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The Straits Times  |  April 20, 2013 Offering new tenant mixes in malls while riding on China's growing domestic consumption pushed up rental income for CapitaRetail China Trust (CRCT) in the first quarter. Gross revenue grew 3.7 per cent from last year to $39.3 million for the three months to March 31. Net property income was $25.9 million, up 4.6 per cent for the same period, due to the strong Singapore dollar against the Chinese yuan. Increases in both gross revenue and net property income stemmed from the new tenancy mix at CapitaMall Saihan and CapitaMall Wuhu in China. Both malls saw double-digit growth figures. The improved occupancy rate at CapitaMall Saihan after adjustments to the tenant mix on its first floor as well as high rentals attributed to the growth. CRCT reported that distributable income rose 4.2 per cent to $17.3 million. However, the first-quarter distribution per unit was down 4.1 per cent to 2.31 cents from the sam

The Straits Times  |  April 20, 2013 Engineering and real estate group TEE International has been given the green light to list its real estate arm on the Singapore Exchange mainboard. The company said in an SGX filing yesterday that the bourse operator has given its unit TEE Land a letter of eligibility to list. The group develops properties in Singapore and Thailand. Most of its local residential projects are in the East Coast area and range from one-bedroom apartments costing about $550,000 to cluster terraces that cost over $3 million. Its projects here include The Thomson Duplex, which received its temporary occupation permit (TOP) in April 2010, and Cantiz @ Rambai, which received its TOP in November 2010 and is in Joo Chiat. TEE Land is helmed by Mr Jonathan Phua, 38, the nephew of TEE International chief executive Phua Chian Kin, 53. Mr Jonathan Phua oversaw 19 projects in Singapore and across South-east Asia as of last month. TEE Land

The Straits Times  |  April 20, 2013 A high-profile bid by Wing Tai Holdings chairman Cheng Wai Keung to sell his Nassim Road bungalow for up to $300 million is not typical of the good-class bungalow (GCB) market. Sales volumes of these most posh of homes are fairly thin and other prices pale in comparison to the record price of up to $3,536 per sq ft (psf) he is asking for the vast 85,000 sq ft plot. Only seven homes have been sold with a total value of $158.88 million so far this year, in places such as the Thomson area, a CBRE analysis showed. The most expensive GCB to change hands was at Windsor Park Road at $1,401 psf or $27 million in total. Analysts agree that the volume of transactions is unlikely to exceed last year's numbers. Property consultancy CBRE's analysis found that a total of 54 GCBs were sold last year. It expects 40 to 45 GCB sales this year, translating to a total of $850 million to $950 million. Neither individual pric

The Straits Times  |  April 20, 2013 But look out for hidden issues such as parking, cost of restoration: Analysts Many home hunters may assume that landed freehold property - the rarest of land titles in Singapore - is way out of their reach. Not necessarily so. Fairly small freehold plots in Geylang and MacPherson have been selling for about the price of a suburban condominium. The 10 cheapest freehold landed properties were sold for under $2 million apiece last year, a check with the Urban Redevelopment Authority's real estate information system (Realis) showed. The cheapest freehold landed property sold last year was a terrace house with a land area of 1,841 sq ft, on Westerhout Road in the central district of Geylang, selling for just $720,000 or $392 per sq ft (psf). Another terrace house with a land area of 893 sq ft in MacPherson Garden Estate was sold for $1,133,000, or $1,276 psf, in September last year. According to Realis, the