Global Logistic Properties (GLP) is counting on China's booming domestic market to remain buoyant. This came after the Singapore-listed company posted an 80 per cent plunge in quarterly net profit. GLP's earnings last quarter were hurt by the earthquake in Japan which disrupted its warehousing services. In China, rising interest rates lowered demand Still, china contributed 69 per cent of revenue and...
General
New plans to redevelop the "Malay Village" area in Geylang will be underway soon, starting with the formation of a working committee. The committee will decide on how the precinct will look like and engage community stakeholders for their views. Dr Mohamad Maliki Osman, who will oversee the development, said it is too early to tell how much it will cost but estimated the project could take four to five...
Somehow, deep down, we - especially those of us who have been keeping a close watch on the private housing market - know that an external crisis or crises, like the ones ravaging global stock markets now, were going to happen way ahead of the "perfect storm" some had forecast for 2013/2014 for the property sector here. I am talking about the repercussions arising from the strong possibility of the United...
Global stock markets have swung wildly in the past two weeks or so, since United States lawmakers decided at the eleventh hour to raise the debt ceiling on Aug 2. On Aug 5, Standard & Poor's downgraded the US credit rating from AAA to AA+ and, on Aug 8, it followed with a downgrade of mortgage lenders Fannie Mae and Freddie Mac as well as other agencies linked to long-term US debt. Adding fuel to the...
CityLink Mall, the subterranean mall linking One Raffles Link with City Hall and Esplanade MRT stations, will soon undergo a S$10 million makeover some 10 years after it opened. The focal point of the refurbishment will be the mall entrances at City Hall and Esplanade MRT stations, as well as One Raffles Link. The refurbished mall will see new ceilings and patterned marble flooring. Way finders and mall...
Property firm UOL Group has reported a 16 per cent increase in its net profit to $202 million for its second quarter ended June. This is on the back of strong revenue which jumped 40 per cent to $455.9 million from $326.7 million in the same period last year, the company's news release said. Property development, property investments and dividend contribution all registered good income and has helped...
Singapore property developer CapitaLand has increased its stake in Raffles City Shenzhen site by 14.7 per cent for S$99.3 million. The move is part of the firm's move to strengthen its presence in China, a stock exchange filing said. The deal was completed via a wholly-owned subsidiary, CapitaLand LF (Cayman) Holdings. The shares were purchased from CapitaLand AIF Limited and Gainfield Holdings, which...
Construction and property group Chip Eng Seng reported on Thursday a year-on-year decrease of 14.2 per cent in its net profit for its second quarter to S$17.7 million. This is down from S$20.7 million recorded during the same period last year. The group also registered a 31.1 per cent decline in its second quarter revenue to SS$86 million compared to S$125 million a year ago. Its property development...
United Engineers Ltd (UE) announced an year-on-year increase of 39 per cent in its second quarter net profit to S$33.4 million. This is up from S$24.1 million recorded for the quarter a year ago. Its revenue, however, registered a decrease of 13 per cent from S$184.9 million to S$160 million. UE said this is mainly due to lower profit recognition of revenue from property sales at Park Central @ AMK and...
Global Logistic Properties has signed agreements with two firms for the lease of facilities at GLP Park Jinqiao in Shanghai. In a news release, GLP said e-commerce solutions provider Commercial Global will take up a five-year lease for a 100,000-square-metre space to support online customers in east China. A renowned global luxury brand will also use 10,000 square metres of GLP's logistics facility as a...