CCT’s 1Q18 in Line; Improving Rents, AST2 and CapitaSpring Development Underpins Mid-Term Growth
We lowered CapitaLand Commercial Trust’s, or CCT’s, fair value estimate to SGD 1.65 per unit from SGD 1.70 as we factor in the loss of income from Bugis Village from April 1, 2019 onwards as the Singapore authorities have exercised their rights to take back the property. Our narrow economic moat and stable moat trend ratings are unchanged. We think the units are overvalued at the current price, with future growth mainly driven by the development of CapitaSpring, which was formerly the Golden Sho...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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