change in occupied space, was 35,000 square metres net lettable area (NLA) in the second quarter, up from 19,000 sq m in the previous quarter.

The stock of office space increased by 7,000 sq m NLA, compared with the drop of 6,000 sq m NLA in the previous quarter.

JLL's head of research and consultancy for Singapore Tay Huey Ying noted that heightened geopolitical tensions, a string of weak macro-economic data and downgrades to Singapore's 2019 economic growth moderated market sentiment and tempered exuberance in the second quarter.

Nevertheless, she argued that "there is potential for office rents to stay on the growth trajectory over the next 12 to 18 months but sporting a gentler gradient".

She cited continued steady leasing demand for the rest of this year and into 2020 from the financial and insurance, business services and technology sectors.

Meanwhile, the supply pipeline remains limited.

CBRE's Ms He was less optimistic. She said: "In the wake of heightened economic headwinds, the Singapore office market outlook looks increasingly clouded."

Although the current supply situation is relatively tight, leasing pre-commitments of pipeline projects have slowed considerably.

"These factors combined could potentially dampen rental growth prospects over the medium term."

As at end-Q2 2019, there was a total supply of about 732,000 square metres in gross floor area of office space in the pipeline, a tad lower than the 733,000 sq m of space in the pipeline as at the end of the previous quarter.

The URA's price index of office space in the central region rose 0.9 per cent in second quarter 2019, more slowly than the 3.0 per cent gain in the previous quarter.

Tricia Song, head of research for Singapore at Colliers International, noted that transactions remained robust, with two key deals during the second quarter - the sale of Chevron House and the divestment of a 50 per cent stake in Frasers Tower.

"The punitive additional buyer's stamp duty (ABSD) measures on the residential sector since July 2018 should continue to fuel a shift in investor interest towards the commercial sector."

Source: Business Times, 27 July 2019

Iconic Eu Yan Sang Building in Chinatown up for sale

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The iconic Eu Yan Sang Building in Chinatown has been launched for sale with a guide price of $62.5 million, the property's exclusive marketing agent JLL said on Monday (July 22).

Built in 1910, it housed the first traditional Chinese medicine Eu Yan Sang outlet in Singapore set up by its founder Eu Tong Sen. The building was designed by Alfred Bidwell from the firm Swan & Maclaren, who was also responsible for the design of the Raffles Hotel and Victoria Memorial Hall.

Current tenants of what is now a row of four conservation shophouses are Eu Yan Sang's flagship store, two hostels and a law firm.

The property is owned by EU Realty (Singapore), a subsidiary of Eu Yan Sang International, JLL told The Business Times.

Located at 265 to 271 South Bridge Road within the Telok Ayer conservation area, the three-storey shophouses sit on a combined land area of 6,262 square feet (sq ft) and have a gross floor area (GFA) of 19,885 sq ft.

The property also has a large 2,562 sq ft open terrace on its fourth floor which overlooks the entire Chinatown district.

Its guide price of $62.5 million works out to around $3,150 per square foot (psf) based on GFA, and $2,785 psf with the roof terrace included.

The sale will be conducted through an expression of interest exercise which closes at 3pm on Aug 27.

The land is zoned for commercial use under the Draft Master Plan 2019 by the Urban Redevelopment Authority, which means foreigners are eligible to purchase the property. There is also no additional buyer's stamp duty or seller's stamp duty imposed.

The vendor is proposing to offer the shophouses with a leasehold land tenure of 199 years from the date of completion of the sale and purchase of the property.

Clemence Lee, senior director of capital markets at JLL said the new owner will have the flexibility to explore value-add angles for the property, such as conducting minor refurbishment works, changing the ground floor unit to food and beverage use, or converting the second-floor office into a backpacker hostel, subject to approval from the authorities.

"Alternatively, this is an excellent opportunity for owner-occupiers to acquire a beautiful flagship property with potential naming and signage rights in the central business district for their own operations" he added.

The property has a regular and column-free layout, concrete flooring, and high ceiling height.

JLL noted that the row of four shophouses commands a 23-metre wide frontage along South Bridge Road with "excellent visibility".

