Mainboard-listed UOL Group on Friday said its third-quarter net earnings rose 44 per cent on-year to S$105.6 million. This was on the back of a 21 per cent rise in revenue for the three months ended September to S$323.9 million. UOL said progressive recognition of revenue from development properties helped boost its turnover in the quarter. The company also recorded a higher share of profits from...
2009
Singapore-listed BreadTalk Group on Friday said it plans to buy a piece of leasehold land at Tai Seng Street for S$5 million. The company plans to construct a multi-storey building on the site which has an area of about 72,000 square feet. The new building will serve as its central kitchen manufacturing facility. It will have a research and development centre, training test kitchens, warehousing, cold...
Mainboard-listed retailer Metro Holdings is expanding its property business in China. The firm said on Friday that it is making an investment commitment of about S$41.7 million to acquire stakes in three developments in Anshan, Fushan and Qinhuangdao. Metro's wholly-owned subsidiary, Metro China, has set up a 21.4 per cent associated firm called Diamond Wind Company for the investment. The balance 78.6...
Mainboard-listed property developer Wheelock Properties has posted a 59.1 per cent decline in its third-quarter net profit to S$54.3 million from a year ago. This was on the back of a 42 per cent drop in revenue for the three months ended September to S$133.1 million. Wheelock said the fall in turnover was mainly due to lower revenue recognition from Scotts Square based on the progress construction works...
Parkway Life Real Estate Investment Trust (REIT) is expanding its Japanese nursing home portfolio by acquiring eight properties for some S$77.6 million. The REIT said it is buying the eight nursing homes at a favourable pricing from Japanese real estate asset manager, Kenedix. Parkway Life REIT said all the nursing homes are strategically located in dense residential districts, making them attractive...
Boutique hotels in Singapore are seeing a 20 per cent increase in occupancy rates, thanks to the APEC meetings. The 288-room Link Hotel at Tiong Bahru have been offering business packages with free broadband internet and Asian buffet since last month. And business is up by 20 per cent, with the hotel being almost fully booked. Another draw is that the hotel is not affected by road closures, unlike those...
The luxury residential segment is starting to see prices inch back to peak levels recorded in late 2007 and 1Q2008. The bellwether of luxury condos, Wheelock Properties’ Ardmore Park recently saw two units change hands in the resale market at above $3,000 psf, according to caveats lodged with URA Realis from Oct 9 to 16. Some property consultants attribute it to owners re-setting their prices to more...
Heeton Holdings, together with KSH Holdings and TEE International, have joined forces to acquire the Mitre Hotel site for $121 million, by way of a public tender. Heeton will own 45% of this project, while KSH and TEE International will take up the remaining 35% and 20% respectively. The 39,972 sq ft freehold land parcel, located along Killiney Road in Singapore’s prime District 9, has a plot ratio of...
Mainboard-listed luxury resorts operator, Banyan Tree, has narrowed its third quarter net loss to S$968,000 from S$4.9 million a year earlier. It said on Thursday this was achieved on the back of good revenue growth from its hotel investments and management segments, coupled with cost-cutting measures. Overall revenue for the three months ended September fell 14 per cent to S$71.2 million. This was...
There are signs the worst may be over for the hotel industry in Singapore. That's according to Millennium & Copthorne Hotels, a unit of Hong Leong Group. It said revenues are showing signs of picking up. And M&C also sees room for further growth next year despite the opening of the two integrated resorts in Singapore. Kwek Leng Beng, executive chairman, Hong Leong Group, said: "I believe that...