City Developments said declining rental income hurt its earnings last quarter. Net profit for the three months to December fell 32 per cent from a year earlier to S$163.2 million. Many analysts had forecasted a year-on-year decline of about 20 per cent. Source : Channel NewsAsia - 29 Feb...
Developer News
Ho Bee Investment's 2011 net profit slumped 39 percent to S$202.5 million compared to the previous year. The Singapore-listed property firm said revenue fell 43 percent to S$341.5 million for the 12 months to 31 December from a restated S$600.3 the previous year. It attributed the decline to "the higher revenue recognition on the completion of residential projects, Turquoise at Sentosa Cove and The...
Property group CapitaLand said its chairman and non-executive director Dr Hu Tsu Tau is retiring from his posts on April 30. Mr Ng Kee Choe, an independent and non-executive director of the company, will succeed Dr Hu as chairman of the board and its investment committee. He is currently a member of CapitaLand's Executive Resource and Compensation Committee, Investment Committee, Nominating Committee,...
The latest property cooling measures may hold back buyers for another five to six months. This is the view of CapitaLand's President and CEO Liew Mun Leong after reporting the company's net profit, which shrank by 26 percent. In Singapore, the property giant raked in a whopping S$1.35 billion in total sales last year. This is for the sale of 844 units of private homes - slightly more than the previous...
CapitaLand, Southeast Asia's largest property developer by market capitalisation, posted a net profit of S$476.6 million for its fourth quarter, down 20 percent from a restated S$596 million in the previous year. The developer said the decrease was mainly due to lower development profits and portfolio gains. For the full year, CapitaLand booked a net profit of S$1.06 billion, down by about 26 per cent...
Property group Wing Tai Holdings has reported a 1 per cent rise in second quarter net profit to S$34.2 million from the previous year. The company attributed the increased profit to the higher contributions from its developments The Floridian and Ascentia Sky by Tanglin in Singapore, and also from its properties in Hong Kong. Group revenue for the quarter ended December 31 rose 18 per cent to S$185.62...
Property giant CapitaLand Group has reshuffled its senior management with a string of key appointments. Lim Ming Yang, the chief executive officer (CEO) of The Ascott, CapitaLand's serviced residence business, will relinquish his role to focus on his position as the group's chief operating officer. He will oversee major group-wide strategic projects and continue to build on the group's businesses in...
Second Chance Properties has reported a 20 per cent on-year rise in net profit to S$3.5 million for the second quarter ended December 31. This is despite group revenue declining 2 per cent to S$9.5 million in the quarter. The higher profit came on the back of a 119 per cent decline in other operating expenses over the three-month period. Looking ahead, Second Chance Properties said in a statement that...
Property developers seem pessimistic about the outlook for Singapore's real estate market in 2012, with some analysts foreseeing a five to ten percent drop in property prices this year. But market watchers also say the strong interest in recent property launches could defy these forecasts and even lead to more cooling measures. Celebrations continue but property developers are still in the dark about the...
Property developer Keppel Land has said it is growing a stronger commercial presence overseas. This is to help achieve a more balanced portfolio amid the cloudy outlook for 2012. Keppel Land Group CEO Kevin Wong said: "We are trying to reduce our (exposure to) volatility of any particular property sector. (As a result of) the cooling measures of the residential market, we are trying to move to the office...