The shophouses are located directly across the Buddha Tooth Relic Temple & Museum.

Nearby, the upcoming Maxwell MRT station which is part of the new Thomson-East Coast Line is slated to open in 2021. The property is also within walking distance to the Chinatown and Telok Ayer MRT stations.

Recent freehold or 999-year transactions in the vicinity include: 87 Club Street which sold for $17.2 million or around $3,300 psf in January this year; 21 Boon Tat Street which sold for $16.5 million or $4,258 psf in September 2018; and 64 Club Street which sold for $21.8 million or $3,880 psf in August 2018.

Source: Straits Times, 22 July 2019

Row of six freehold shophouses in Joo Chiat up for sale via public tender.

The Singapore Shopping Centre is located opposite Dhoby Ghaut MRT, and the area is "poised for a major rejuvenation with the redevelopment of Park Mall just across the street", said marketing agent SRI.

A ROW of six adjoining three-storey shophouses along Joo Chiat Road has been put for sale via public tender, real estate services firm CBRE said on Wednesday.

To be sold as a bundle, the conservation shophouses are located at 454, 456, 458, 460, 462, and 464 Joo Chiat Road. They sit on a freehold site of about 7,400 square feet (sq ft) and the total existing built-up area is around 13,000 sq ft.

The property is zoned for commercial use with a plot ratio of 3.0 and a maximum allowable gross floor area (GFA) of some 22,200 sq ft, under the Urban Redevelopment Authority's Draft Master Plan 2019.

CBRE said the buyer can choose to either immediately receive stable rental income based on the current GFA, or value-add to the property and fully maximise the allowable GFA by building a rear extension, subject to the authorities' approval.

Alternatively, the buyer can configure the space to suit his or her own-use requirements or to cater to the needs of the tenants, CBRE added.

The public tender exercise will close at 3pm on Aug 30.

CBRE's associate director of capital markets, Yap Hui Yee, said: "We expect robust interest in this property due to the rarity of a row of six freehold conservation shophouses with existing F&B (food and beverage) approvals in a strategic location being made available for sale."

There will be no additional buyer's stamp duty or seller's stamp duty imposed on local or foreign buyers.

Joo Chiat is characterised by a mix of colourful shophouses of Peranakan heritage that house popular F&B shops, trendy bars and hipster boutiques. One of the six shophouses is tenanted to a homegrown cafe brand, Sinpopo, Ms Yap said.

Source: Business Times, 18 July 2019


WeWork to lease entire 21-storey HSBC building in Collyer Quay after bank moves out

The tower, 21 Collyer Quay, will be WeWork's biggest property in Singapore and has a net lettable area of about 200,000 square feet.

SINGAPORE (REUTERS) - CapitaLand Commercial Trust (CCT) will lease out 21 Collyer Quay, a 21-storey building in Singapore's financial district currently occupied by HSBC, to US co-working giant WeWork.

The move marks WeWork's expansion in Asia. The tower will be WeWork's biggest property in Singapore and has a net lettable area of about 200,000 square feet.

The lease with WeWork will start in the second quarter of 2021, for a period of seven years, said CCT, without disclosing financial details of the new deal. Its lease deal with Hong Kong and Shanghai Banking Corp Ltd, a unit of HSBC Holdings, will end in April 2020.

CCT said that the agreement with WeWork is not expected to have a material impact on its net asset value per unit or distribution per unit for the financial year ending Dec 31, 2019.

Its manager also said it plans to capitalise on the transitional occupancy downtime during changeover of tenants to upgrade the building. It said the expected return on investment is approximately 9 per cent on an estimated cost of $45 million to upgrade the property. The building is valued at $462.2 million as at June 30, 2019.

Co-working spaces have become popular among start-ups because these give them the flexibility of short-term leases in well-decorated spaces and keep overheads low. Increasingly, larger companies are also using co-working firms to manage their offices.

In Singapore, the flexible workspace footprint has more than tripled since 2015 and now accounts for some 4 per cent of the office space in the central business district, according to real estate consultancy Colliers.


