CCT Announces Long-Awaited Plans to Redevelop Golden Shoe Car Park; 3Q Result Resilient
CapitaLand Commercial Trust posted a resilient third-quarter result and announced the submission of long-awaited plans for the redevelopment of Golden Shoe Car Park. Neither event changes our long-term thesis on the trust, and we believe it remains undervalued. Our forecasts are largely unchanged, along with our SGD 1.80 fair value estimate. The trust is trading on an attractive distribution yield of 5.7%. We still expect rental revenue to be pressured from the large new office supply in 2017 an...CapitaCommercial Trust is a commercial real estate investment trust investing in properties predominantly used for commercial purposes. Through its subsidiary, Co. is engaged in the provision of treasury services, including lending to the Trust the proceeds from issuance of notes under an unsecured multicurrency medium term note program. As of Dec 31 2011, Co.'s portfolio comprised of nine properties including three office buildings, one prime office building, three mixed-use properties, one multi-story car park and an ongoing development for a new office tower, all of which are located in Singapore.
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