Niche property developer Hiap Hoe Limited has reported that its net earnings for the third quarter ended 30 September 2009 (3Q09) surged more than 13 times to $8.5 million or 2.24 cents per share, from $0.7 million or 0.20 cents per share reported in the corresponding period a year ago (3Q08). The rise in net profit was achieved on revenue of $36.7 million, which represents a growth of 663.0%, and has...
Developer News
Developer CapitaLand lodged a prospectus with the Monetary Authority of Singapore on Monday to list its retail property unit, CapitaMalls Asia. Pricing details will be released after a road-show to market the initial public offering (IPO). Reports have estimated that the listing could raise as much as S$2.8 billion. According to the reports, CapitaLand may sell about 1.2 billion shares at an indicative...
Mainboard-listed Allgreen Properties said its third quarter net earnings more than doubled from a year ago to S$74 million. The developer's revenue for the three months ended September surged 159 per cent to some S$293 million. Allgreen said the strong earnings were mainly due to higher contribution from its property development segment. The two main projects that contributed to higher sales in the...
CapitaLand has gained shareholder approval for plans to list its integrated shopping mall business CapitaMalls Asia, paving the way for its listing by the end of the year. The new unit will have a portfolio of 86 retail properties valued at S$20.3 billion located across five countries in Asia. CapitaLand shareholders took time out on Friday morning for an extraordinary general meeting on the group's...
Property developer Far East Organization is banking on local culture to grow its new hospitality brand. Under its new concept, Village Hotels & Residences, it aims to provide guests with a taste of the local culture in the surrounding community. And Far East is hoping to add 15 new overseas properties under the brand in the next five years, in markets such as China, Indonesia, Malaysia and...
Property giant CapitaLand said on Tuesday it posted its smallest decline in net profit in a year. It said its third quarter net profit after tax and minority interests for the period ended September stood at S$281.3 million, down 33 per cent compared to the S$419.4 million earned over the same period last year. CapitaLand said the decrease was mainly attributed to lower divestment gains this year. In...
Hong Leong Holdings said it plans to build a unique residential development on a land parcel at Serangoon Avenue 3. The developer said the project will be cutting edge in both design and concept. It will feature over 400 units, which will be sized according to the needs of customers within the area. The 99-year leasehold site has a permissible gross floor area of about 418,000 square feet. The company...
The freehold site at Angullia Park that The Parisian sits on has been sold for S$283 million. The buyer is China Sonangol Land, part of the China Sonangol international holding company headquartered in Hong Kong. According to real estate consultancy CB Richard Ellis which brokered the deal, this is the biggest private residential land sale in two years. The site, located near Orchard Road, can...
Luxury resorts operator Banyan Tree will be adopting the SAP ERP Human Capital Management solution to transform its traditional Human Resource operation. Through this integrated solution, Banyan Tree will be moving away from administrative human resource processes. Instead, it'll embrace progressive approaches such as employee self-service to gain greater efficiency, lower costs and increase service...
Mainboard-listed developer Keppel Land said its third quarter net profit surged 70 per cent to S$78.5 million as property markets across Asia strengthened amid signs of an economic recovery. Sales rose 22.6 per cent to about S$228 million for the three months ended September. Capitalising on the improving market sentiment, Keppel Land launched Madison Residences and Caribbean Residences as well as...