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Year in Brief

Citylights, Singapore

PREMAS International set up a joint venture, Tricon PREMAS LLC, to provide integrated facility management services and capitalise on facilities management opportunities in the United Arab Emirates.

Raffles International launched Swissôtel Nai Lert Park in Bangkok.

CapitaRetail Singapore successfully closed a S$506 million issue of Commercial Mortgage Backed Securities (CMBS). This was Singapore’s first CMBS issue with Euro-denominated Notes.

The Ascott Group won top honours at the 30th Singapore Annual Report Awards for Best Annual Report and for Best Operating and Financial Review. CapitaLand and Raffles Holdings clinched Merit awards.

PREMAS International formed a joint venture, PREMAS Total Asset Services Sdn. Bhd., in Malaysia.

CapitaCommercial Trust's S$580 million CMBS issue was over-subscribed by more than four times, with strong demand from a broad range of investors in Europe and Asia.

CapitaLand acquired a 153,140 square metre residential site in Shanghai's Minhang District. Approximately 500 townhouses will be built on the site.

CapitaLand launched CapitaRetail Japan Fund, a private Japan retail property fund of ¥10 billion (S$155 million). La Park Mizue, Tokyo, a suburban mall, will form the seed investment for this fund.

CapitaLand celebrated the commencement of its operations in Beijing. The event was officiated by Mr Lu Hao, Vice Mayor of Beijing and Ms Ho Ching, Executive Director and CEO of Singapore's Temasek Holdings.

CapitaLand China Residential Fund secured additional commitments to the Fund, bringing the aggregate total amount to US$61 million (S$102 million).

CapitaLand launched and successfully closed a US$155.6 million (S$262 million) rated Residential Mortgage Backed Securities (RMBS) issue backed by the sales receivables from two condominiums – The Imperial and The Botanic on Lloyd.

Rebranded as Swissôtel Nankai Osaka, the hotel celebrated its grand opening in Japan.

The Ascott Group formed a marketing alliance with the serviced residence arm of Equity Residential, one of the largest publicly traded apartment companies in the US. This extends Ascott’s global reach to North America.

CapitaCommercial Trust (CCT), Singapore's first commercial REIT, commenced trading on the Singapore Exchange, following an in-specie distribution of CCT units to CapitaLand shareholders.

Raffles City Shanghai, a landmark development built by a consortium led by CapitaLand, was officially opened by Singapore's then Deputy Prime Minister, Mr Lee Hsien Loong, and Shanghai's then Vice Mayor, Mr Jiang Si Xian.

Raffles Holdings completed its capital distribution exercise, which returned S$375 million to shareholders, as part of its continuing efforts to enhance shareholder value.

Australand Property Group acquired the Australand Wholesale Property Trust No. 3. This will increase the proportion of recurrent income on an annualised basis to 35%.

CapitaLand acquired a 125,716 square metre residential site, which can accommodate 230 landed homes, in Chaoyang District, Beijing.

The Ascott Group launched the rebranded 116-unit Somerset Olympia serviced residence in Manila.

Raffles International inked an agreement to manage a 235-room deluxe hotel under the Swissôtel brand in Moscow. To be named Swissôtel Krasnye Holmy, Moscow, it is scheduled to open in 2005.

CapitaLand acquired its first site in Guangzhou. Approximately 600 units can be built on the 18,436 square metre site in Tianhe District.

The Ascott Group soft-opened the 107-unit Somerset Bencoolen in Singapore amid strong demand for serviced apartments. The property represents Ascott's new prototype for its Somerset brand, which is a market leader in Asia Pacific.

CapitaMall Trust successfully closed a US$215.5 million CMBS issue to partially finance its purchase of Plaza Singapura, Singapore.

CapitaMall Trust acquired Plaza Singapura for S$710 million from CapitaLand Commerical, expanding its portfolio to a total of five assets.

Raffles International signed a strategic marketing alliance with Taj Hotels Resorts and Palaces in India, to tap on the fast growing Indian travel market.

CapitaLand was appointed by the Hong Kong Housing Authority as a strategic partner for its proposed first real estate investment trust, The Link REIT. It will have one million square metres of retail space and about 100,000 car park spaces.

Raffles International signed a deal to manage a luxury resort in French Polynesia in the South Pacific. The 65-villa resort is named Raffles Resort Taimana, Tahaa, French Polynesia.

Raffles Hotel is the first hotel in Singapore to sign a memorandum of agreement for a flexible wage structure.