WeWork's new lease will give it rare signage rights in the country's financial district, said Christine Li, head of Singapore and South-east Asia research at property services firm Cushman and Wakefield.

"It's a very good catch for WeWork," said Li, because typically only a few floors are available in the business district due to low vacancy.

The lease will start in the second quarter of 2020 for seven years, CCT said. WeWork will occupy 20 floors of the building, the US firm said in a separate statement, but did not provide details about the one other floor.

HSBC Singapore said last year that it would relocate its head office to Marina Bay Financial Centre, within the central business district.

Rents for grade A buildings in Singapore's central business district surged 12.7 per cent last year, Cushman and Wakefield's Li said.

She expects rents to stay mostly flat this year at the current level of about $10.61 per square foot per month, due to a slowing economy and uncertainties from trade tensions between United States and China.

Founded less than a decade ago, WeWork has locations in over 28 countries, including in Singapore, China, India.

The money-losing firm, which has filed paperwork for an IPO, has faced questions about the sustainability of its business model that is based on short-term revenue agreements and long-term loan liabilities.

Source: Straits Times, 17 July 2019

Singapore Shopping Centre up for sale en bloc with $255m reserve price

The Singapore Shopping Centre is located opposite Dhoby Ghaut MRT, and the area is "poised for a major rejuvenation with the redevelopment of Park Mall just across the street", said marketing agent SRI.

SINGAPORE - Singapore Shopping Centre has put itself on the collective sale market with a reserve price of $255 million.

The seven-storey retail and office development, located at 190 Clemenceau Avenue opposite Dhoby Ghaut MRT station, spans a land area of 2,449.8 sq m. It is zoned for commercial use under Draft Master Plan 2019 with a plot ratio of 4.2+.

The development also has a "prominent triple-road frontage onto Clemenceau Avenue, Penang Road and Penang Lane", said marketing agent SRI.

Mr Andy Gan, head of investment sales at SRI, said the area is "poised for a major rejuvenation with the redevelopment of Park Mall just across the street".

Mr Tony Koe, the realty firm's managing director, highlighted proposed plans by the authorities to pedestrianise part of Orchard Road and connect green spaces at the Istana Park, Dhoby Ghaut Green and the open space at Plaza Singapura.

The tender closes on Sept 9.

Source: Business Times, 17 July 2019

The rise of the flexible workspace

The way firms do business and manage talent is changing.

Disruptive technology, booms in start-up and franchising culture, agile working practices and the ever-present desire to keep costs down are all influencing how businesses operate.

And as more people work on-the-go, the workplace is rapidly evolving to keep up with the pace — and meet prospective employees' demands.

According to IWG Global Workspace Survey data, 83 per cent of those looking to accept a job offer would turn down the one that did not involve a flexible working arrangement. The survey polled more than 15,000 business people in 80 countries.

This group of working professionals, dubbed "Generation Flex", are now calling the shots — remarks IWG founder and chief executive officer Mark Dixon in the report's preface.

"It's no surprise that 85 per cent of businesses worldwide currently have a flexible workspace policy. There has been a power shift. In many sectors, bosses no longer dictate what a regular working day looks like."

Co-working culture

And a report by commercial real estate services firm Jones Lang LaSalle (JLL) states that almost a third of corporate real estate could be flexible workspace by 2030. 

With companies rapidly jumping on the flexible workspace bandwagon and giants such as IWG continuing their rapid global expansion, the prediction seems extremely close to being true. This brings major implications not just for underlying costs, but for the ability to attract and retain the next generations of top talent.

JLL's head of EMEA Corporate Research Tom Carroll adds that the work space is also a huge factor when attracting talent. After all, to stay ahead of their competitors, successful businesses remain attentive to the needs of their people.

Adds Carroll: "Flexible office space helps to attract specific talent pools who tend to favour a less traditional corporate office setting while meeting the requirements of specific teams in areas such as digital or product innovation."

Ensuring sustainable development

A survey by US-based media company Cone Communications revealed that 75 per cent of Millennials would take a pay cut to work for what they deem a "responsible" company.

