Mainboard-listed developer CapitaLand is back in the black in its fiscal second quarter. It made a net profit of S$476.1 million in the three months to June. That's a turnaround from the S$156.9 million loss incurred in the same period a year ago. CapitaLand said the strong profit growth compared to last year reflects a recovery in Singapore and the key markets it operates in. Revenue for the quarter...
Developer News
Property developer Roxy-Pacific said its second quarter net profit rose 37 per cent to S$12.8 million on the back of a 27 per cent growth in revenue to S$55.4 million. Roxy said the improvement in turnover was a result of a 25 per cent increase in revenue from its Property Development segment, as well as a 145 per cent surge in revenue from its Property Investment segment. The group's Hotel Ownership...
Redevelopment could yield about 120 units averaging 300 sq ft each GOLDEN Flower Group, controlled by the family of Indonesian businessman Nico Po, has sold a majority stake in the company that owns a residential site at 55 Devonshire Road. The buyer is an an associate company of Oxley Land. The deal is understood to have valued the freehold site at about $1,380 per sq ft per plot ratio inclusive of an...
Hongkong Land has posted a net profit of nearly US$$1.4 billion for the first six months of its fiscal year. This overturns a loss of US$402.4 million in the year ago period while revenue for the same period stood in at US$765.1 million. This was a 46.7 per cent increase when compared to the same period a year ago. The group attributes the growth to relatively robust demand for office and retail space...
Developers should target resource-rich and heavily-populated countries like Vietnam for long-term investments in the retail sector. Some property analysts said such nations also see increasing spending power among the young. Vietnam and Indonesia have a young population with a median age of about 27. And analysts said large shopping malls will meet the basic needs of such consumers in a developing...
The Ascott, CapitaLand's wholly-owned serviced residence business unit, has expanded its presence into Bali, Indonesia. It has won a contract from Indonesian developer PT Rudy Indopratama Sejahtera to manage a 174-unit serviced residence in Kuta, to be called Citadines Bali Kuta. The new serviced residence, which is targeted to open in 2012, will be located on the main arterial road of Jalan Raya Kuta,...
Ho Bee Investment says unit Ho Bee Developments has submitted the highest bid of $410.99 million for the land parcel located at North Buona Vista Drive under a sale of site for commercial development by JTC Corporation. The site with a land area of 17,994.4 sqm, is located next to the Buona Vista MRT station. The total allowable gross floor area is 111,565 sqm, out of which 2,000 sqm is to be set aside...
CapitaLand's Australian unit, Australand, said on Tuesday that it returned to the black for the first half this year. Australand's net profit for the six months ended in June came in at 72.2 million Aussie dollars. That's a reversal of the 268.8 million Aussie dollar loss it incurred over the same period last year. Much of the improvement was due to investment property revaluation gains of 11.7 million...
Property developer Keppel Land says its second quarter net profit rose 20.3 per cent on year to S$70 million. This was largely driven by strong residential sales in Singapore and China, and growth in its fund management and property investment businesses. But revenue for the quarter fell about 19 per cent to S$202 million. The Reflections at Keppel Bay development was one of the projects that Keppel...
Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York. The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income. The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake. The...