Property developer CapitaLand on Tuesday said it has seen overwhelming response to its new condominium in Beijing, with 95 per cent of phase one units sold in just over two weeks. The condominium, called the Beaufort, sits on a 53,808-square metre site and is located within walking distance to Beijing Chaoyang Park, one of China's largest city parks. An entire block, comprising 467 units, was launched...
Developer News
CapitaLand's Australian unit, Australand, said on Tuesday that it made a net loss of A$298.2 million. It said the accounting loss was due to revaluation losses on investment properties amounting to A$249.4 million. Moreover, it incurred the impairment of development and joint venture assets amounting to A$148.4 million, on top of a non-recurring finance cost of A$20.7 million. But Australand said it...
Construction and property development firm, KSH Holdings, has achieved a turnaround in third quarter net profit to S$5.2 million. This compared with a loss of S$900,000 in the same corresponding period the previous year. Revenue for the three months ended December fell five per cent to S$82.5 million. KSH said its construction business in Singapore continued to be its strongest revenue contributor in...
WING Tai Holdings yesterday reported a 7 per cent climb in fiscal second quarter net profit to $22.3 million from $20.9 million a year earlier as it sold more homes. The rise in earnings for the three months ended Dec 31, 2009, came on the back of a 93 per cent surge in revenue to $177.1 million from $92 million a year ago. Q2 earnings per share climbed to 2.87 cents in Q2 from 2.67 cents the previous...
GuocoLand has recorded a remarkable recovery in its second-quarter net profit. The property developer posted a net profit of S$60.4 million for its second quarter ending December 31, a hefty increase from its earnings of about S$900,000 a year ago. The higher profit contribution for the second quarter was mainly from property development projects in China. Strong sales from its Ascot Park development...
Wing Tai Holdings on Friday announced a profit of S$22.3 million for the fiscal second quarter. This was a 7 per cent increase from the corresponding period last year. Revenue for the quarter came in at S$177 million. This was a 93 per cent increase from the same period last year. For the half-year ended 31 December 2009, the Group posted a revenue of S$454.3 million. This was a 101 per cent increase...
Singapore billionaire property tycoon and Far East Organization chairman Ng Teng Fong, 82, died on Tuesday morning. Far East Organization said in a statement that Mr Ng suffered brain haemorrhage on January 23. He was taken to hospital where he underwent an operation. Mr Ng was ranked Singapore's richest man by Forbes magazine last year. His family's net worth was estimated at US$8 billion in 2009. He...
Property developer Guocoland said the half year net profit of its Malaysian subsidiary for the period ending 31 December 2009 has declined 12.4 per cent to S$3.39 million compared to the previous year. This is despite its revenue for the six-month period has more than doubled to S$36.6 million due to higher proceeds from property development. Guocoland Malaysia's second quarter net profit fell by 75.3...
Property developer CapitaLand has reported strong sales at its 165-unit Urban Suites condominium, after selling 90 per cent of the 140 units released. Prices have also increased to between S$2,500 and S$2,800 per square foot compared to the phase one release of its first 60 units. The units in phase one were sold at prices ranging from S$2,400 to S$2,700 per square foot. About 70 per cent of the buyers...
Mainboard-listed China-based property developer Ying Li International intends to acquire two potential prime sites in China. It is setting up a wholly-owned subsidiary through the acquisition of Shiny Profit Enterprises, which has an initial registered share capital of US$10,000, for the purpose. Through Shiny Profit, Ying Li plans to buy two prime sites located in the Chongqing Yuzhong Central Business...