Catalist-listed electro-plating and industrial engineering services firm Wepco said on Monday that it is acquiring real estate firm HSR in a reverse takeover. It is buying the entire issued share capital of HSR for a consideration of S$40 million. The purchase will be satisfied by the issue of new ordinary shares. Wepco will issue some 80 million consideration shares at a price of 50 cents per share. At...
General
While the local property market plunged in late 2008 along with the global economy, home values have since bounced back to its normal level. Since the second quarter of this year, a larger number of interested home buyers have lined up outside the showrooms of new condominium launches. Property developers have responded quickly by pushing their launches to attract potential home buyers despite the...
Fourteen HDB blocks in Jurong East will undergo lift upgrading. This was announced by Senior Minister of State for National Development, Grace Fu, at a community event on Sunday. Ms Fu said blocks 103 to 116, which were built in the early 80s, will get their lifts upgraded. She said: "For Jurong East Yuhua, this will be our second last precinct; we have one more precinct to go, we hope we are able to...
Well-loved foodie haunt Serangoon Gardens is getting hotter, with new food and beverage outlets opening in the area. No fewer than six eateries, including branches of Nara Japanese Restaurant at Goldhill Centre and Yum Cha Restaurant in Trengganu Street, would have opened in the area by the end of the year. And come next November, when the former shopping centre Serangoon Gardens Village reopens as...
Second Chance Properties says the group’s net profit declined 13.7% to $4.6 million for the three months ending Sept 30, 2009 (1QFY2010) from $5.4 million in 1QFY2009. This was because revenue decreased 7.7% to $17.7 million in 1QFY10 from $19.2 million in 1QFY09 due to weakened economy. Cost of sales and other operating expenses also reduced by $0.7 million. Revenue from its Malaysian operations...
Mainboard-listed UOL Group on Friday said its third-quarter net earnings rose 44 per cent on-year to S$105.6 million. This was on the back of a 21 per cent rise in revenue for the three months ended September to S$323.9 million. UOL said progressive recognition of revenue from development properties helped boost its turnover in the quarter. The company also recorded a higher share of profits from...
Singapore-listed BreadTalk Group on Friday said it plans to buy a piece of leasehold land at Tai Seng Street for S$5 million. The company plans to construct a multi-storey building on the site which has an area of about 72,000 square feet. The new building will serve as its central kitchen manufacturing facility. It will have a research and development centre, training test kitchens, warehousing, cold...
Mainboard-listed retailer Metro Holdings is expanding its property business in China. The firm said on Friday that it is making an investment commitment of about S$41.7 million to acquire stakes in three developments in Anshan, Fushan and Qinhuangdao. Metro's wholly-owned subsidiary, Metro China, has set up a 21.4 per cent associated firm called Diamond Wind Company for the investment. The balance 78.6...
Mainboard-listed property developer Wheelock Properties has posted a 59.1 per cent decline in its third-quarter net profit to S$54.3 million from a year ago. This was on the back of a 42 per cent drop in revenue for the three months ended September to S$133.1 million. Wheelock said the fall in turnover was mainly due to lower revenue recognition from Scotts Square based on the progress construction works...
Parkway Life Real Estate Investment Trust (REIT) is expanding its Japanese nursing home portfolio by acquiring eight properties for some S$77.6 million. The REIT said it is buying the eight nursing homes at a favourable pricing from Japanese real estate asset manager, Kenedix. Parkway Life REIT said all the nursing homes are strategically located in dense residential districts, making them attractive...