Property developer CapitaLand has channelled an additional capital of S$1 billion to its wholly owned China, Vietnam and Ascott businesses. The developer said it intends to sharpen its focus for the next phase of growth. The funds came from its recent S$1.8 billion rights issue. Out of the S$1 billion, half will be allocated to CapitaLand China Holdings, while S$299 million will be deployed to its...
developers
Mainboard-listed Hotel Properties has posted a 71.7 per cent drop in second quarter net earnings to S$4.4 million. Revenue for the period dropped 27 per cent to S$103.3 million as the firm's hotels and resorts' business was adversely affected by the global economic crisis. HPL, which owns hotels and properties in Thailand, said the situation there was further aggravated by political instability and the...
City Developments Limited (CDL) has become the latest property heavyweight to give a bullish outlook for the property sector. Executive chairman Kwek Leng Beng said on Thursday the recent strong home sales momentum is sustainable. The comment came as CDL booked a 15 per cent drop on-year in second quarter earnings to S$139.9 million – its fifth straight quarter of decline. Revenue, meanwhile, rose by...
Mainboard-listed Wheelock Properties has posted an 89 per cent on-year rise in its net profit for the second quarter to S$28.9 million. However, revenue fell 10.8 per cent to S$78.4 million. The firm said this was because no further revenue was recognised from its projects, The Cosmopolitan and The Sea View, in the current period, as these projects were completed last year. In the current financial...
Property developer Soilbuild on Wednesday said its net profit for the second quarter fell 12 per cent on year to S$20.3 million. This was due to an increase in its selling and operating expenses, as well as higher finance costs. But revenue rose 10 per cent to S$96.9 million, due to the progressive recognition of income from its condominium projects such as Leonie Parc View, The Centrio, Montebleue as...
Bukit Sembawang Estates said net profit for its fiscal first quarter fell 84 per cent on-year to S$1.4 million. Revenue dropped 72 per cent to S$6.4 million. The property developer said the decline was mainly due to lower development revenue recognised on its Paterson Suites condominium. The firm noted that there has been a recent pick-up in the property sector, but said it remains cautious during this...
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...
Property developer UOL has slipped into the red in the second quarter. The firm made a loss of S$20 million in the three months to June, compared to a profit of S$145 million in the same period last year. The loss was due to lower income from its hotel operations and fair value losses recognised for UOL's investments in United Industrial Corp and Marina Centre Holdings in the second quarter. Revenue for...
A cluster of 18 shophouses fronting Joo Chiat Road and Onan Road has been sold to property developer World Class Land for S$25.6 million. This translates to S$410 per square foot on the existing gross floor area of the properties. World Class Land is a unit of public-listed Aspial Corp. The freehold site consists of two back-to-back rows of nine shophouses, each three-storeys tall. The total gross...
Niche property developer Hiap Hoe said its net profit more than tripled in the second quarter from a year ago to S$9.9 million, while its turnover quadrupled to S$31.9 million. The firm said the healthy numbers were driven by the progressive revenue recognition of its new residential developments, Cuscaden Royale and Oxford Suites. By the end of June, 55 per cent of revenue for Cuscaden Royale and 62 per...