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I doubt it in this case. Lendlease does not want the assets on balance sheet.
Privatised ?the volume is unusually a lot
dontbetray ( Date: 25-Jul-2025 15:33) Posted:
15 million volume
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15 million volume
Singtel&ndash Lendlease Comcentre redevelopment:
🏗 ️ Project Overview
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Name: New Comcentre HQ
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Cost: S$3 billion
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Completion: 2028
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Developers: Singtel (51%) & Lendlease (49%) Joint Venture
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Location: Former Comcentre site, Exeter Road, near Somerset MRT
📐 Key Features
| Component |
Details |
| Office Space |
81,960 sq m (Grade-A), 2 towers, 20-storeys each |
| Retail/Lifestyle |
20,000 sq m: F& B, flagship Singtel store, medical, gym, auditorium |
| Total Gross Area |
110,000 sq m (larger than old Comcentre: 105,371 sq m) |
| Net Lettable Area |
~54,000 sq m |
| Singtel Occupancy |
30% of total area (anchor tenant) |
🌱 Sustainability & Technology
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End-to-end carbon neutral (design &rarr construction &rarr operations)
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Recycled concrete: 40% from old Comcentre reused
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Green certifications: Aiming for three major green-building certifications
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AI-enabled robotics and smart infrastructure
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Advanced methods: robotic lift installation &rarr cuts on-site labour by 30%, faster delivery by 20%
🔗 Connectivity & Community Impact
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Linked to Somerset MRT (above ground and B2)
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Large urban park (~1 hectare), new public spaces and pedestrian-friendly retail frontage
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Aims to revitalize Somerset area and boost community activity
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Minister Chee: &ldquo Brings people from all walks of life together... dynamic Orchard Road.&rdquo
💰 Financial Highlights
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FY2025 Net Profit: S$4.02 billion (vs. S$795 million FY2024)
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Driven by S$1.55 billion exceptional gain from partial Comcentre divestment
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Strategic Goal: Unlock asset value, improve efficiency, boost financial resilience
🔍 Market & Leasing
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Leasing starts: 2026
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Strong interest reported across sectors
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Will be the largest Grade-A office development in Orchard
📊 Strategic Implications
For Singtel:
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Monetizes real estate while retaining key HQ footprint
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Showcases ESG and digital leadership
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Offsets capex with profits from divestment
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Enhances brand presence via new flagship experience
For Investors:
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Positive near-to-medium term impact already priced in via FY25 profit boost
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Longer-term potential for recurring income from JV share in rental yield
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Could lead to re-rating of Singtel' s property assets and broader valuation upside
🔹 1. Improved Likelihood of Debt Repayment
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mm2 Asia has earmarked S$7.5 million from the placement for debt repayment.
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This could directly contribute to settling part or all of the S$3.4 million demand from Lendlease for unpaid rent and costs related to the Jem outlet.
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A successful capital raise improves mm2' s liquidity and enhances the chances that Lendlease will recover its owed amounts, either through settlement or eventual legal enforcement.
🔹 2. Reduced Counterparty Risk
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With mm2 strengthening its financial position, future legal costs or delays in enforcement may be reduced.
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Lendlease may find it easier to negotiate repayment plans or settlements with a more solvent mm2, avoiding protracted litigation or write-offs.
🔹 3. Improved Recovery Outlook for Other Disputed Claims
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If Lendlease has additional claims (beyond Jem) or other disputes with mm2-linked entities, this financial injection signals a higher chance of recovery across the board.
🔹 4. Reputational and Commercial Benefits
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A successful resolution to the dispute, even partial, helps Lendlease maintain commercial credibility with other tenants and investors, as it shows their ability to enforce lease obligations effectively.
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It could also clear the way for re-leasing the Jem cinema space, knowing that the prior tenant issue is being resolved.
Summary:
Lendlease benefits primarily through an
increased probability of repayment of the S$3.4 million owed, along with reduced legal risk and potential reputational upside. The share placement doesn&rsquo t guarantee payment but significantly
improves mm2 Asia&rsquo s ability to meet its obligations &mdash which is a net positive for Lendlease.
