Keppel Land is acquiring an additional 11.85 per cent stake in Ocean Properties for S$107.1 million, through its wholly-owned subsidiary Straits Property Investments. This will increase Keppel Land's current stake in Ocean Properties to 87.51 per cent. Straits Property acquired the additional stake from HSBC, an existing shareholder of Ocean Properties. Ocean Properties is a Singaporean property...
Developer News
Far East Organization has lodged the top offer in a six-way bidding battle for a Woodlands site. The firm tendered $105.1 million or $333 per sq ft (psf) per plot ratio for the 99-year leasehold plot at the junction of Woodlands Avenue 1 and Rosewood Drive. EL Development is the next highest on $100.9 million. BS Capital, Sim Lian Land, TID Residential and Ecco Development, with the lowest bid of $73...
Property and hospitality group Roxy-Pacific Holdings Ltd. has announced that net profit in the third quarter jumped 42 percent to S$8.9 million from S$6.3 million in the previous quarter. The increase came on the back of a 41 percent increase in revenue to S$53.1 million in Q3, driven by a 44 percent surge in revenue to S$40.5 million from its property development segment. Overall, Roxy-Pacific achieved...
Property developer Keppel Land has sold more than 90 per cent of the 220 units released during the soft launch of its Seasons Park residential development in the Sino-Singapore Tianjin Eco-City. Seasons Park, comprising a total of 1,672 residences, is the first collection of eco-homes to be launched in the Keppel development in China. The average price achieved was about 11,000 renminbi or S$2,124 per...
Southeast Asia's biggest property developer Capitaland's third-quarter net profit slumped 43.3 per cent from a year earlier to S$159.6 million. Revenue declined by 34.6 per cent from a year earlier to S$684.6 million because of lower revenue recognition upon completion of residential projects in Singapore. Loss of rental revenue following the divestment of Clarke Quay in Singapore and three shopping...
Property developers are less upbeat of the future, with nearly 34 percent of them expecting a decline in new home prices, according to the latest readings of Real Estate Sentiment Index (RESI). Following the cooling measures announced on August 30, a third of developers polled for the third quarter expect less than 10 percent decline in prices for new residential launches over the next six months. None of...
Two Singapore property companies CapitaLand and Keppel Land are investing some US$218 million in the real estate market in Vietnam. CapitaLand signed a joint venture agreement with Vietnamese partner No Va Land Investment Group to develop a 9,000 square metre residential site, worth US$40 million in Ho Chi Minh City. Keppel Land signed two joint venture agreements. The first is to jointly develop a 9.8...
Wing Tai Holdings say its first quarter net profit fell 35 per cent on-year, to around S$30.2 million. Meanwhile, revenue for the same period fell 52 per cent to S$131 million. The company says the drop in profits was on the back of lower revenues earned for the quarter. The company says that in the current quarter, it officially launched Belle Vue Residences, which to date has seen 65 per cent of its...
Mainboard-listed MCL Land said its third quarter net profit rose 28 per cent to US$172 million despite a 14 per cent decline in revenue to US$362 million. The developer said its profit rose due to the recognition of sales on the completion of two developments - Waterfall Gardens and D'Pavilion. The results also included a US$51 million reversal of a write-down on The Estuary development. The group added...
Keppel Land has posted a 10-per-cent decline in its third quarter net profit to $70.1 million from a year ago. This is largely because of lower revenues from its hotel and resort, and property trading segments. For the three months ended Sept 30, the developer posted sales of $149 million, down 34.5 per cent on-year. On the residential front, KepLand said there is cautious sentiment in the market...