City Developments (CDL) on Friday announced a 17 per cent year-on-year increase in its second quarter net profit to S$220.9 million. The company also registered a 0.2 per cent drop in its revenue to S$979.4 million. The group said that property development continues to be a major contributor to the group's profits, which include hotel operations and rental properties. Hotel operations benefited from the...
General
SC Global Developments Ltd has reported a net profit of S$46.3 million for the quarter ended 30 June, an increase of 88 per cent year-on-year. Revenue for the quarter was S$261.8 million, an increase of 13 per cent year-on-year. This was attributed to contributions from progressive revenue recognition of the group's development projects in Singapore, including Hilltops, Martin No. 38, and Seven Palms at...
Mainboard-listed Pan Hong Property Group (PHP) has reported a 195.1 per cent year-on-year increase in its net profit for the first quarter ended June to RMB40.3 million, up from RMB13 million a year ago. In a statement released on August 11, PHP said its revenue for the period also rose 29.5 per cent to RMB114.2 million, up from RMB88.1 million last year. This was mainly attributed to the delivery of 35...
The Pan Pacific Hotels Group's (PPH) net profit for the second quarter of 2011 fell 56 per cent to S$6.35 million, from S$14.5 million achieved in the corresponding quarter of 2010. The decline occurred despite a higher revenue of S$88.1 million this second quarter, a rise of 12 per cent from S$78.4 million achieved in Q2 of 2010. In a statement released on Thursday, PPH said expenses rose because of...
Urban Redevelopment Authority (URA) said the tender for a residential site at Upper Serangoon Road / Pheng Geck Avenue (Parcel A) closed with 15 bidders. The top bid of S$185.16 million came from Clerodendrum Land - a unit of Tuan Sing Holdings. The bid translates to a land price of S$6,106.52 per square metres of gross floor area. Realty Consortium submitted the second highest bid of S$178.9 million,...
National Development Minister Khaw Boon Wan has reiterated that Cash-Over-Valuation (COV) - the premium that HDB resale flat buyers pay to seller - is here to stay. Responding to netizens on his Facebook page on National Day, Mr Khaw said abolishing COV and relying on a professional valuer to set the price of resale flats was tried "years ago". "COV then went underground as 'under counter cash payment',"...
She chose to live in the heart of Raffles Place to be near her workplace but Ms Mia Watanabe did not bargain for the pounding of nearby construction that came with her rented three-bedroom apartment at The Sail at Marina Bay. The expatriate lawyer moved in last December with her husband and says the construction noise from surrounding sites begins at about 9am daily. Now on maternity leave, Ms Watanabe...
Mainboard-listed Global Logistic Properties (GLP) said it has signed two agreements with Alibaba's Taobao Mall for the lease of two facilities in Shanghai and Guangzhou. In a statement, GLP said the agreement marks the partnership between the two companies and is expected to improve the nationwide logistics facility network for Alibaba's Taobao Mall's online retailing business. The new leases include a...
Singaporeans are snapping up overseas properties, especially those in London. Analysts said the demand for overseas property investments is mainly boosted by a strong Singapore dollar. And now, with increasing volatility in the equity markets, more investors here are likely to park their funds in high-yielding overseas properties. According to a report by Knight Frank, Singaporeans tied with the French...
Mainboard-listed Global Logistic Properties (GLP) says it has signed an agreement to acquire a 49 per cent stake in Shanghai Yupei Group - a leading logistics properties provider in China. In a news release, GLP said the acquisition will cost US$53.6 million (S$65.2 million) and will be done through the 100 per cent equity acquisition of a Hong registered special purpose vehicle Shimmer Profits Limited by...