Mainboard-listed CentraLand is buying a 25,460-square metre site in China for 200 million renminbi (S$39 million). The site in Zhengzhou, the capital of the Henan province, will be redeveloped into a new mixed-commercial building, comprising retail and office space. There will be about 16,000 square metres of commercial retail space and approximately 94,000 square metres of office space. The parcel is...
developers
Property developer UOL Group has unveiled a new luxury serviced apartment, marking its entry into the extended stay business. Pan Pacific Serviced Suites, located in the Somerset area, will open for business in April. It offers 126 deluxe units, which come with personal assistants to tend to the needs of guests. Besides waking up to a view of downtown Singapore in an apartment kitted out with designer...
Fund will cushion cost of integrating solar panels into new Green Mark buildings DEVELOPERS of new and green buildings can now tap into a $20 million fund set up by the Government - a decision that is certain to sit well all-round as oil prices continue to surge. The fund will partly offset the cost of integrating solar panels into new buildings “which attain a certain level of Green Mark standard”,...
Fair value gains as a result of a revaluation of properties has boosted the full-year earnings of Singapore Land by 1,252 percent. It posted net earnings of nearly S$1.4 billion, compared with S$121 million in the year-ago period. Revenue rose 34 percent to S$271 million. This was due to the contribution from its Pan Pacific Singapore hotel operations and higher rental income. Singapore Land expects...
Hong Leong Asia's foray into China is paying off for the company. Its China operations and building materials unit both helped to boost its full-year net profit to S$95.4 million, up 56 percent on year. Revenue rose 30 percent to S$3.2 billion. Hong Long's share of profit from associates increased to S$25.4 million in 2007, a turnaround from the loss in 2006 of S$500,000. Most of the contribution come...
Luxury resorts and spa operator Banyan Tree is reaping more rewards from its overseas expansion. Banyan Tree Bintan (file picture) Its net profit for the full year jumped 142 percent to $102 million. This was achieved on the back of a 26 percent rise in revenue to $422 million. The bottomline was driven by Banyan Tree's hotel operations and property sales segments, coupled with a one-off negative...
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...
Property developer City Developments (CDL) has booked record full year earnings, thanks to strong home sales and hotel revenues. Net profit for 2007 more than doubled on-year to S$725 million, beating market expectations. Revenue rose by 22 percent to S$3.1 billion. CDL says it will not rush into new residential launches in the coming months but will closely monitor market conditions. It has been a...
Property developer CapitaLand said it views the Vietnam market as being the second most important market for itself after Singapore. President and CEO Liew Mun Leong has likened the growth potential of Vietnam to Chinese cities like Shanghai and Guangzhou. To help the company expand in Vietnam, CapitaLand has formed a strategic partnership with another Vietnamese developer. Urbanisation in Vietnam is...
A robust property market and a strong economy have helped developer Ho Bee to report record full-year earnings. Net profit jumped 176 percent on year to S$272 million. This was achieved on the back of record revenues of S$596 million, up 52 percent on year. Ho Bee's development properties reported higher sales due to the progressive recognition of income from its residential projects, including those at...