Pan Pacific Hotels Group on Tuesday said its net profit fell 24 per cent to S$11 million in the first quarter of this year compared to the same period last year. The group's revenue also declined by 13 per cent to S$66.5 million in the three months ended March. The group said the decrease is largely due to weaker performance from its hotels. The group is pessimistic about the year ahead. It said the...
General
The Pinnacle@Duxton residential project holds two world records for the longest sky-garden and the heaviest skybridge. The popular residential project, which includes a roof-top garden, will have a total of 12 skybridges. Each bridge weighs 354 tonnes which is equivalent to the weight of a Boeing 747. Contractors used heavy duty hydraulics to push the bridges in place. The bridges will be lifted to the...
City Developments has posted a 49.6 per cent decline in first quarter net earnings to S$83.1 million. The Singapore-listed developer said the decline in earnings was mainly due to lower contributions from both its property development and hotel operations. Revenue for the three months ended March fell 18 per cent to S$622.5 million. Looking ahead, CDL said it believes that the global economic scenario...
TIMING can decide whether the deferred payment scheme (DPS) helps or hurts private home developers, as shown by updates provided this week on two projects. On Friday, Keppel Land revealed that it had yet to receive full payment for about a-third of Suites @ Central, a 157-unit freehold condominium on Devonshire Road that obtained its Temporary Occupation Permit (TOP) earlier this year. In particular,...
Property developer Roxy-Pacific has posted a 53 per cent on-year rise in its first quarter net profit, to S$6.4 million. Revenue increased by nearly two-thirds to S$38 million. The jump was mainly due to the progressive recognition of revenue from five development projects in the quarter. The firm also saw an increase in rental yield from the renewal lease for some of the shop units at its Roxy Square...
Diversified Fraser and Neave (F&N) says its first half profit fell 17 per cent on-year to about S$158 million. Revenue in the same period ending March 31 fell about four per cent to S$2.4 billion. But the company faired a bit better in the second quarter, where profit rose four per cent to S$90 million. The firm says this is due to strong contributions from its food and beverage and commercial...
Property developer CapitaLand has collected payment for 98 per cent of the 542 units of RiverGate apartments which have been sold since it obtained the Temporary Occupation Permit in March 2009. CapitaLand said the progress payments and deferred payment receivables for the sold units were securitised through special purpose vehicle Okeanos Investment Corporation. Okeanos issued US$477 million (S$731...
Singapore-listed Parkway Life REIT said it has achieved a distribution per unit (DPU) of 1.89 Singapore cents for the first quarter, up 17 percent from a year ago. This was on the back of a 37 per cent rise in net property income for the three months ended March to S$15.2 million. The trust saw higher revenue from its Singapore hospital properties and positive contributions from its Japan properties. As...
One way to cut costs amid the current downturn is to make buildings more eco-friendly and efficient. Experts said this can save as much as a 20 per cent in energy bills. And for those worried about higher investments, there are initiatives that can cover up to 35 per cent of such costs. Demand for 'green' buildings has grown amid the current downturn. Environmentally-conscious consumers are increasingly...
The Braddell Heights Estate is an elevated enclave of bungalow homes, conveniently located near the Central Expressway (CTE)/Braddell Road junction. Minutes to the amenities at Serangoon Gardens, Bishan and Ang Mo Kio town centre, and yet retaining all the charm of an exclusive landed community. Dunsfold Residences and Matlock Residences are cluster bungalows located in Dunsfold Drive and Matlock Rise...