Could be a catalyst
Cathay Cineplexes operator mm2 Asia to raise funds for debt repayment via proposed share placement
The announcement comes after the cinema chain received a S$3.4 million payment demand from the landlord of its shuttered Jem outlet
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The proposed placement is &ldquo part of the company&rsquo s ongoing efforts to strengthen its financial position&rdquo , says Cathay operator mm2 Asia. PHOTO: BT FILE
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The proposed placement is &ldquo part of the company&rsquo s ongoing efforts to strengthen its financial position&rdquo , says Cathay operator mm2 Asia. PHOTO: BT FILE
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The proposed placement is &ldquo part of the company&rsquo s ongoing efforts to strengthen its financial position&rdquo , says Cathay operator mm2 Asia. PHOTO: BT FILE
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The proposed placement is &ldquo part of the company&rsquo s ongoing efforts to strengthen its financial position&rdquo , says Cathay operator mm2 Asia. PHOTO: BT FILE
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The proposed placement is &ldquo part of the company&rsquo s ongoing efforts to strengthen its financial position&rdquo , says Cathay operator mm2 Asia. PHOTO: BT FILE
Published Fri, Jul 4, 2025 · 09:43 PM
[SINGAPORE] Media company mm2 Asia, which operates the Cathay Cineplexes cinema chain, has proposed the placement of 1,875 million shares at a minimum of S$0.008 per share, to raise funds for debt repayment and working capital.
If all the shares are subscribed to at the minimum price, mm2 will raise S$14 million in net proceeds. Of this, it will use S$7.5 million to repay debts and liabilities, with the remainder to be used as general working capital.
The proposed placement is &ldquo part of the company&rsquo s ongoing efforts to strengthen its financial position&rdquo and will also improve its cash flow, mm2 said in a bourse filing on Friday (Jul 4).
The announcement comes after Cathay received a
S$3.4 million payment demand from the landlord of its shuttered Jem outlet.
The placement price will be set at S$0.008 or the volume-weighted average price (VWAP) per share over the 30 days preceding the date of approval from shareholders, if the latter is higher.
The S$0.008 minimum price is at 14.3 per cent premium to the VWAP of S$0.007 of the trades on Friday (Jul 4). Mm2 shares had ended the day at the same price, down by S$0.001 or 12.5 per cent.
If successfully placed, the 1,875 million shares will represent about 22.3 per cent of mm2&rsquo s enlarged share capital.
The company will next seek shareholders&rsquo approval for the allotment and issuance of the placement shares at an extraordinary general meeting that is to be convened. The placement agent is UOB Kay Hian.
moving up already
Need Fed' s support only.
n3wbie ( Date: 04-Jun-2025 07:26) Posted:
Needs to fix their gearing as interest coverage ratio is poor at < 1.5 so that would affect their credit rating and cost of financing when going to the banks. Hope to see some positive divestments (at the right cap rates) which I am sure the new management should be sensible to execute.
eddyeddy ( Date: 03-Jun-2025 18:49) Posted:
| Lousy REIT , half dead . Right issue or private placent should be coming . |
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Needs to fix their gearing as interest coverage ratio is poor at < 1.5 so that would affect their credit rating and cost of financing when going to the banks. Hope to see some positive divestments (at the right cap rates) which I am sure the new management should be sensible to execute.
eddyeddy ( Date: 03-Jun-2025 18:49) Posted:
| Lousy REIT , half dead . Right issue or private placent should be coming . |
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Lousy REIT , half dead . Right issue or private placent should be coming .
same as fraser L& C reit. the only way is down. sad.
Ah Moh hse keep top up 475
Good time to accumulate mall REIT
Slowly add fir Smart money 🤑
Not sure what' s going on with this Reit. No end to the pain in sight
I think now is creating a panick selling now and later bag in low share in order gap hold on high dividend payout on a later stage . Just my tot
Maybe they are being pressed down 50% in order to privatize with 50% premium
i tot they are more likely to privatise
HB8289 ( Date: 20-May-2025 13:50) Posted:
5 Singapore REITs with the Potential to Report Increasing Distributions
Lendlease Global Commercial REIT (SGX: JYEU)
Lendlease Global Commercial REIT, or LREIT, owns a portfolio of five properties comprising 313 @ Somerset and Jem in Singapore along with Sky Complex in Milan, Italy.
For its third quarter of fiscal 2025 (3Q FY2025) business update, LREIT enjoyed a portfolio committed occupancy of 92.1%.
