Sabana Reit: SABANA Industrial real estate investment trust’s (Reit) third quarter 2022 occupancy has hit a high of 89.1 per cent, a level not seen since Q3 2017. Without 1 Tuas Avenue 4, which is undergoing asset enhancement, total occupancy would have been 92.2 per cent.
The Reit has signed 83,588 square feet (sq ft) of new leases and renewed 71,266 sq fft of leases. The renewals come with a positive 10.2 per cent rental reversion, Sabana Reit’s 10th positive quarterly reversion since the first quarter of 2020. But the rental reversion is lower than 17.4 per cent for the second quarter of 2022.
The weighted average lease expiry for Q3 2022 stands at 2.7 years, a dip from 2.8 years for Q2 2022.
Stamford Land: STAMFORD Land has responded to the Singapore Exchange Regulation (SGX RegCo) on its proposed disposal of Stamford Plaza Auckland and the business of SPAK, as well as the inability to seek shareholders’ approval prior to the proposed disposal.
SGX RegCo had queried the company on the differences between the excess book value and expected net gain of disposing Stamford Plaza Auckland and SPAK.
Its response was that the S$74.4 million was the excess of the property sale price over the book value of S$48.5 million, while the expected net gain of S$50 million was after deducting expenses related to the disposal, such as professional fees, agent commissions and taxes. As for the SPAK business disposal, the S$14.5 million was the excess of the book value of S$18,000, and the S$10 million was the expected net gain after deducting professional fees, agent commissions and taxes.
Raffles Education: RAFFLES Education said it was in compliance in response to queries from the Singapore Exchange Regulation (SGX RegCo) over its implementation of board diversity policy.
The company said that it evaluates board composition at the appointment of a new director and on an ongoing basis to achieve board diversity. In particular, Raffles Education said that it is in compliance with provision 2.4 of the Code of Corporate Governance regarding the appropriate size and skills for a company’s board of directors.
Currently, the company’s board consists of four independent and non-executive directors and one non-independent and non-executive director and one executive director.