CCT's 1Q In Line, Driven by AST2 and Gallileo; CapitaSpring Underpins Midterm Growth; FVE Raised
We have increased our fair value estimate for CapitaLand Commercial Trust to SGD 1.76 per unit from SGD 1.70 as we factor in a higher rental income for AST2 and Gallileo. We also project 21 Collyer Quay (currently known as the HSBC building) to be able to maintain its current rental income of SGD 27.7 million after it is refurbished and re-leased following the end of the existing lease with HSBC in April 2020. Management hasn't ruled out the option of redeveloping or selling the property, althou...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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