Published:
CMT's Bugis+ to complete renovations by July
OCBC estimates the yield on cost for Bugis+ at ~5.8%.
According to OCBC, Bugis+ remains on track to complete AEI works by Jul 2012 and its major anchor tenant, Uniqlo, recently began operations. We believe that over 90% of tenants, including Sephora and Aeropostale, would begin sales over the next few months.
"The yield on cost (including AEI) for Bugis+ is estimated at ~5.8%, in line with that of Bugis Junction, and is significantly improved from the 3.8% passing yield seen when Bugis+ was first acquired as Illuma."
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