City Developments Limited (CDL) is poised to increase its stake in the consortium developing the South Beach project, after it exercised its right of first refusal to acquire one-third stake of Dubai World in the consortium and met conditions for the transaction, said sources. This means that CDL's stake will increase to two-thirds, from the previous one-third. In 2007, Dubai World, CDL and Elad Group...
Developer News
Mainboard-listed property firm City Developments (CDL) said its fourth quarter net profit rose 41.1 per cent on-year to S$249.2 million. This is despite revenue for the period falling 25.1 per cent to S$690.9 million. CDL said the increase was due to higher profit contribution from the rental properties segment due to gain recognised primarily from the sale of the Group's remaining strata-units in...
Mainboard-listed luxury resorts operator Banyan Tree said its fourth-quarter net profit increased by six-fold to S$19.5 million. This was mainly due to gains on the sale of Dusit Laguna Phuket in October last year. However, the higher profit was partially reduced as a result of the adverse impact of the anti-government riots in Bangkok in April and May last year on its Hotel Investments and Property...
Mainboard-listed property development group Ho Bee Investment said its fourth-quarter net profit rose 168 per cent to S$115.6 million. That's on the back of a 13 per cent increase in revenue for the quarter to S$112 million. For the whole of 2010, net profit fell slightly by 8.5 per cent to S$308.4 million. The firm said the good performance was partly contributed by its share of profits totalling...
Property developer Guoco-Land's latest Tanjong Pagar project (Tanjong Pagar Centre) holds new promise for the fading business district, overshadowed by the Marina Bay area's swanky Marina Bay Financial Centre. GuocoLand's S$3 billion project along Peck Seah Street and Choon Guan Street will have over 500,000 sq ft of residential space and more than one million sq ft of office space. Analysts expect keen...
Singapore property developer CapitaLand said it is in China for the long run, despite a slew of cooling measures by the authorities to curb speculation in the Chinese property market. The measures have caused price increases to slow in recent months. Just last week, Beijing introduced a regulation which requires buyers not registered with the city to pay taxes for at least five years before buying their...
A buoyant property market in Singapore has lifted the full-year net profit of UOL Group by 76 per cent to S$745.8 million for the period ended December 31 last year. UOL said its higher net profit came on the back of strong property sales, where 1,240 residential units were sold last year. That boosted group revenue to hit a record S$1.3 billion. The increased earnings was also due to the progressive...
Property developer CapitaLand achieved net profit of S$1.27 billion for the full year ended December 31, a 21 per cent rise on-year. This marks the fifth consecutive year that CapitaLand has delivered net profit exceeding S$1 billion. The firm said the strong performance was due to contributions across the Group's businesses in the core markets of Singapore, China and Australia. It also came on the back...
CapitaLand China has entered into a sale and purchase agreement to acquire an additional 39.27 per cent stake in LFIE Holding from an unrelated party for S$125 million. Capitaland currently owns a 6.95 per cent stake in LFIE, a holding company for real-estate investments in China. The acquisition of shares is expected to be completed in the first quarter of this year. LFIE owns a 575 thousand square...
Singapore's listed property developers are likely to post mixed results for the October-to-December quarter but the main focus of attention is likely to be how measures designed to cool the domestic property market will affect their outlook, with tightening in China also a factor. Although the impact of the cooling moves introduced last month has yet to be fully felt, the Government has already signalled...