CapitaCommercial Trust To Pay Out $29.6 million In Dividends

Source : TODAY, Wednesday, October 24, 2007

CAPITACOMMERCIAL Trust, one of Singapore’s biggest office landlords, will pay investors $29.6 million in dividends for the third quarter, up from $19.4 million a year earlier.

The trust will distribute 2.14 cents a share for the three months ended September, from 1.8 cents a year earlier, it said yesterday.

CapitaCommercial, which owns office buildings including Capital Tower and HSBC Building in the central business district, is boosting returns for investors on higher office rental rates in the country.

The trust’s manager has said that it wants to expand the asset size of the trust to between $5 billion and $6 billion by 2009 from the current $4.8 billion.

“The better financial performance year-on-year is a result of the accretive acquisition of Raffles City last year and the higher rental income from our quality office portfolio,” CEO Lynette Leong said in a statement.

“Strong leasing demand, underpinned by the robust economic performance in the Asian region, continues to propel growth in the Singapore office property market,” she added. —BLOOMBERG