AVM.SI - Boustead Projects

[Cicero]

https://www.straitstimes.com/business/companies-markets/ascendas-reit-to-buy-remaining-75-stake-in-galaxis-for-534m

Interesting data point. Ascendas Reit bought a business park relatively close (about 1.5 Km) to Alice. Net income yield (?; I suppose NOI) yield is 5.3% and if my math is correct it works out to about 12k SGD per sqm. 

Now, would not get carried away as the building is better than Alice in every conceivable way (twice the max white space, twice the remaining ground lease, no "start-up" tenant restrictions, and is right above an MRT station in a more attractive neighborhood with arguably better tenants). Still shows that there is interest in similar assets and that there may be potential for a revaluation once Alice is leased up. 

 

[Cicero]

Announced results. Ex property sales the business lost money though the loss is fairly modest. Proposed a dividend of 15.4 cents a share. A bit smaller than what I expected. Interim report will be released Thursday after market close.