Mainboard listed property developer SC Global said its full-year profit rose 57 per cent on-year to S$44.5 million. The bottomline was lifted by the progressive recognition of sales from the group's development projects in Singapore and China. Revenue for the year was unchanged at S$129 million. SC Global booked a fair value gain of S$33 million for the year on its investment property called Newton...
developers
Developers have achieved an 18-month high in private homes sold in a month, with the 1,000-unit mark having already been breached so far in February. Most of the developers who are prepared to pare their price expectations to more affordable levels continue to be rewarded. A near 10 per cent price chop was all it took for GuocoLand to sell off almost 90 per cent of the 182 units at The Quartz condo in...
An independent assessor has thrown a spanner in the works in UOL Group's takeover bid for United Industrial Corp. After evaluating the offer, Dutch bank ING said UOL's offer price for UIC shares is "not fair". On January 14, UOL had proposed to pay S$1.20 for each UIC share. This represents a nine per cent premium over UIC's last traded price prior to the announcement. The bid for UIC revived long-time...
Mainboard-listed conglomerate Fraser & Neave (F&N) has reported an 18 per cent drop in its first-quarter net profit to S$89 million. Revenue fell 6 per cent in the three months ending December to S$1.2 billion. This was due to lower property sales in its overseas projects and a drop in revenue from its dairies segment, as consumer sentiment was hit by the melamine scare last year. But F&N's...
DEVELOPERS of at least six mass-market private condos could release their projects in the next few months, riding on buying momentum generated lately by the Caspian condo near Jurong Lake - despite the recession. Property consultancy CB Richard Ellis (CBRE) tips Oasis @ Elias, The Gale on Flora Road in Upper Changi and Ascentia Sky on Alexandra Road among projects for possible launch in the next two...
Property giant seeks $3.07 billion from existing shareholders IN A move to position itself for "opportunities in distressed assets", property giant CapitaLand is looking to raise $1.84 billion in a rights issue that analysts say could be a precursor of more fundraising exercises for developers. South-east Asia's largest property developer and its subsidiary - CapitaMall Trust (CMT), which has planned a...
Property giant CapitaLand is looking to pad its portfolio with good buys amid the current global recession. The company aims to raise S$1.84b in a rights issue, and is eyeing distressed assets in China. China is one of its key markets, accounting for some 45 per cent of CapitaLand's earnings. Liew Mun Leong, CapitaLand Group president and CEO, said: "In China, we are quite well known for taking over...
Singapore developer CapitaLand announced Monday that it will raise S$1.84b through a rights issue. It says eligible shareholders will be entitled to subscribe for one new ordinary share for every two existing ordinary shares held as at the book closure date of 23 February, at S$1.30 per rights share. The company said the rights issue is a strategic initiative that is consistent with its policy of...
Property developer GuocoLand has reported a net loss of S$2 million for the half year ended 31 December 2008. This compared to its net profit of S$60.6 million recorded in the same period last year. The group said there was an unrealised translation loss of S$22.1 million. This was due mainly to the revaluation of US$300 million worth of bank loans, as the greenback appreciated against the Singapore...
Property developer City Developments (CDL) has denied market talk that it is planning a rights issue. In a statement to the Singapore Exchange, CDL said there is no truth to the rumours. Late last month, the company had issued S$100 million of Islamic notes to fund its shariah-compliant business. The trust certificates are due in 2010. On Wednesday, shares of CDL fell 4.2 per cent to S$5.28. The...