Property developer CapitaLand has gained control of 96.7 per cent of the Ascott Group. With this level of acceptance, CapitaLand can now compulsorily acquire the remaining shares of Ascott that it does not own. The move will allow CapitaLand to delist Ascott and take it private. But Ascott shareholders, who have yet to accept the offer, can still do so before the closing date of 11 March...
Developer News
Southeast Asia's biggest property developer CapitaLand has reported record earnings for the fourth year in a row. Net income for 2007 came in at better than expected S$2.8 billion, almost three times higher compared to the previous year. The jump was due to robust growth in its key markets of Singapore, China and Australia as well as fair value gains on its portfolio. CapitaLand expects Singapore's...
Wheelock Properties said its full year 2007 profit jumped nearly six-fold to S$218 million. The improvement was fuelled by changes in fair value on its investment property. Revenue rose 44 percent to S$189 million. Wheelock remains upbeat about its strong financial position. For the financial year 2008, Wheelock will recognise the remaining profits from its property developments - The Sea View and The...
Shares of Ascott Group are likely to be suspended, now that CapitaLand has gained control of 91.7 percent of the company. Under listing rules, the Singapore Exchange may suspend a stock when its free float falls below 10 percent. In a statement, CapitaLand says it will not appeal for the trading suspension to be lifted. The company has said that it intends to take the Ascott Group private. However, it...
Property developer United Overseas Land (UOL) has more than doubled its profit for 2007, helped by a S$590.5 million gain from investment properties. Net earnings jumped 134 percent to a record S$759 million, boosted by higher income from property development, quoted investments, property investments and hotel operations. Revenue rose 18 percent to S$709 million. The group benefited from the progressive...
Capitaland is suing the owners of four units of Gillman Heights condominium for breach of contract. It is also seeking unspecified damages. The owners, who belonged to a majority group, had agreed to sell their units in a collective sale agreement with CapitaLand in February last year. CapitaLand is paying S$548 million for the 607-unit estate and the deal has also received the approval of the Strata...
OCBC says it intends to reject an improved takeover offer for one of its listed subsidiaries, Straits Trading. This could effectively end a tussle for the listed commodities and property company between two of the Singapore's prominent banking families. On one side is the Lee family, who are OCBC's main shareholders. They have offered to pay S$6.55 a share for Straits Trading, valuing it at S$2.1...
Fraser and Neave (F&N) has delivered a 33 per cent rise in first quarter profit to S$103 million. It attributed the strong performance to contributions from its property developments, including the Soleil @ Sinaran project in Singapore and other overseas projects. Revenue for the first quarter rose 19 per cent year-on-year to S$1.3 billion. F&N also plans to launch the sale of two other projects...
Companies wary of acquisitions amid market uncertainty EVEN as property prices come off their peaks, sector participants are keeping cautious, with Macquarie MEAG Prime Reit’s manager becoming the latest to say it will hold off making acquisitions for now. The uncertain mood brought on by turbulence and volatility in financial markets is curbing enthusiasm for property around the world. “We have...
Property developer GuocoLand has reported a net profit of S$60.6 million for its half year ended December 31. That was a 15 percent increase compared to the same period a year ago. Revenue rose 114 percent to S$402 million. However, net profit in the second quarter actually fell 26 percent to S$33 million. This was due to the absence of an exceptional gain that was booked in the year-ago...