Brookvale Investments has launched a friendly takeover of mainboard-listed Allgreen Properties by offering S$1.60 per share for the developer. The cash offer values Allgreen at S$2.54 billion, which is a premium of 39.1 per cent over the stock's closing price of S$1.15 on Friday. In a filing with the Singapore Exchange, Allgreen also said the offer price is about 20.3 per cent higher than the highest...
Allgreen Properties
China's recent steps to cool its property market have taken the shine off China-linked property counters in Singapore, with analysts seeing limited upside for many stocks. For now, experts prefer property stocks with more Singapore-based portfolios. They said these currently offer more potential growth, thanks to exposure to hot sectors like residential and hospitality. China has been clamping down on...
Mainboard-listed Allgreen Properties said its third quarter net earnings more than doubled from a year ago to S$74 million. The developer's revenue for the three months ended September surged 159 per cent to some S$293 million. Allgreen said the strong earnings were mainly due to higher contribution from its property development segment. The two main projects that contributed to higher sales in the...
Mainboard-listed Allgreen Properties on Wednesday said its second-quarter net profit rose 36.2 per cent to S$23.4 million from a year earlier. This comes as the developer's revenue rose and operating expenses fell in the three months to June. Turnover increased 14 per cent to S$84.6 million due to higher revenue from development properties. Allgreen said it has benefited from the improving buying...
Allgreen Properties saw its 2008 net profit fall 86 per cent from a year ago, when it recorded big gains. It has warned that this year is shaping up to be a difficult period. Net profit for the year ended Dec 31 was $67.4 million, compared with$493.5 million a year ago. The company had booked a $362 million fair-value gain from investment properties for 2007. "2009 is shaping up to be a difficult year...
Should those who oppose an en bloc sale get more money for their flats than those who support it? Disgruntled owners of homes in Regent Garden don’t seem to think so. They are going to the Court of Appeal, after property developer Allgreen offered six owners more money than it had to the others so that the six would no longer hold up the sale. This, after a High Court decision last month that the en...
At first, only 25 of the 31 owners signed on the dotted line. But when developer Allgreen later managed to get the remaining Regent Garden owners on board, it meant the en bloc sale of the condominium had unanimous consent. That meant the Strata Titles Board should not have heard the objections of the initial group of majority owners and its dismissal in January of the $34-million collective sale was...
Developer Allgreen Properties says its full year net profit jumped more than six fold to S$493 million. Its earnings were boosted mainly by fair value gains on its investment properties. Excluding the fair value gains, net profit would have nearly doubled on year to S$145 million. Revenue rose 19 percent to S$569 million. The company benefitted from higher sales of properties as a result of the buoyant...
SINGAPORE has seen several ugly en bloc tussles but this is a first. The majority owners, having agreed to sell their condominium, are now suing the buyers. A group of 25 at the 31-unit Regent Garden is alleging that developer Allgreen Properties has breached the sale and purchase agreement by grossly undervaluing the condominium. The owners filed a claim last Monday with the High Court to declare that...