Company Briefs: PSA Singapore

PSA Singapore

Port operator PSA Singapore has inked a 21-year deal with Sunseap Group to roll out solar power solutions across its terminal facilities in Singapore.

The solar power purchase agreement will enhance the eco-friendliness of the container port and ancillary buildings in PSA's Singapore facilities, the two companies said in a joint statement yesterday.

Under the contract, Sunseap - one of the largest solar players here - will build and install a 4MW peak solar system across five sites in PSA's Singapore terminals, including terminal buildings, gates, maintenance base and workers' dormitories at the Pasir Panjang Terminal.

Sunseap will install and maintain the solar photovoltaic system as well as offer a competitive electricity tariff rate that will allow PSA to reduce its carbon footprint, in line with PSA's sustainability goals, said the joint statement.

The solar photovoltaic system is expected to be operational by the end of October.


Soilbuild Reit

Soilbuild Business Space Reit reported a 11.9 per cent drop in distribution per unit (DPU) for the fourth quarter to 1.383 cents.

This came as gross revenue and net property income (NPI) fell by 4.3 per cent to $20.75 million and 6 per cent to $17.75 million respectively, mainly due to lower contribution from 72 Loyang Way.

For the full year ended Dec 31, Soilbuild Reit's revenue grew 4.5 per cent to $84.82 million and NPI rose 4 per cent to $73.48 million, largely due to the full-year contribution from Bukit Batok Connection, a property acquired in September 2016.

But full-year DPU still slipped 6.2 per cent to 5.712 cents on the back of lower distributable income and an enlarged units base.

The Reit manager completed some 120,000 sq ft of renewals and forward renewals in the fourth quarter and secured about 90,000 sq ft of new leases despite the soft leasing environment.

For the full year, the Reit manager completed more than 920,000 sq ft of new leases, renewals and forward renewals, amounting to 23.7 per cent of the portfolio.

Negative rental reversion of 15.7 per cent and 9.2 per cent was recorded for new and renewal leases in the fourth quarter and fiscal 2017 respectively.

Weighted average lease expiry by net lettable area and gross rental income stood at 3.1 and three years respectively.

A version of this article appeared in the print edition of The Straits Times on January 18, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe