Singapore's Fraser and Neave has agreed to sell its 56.05 per cent stake in Frasers Property (China) for S$261 million to a unit of Shanghai-listed Gemdale Corporation, as it streamlines its property business in China. Source : Today - 14 Sep...
Developer News
Property group CapitaLand is raising capital by tapping into the US dollar bond market for the first time. The company said its subsidiary CapitaLand Treasury has successfully priced US$400 million fixed rate notes due 2022 at a coupon of 4.076 per cent on Friday. The fixed notes are part of the S$5 billion Euro Medium Term Note Programme (EMTN Programme) established on August 3. CapitaLand said in a...
Developers with luxury residential projects seem to be delaying the launches and, in some cases, completions as they await the anticipated uptick in the high-end segment, according to a report in Straits Times. While homes in suburban areas are selling well at record high prices, sales volumes in the luxury sector is anaemic and prices are languishing over the past year. In a report by property...
CapitaLand said Tuesday that the group will relocate to Westgate Tower in Jurong progressively from early 2015. The group will occupy about 160,000 square feet across 11 floors of the new 20-storey prime office tower. It will also maintain a city office at Capital Tower as a flexible workspace to liaise with clients or business partners, it said. The group, which includes CapitaMalls Asia, CapitaMall...
Property developer Ho Bee on Tuesday said second-quarter net profit surged 44.6 per cent from the corresponding period a year earlier to S$72.9 million as revenue rose 6.7 per cent to S$147.1 million. The rise in profit was due mainly to the increase in turnover and a gain of S$17.9 million in the sale of investment property, it said. Ho Bee chairman and chief executive Chua Thian Poh said that the...
City Developments' second quarter earnings tumbled 37.7 per cent from last year to S$137.7 million. The Singapore-listed developer noted a lack of substantial divestment gains in 2012 compared to a year earlier, and said revenue in the latest quarter was down by 19.6 per cent to S$787.7 million. From its hotels worldwide, Revenue Per Available Room (RevPAR), which is a measure of how good a hotelier is...
Mainboard-listed United Engineers on Friday said its second-quarter net profit declined 76 per cent to S$7.4 million compared to the previous year. In a filing to the Singapore Exchange, the company said this was mainly due to an absence of profit contribution from property sales at The Rochester, which was completed in 2011. Higher operating expenses also weighed down the firm's bottomline. Meanwhile,...
UOL Group has booked a net profit of about S$171.68 million for the second quarter ended 30 June 2012, down by 19 per cent compared to the previous year. In a filing to the Singapore Exchange (SGX), UOL attributed the decline mainly to lower income from property development sales and lower fair value gains from investment properties. During the quarter, UOL recorded a 34 per cent on-year drop in revenue...
Sentiment for the property development industry in Singapore has improved marginally in the second quarter. This according to the latest survey jointly developed by the Real Estate Developers' Association of Singapore (REDAS) and the NUS Department of Real Estate. According to the Real Estate Sentiment Index (RESI), the outlook for Singapore's real estate market is showing a modest improvement compared...
Singapore's property cooling measures do not appear to have hurt the bottomline of property and hospitality group, Roxy-Pacific Holdings. Roxy-Pacific booked an 8 per cent rise in second quarter net profit to S$17.7 million, due partly to higher revenue from its property development business. Its market capitalisation leaped from S$190.97 million at listing, to S$410.6 million as of July 31,...