Company Briefs : SPC


Singapore Petroleum Company (SPC), a wholly owned subsidiary of PetroChina International (Singapore), has completed its new storage and distribution terminal on Jurong Island.

Spanning 33,000 sq m, the Jurong Island Terminal stores and distributes petroleum products to SPC's network of service stations and its commercial customers. The site has a total capacity of 50,000 cu m spread across 10 storage tanks.

The facility, located next to SPC's joint venture refinery, is connected to the refinery via three transfer pipelines.

The terminal's eight automated bottom loading bays allow truck operators to independently operate the loading facility with ease. By adopting a bottom loading feature, the terminal will have greater control over the flow rate, which SPC says substantially increases the overall handling capacity and delivers more products quickly.

There is also a vapour recovery system, which helps minimise the release of volatile vapour into the atmosphere during refuelling.

CapitaLand Commercial Trust

CapitaLand Commercial Trust (CCT) has posted a distribution per unit of 2.20 cents for the third quarter, up 8.9 per cent from the same period last year.

Gross revenue for the three months ended Sept 30 was $100.51 million, up 35.6 per cent from the same period a year earlier, on contributions from the acquisitions of Gallileo in Frankfurt as well as Asia Square Tower 2, which offset the loss in revenue from divesting Wilkie Edge and Twenty Anson.

Net property income jumped 37.3 per cent to $80.4 million. Distributable income rose 13.1 per cent to $82.7 million.

Across CCT's Singapore portfolio, committed occupancy as at Sept 30 was 99.1 per cent, above the Central Business District market occupancy rate of 94.6 per cent. Gallileo in Germany is fully occupied, CCT said.

For the third quarter, CCT signed about 448,000 sq ft of new and renewal leases, of which 27 per cent is new. Fresh demand for space came largely from companies in real estate and property services, business consultancy, IT, media and telecommunications and financial services.

All lease renewals this year have been completed, and 12 per cent of lease renewals due next year (based on monthly gross rental income) were completed, CCT said.

Net asset value per unit as at Sept 30 was $1.81, from $1.78 as at Dec 31.

A version of this article appeared in the print edition of The Straits Times on October 27, 2018, with the headline 'Company Briefs'. Print Edition | Subscribe