The hot housing market has boosted the annual earnings of property developer Wing Tai Holdings. Its net profit for the financial year ended June, soared seven-fold to S$160.8 million from S$21.0 million in the previous year. Its fourth quarter net profit came in at S$68.9 million compared to a loss of S$53.8 million a year ago. Wing Tai's property sales were the main drivers of its increased annual...
Developer News
Ascott Residence Trust, the serviced apartment operator partly owned by CapitaLand, said it will buy 28 properties in Europe and Asia from Ascott for $969.6 million. Ascott Residence will also sell its stake in a Beijing serviced residence property for $214 million to Ascott, it said in a statement to the Singapore exchange. The purchase will increase Ascott Residence’s asset size to $2.85 billion, it...
Developer CapitaLand said its unit CapitaLand Treasury has priced its S$350 million 10-year bond to yield 4.3 per cent per annum. The bond due in August 2020 is part of its S$3 billion multi-currency programme. The firm added it will also guarantee the payment obligations of its unit. CapitaLand intends to use the proceeds to refinance existing debt and fund new investments and general working capital...
The Urban Redevelopment Authority (URA) has awarded the tender for the industrial site at Ubi Road 1 to developer Oxley Rising. The company submitted the highest bid of S$158.1 million for the site. The plot has a site area of more than 34,000 square metres and a maximum gross plot ratio of 2.5. The tender for the industrial site was launched on June 15 and closed on August 11. The land parcel was...
Mainboard-listed Wheelock Properties on Friday said its profit for the six months ended June more than tripled on-year to S$133.9 million. Its revenue rose 74 per cent to S$283.9 million. Meanwhile, for the second quarter, its profit more than doubled to S$83.5 million compared to the same period last year. Revenue for the quarter also doubled to S$177.3 million. The group said turnover was driven by...
Conglomerate Fraser and Neave (F&N) has posted a 13.9 per cent on-year increase in net profit to S$132.7 million for the third quarter ended June. Revenue for the three months rose 7.6 per cent to S$1.4 billion. F&N said its property arm registered higher earnings due to strong rental income, recognition of pre-sold projects and recovery in its core residential markets. Its soft drinks, dairies...
Kirin's investment spurs talk that property arm may be hived off and it is certainly strong enough to stand on its own The entry of Kirin Holdings, one of Japan's largest brewers, as a strategic shareholder of Fraser and Neave (F&N) is making many observers once again ponder the likelihood of a split of the local conglomerate into three units - or at least for F&N to hive off its property arm as...
Property firm City Developments says its second quarter net profit came in at S$164.6 million, up 17.6 per cent on-year. The firm saw higher contributions from its residential and hotels divisions. Revenue increased 19.6 per cent on-year in the second quarter to S$941.6 million. CDL says its property development segment remains the main contributor to profit, accounting for more than 50 per cent of its...
Property developer Soilbuild says its second quarter profit rose by 66 percent on-year to S$32.7 million. This is despite revenue falling by 24 per cent on-year to S$73.6 million. Soilbuild says the decline in profit was partly offset by fair value gains recognized on revaluation of two projects currently under development for lease. The firm has declared a maiden interim dividend of 0.5 cents a...
United Engineers' net profit jumped by more than 200 per cent to S$62.4 million in the first half of the year. Its revenue also went up by 33 per cent to S$418.8 during the same period. Revenue from property development and leasing climbed 117 per cent to S$294.7 million in the first half of the year, while the second quarter for the same sector also surged 135 per cent to S$160.5 million. United...