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Business Times
16 hours ago
- General
- Business Times
Villagers win race to save UK pub, as thousands close
[New Radnor, Uk] A nearly 200-year-old pub, the Radnor Arms in rural Wales stood abandoned a few years ago. Water ran down the walls, ivy crept around broken windows and rats' skeletons littered the floor. Fast forward to 2025 and laughter rings out of the newly reopened watering hole after locals clubbed together to save it. The pub, which first opened in the 1830s, is one of tens of thousands across the UK forced to call last orders over recent years. Once the heart of the village, the Radnor Arms – which had become uneconomic due to rising costs – was shut by the landlord in 2016 and quickly fell into ruin. For locals in the picturesque south Wales village of New Radnor, population 438, the demise of their only remaining hostelry was devastating. Over the years, there were around six or more pubs or ale houses in the village. By 2012, all except the Radnor Arms had shut down. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'It was the heart of the village,' said David Pyle, a 57-year-old retired psychiatrist who has lived next door to the pub for the past 18 years. 'Sometimes you could hear a bit of hubbub, sometimes you'd hear a roar go up when Wales scored, or a male voice choir singing in the back bar,' he told AFP. 'It was just lovely,' he said. 'And then it closed.' UK pubs, a quintessential cornerstone of community life, are increasingly under threat. Faced with changing drinking habits and spiralling bills, more than a quarter of the 60,800 in existence in 2000 have closed their doors in the past 25 years. Of the 45,000 still operating at the end of last year, 378 – at least one a day – are expected to close this year, according to the British Beer and Pub Association (BBPA). The loss of Radnor Arms in 2016 left the village without a focal point, hitting everyone from hobby groups to local hill farmers who would meet there after work for a pint of beer and a chat. 'It was the heart of the community. It was a place where anybody could come in,' said Sue Norton, one of a team of locals who banded together to save it. 'We celebrated births, deaths and marriages here. So for us, it was very emotional when it closed,' she said. Vowing to rescue it, Norton and other villagers applied to a government scheme aimed at giving people the financial firepower to take ownership of pubs or shops at risk of being lost. A major fundraising effort last year drummed up £200,000 (S$343,435), which was matched by the community ownership fund and boosted by an additional £40,000 government grant. With £440,000 in the kitty, the villagers were able to buy, refurbish and re-open the pub, relying on a rota of volunteers to work behind the bar rather than paid staff. Ukrainian refugee Eugene Marchenko, a 44-year-old lawyer who is one of the volunteers, says the pub helped him meet practically everyone within days of arriving. Marchenko, from the central Ukrainian city of Dnipro, is being hosted by a villager along with his wife and teenage son. He said he quickly came to understand the importance of having a place in the village for 'drinking and having fun together'. 'I read in books that the pub was a famous British tradition, but I can feel it myself... It's not just about the drinking alcohol, it's about the sharing and everybody knows each other,' he said. The previous Conservative government launched the community ownership fund in 2021. Under the scheme locals have successfully saved around 55 pubs, according to the community ownership charity Plunkett UK. The pubs are run democratically on a one-member, one-vote basis by those who contributed to the fundraiser. But the new Labour government, which took power a year ago, dropped the scheme in December as they sought to meet competing funding demands. Villagers in New Radnor are relieved to have got their application in under the wire but saddened that other communities will not benefit. For now they are planning to make the most of their new community hub. There are plans to host a range of activities – from mother-and-baby mornings to a dementia group that aims to trigger memories through familiar sights and sounds. Sufferers and their carers could come and have a 'drink or a bag of crisps – or a pickled onion, if people like those,' Norton said. AFP
Business Times
a day ago
- Business
- Business Times
Aims Apac Reit posts 0.4% higher Q1 DPU of S$0.0228 amid stable operational performance
[SINGAPORE] Aims Apac Reit reported on Thursday (Jul 31) a 0.4 per cent increase in distribution per unit (DPU) of S$0.0228 for Q1 FY2026, from S$0.0227 in the same year-ago period. The distribution will be paid out on Sep 24, with its record date on Aug 11. Distributions to unitholders also grew 1.1 per cent for the period to S$18.6 million, from S$18.4 million in the corresponding period a year prior. Revenue stood at S$47.4 million, inching up 0.2 per cent from S$47.3 million in Q1 FY2025. Net property income fell slightly by 1 per cent year on year to S$34.1 million, however, from S$34.4 million the same period a year before. This was mainly due to temporary vacancy arising from the ongoing asset enhancement initiatives (AEIs) at 7 Clementi Loop compared to the same period last year. The manager of the Reit in Q1 FY2026 executed seven new and 25 renewal leases, amounting to 67,941 square metres (sq m), which represents 8.8 per cent of the portfolio's net lettable area. About 119,518 sq m is due for expiry in Q1, of which 61 per cent is in the logistics and warehouse segment. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Positive rental reversions of 5.4 per cent were achieved, primarily driven by the logistics and warehouse segment, which saw a rental reversion of 7.3 per cent. Russell Ng, chief executive of the manager, said: 'We are pleased to deliver a stable operational and financial performance for the quarter while progressing on our portfolio rejuvenation strategy. We have completed one of two ongoing AEIs which will uplift asset quality, rental income and value. Furthermore, the completed divestment of 3 Toh Tuck Link at a premium will enable the recycling of capital into new growth initiatives.' George Wang, chairman of the manager, also added that while Aims Apac Reit's focus on the Singapore and Australia market has positioned them favourably compared to other markets, amid wider geopolitical headwinds arising from the US tariff trade policies and conflicts in the Middle East and Ukraine, along with rising US debt and inflationary pressures creating a highly uncertain and volatile global environment. Units in Aims Apac Reit closed 1.5 per cent or S$0.02 higher at S$1.40 on Wednesday.