One way of minimising a company's carbon footprint is through flexible working environments that do away with the one central location concept — allowing for the establishment of smaller, satellite offices closer to where core members of staff are living.  

Reduced commuting times and distances can also have the added benefit of strengthening the relationship between employee and employer: workers have a better chance of arriving at work on time, and they can avoid the long-term grind of stressful commutes. 

Effectively, the sustainability factor here is that a more agile working situation will help reduce employee churn and increase the likelihood of employees remaining with the same employer for longer.

Win-win situation

The benefits of a flexible workspace are not limited to just employees.

Flexible working is increasingly seen by businesses as a driver to success. Many are using it to reduce capital and operational expenditure or choosing flexible working locations to help them shed unnecessary assets, manage risk and consolidate their portfolio.

Statistics from global commercial real estate services company Cushman & Wakefield found that in London, for instance, the average cost of renting flexible workspace is more than half the cost of conventional space.

For companies to be able to decide how much space they lease, and for how long, flexspace provides a level of freedom not previously available through traditional property rental agreements.

In the long run, this can also help such businesses expedite their regional expansion and enter new overseas markets with less concerns about the capital and operational expenditure required. By leveraging the growth of co-working networks, these businesses can also idenitify potential locations more easily. 

For more info, visit www.regus.com.sg or click here.

Source: Business Times, 15 July 2019


Retail podium, three office floors at 30 Raffles Place on the market

A S$110 million revamp of the former Chevron House (centre) will result in a 40 per cent increase in its net lettable area.

A four-level retail podium and the three lowest office floors designated for a banking hall in a revamp of the former Chevron House have been put up for sale through an expression of interest exercise.

The 32-storey property at 30 Raffles Place is being spruced up at a cost of about S$110 million, The Business Times understands.

Among other changes, part of basement 2 is being converted from carpark space to retail. The remainder of basement 2 along with basement 3 will continue to house car park lots.

Word on the street is that the indicative combined pricing for the retail podium and banking hall space is S$480 million.

The price split is roughly S$300 million for the retail space (about S$5,800 psf on net lettable area or NLA); and S$180 million (almost S$3,100 psf) for the proposed banking hall in the office podium, which occupies levels 3, 4 and 5.

Bidders may make offers for either the retail space or the office space, or both.

Located next to Raffles Place MRT Station, 30 Raffles Place is on a site with 99-year leasehold tenure starting December 1989. This leaves a balance term of about 69.5 years.

Divestment of the retail space and the banking hall space is one of the conditions for the final completion of Oxley Holdings' sale of the 32-storey building to a unit of US-based property fund manager AEW for a total of up to S$1.025 billion under a sale and purchase agreement inked in late-April this year.

Oxley has said that it intends to divest the retail space and the banking units (on levels 3 to 5) as soon as practicable, factoring market conditions, and in any event, before the final completion of the proposed sale to AEW, which is expected to take place by the end of first-quarter 2020.

Oxley is also aiming to complete the ongoing major refurbishment of the building, which began on March 1 this year, no later than Q1 2020.

The first completion under the sale and purchase agreement with AEW took place on June 7, resulting in 82.35 per cent of the issued and paid-up capital of Oxley Beryl, which holds 30 Raffles Place, being transferred to buyer AEW's vehicle Golden Compass (BVI).

BT understands that the expression of interest, being conducted quietly by property consulting groups Cushman & Wakefield and JLL, is slated to close towards the end of this month.

The retail podium - on levels 1, 2, basement 1 and part of basement 2 - comprises 79 units. The retail podium's NLA is about 51,400 sq ft and its strata area, 61,500 sq ft.

Tenants have been secured for some of the units, including a health/fitness operator for basement 2. Upon completion of the refurbishment, the retail podium will be rebranded as Change Alley Mall.

An investor stands to derive not only rental payment from tenants but income from additional sources such as event space and a media screen.

As for the office podium (levels 3 to 5), its NLA and and strata area are the same: nearly 58,300 sq ft.

