Mainboard-listed Straits Trading Company said it's reorganising its hospitality assets under one unit. It has set up a wholly-owned subsidiary called Rendezvous Hospitality Group, or RHG, which will own hospitality assets in excess of S$300 million. These include 13 hotels currently under management and four additional properties under development. It has appointed Iqbal Jumabhoy as the CEO of this new...
Developer News
Mainboard-listed developer Guocoland on Friday reported a net profit of S$12.3 million for the first quarter. This is a turnaround from the S$2.8 million net loss a year ago, which was partly due to foreign exchange losses. Revenue for the three months ended September fell 37 per cent to S$95.7 million, largely due to lower contribution from property development projects. During the quarter, Guocoland...
Fragrance hotel and property group says it recorded a turnover of $57.7 million in the Third Quarter of 2009, a 37.9% increase from $41.83 million recorded in the corresponding period in 2008. The property sector contributed $48.79 million or 84.6% of the consolidated revenue. This is an increase of about 51.1% from the $32.28 million contribution in the third quarter of 2008. Fragrance says major...
Building construction group Lian Beng has reported a 168% surge in profit after tax to $5.4 million for the first quarter of its 2010 financial year, compared to $2 million a year ago. This was achieved on the back of a 128.6% rise in revenue to $85.1 million. Lian Beng says the growth in revenue was driven by revenue recognition from the completion of projects like Ferraria Park, Sixth Avenue Condominium...
Property developer CapitaLand said on Thursday that it will hold an extraordinary general meeting or EOGM on its plan to list its shopping mall business. It is seeking approval for the proposed public offering of shares in CapitaMalls Asia. On Monday, CapitaLand announced that it is re-organising its retail unit by having CapitaMalls Asia hold its shopping mall business, including the retail real estate...
Mainboard-listed high-end property developer, SC Global, said on Wednesday it has sold six units of its project at Sentosa for record prices. The units of its Seven Palms Sentosa Cove development were sold at an average price of about S$11 million per residence, with prices ranging between S$3,100 and S$3,400 per square foot. These are higher than the previous peak of about S$2,734 per square foot for a...
CapitaLand said on Monday its wholly-owned unit CapitaLand Retail will be listed on the SGX mainboard and be renamed CapitaMalls Asia. Following a corporate reorganisation, CapitaMalls Asia will hold CapitaLand's integrated shopping mall business, including the retail real estate fund and REIT management business. CapitaMalls Asia will have 86 malls in its portfolio, with a total property value of S$20.3...
From a just a small family business with less than 10 workers in 1993 to the property developer that will soon be listed on the Catalist board, Goodland Group is the quintessential entrepreneur story. Started in 1993 as a construction business, Goodland is no stranger to civil engineering projects such as the wave wall construction at MacRitchie Reservoir and the development of Turf City. However, seeing...
Property developers in Singapore are calling for the government to release more land sites in less central areas so that they can build more affordable mass market homes. On the sidelines of a lunch hosted by the Real Estate Developers' Association of Singapore (REDAS) on Friday, industry players said demand for private homes will continue to rise and push up prices. It said most of the recent...
Property developer Keppel Land said on Friday that it is issuing some 8.7 million new shares, following its offer to delist its subsidiary, Evergro Properties. The shares will be listed with effect from Monday, October 5. Following the issue of the new shares, Keppel Land will have some 1.4 billion shares in float. This means the new shares account for about 0.6 per cent of the total shares. Under the...