Overseas Union Enterprise posted a 13.3 per cent on-year increase in net profit to about S$22.8 million for the second quarter ended June 30, 2012. Revenue for Q2 was up by 33.8 per cent to some S$96.7 million, compared to the previous year. In a stock exchange filing, OUE said the increase in revenue was mainly driven by the hospitality and the property investment divisions. The hospitality division...
Developer News
Property developers are becoming more creative with their projects. They are coming up with new designs and lifestyle themes for their developments to differentiate their projects amid the growing competition. From waterfront units to condominiums designed by renowned architects, and more recently, 'sports-themed' apartments, developers are chasing new lifestyle concepts to draw home buyers to their door...
Privately-held developer T.K. Yeo, which is controlled by the Yeo Hiap Seng family, has launched Fifteen Robin, the company’s first high-rise residential development at 15 Robin Road. Comprising a total of 32 luxury apartments, the 17-storey project offers 16 two-bedroom units with an average area of 130 sq m and 16 three-bedders averaging 170 sq m. The units are equipped with a range of built-in...
Property heavyweight CapitaLand saw its net profit slipped 3.3 per cent on-year in the second quarter to S$385.9 million on the back of higher finance costs and lower fair-value gains. This, even though CapitaLand sold more homes both in Singapore and China during the quarter. Revenue grew 16.5 per cent on-quarter to S$862.4m. The company said it sold 41 units of D'leedon, 125 units of Sky Habitat and 27...
Developer Overseas Union Enterprise (OUE) is set to invest in excess of S$140 million on two retail mall projects in the central business district. Among the plans, OUE will be developing a five-storey retail mall at the existing DBS Building at Shenton Way, according to a source close to the matter. Built in 1975, DBS Building at Shenton Way will soon be home to a new shopping mall, spanning some...
Keppel Land almost doubled its net profit in the second quarter at S$94.7 million. That is 87.5 per cent higher for the three months ended June 30 compared to the previous year. More property sales also lifted its net profit in the first half of this year, up 76.8 per cent to S$236.6 million. Sales of homes in China doubled in the second quarter this year to 490 units. In the first half of this year,...
With fewer new launches during the June school holidays, property developers turned their focus to clearing off unsold units from earlier launches. 7,234 new private homes remained unsold last month, down by some two percent from May. Market watchers say these units, which were launched at prices before the recent rise in property prices, seem more like a steal compared to the newer launches. Analysts...
Singapore-listed Keppel Land is making its first foray into Sri Lanka with the signing of a conditional joint venture agreement with CT Properties, a leading property developer in Sri Lanka. The joint venture will develop a luxury condominium project with about 260 residential units in the affluent Kotahena district in Colombo, the commercial capital of Sri Lanka. In a statement released on Friday,...
Mainboard-listed Straits Trading Company has acquired the Rendezvous Grand Hotel Melbourne for S$79.3 million. The company said this latest acquisition will add to its Rendezvous Hospitality Group portfolio. It will also strengthen and expand its footprint in the Asia Pacific region amid growth in travel and tourism. Mr Eric Teng, Straits Trading's Chief Executive Officer (Property & Hospitality)...
Shareholders of Orchard Parade Holdings Limited (OPHL) have approved the firm's plans to divest three properties. This was agreed upon at an extraordinary general meeting held Wednesday, where 99.9 per cent of shareholders voted in approval. The three properties are: Orchard Parade Hotel, Albert Court Village Hotel and Central Square Village Residences. OPHL said in a statement that it would now proceed...