Treasury Holdings Real Estate Pte Ltd – the trustee manager of Treasury China Trust (TCT) – has announced that its property portfolio increased RMB586 million (6.64 percent) over its portfolio value of RMB8.834 In June last year. The portfolio valuation for the current period represents a 2.53-percent increase in RMB terms since December 2009.
Based on the SGD/RMB exchange rate of 4.854 as of June 30, 2010, TCT’s real estate portfolio is valued at S$1.94 billion, representing an increase of S$51-million (2.7 percent) in SGD terms since December 31, 2009.
The board also announced a selection of transactions that represents leasing activity for the portfolio for H1 2010 and shows the existing tenants’ substantial recommitments, as well as a number of new leases with high-quality tenants.
It also announced the completion of the refurbishment of Central Plaza – a 22-storey office with retail podium strategically located at the centre of Shanghai CBD and near the city’s metro and expressway networks. Central Plaza’s refurbishment achieved 14.5 percent growth in its value since its acquisition, 22 percent increase in gross rental yield and a rent roll wherein the top ten tenants represent 45 percent of the building’s GFA.
“This is very positive news for TCT and demonstrates that our long-term strategy of focusing our expertise in commercial real estate in a market in which we have extensive experience is reaping benefits. Our seasoned team of investment and asset management professionals will continue their dedicated approach of proactive asset management of our existing portfolio and potential new commercial property investment opportunities with the aim of delivering strong total return to our investors,” said Richard David, chief executive of TCT.