Business Times
2 days ago
- Business
- Business Times
Hongkong Land sees recovery in office market with more demand
[HONG KONG] Hongkong Land, the biggest commercial landlord in Hong Kong's financial district, is seeing a recovery in the city's ailing office market. 'There has been an uptick in inquiries in the first half of this year, particularly in the second quarter. So I think that's a positive sign,' chief financial officer Craig Beattie said, referring to leasing interest in the company's office space. 'The market spot rents are stabilised.' The developer still anticipates negative rental reversions, leases signed at lower rates, but it expects the size of the reversion to narrow over time, Beattie added. Hong Kong's office market has been going through a challenging time in the past few years as demand shrinks amid an increase in supply. Office rents are at the lowest in more than 15 years, data from Colliers International show. Even a large landlord such as Hongkong Land is under pressure in the weak market. Average office rents in its portfolio decreased to HK$95 (S$15.57) per square foot at the end of June, compared with HK$103 the previous year, according to its interim results announced on Tuesday (Jul 29). Its underlying profit, excluding mainland Chinese non-cash provisions, rose 11 per cent in the six months ended in June from a year earlier. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The real estate firm's recent shift in strategy to focus on commercial property and share buybacks have boosted investor confidence. Hongkong Land's shares have gained more than 43 per cent since the beginning of the year, making it one of the best performers among its peers. In comparison, the Hang Seng Properties Index is up about 26 per cent this year. In its biggest pivot in years, Hongkong Land announced a strategy last October to forgo residential development. The firm will eventually set up real estate investment trusts to establish recurrent income with management fees. The firm set a target to generate US$4 billion in recycled capital by disposing of non-core assets by 2027. It has attained 33 per cent of this target, including selling part of an office tower in Hong Kong for US$810 million in April, with proceeds going to enhance its properties, debt payments and share buybacks. The company also reached 67 per cent of its US$200 million share buyback programme by December. Hongkong Land, a subsidiary of conglomerate Jardine Matheson Holdings, owns office buildings and shopping malls in Hong Kong, Singapore and mainland China. It is Central's biggest landlord with multiple walkway-connected towers housing the likes of JPMorgan Chase in the heart of the financial district. BLOOMBERG
Business Times
2 days ago
- Business
- Business Times
Hongkong Land back in the black with H1 underlying profit of US$297 million
[SINGAPORE] Hongkong Land posted an underlying profit of US$297 million for the six months ended Jun 30, reversing from a net loss of US$7 million in the corresponding year-ago period. Excluding the impact of non-cash provisions for its build-to-sell segment in China, H1 underlying profit stood at US$320 million, 11 per cent higher than the US$288 million recorded the year before. In an interview with The Business Times on Tuesday (Jul 29), Hongkong Land's chief financial officer Craig Beattie said market sentiment in Hong Kong has improved significantly in the first six months of this year, led by the huge jump in capital markets activity. Rents in Hong Kong have been on the decline for five years, and that is unlikely to continue, he added. 'The uptick in capital markets activity combined with rents being at a level that many occupiers feel this is a good point to really jump (in)... has meant that we've seen an improvement in inquiries. 'When you start to see some very savvy (and) large financial firms securing their presence in Hong Kong for the long term, I think people sit up and start to realise that maybe this could be the bottom of the market.' A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Vacancies on a committed basis for the group's portfolio declined to 6.9 per cent as at end-June, compared to 7.1 per cent at the end of 2024. This was also lower than the 11.8 per cent vacancy in Hong Kong's wider Central Grade A office market. In Singapore, the group's office portfolio 'continued to perform well and was effectively fully let', Hongkong Land said. Rental reversions were positive, with average rents increasing to S$11.40 per square foot (psf), compared to S$11.10 psf for the same period in 2024. The group uses underlying profit in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as its management considers this to be a key measure that provides additional information on the group's underlying business performance. Revenue for the first half of 2025 fell to US$751.2 million, down 23 per cent from US$972.4 million year on year as the group winds down its build-to-sell business . Including net non-cash valuation movements, the group recorded US$221 million in profit attributable to shareholders, compared to a loss of US$833 million in H1 2024. Underlying earnings per share for H1 2025 stood at US$0.1351, from an underlying loss per share of US$0.0031 in H1 2024. The board is proposing an interim dividend of US$0.06 per share, unchanged from a year ago. Giving an update on its capital recycling efforts, Hongkong Land said that, as at Jun 30, it has secured 33 per cent of its US$4 billion target. This includes the sale of office floors and retail space in One Exchange Square to the Hong Kong Stock Exchange for US$810 million. 