Above the office podium is the office tower (with 27 levels). A lease is close to being stitched, with coworking operator WeWork to take nine floors in the tower, BT understands.

Following the refurbishment, the building's total NLA will expand by about 40 per cent from 261,300 sq ft to 363,000 sq ft.

Source: Business Times, 12 July 2019


Sun Venture granted exclusive due diligence for 71 Robinson Rd

The pricing for 71 Robinson Road is nearly S$2,800 psf on NLA and reflects a net yield of about 3.5 per cent.

A SALE is in the works for 71 Robinson Road.

The Business Times understands that property investment group Sun Venture has been granted exclusive due diligence with a view to buy the 15-storey office block. The pricing is slightly under S$2,800 per square foot of net lettable area (NLA), which would translate to an absolute price in the region of S$660 million.

The pricing would reflect a net yield of about 3.5 per cent based on income from the existing leases. Currently running at full house with an average monthly passing rent in the low-S$10 psf range, 71 Robinson Road's tenants include CommerzBank, Visa, Ogilvy and WeWork.

The building, with 237,644 sq ft NLA, is on a site at the corner of Robinson Road and McCallum Street; the site has nearly 74 years' balance lease. Completed 11 years ago, 71 Robinson Road is deemed to have Grade A specifications.

Commerz Real, the owner of the property, earlier this year appointed CBRE and JLL to market the asset. According to the grapevine, the duo contacted a small pool of potential buyers and conducted a low-key expression of interest exercise, which closed in May.

A couple of parties were shortlisted to sharpen their bids and make final offers later the same month, culminating in the selection of Sun Venture to enter a period of exclusivity to conduct due diligence on the asset.

The office block stands on the site of the former Crosby House, which Singtel sold in 2006 to a Lehman Brothers-Kajima Overseas Asia partnership.

They redeveloped the site into the current 71 Robinson Road office block, selling the property on a turnkey basis to Commerz Real in April 2008, as it was being built, at a then-record price of S$3,125 psf. At the time, the site had about 85 years left on its lease term.

That transaction came with a coupon payment by the seller to Commerz Real, amounting to 4.5 per cent for the duration of construction.

The S$3,125 psf transaction remained a benchmark price for an entire office building in Singapore for eight years. In 2016, that record was broken when listed MYP Ltd, controlled by the family of Indonesian tycoon Tahir, bought the Straits Trading Building at 9 Battery Road for S$3,524 psf on NLA or S$560 million. (The 28-storey, 999-year leasehold building has since been renamed MYP Centre.)

Interestingly, it was Sun Venture that sold the property to MYP, reaping a nice profit over a two-year holding period; it had paid S$450 million for the property in 2014.

Another office building that Sun Venture bought and sold is the freehold Robinson Point. It acquired the 21-storey property from AEW in 2012 in a deal that valued the asset at S$284 million, and sold it the following year to Tuan Sing Holdings for S$348.9 million.

Sun Venture, which is backed by Taiwanese and Singaporean investors, currently owns 50 Scotts Road, a transitional office development it built on a site with a short lease that runs until 2023.

The group also owns Levels 9 to 11 of the 999-year leasehold Samsung Hub.

In partnership with Low Keng Huat (Singapore), Sun Venture owns the Westgate Tower office block near Jurong East MRT Station, and the retail component of Paya Lebar Square.

Based on data from Savills Singapore, Singapore office transactions of S$10 million and above in the private sector so far this year have amounted to S$3.05 billion.

The figure for the whole of 2018 was S$5.24 billion and that for 2017, nearly S$7.5 billion.

Major deals in the past few months include Chevron House, 7 & 9 Tampines Grande and a 50 per cent interest in Frasers Tower.

Said Savills Singapore executive director Alan Cheong: "In recent months, we've witnessed continuing efforts by institutional investors, be they private equity funds or corporate entities, to deploy capital into the Singapore office market.

"The buying momentum should continue for the rest of 2019 , thanks to a surfeit of funds that have been raised recently by private-equity groups and family offices; as well as a shortage of investible Grade A office stock on the island.

"Investors have also bought into the argument that the Singapore office rental recovery will continue, at least in the near term."

