Niche property developer Hiap Hoe said its net profit more than tripled in the second quarter from a year ago to S$9.9 million, while its turnover quadrupled to S$31.9 million. The firm said the healthy numbers were driven by the progressive revenue recognition of its new residential developments, Cuscaden Royale and Oxford Suites. By the end of June, 55 per cent of revenue for Cuscaden Royale and 62 per...
Developer News
Singapore Exchange's Mainboard-listed Fragrance Group said one of its subsidiaries plans to buy a property at Changi Road for S$33.5 million. The freehold property has a land area of 28,500 square feet. It can yield a maximum permissible gross floor area of around 60,000 square feet. Fragrance said it plans to develop the land into a five-storey mixed development comprising commercial space and...
Conglomerate Fraser & Neave said its third quarter net earnings rose 11.7 per cent to S$123.2 million from a year earlier. Revenue for the three months ended June rose 12.3 per cent to S$1.3 billion. F&N said it saw broad-based solid expansion across key businesses. In particular, its Food & Beverage business maintained its strong growth momentum during the quarter, while properties benefited...
Singapore Exchange's Mainboard-listed Banyan Tree Holdings said its first real estate investment fund has proven successful. The luxury resorts developer plans to use the fund-based model to develop future projects in markets such as China and the Philippines. Banyan Tree is tapping into its first real estate investment fund to finance the development of its Laguna Hue project in central Vietnam. Its...
Singapore property developer CapitaLand said on Thursday it slipped into the red during the second quarter with a net loss of S$156.92 million (US$108.76 million) – its first quarterly loss since 2003. This compared with a profit of S$515.2 million in the same quarter last year. CapitaLand said the June quarter loss was due to revaluations and impairment provisions the property developer took during...
Singapore-listed Hong Kong-based property developer Pan Hong said on Thursday that it has acquired a land parcel in China's Huzhou city for S$46.7 million. The site will be used for the development of residential and commercial properties. Located in Zhejiang province, the 103,000sqm site is estimated to yield a total gross floor area of around 216,000sqm. Construction for the project is expected to...
Mainboard-listed Fragrance Group said one of its subsidiaries has bought a property at Eastwood Road for S$15 million. The free hold site has a total land area of some 28,000 square feet. It is zoned for residential development and has a maximum plot ratio of 1.4. Fragrance said it plans to develop the land parcel into a residential apartment building. It will fund the acquisition and the development...
Cove Development, which owns the Grangeford condominium off Orchard Road, has asked the Ministry of National Development to extend the deadline to remove all illegal partitions that had been erected at the property. Demolition works were supposed to be completed by Monday (27 July). But Cove only managed to recover all 171 apartment units on Saturday (25 July) after it obtained a Writ of Possession for...
CapitaLand said on Monday it would spend about S$330 million to fully subscribe to its entitlement in Australian unit, AustraLand's rights issue. AustraLand had announced a 7 for 10 rights issue at an issue price of 40 Aussie cents or about 47 Singapore cents. This is a 20 per cent discount from the firm's last trading price of 50 Aussie cents a share. CapitaLand owns about 59 per cent of AustraLand and...
Fragrance Ventures, a unit of Fragrance hotel and property group, has acquired 14 two-storey shop houses located at Pasir Panjang Road for $23 million. The row of shop houses sits on a freehold land with a total area of 2,055.9 sq m. The land is zoned “Commercial & Residential” with a maximum plot ratio of 3. Fragrance Group says the acquisition will be funded by internal funds and bank...