Singapore's property giant CapitaLand is busy looking at investment opportunities in key markets like China, as part of a strategy to weather the current economic downturn. The developer has been successful in developing projects in Shanghai and Beijing, and is now looking into second-tier cities on the Chinese mainland. Last year alone, CapitaLand China more than doubled its earnings to a record US$646...
Developer News
End 09, early next year could be better, says CDL chief CITY Development Limited (CDL) believes it is too early for it to start snapping up property in the downturn. "The buyer-seller price gap is too wide still, so it's not time to buy. The end of the year, early next year could be better," said City Developments Limited's (CDL) executive chairman Kwek Leng Beng at the group's annual results briefing...
Allgreen Properties saw its 2008 net profit fall 86 per cent from a year ago, when it recorded big gains. It has warned that this year is shaping up to be a difficult period. Net profit for the year ended Dec 31 was $67.4 million, compared with$493.5 million a year ago. The company had booked a $362 million fair-value gain from investment properties for 2007. "2009 is shaping up to be a difficult year...
Singapore property and hotel group City Developments (CDL) said Thursday its net 2008 profit fell 20 percent year-on-year to 581 million dollars (382 million US) due to lower hotel operation revenues. The decline in 2008 profits came amid a sharp slowdown in the local property sector, but City Developments said its real estate business remained a major source of earnings. Total revenues in 2008 amounted...
Luxury resorts developer and operator Banyan Tree Holdings said its full year net profit fell 91 per cent to S$7 million. The bottomline was hit by the political turmoil in Thailand last year, which led to a week-long closure of Bangkok's Suvarnabhumi International Airport and left more than 300,000 tourists stranded in November. The slowing global economy has also not helped. Revenue was flat, rising...
Real estate developer Ho Bee Investment has said its full-year net profit fell 66 per cent in 2008 to S$93 million. Ho Bee said the fall was due to lower turnover and the absence of fair value gains on its investment properties. The reversal of write down of properties also contributed to the decline. Ho Bee's share of loss of JV Entities of S$5.1 million also added to its profit decline. Full-year...
Property developer UOL has booked an 81 per cent drop in full-year earnings to S$147.2 million in 2008. The decline was largely due to fair value losses and impairments. UOL said revenue climbed 27 per cent over the same period to hit S$899 million. It is expecting the environment for office space to become more difficult in the coming quarters. UOL said that at the operating level, profit grew by 21 per...
Mainboard listed property developer SC Global said its full-year profit rose 57 per cent on-year to S$44.5 million. The bottomline was lifted by the progressive recognition of sales from the group's development projects in Singapore and China. Revenue for the year was unchanged at S$129 million. SC Global booked a fair value gain of S$33 million for the year on its investment property called Newton...
Developers have achieved an 18-month high in private homes sold in a month, with the 1,000-unit mark having already been breached so far in February. Most of the developers who are prepared to pare their price expectations to more affordable levels continue to be rewarded. A near 10 per cent price chop was all it took for GuocoLand to sell off almost 90 per cent of the 182 units at The Quartz condo in...
An independent assessor has thrown a spanner in the works in UOL Group's takeover bid for United Industrial Corp. After evaluating the offer, Dutch bank ING said UOL's offer price for UIC shares is "not fair". On January 14, UOL had proposed to pay S$1.20 for each UIC share. This represents a nine per cent premium over UIC's last traded price prior to the announcement. The bid for UIC revived long-time...