Mainboard-listed Hotel Properties said its net profits fell 8.8 per cent on-year to S$9.8 million for the first quarter ended March 31. Its revenue edged up 0.5 per cent to S$120.1 million compared to the same period last year. The group said although its hotels in Singapore achieved higher occupancies, those in Bali and Maldives had lower room rates due to strong competition. Looking ahead, Hotel...
Developer News
As tender bids heat up here, many small-sized property developers are seeing themselves priced out by big players and foreign firms. This has made it more difficult for these smaller developers to get their hands on land for development - a situation that could put their businesses at risk, and things do not improve. Bid prices and the number of bidders escalated to record highs in the latest tender...
Property developer City Developments said its first quarter net profit rose about 68 per cent on-year to S$139.3 million. The improved performance came on the back of stronger revenue, which went up 20.6 per cent to S$750.4 million dollars. Accordingly, basic earnings per share rose 68.1 per cent to 15.3 cents. CDL said all its business segments had shown improvement compared to last year. The property...
Property developer Soilbuild saw its net profit fall 47 per cent on year in the first quarter to S$10.3 million. Revenue fell 50 per cent to S$32.5 million. The company said the poorer showing was due to a reduction in fair value gains from investment properties and derivative financial instruments in the same period a year ago. It also cited the absence of contributions from three residential property...
Property company UOL Group said its first quarter net profit fell 71 per cent to just over S$100 million. This was due mainly to negative goodwill on acquisition of interests in an associated company in the first quarter of last year. But the picture was more positive on the revenue end up 27 per cent to S$250 million due to the better performance of its property development, investments and hotel...
Property developer SC Global Developments said its first quarter net profit rose 28 per cent on-year to S$13.4 million. The better showing was mainly due to higher revenue recognition for the company's Singapore development projects and higher contributions from its Australian unit AV Jennings. Revenue increased 45 per cent to S$190.6 million, compared to S$131.2 million for the same quarter last...
Property developers' strong appetite for land banks are showing little signs of letting up, if the latest tender results announced by the Urban Redevelopment Authority (URA) for the Simei Street 3 site is anything to go by. The 99-year leasehold residential site had been hotly contested, receiving a total of 18 bids - the highest so far this year. That represents "an all-time high level of interest not...
Property developer Sing Holdings has issued an earnings warning. It says it expects to report a net loss in its first quarter results ending March. In a filing to the Singapore Exchange, Sing Holdings says the loss is due to showflat and marketing expenses for its 229-unit "The Laurels" development. According to the company, sales of 36 per cent of the units at "The Laurels" had been finalised by the...
The tender by the Housing and Development Board (HDB) for the land site at Tampines Road has attracted a whopping total of 16 bids from property developers. This is higher than the 14 bids attracted from developers for the land site at Boon Lay Way and Lakeside Drive when its tender closed on Tuesday. Fragrance Properties submitted the highest bid of $16.25 million for the 99-year lease land parcel which...
The property development arm of Singapore's labour movement, NTUC Choice Homes, has been closely watching the release of land parcels. But it has no confirmed development plans right now. Speaking at a news conference on NTUC's social enterprises, NTUC Choice Homes CEO, Margaret Goh noted that the release of land parcels for housing has been quite intense. NTUC Choice Homes, which has been involved in...