Its retail portfolio also saw a positive rental reversion of 10.4% year-to-date, while its office rental uplift for the Singapore portfolio came in at 13%.
Tenant retention by net lettable area stood high at close to 88%.
The manager of LREIT also engages in active asset management to enhance the attractiveness of its properties.
Shaw Theatres, Lululemon (NASDAQ: LULU) and Chagee (NASDAQ: CHA) were signed as new tenants in Jem.
Restroom facilities at the mall also commenced refurbishment with work scheduled for completion by the first quarter of 2026 (1Q 2026).
An asset enhancement initiative (AEI) was also completed at the ground lobby of Sky Complex&rsquo s Building 3.
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5 Singapore REITs with the Potential to Report Increasing Distributions
Lendlease Global Commercial REIT (SGX: JYEU)
Lendlease Global Commercial REIT, or LREIT, owns a portfolio of five properties comprising 313 @ Somerset and Jem in Singapore along with Sky Complex in Milan, Italy.
For its third quarter of fiscal 2025 (3Q FY2025) business update, LREIT enjoyed a portfolio committed occupancy of 92.1%.
Its retail portfolio also saw a positive rental reversion of 10.4% year-to-date, while its office rental uplift for the Singapore portfolio came in at 13%.
Tenant retention by net lettable area stood high at close to 88%.
The manager of LREIT also engages in active asset management to enhance the attractiveness of its properties.
Shaw Theatres, Lululemon (NASDAQ: LULU) and Chagee (NASDAQ: CHA) were signed as new tenants in Jem.
Restroom facilities at the mall also commenced refurbishment with work scheduled for completion by the first quarter of 2026 (1Q 2026).
An asset enhancement initiative (AEI) was also completed at the ground lobby of Sky Complex&rsquo s Building 3.
Yes,the current trend is moving in this direction. have to wait a liitle longer.
behonest ( Date: 12-May-2025 08:09) Posted:
Thing can change with rate cut or even prospect more cuts
n3wbie ( Date: 11-May-2025 22:57) Posted:
| They do but with an occupancy rate at ~30%, they are probably better off trying to divest it (if they could at valuation pricing) and use the proceeds to par down debt. The see-through ICR taking into account perps can then improve and that can be helpful for them with getting an improved cost of capital for subsequent issuances |
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Thing can change with rate cut or even prospect more cuts
n3wbie ( Date: 11-May-2025 22:57) Posted:
They do but with an occupancy rate at ~30%, they are probably better off trying to divest it (if they could at valuation pricing) and use the proceeds to par down debt. The see-through ICR taking into account perps can then improve and that can be helpful for them with getting an improved cost of capital for subsequent issuances.
dontbetray ( Date: 11-May-2025 12:51) Posted:
Many ppl forgot they have properties in Italy' s
Implications for LREIT and Similar REITs:
Positive Tailwinds:
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Lower interest rates in Europe may reduce financing costs for assets like LREIT&rsquo s Sky Complex in Milan
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Could ease valuation pressure on European commercial real estate and support cap rates
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Disinflation in Europe reduces cost pressures for tenants, potentially aiding occupancy and rental stability
Ongoing Risks:
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Weak eurozone growth means limited demand for office space, which is relevant for the underperforming Sky Complex (currently ~31% occupancy)
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Trade war and tariffs could hit tenant sentiment and expansion plans, especially for global tenants in Milan
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Currency risk: a stronger euro might pressure LREIT&rsquo s SGD-reported earnings unless hedged effectively
Conclusion:
The ECB' s rate cut and dovish tone are moderately positive for LREIT in the medium term, particularly as lower euro interest rates may help mitigate debt costs on European assets and support valuations. However, unless occupancy improves at Sky Complex, the benefit will be capped.
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![CMG20250205-NgohSB01/吴 先 邦 /Photos for Parliament story , Tuition Centre [various location, Tampines mall and Century Square]Generics of Cathay Cineplex at Century Square
Context:
https://www.straitstimes.com/business/companies-markets/cathay-cineplex-receives-letters-of-demand-for-about-2-7-million-in-rent-and-other-costs-owed](https://cassette.sphdigital.com.sg/image/businesstimes/6045f9c6f7950c6336c378671b30d3d09de2f1ad28de1928842286144f074200?q=20& w=3& h=2& f=webp)
