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Ascott REIT to Sell Melbourne Property for A$11.7 million

Ascott Residence Trust (Ascott REIT) on Friday announced that it has entered into an agreement to divest its Somerset Gordon Heights Melbourne property for A$11.7 million (S$15.6 million).

The REIT said it expects to realise a net gain of A$0.2 million from the sale, which is expected to be completed in the second quarter of 2012.

“The divestment of Somerset Gordon Heights is in line with the group’s strategy to actively manage Ascott REIT’s portfolio. The sale proceeds of A$11.7 million will be primarily used to repay existing loans,” said Lim Jit Poh, Chairman of Ascott Residence Trust Management Limited.

Somerset Gordon Heights is located within the Central Business District within the heart of Melbourne city. The serviced residence is a freehold property that comprises 43 apartment units with net lettable area of 1,691 square metres.

Somerset Gordon Heights contributed about S$0.7 million or 0.4 per cent to Ascott REIT’s FY2011 gross profit.

Ascott Residence Trust closed on Friday at S$0.995.


CRCT Posts DPU Growth of 10.1 Per cent in 4Q2011

CapitaRetail China Trust (CRCT) on Friday reported a distribution per unit (DPU) of S$0.0228 for quarter ending 31 December 2011 (4Q2011), an increase of 10.1 per cent over the same quarter last year.

Total distribution per unit for FY2011 is S$0.087, up 4.1 per cent year-on-year. This translates to distribution yield of 7.6 per cent based on CRCT’s closing price of S$1.140 on 26 January 2012.

Unitholders can expect to receive DPU of S$0.0442 for the period 30 June 2011 to 31 December 2011 on 28 March 2012.

“We are pleased to deliver a set of strong financial results with our nine income-producing malls operating at close to full occupancy rate of 98.1 per cent. In 4Q2011, we achieved our fourth consecutive quarter of double-digit year-on-year growth in tenant sales and net property income (NPI) at 27.1 per cent and 17.1 per cent respectively,” said Tony Tan, CEO of CRCT.

“Going forward, we will capitalise on the wave of retailer expansion into China and generate organic growth by optimising our portfolio mix and improving the retail offerings in our malls,” he added.

CapitaRetail China Trust closed on Friday at S$1.185.


ST Engineering’s Aerospace Arm Bags S$350 million Worth of Deals in 4Q2011

Singapore Technologies Engineering Limited’s aerospace arm on Friday announced that it has sealed new contracts valued at about $350.0 million in the fourth quarter of 2011. The new deals will be carried out at its network of facilities and affiliates in the Americas, Asia Pacific and Europe.

The Aircraft Maintenance & Modification business group secured new airframe contracts involving base maintenance, heavy maintenance, passenger-to-freighter (PTF) conversion and interior refurbishment on various commercial and military aircraft platforms.

The Component Total Support business group secured new component contracts, including Maintenance-By-the-Hour (MBHTM), repair management, avionics and mechanical component maintenance, aerostructures and thrust reverser repair, and landing gear repair and overhaul.

Meanwhile, the group’s Engine Total Support business group clinched new engine maintenance contracts, which includes on-wing maintenance, off-wing maintenance, technical management and asset management on various engines types.

Singapore Technologies Engineering Limited closed on Friday at S$2.900.


Bemax Resources to Acquire AS25-million Mining Tenements

Bemax Resources Limited on Friday announced that its wholly-owned subsidiary, Cable Sands (WA) Pty Ltd, has signed an agreement to purchase heavy mineral mining tenements from Simto Resources Limited for A$25.0 million (S$33.4 million).

The group said the acquisition is expected to ‘significantly’ add to its Western Australia resource base and strengthen its mining operations in the South West.

The consideration comprises of an upfront payment of A$15.0 million and royalties of A$10.0 million.


SP Corp’s FY2011 Bottomline Down 27 Per cent to S$2.47 million

SP Corporation Limited on Friday reported a 27-per cent decline in net profit for 2011.

Net profit fell to S$2.47 million last year from S$3.38 million in 2010, mainly due to losses incurred by the geotechnical and soil investigation unit’s Singapore operations.

Turnover for the year, meanwhile, rose 10 per cent to S$187.05 million from S$170.67 million a year ago.

SP Corporation Limited closed on Friday at S$0.102.


SMRT Launches iPhone App for Real-time Service Information

SMRT Corporation Limited on Friday unveiled SMRTConnect, a free mobile application for iPhone and iPod Touch, that provides real-time train and bus arrival information.

The app also provides train service updates and allows commuters to book a taxi.

SMRTConnect carries a QR code reader, which allows commuters to shop on the go from QR-coded advertisements in some train stations.

The application’s Android version will be made available later this year.

SMRT Corporation Limited closed on Friday at S$1.750.