Construction firm Chip Eng Seng has reported a 40 percent rise in first-quarter net profit to S$8 million. Revenue rose 33 percent to about S$60 million, boosted mainly by its construction business. Chip Eng Seng's revenue from construction projects jumped 74 percent to S$52.5 million in the first quarter. But its other two divisions, property development and property investment, faired less well with...
Developer News
Property developer Wing Tai Holdings on Monday said its third-quarter net profit fell 49 percent to about S$28 million. This comes as revenue fell 63 percent to S$110 million. For the nine months, its net profit declined 4 percent to S$133 million. The company said the drop was due to lower revenue and operating profit from its development properties division. It noted that the US sub-prime crisis and...
Conglomerate Fraser and Neave (F&N) on Friday said it is looking to expand its food and beverage business in a bid to rebalance profit contributions from its other businesses. For the half-year ended in March, F&N booked a nearly 12 percent rise in earnings on-year to S$205 million. Revenue rose by the same margin to S$2.5 billion. The property business is driving growth for F&N. Commercial...
Property developer Ho Bee has reported a 62 percent drop in first quarter net profit to S$26 million. Its revenue also fell 62 percent to S$94 million. Ho Bee said this was mainly due to the lower recognition of revenue from a property development project, The Coast at Sentosa Cove. The company also noted that the global economic and financial uncertainties caused by the US sub-prime crisis will continue...
CapitaLand's Ascott unit has bought an existing serviced residence in London for S$116.4 million. The property is located within London's 'Midtown' region at High Holborn. Ascott is currently leasing the property from Land Securities, the UK's largest real estate investment trust. The property is being operated under the brand name Citadines London Holborn-Covent Garden. The 192-unit serviced residence...
The Economic Development Board (EDB) has unveiled more details of the Solar Capability Scheme, aimed at spurring demand for clean technology and building up expertise in the new industry. The S$20 million scheme was first announced in Parliament in April by Senior Minister of State for Trade and Industry, S Iswaran. The EDB said it expects to fund up to 100 projects. Under the scheme, new buildings need...
Keppel Land has entered into a joint venture with Sunsea Yacht Club to develop its first integrated residential cum marina lifestyle development in Zhongshan, Guangdong. Keppel Land will have an 80 per cent stake in the venture to develop the waterfront homes in the affluent Pearl River Delta region of Zhongshan. Targeted at the upper-middle to upper income segments, the proposed residential project...
Property developer CapitaLand has completed the compulsory acquisition of the Ascott Group, a serviced-apartments operator. From 28 April, Ascott becomes an indirect wholly-owned subsidiary of the company. It will be delisted from the Singapore Exchange with effect from 29 April. CapitaLand said the privatised Ascott will enhance the company's competitive advantage of having a fully integrated real...
The tender for the transitional office site at Scotts Road/Anthony Road has attracted strong bids. There were a total of eight bids at the close of the tender on Thursday. UOB Kay Hian put in the highest offer at S$34 milllon, 16 per cent higher than the second bid. The bid works out to more than S$242 per square foot per plot ratio. The almost 8,700-square-metre site is offered on a short-term lease of...
CapitaLand has acquired a prime 30-acre site to build its first IT park and a grade-A office complex in India. The deal was done through its 49 percent-owned associate LOMA IT Park Developers. The site was purchased at a price of S$79 million from Standard Industries, a company listed on the Bombay Stock Exchange and the National Stock Exchange of India. It is located in the Trans Thana Creek industrial...