Property developer SC Global has posted a first-quarter net profit of S$72.8 million, 15 times that of the same period a year ago. This was mainly due to higher revenue recognition for the group's Singapore development projects as construction progressed, and the effects of the accounting changes relating to the adoption of the Financial Reporting Standard INT FRS 115. Group revenue for the quarter was...
Developer News
Property group City Developments (CDL) said its net profit surged 78 percent to S$282.34 million for the first quarter ended March 31. The property developer attributed its improved financial performance to strong profit contribution from the rental properties segment, as well as gains from the sale of investments. The investments that were sold are The Corporate Office and a strata unit in GB...
CapitaValue Homes, a wholly-owned subsidiary of CapitaLand Group, has signed a joint venture agreement with Vietnamese property developers Khang Dien Sai Gon Real Estate to build 975 value homes on a 29,000 square metre site in Ho Chi Minh City, Vietnam. The total project cost is estimated to be US$70 million or S$88 million and will developed by a joint venture company set up by both CapitaValue Homes...
Mainboard-listed Overseas Union Enterprise has reported at 23 per cent jump in its net profit for its first quarter, at S$227.6 million. This was boosted by a fair value gain of around S$249 million, after it obtained a Temporary Occupancy Permit for OUE Bayfront. Revenue for the first quarter grew by 42.2 per cent to S$68 million. Looking ahead, OUE said the positive economic outlook and projected...
CapitaLand said it has appointed Mr Lim Ming Yan as its chief operating officer. Mr Lim will report to the president and CEO of CapitaLand Liew Mun Leong. CapitaLand said Mr Lim will be leading several key projects including special major projects. He will also drive the group's talent management programmes to build a talent pipeline that supports its growth strategy. At the same time, Mr Lim will...
Property giant CapitaLand posted a net profit of S$101.5 million for its first quarter performance ended March 31. This is more than tripled the restated S$29.8 million net profit from the same period one year ago. The group attributed the higher net profit to increased contributions from its Singapore, China and Australian projects. Some of its key projects include The Interlace and The Wharf in...
Property group Wing Tai Holdings said its subsidiary Wing Tai China Investment has signed a joint venture agreement to develop a residential project in Guangzhou Knowledge City. The agreement is with Singbridge Guangzhou, a subsidiary of Singbridge International Singapore. Wing Tai will hold a 40 percent stake in the project, which will be developed in phases over five years on a 10-hectare site. With a...
CapitaCommercial Trust (CCT) and its parent company CapitaLand plan to jointly develop Market Street Car Park into a office tower. The project cost is estimated to be about S$1.4 billion. In a joint statement, both companies said that based on this figure, the development is considered financially viable. The stabilised yield from the completed development is expected to exceed 6 per cent per...
Keppel Land said it achieved a 45.5 per cent growth in its first-quarter net profit, thanks to higher contributions from property trading and a chunky divestment gain. The Republic's third-largest property developer said it earned S$92.1 million in the January-March period, up from S$63.3 million made in the first quarter of the previous year. Property trading recorded an 8.2 per cent increase in net...
Overseas Union Enterprises (OUE) said it plans to buy LCH Hotels, which owns the 320-room Crowne Plaza Changi Airport, for S$224.5 million. OUE will also settle a shareholder loan as well as debt of S$68.5 million. It said the proposed acquisition will expand the earnings base of the company's portfolio of hospitality assets, particularly in light of the group's competitive presence in Singapore's robust...