'Capital recycling continues to be prioritised to reduce net debt and increase investment capacity, with a number of significant initiatives currently under way.' On the build-to-sell segment, the group said the outlook is 'expected to remain challenging with weak sales levels across most cities on the Chinese mainland'. 'Stimulus measures have had a limited impact on improving broader market sentiment outside of Tier 1 cities. Profit contribution is likely to be substantially lower in the second half of 2025 due to lower profit margins on completed projects.' The group's Landmark retail space in its Hong Kong Central portfolio will continue to be impacted by renovations in the second half of 2025, although this is expected to be 'partially offset' by scheduled re-openings in the fourth quarter. Asked about the impact of tariff uncertainty on the group, Beattie said that in terms of capital recycling, for strategic transactions where buyers see long-term value, those deals will continue to move forward. 'Given the fact that Hong Kong has been in a difficult place but hopefully (is) now coming out of that… I think a lot of investors are perhaps thinking this could be a time to pivot back into this part of the world.' Speaking on whether Hongkong Land still plans to divest MCL Land, Beattie said the group's Singapore property development arm is 'a very strong business overall'. 'Most of our projects are almost effectively fully sold. Whether there (are) opportunities for a buyer to take over the custodianship of our business... we'll just have to see. There's a number of options that we're looking at (in) the moment.' Shares of Hongkong Land closed 2.1 per cent or US$0.13 higher at US$6.39 on Tuesday, before the H1 results were announced.
Business Times
3 days ago
- Business
- Business Times
US housing market posts worst spring selling season in 13 years
[BOSTON] The US housing market just logged its slowest spring season in more than a dozen years, leaving Glennda Baker, a veteran real estate agent in Atlanta, struggling to sell 21 listings. She's been slashing prices. But months of chatter about AI taking jobs and tariffs tanking the economy is feeding into buyer indecision. 'People say price solves everything,' Baker said. 'But price doesn't solve uncertainty.' Spring is traditionally the busiest season in real estate, not unlike Christmas for retailers. And while the most unaffordable housing market in decades has sidelined all but the most determined buyers, there were signs earlier this year that conditions were right for a rebound. By April, mortgage rates dipped, price growth flattened and the years-long inventory drought looked like it had finally broken. But that coincided with US President Donald Trump's 'Liberation Day' tariff bombshell, which sent shock waves through financial markets and pushed house hunters back into hiding. Fewer sales contracts were signed in the US from April to June than in any year since 2012, according to data from Redfin. That was back when the housing market was still finding its footing after the collapse that fuelled the financial crisis. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Before 2025, the previous two springs were also weak, pulled down by high rates and prices, but anxiety over the future of the economy has made things worse this time, said Chen Zhao, head of economics research at the brokerage. Prices, however, are unlikely to plunge because sellers are starting to pull listings off the market, limiting inventory, she said. 'We thought we hit rock bottom but we keep discovering there's more rock bottom to be had,' Zhao said. 'You have a lot of people being afraid of what's to come.' With consumer confidence ticking up and the stock market on a hot streak, the hope is that deals that normally might have happened in the spring will get pushed into summer. But there's likely to be only a small bump, according to Thomas Ryan, an economist at Capital Economics. The rental market is gaining strength because many would-be buyers still cannot afford to purchase, he said. And as borrowing costs remain higher for longer, people have stopped assuming they can buy now and be able to refinance at a later date, according to Ryan. 'The outlook for the housing market is dire,' he said. 'Affordability is at its worst since the 1980s. Nothing has changed on that front.' Location matters One silver lining is that buyers have gained some negotiating power as listings climbed across much of the country. But as always in real estate, what matters most is geography. Prices continue to rise fast in the Northeast and Midwest, where inventory shortages are severe. Yet in Sun Belt markets such as Florida and Texas, where homebuilders were most active in recent years, the market is sinking. In Las Vegas, active listings shot up more than 38 per cent from a year earlier while sales plunged 15 per cent, according to Redfin data for the four weeks to Jul 20. The fear of missing out has shifted from buyers to sellers, said Angela O'Hare, an agent with Real Broker in the Las Vegas area. It does not help that sellers have to compete with homebuilders offering to subsidise mortgage rates and help cover closing costs, she said. 'Sellers who need to sell will make it happen,' O'Hare said. 'I had a listing at US$950,000. I cut it down to US$799,000 and had three offers.' Even some of the country's hottest markets have lost some steam. In Narragansett, a picturesque beach town in Rhode Island south of Providence, homes that would have gotten a dozen offers a year ago now get three, if they are priced right, said Johnny Sheil, an agent with Mott & Chace Sotheby's International Realty. 'We are seeing a lot more price decreases throughout Rhode Island now,' Sheil said. 'Uncertainty scares some people.' BLOOMBERG