Source: Business Times, 11 July 2019

CapitaLand completes $11b acquisition of Ascendas-Singbridge, to operate as unified entity from July 1

SINGAPORE - Mainboard-listed property heavyweight CapitaLand will mark a new milestone on July 1 as it has completed its $11 billion acquisition of Ascendas-Singbridge and will start operating as a unified entity.

In a regulatory filing on Sunday (June 30), the real estate giant announced that it had acquired all the issued shares of Ascendas Pte Ltd and Singbridge Pte Ltd from owner Temasek Holdings. With this, the group has become one of Asia's largest diversified real estate players with over $123 billion of assets under management.

Its global network of commercial, retail; business park, industrial and logistics; integrated development, urban development; residential; lodging; as well as fund and asset management businesses spans over 30 countries across more than 200 cities.

Lee Chee Koon, group chief executive of CapitaLand, said: "The completion marks the coming together of two leading real estate players as one unified entity. As an enlarged group, we possess fully integrated capabilities in four core markets - Singapore, China, India and Vietnam, while building greater scale in developed markets. With more asset classes in these markets, we will go further to achieve transformational growth.

"Diversifying our portfolio to new economy sectors such as business parks, logistics and industrial properties, will give us added competitive edge via a bigger global network of touchpoints. With greater access to the best talents, capital partners, markets and asset classes, we are confident of building CapitaLand into a winning global company."

Key integration deliverables accomplished include the harmonising of key operational and governance processes, formalising of reporting structures and aligning of key performance indicators and financial reports in the group's functions and business units across all geographies, according to the statement.

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The transaction had earlier received overwhelming approval by CapitaLand's independent shareholders at an extraordinary general meeting in April 2019.

Separately, CapitaLand also announced on Sunday that it has appointed Ascendas-Singbridge's chief operating officer (COO) and chief financial officer (CFO), Jonathan Yap Neng Tong, as the president of CapitaLand Financial, effective July 1.

Mr Yap, 52, will oversee CapitaLand group's real estate investment trusts and business trusts, its private and third-party funds as well as its India business.

CapitaLand said he will be a key member of the management team responsible for developing and executing the enlarged group's growth strategy.

Currently, Mr Yap is also a director of Ascendas Property Fund Trustee, the manager of Ascendas India Trust which is listed on the Singapore Exchange.

CapitaLand closed one cent or 0.28 per cent down to $3.53 on Friday.

Lee Chee Koon, group chief executive of CapitaLand, said: "The completion marks the coming together of two leading real estate players as one unified entity. As an enlarged group, we possess fully integrated capabilities in four core markets - Singapore, China, India and Vietnam, while building greater scale in developed markets. With more asset classes in these markets, we will go further to achieve transformational growth.

"Diversifying our portfolio to new economy sectors such as business parks, logistics and industrial properties, will give us added competitive edge via a bigger global network of touchpoints. With greater access to the best talents, capital partners, markets and asset classes, we are confident of building CapitaLand into a winning global company."

Key integration deliverables accomplished include the harmonising of key operational and governance processes, formalising of reporting structures and aligning of key performance indicators and financial reports in the group's functions and business units across all geographies, according to the statement.

The transaction had earlier received overwhelming approval by CapitaLand's independent shareholders at an extraordinary general meeting in April 2019.

Separately, CapitaLand also announced on Sunday that it has appointed Ascendas-Singbridge's chief operating officer (COO) and chief financial officer (CFO), Jonathan Yap Neng Tong, as the president of CapitaLand Financial, effective July 1.

Mr Yap, 52, will oversee CapitaLand group's real estate investment trusts and business trusts, its private and third-party funds as well as its India business.

CapitaLand said he will be a key member of the management team responsible for developing and executing the enlarged group's growth strategy.

Currently, Mr Yap is also a director of Ascendas Property Fund Trustee, the manager of Ascendas India Trust which is listed on the Singapore Exchange.

CapitaLand closed one cent or 0.28 per cent down to $3.53 on Friday.

Source: Straits Times, 30 Jun 2019