Singapore Corporate News - 23 Oct 2007

FCT to pay up to $170.5m for Northpoint 2

FRASERS Centrepoint Trust (FCT) has entered into a put and call option agreement to acquire the upcoming shopping mall Northpoint 2 for between $139.5 million and $170.5 million, it said yesterday.

The mall, which is being developed by Frasers Centrepoint, will be completed by August 2008. FCT will then acquire it from its parent company in the fourth quarter of 2008.

Qian Hu Q3 net profit doubles to $1.27m

ORNAMENTAL fish breeder and service provider Qian Hu has doubled third-quarter net profit from a year ago to $1.27 million.

For the three months ended Sept 30, revenue surged 19.6 per cent to $22.69 million as the group sold more ornamental fish and exported pet accessories to previously untapped markets.

Qian Hu's sale of dragon fish continued to dominate the growth of its ornamental fish revenue, which rose 14.5 per cent from a year ago to $11.48 million, as it increased its exports to more customers and countries, including more provinces in China and newly captured markets in the Middle East, Russia and Australia.

Operating profit from its ornamental fish business jumped 34.6 per cent from the previous corresponding quarter to $1.86 million. But compared with the second quarter, operating profit from this segment declined by 12.9 per cent because of the difference in sales mix between the two quarters.

First Reit posts distributable income of $4.61m for Q3

SINGAPORE'S first healthcare real estate investment trust (Reit) said yesterday that its third-quarter distributable income came to $4.61 million - 5.4 per cent higher than forecast - due to rental contributions from newly acquired properties.

First Real Estate Investment Trust (First Reit) bought Pacific Healthcare Nursing Homes at Bukit Merah and Senja in April, The Lentor Residence in June and Adam Road Hospital in July.

Distribution per unit (DPU) came to 1.72 cents for Q3 ended Sept 30, ahead of a 1.6 cents forecast. Net property income totalled $7 million, or 15.6 per cent higher than forecast.

The trust is confident of boosting the value of its assets to $500 million before end-2009, Dr Tan said.

First Reit now has eight properties worth $328 million. Its net asset value per unit came to 0.88 of a cent as at Sept 30.

The Reit recently ventured into China, where it agreed with hospitals in Wuxi, Shanghai and Jiangsu province to 'explore potential acquisitions'.

Earlier this month, First Reit signed a memorandum of understanding to acquire the 90-bed Wuxi New District Phoenix Hospital. In August, it said that it was investing in a 500-bed hospital property in Jiangsu province.

Then, the following month, it agreed to invest in the property assets of the 200-bed Shanghai Woman and Child Healthcare Hospital and the proposed Hengshan Urology Hospital, both in Shanghai.