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SINGAPORE: Ascendas Real Estate Investment Trust (A-REIT) said the value of its industrial properties gained 14 percent to about S$484 million as at 29 February 2008.
The numbers are likely to boost its performance for the financial year ending in March.
A-REIT said the gains were booked after independent annual valuations for 80 properties in its portfolio by consultants DTZ Debenham Tie Leung, CB Richard Ellis, Chesterton International and Jones Lang LaSalle.
The trust is citing a significantly improved industrial property market, which led to higher occupancy and good rental rates.
Valuations were raised across all sectors, with the business and science parks sector posting the largest appreciation of S$244 million.
The hi-tech industrial sector saw values appreciate by S$116.5 million.
The light industrial segment gained S$60.2 million, while its logistics & distribution centres saw values rise by S$63.2 million.
- CNA/so
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