Overseas Union Enterprise (OUE) has bought DBS Towers One and Two for nearly S$871 million. DBS Towers, with a 99-year lease, is located at Shenton Way in the heart of the central business district. DBS Tower One was built in 1975 and was then the tallest building in Singapore and the first to incorporate a covered walkway around the entire city block. Together with DBS Tower Two, the 37-storey...
Developer News
Developer Oxley Rising has submitted the highest bid of S$158 million for an industrial site at Ubi Road 1. The Urban Redevelopment Authority (URA) has closed the tender for the site after receiving 11 bids in total. Oxley's bid translates to about S$163 per square foot. The next highest bid of S$146.5 million came from joint bidders Qing Quan and Qingdao Construction. The over 34,000 square metre site...
Mainboard-listed Koh Brothers said its second quarter net profit fell 27 per cent on year to S$2.4 million, despite revenue for the period jumping 18 per cent to S$91.8 million. The group said the decline in net profit was due to a 16 per cent fall in gross profit, resulting from reduced profit margins from the group's Building Materials subsidiaries. Managing Director and Group CEO of Koh Brothers,...
The Housing Development Board (HDB) has awarded the tender for the site at the junction of Tampines Avenue 5 and Tampines Central 8 to Sim Lian Land. The property developer submitted the highest bid at some S$178 million. This translates to about S$253 per square foot. The 32,000 square metre site is designated for public housing under the Design, Build and Sell Scheme (DBSS). It was launched in June...
Property developer Bukit Sembawang Estates says group revenue for the first quarter ended 30 June 2010 was $34.4 million as compared to $6.4 million in the prior corresponding period. Accordingly, the net profit before tax increased by 706.1% from $1.8 million in the prior corresponding period to $14.8 million for the quarter ended 30 June 2010. The increase was mainly due to higher profit recognition on...
Mainboard-listed property developer Singapore Land has returned to the black in the first half of 2010. It posts a net profit of S$108 million, overturning the loss of some S$272 million over the same period last year. This is on the back of a 52 per cent increase in revenue to S$260 million for the six months ended June. Meanwhile, it report a second quarter net profit of about S$60 million. This also...
UOL Group today announced a net attributable profit of $147.8 million for the second quarter ended 30 June 2010, compared to a loss of $20.1 million in 2Q09. The net attributable profit excluding fair value and other gains increased by 36% to $122.1 million as compared to 2Q09. For the first six months in 2010, its net attributable profit excluding fair value and other gains rose 43% to $205.7 million...
Singapore-listed United Industrial Corporation, UIC, has reported a net profit of S$139 million for the first half of the year ended June. This overturns the loss of S$178 million in the same period last year. Its revenue rose 18 per cent on year to S$553 million. Meanwhile, the group has posted a second quarter net profit of S$79 million dollars. This overturns the loss of S$252 million dollars in the...
Property developer Heeton Holdings has posted a net profit of S$6.2 million for the fiscal second quarter, up 11.7 per cent on-year. Revenue for the same period increased 29.7 per cent to S$9.5 million. Heeton said the improved performance was mainly driven from sales from the company's residential developments Juluca and The Lumos. It also benefited from lower interest expense. Looking ahead, the...
Property developer City Developments Limited (CDL) is in talks to sell a land site in shopping belt Jalan Bukit Bintang for a price tag of more than RM3,000 ($1,282) per square feet (psf), a fee that could become Malaysia's most expensive land deal, according to the Malaysian newspaper Business Times. The sale of the land parcel in downtown Kuala Lumpur could top Malaysian developer Sunrise Berhad's...