Property developer CapitaLand's CEO Liew Mun Leong has been conferred a Distinguished Honorary Membership by the Securities Investors Association of Singapore (SIAS). SIAS says the appointment is in recognition of Mr Liew's support for transparency to shareholders and the investing community, including retail investors in Singapore. CapitaLand and Mr Liew have supported SIAS since its inception,...
Developer News
FAR East Organization plans to launch up to six residential projects with more than 1,500 units in the second half of this year, said chief operating officer Chia Boon Kuah. Horizon Residences: The 72-unit project could be launched within four months Mr Chia, who is bullish on the high-end and mass market segments of the private property market here, said most - if not all - of the projects could be...
Mainboard-listed property and hospitality player, Overseas Union Enterprise, is proposing to issue up to S$200 million of notes due in 2015. The notes are convertible into new ordinary shares. OUE says the issue size and pricing will be determined after a book-building exercise. The notes will be offered to institutional or accredited investors in Singapore, qualified institutional buyers in the US and...
Developers from China are looking to break into the Singapore property sector by building mass market and mid-tier residential homes. Observers said the new entrants want to diversify from their home market, while seeking opportunities in Singapore's growing property sector. Since late 2007, China-based developers have been trying to cut themselves a slice of the pie. While they account for no more than...
Developer Far East Organization has won its 6th FIABCI Prix d'Excellence award. The award honours world-class developments for demonstrating excellence in all aspects of their creation. This year, Far East won the award in the Office Category for its mixed-use development, Central. Central is located above the Clarke Quay Mass Rapid Transit station, on a 1.3-hectare site in the city's civic, cultural...
Developers Maxdin and Lee Carriers have put in the top bid of S$176 million for a land parcel at Sengkang East Avenue and Buangkok Drive. The next highest bid of $160.12 million came from Hoi Hup Realty and Sunway Developments. Frasers Centrepoint's bid of $158.18 million came in third, while Sim Lian Land handed in the lowest bid of $115.84 million. All in, the Housing and Development Board (HDB)...
Property developer Bukit Sembawang Estates has returned to profitability in the fourth quarter and the full year ended March 31, 2010. For the quarter, net profit was at $41.90 million compared to a net loss of $61.44 million a year ago. Revenue rose to $21 million from $4.86 million. In the full year, profit was at $52.97 million, compared to a net loss of $48.41 million a year ago. Revenue rose 5.4% to...
The Hougang Avenue 2 residential site has attracted the highest bid of S$207.5 million from MCL Land at the closing of its public tender by the Urban Redevelopment Authority. The bid works out to S$456 per square foot per plot ratio. This is 9.6 per cent higher than the second highest bid of S$189.3 million submitted by Frasers Centrepoint. The site has attracted a total of seven bids, with the...
Conglomerate Fraser & Neave (F&N) said its half year profit was up 93.7 percent or nearly doubled to S$306 million. The earnings were lifted by a stronger second quarter where profit rose 89 per cent to S$170 million. Revenue in the first half rose about 19 per cent to $2.8 billion, thanks to growth in all its key business segments. They were lifted by strong demand for drinks products and...
Property developer Wing Tai Holdings has posted an eight per cent increase in third quarter net profit to S$23.2 million compared to a year ago. This came on the back of a hefty 89.6 per cent rise in revenue for the quarter to S$149.54 million. This comes on the back of higher contributions from the development projects in its properties division. Wing Tai said profits recognized from units sold in...