Keppel Land reported a 38.8 per cent drop in earnings on-year for the first quarter of 2009. Net profit for the three months ended March 31 came in at some S$36.9 million. Sales for the same period fell by over 46 per cent on-year to S$145.7 million. Earnings per share also fell by 39.3 per cent to 5.1 cents. Keppel Land says the poor showing was due largely to the weak market conditions in Asia...
2009
Mainboard-listed Ascott Residence Trust on Wednesday reported that its distribution per unit (DPU) in the first quarter fell 24 per cent on-year. For the three months ended March, Ascott Reit achieved a DPU of 1.77 cents, lower than the 2.33 cents over the same period last year. Gross profit stood at S$19.9 million, 16 per cent lower than the year-ago profit of S$23.3 million. Ascott Reit said the fall...
Singapore's property market turned in a poor showing in the first quarter as developers and home-buyers braced themselves for a prolonged downturn. But analysts said there are cash-rich individuals out there who might inject life into the Singapore market in the coming months. They said these individuals with deep pockets have been doing their homework in recent months and are now ready to close in on...
K-REIT Asia, a real estate investment trust sponsored by Keppel Land, reported a 37.3 per cent on-year jump in distribution income for the first quarter on positive rental reversions. Distribution income for the three months ended 31 March totalled some S$15.7 million. K-REIT attributed the increase to higher rentals achieved for new and renewed leases. For the first quarter, shareholders can expect...
Developers interested in purchasing a 2.5 hectare industrial development site at Woodlands can now apply to the Urban Redevelopment Authority (URA) for it to be put up for tender. The URA has released the detailed sale conditions for the reserve list site, which is bordered by Woodlands Avenue 4 and Woodlands Industrial Park E5. The 60-year lease site has a gross plot ratio of 2.5, with a maximum...
Singapore's second integrated resort operator, Resorts World at Sentosa, has refuted accusations that more than half of the 10,000 jobs available would go to foreigners. Its management says Singaporeans remain its top priority when hiring, and it is receiving up to a thousand applications a day. The comments were made at the media preview of four new hotels that will be opening on the island next...
Singapore will see a glut of hotel and office spaces when projects at the Marina Bay Downtown come on stream in the months ahead, but developers say they are not worried. Not only is the Marina Bay Sands Integrated Resort on track for completion, the Double Helix Bridge - which links visitors from the Bayfront to Marina Centre - will also be ready by year-end. Across the waters at the Fullerton heritage...
Some private property developers are thinking of turning their residential projects into serviced apartments. Ascott Hospitality said it has been approached by some developers recently, but declined to say which were considering such a move. Experts, however, said such conversions are unlikely to gain popularity in Singapore anytime soon as there are many factors against it. Private home sales may have...
Almost all of the 180 units for sale at The Arte at Thomson have been sold since the project's official launch earlier this month. A total of 170 units has already changed hands, with 20 sold over the weekend for some S$30 million. More than 1,000 visitors made their way to the 336-unit, freehold development's showroom last weekend. Developer City Developments sees this as evidence that buyers have...
Evergro Properties saw net profit more than triple to S$389,000 in the first quarter of 2009, compared to S$101,000 a year ago. The increase was largely due to a 21.5 per cent jump in interest earned from bank and other deposits amounting to S$134,000 in the three months ended March 31. Evergro, which is a unit of Keppel Land, said revenue fell by 39.2 per cent on-quarter to S$5.7 million in the first...