Company Briefs: Frasers Centrepoint

Frasers Centrepoint

Frasers Hospitality Group, the hospitality arm of real estate company Frasers Centrepoint, announced yesterday that it will be opening its ninth property in Jakarta in the third quarter of this year.

Frasers Suites Kuningan is part of Ciputra World 2 Jakarta, a mixed-use development in the heart of the city. The 210-unit serviced residence puts Frasers Hospitality Group on track to meet its target of exceeding 1,500 units in the Indonesian capital by 2019.

Its first property there was Fraser Residence Sudirman, while its most recent development was Frasers Place Setiabudi, which opened last year. It said yesterday that both properties have occupancy rates of above 75 per cent.

Frasers Hospitality Group operates more than 140 outlets in more than 80 cities.

Mapletree Industrial Trust

Higher rental rates and revenue from phase one of its build-to-suit development for Hewlett-Packard Singapore boosted third-quarter numbers at Mapletree Industrial Trust.

Distribution per unit for the three months to Dec 31 rose 0.4 per cent to 2.83 cents from a year earlier.

Net property income grew 2.5 per cent to $63.6 million, while gross revenue increased 1.4 per cent to $84.5 million.

There was a lift in average portfolio passing rent, which went up to $1.93 per sq ft per month from $1.92 in the second quarter. The increase was mainly attributed to the lease commencement by Hewlett-Packard, which accounts for 5.3 per cent of the portfolio by gross rental income as at Dec 31.

This helped offset the decline in average portfolio occupancy rate, which fell to 92.1 per cent from 92.5 per cent in the previous quarter, as there were lower occupancy rates at high-tech buildings and business park buildings.

Roxy-Pacific Holdings

Property developer Roxy-Pacific has acquired five adjoining two-storey shophouses in Upper Bukit Timah Road for $17 million.

It bought the freehold residential site, estimated to be more than 10,000 sq ft, through its RH Capital unit. The units are from 826/A to 834/A Upper Bukit Timah Road.

The developer said it will finance the acquisition with internal funds and bank borrowings.

A version of this article appeared in the print edition of The Straits Times on January 25, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe