Developer Koh Brothers has posted a near 10-fold jump in full-year net profit - rising 877 percent to S$39.7 million. The sharp spike in the bottomline was due mainly to fair value gains on investment properties. There was also an exceptional gain of S$5.6 million after the company sold three units in Shantou, China. Sales rose 10 percent to S$285.5 million and Koh Brothers remains bullish about its...
developers
Keppel Land, one of the largest property developers in Vietnam, has unveiled concept plans for Phase Two of its Saigon Centre in Ho Chi Minh City. This was presented to President S R Nathan and Vietnam's Deputy Prime Minister Hoang Trung Hai in Hanoi on Tuesday. In the new phase, Keppel Land is going for an 88-storey mixed development which will house residential, retail and office space, and will also...
Southeast Asia's biggest property developer CapitaLand has reported record earnings for the fourth year in a row. Net income for 2007 came in at better than expected S$2.8 billion, almost three times higher compared to the previous year. The jump was due to robust growth in its key markets of Singapore, China and Australia as well as fair value gains on its portfolio. CapitaLand expects Singapore's...
Fraser and Neave (F&N) has delivered a 33 per cent rise in first quarter profit to S$103 million. It attributed the strong performance to contributions from its property developments, including the Soleil @ Sinaran project in Singapore and other overseas projects. Revenue for the first quarter rose 19 per cent year-on-year to S$1.3 billion. F&N also plans to launch the sale of two other projects...
Property developer GuocoLand has reported a net profit of S$60.6 million for its half year ended December 31. That was a 15 percent increase compared to the same period a year ago. Revenue rose 114 percent to S$402 million. However, net profit in the second quarter actually fell 26 percent to S$33 million. This was due to the absence of an exceptional gain that was booked in the year-ago...
CapitaLand’s offer to buy the remaining shares of its 67-per-cent unit, The Ascott Group, at $1.73 apiece represents a decent exit price for minority owners of the luxury residences operator, according to CIMB, who said the price “is a fair valuation from a historical perspective, but attractive in the current environment of heightened risk aversion”. Stock markets worldwide have been rocked in...
Fraser and Neave (F&N) has sold a unit of its Soleil @ Sinaran residential development for $2.66 million to the relatives of its chairman Lee Hsien Yang (picture). Mrs Lim Chong Yah, who is Mr Lee's mother-in-law, and Ms Lin Xueling, his sister-in-law, bought the unit, located in the Novena area, during the public launch of the project, F&N said in a filing with the Singapore Exchange. The project...
Property developer Wing Tai has reported a 25 percent rise in half-time earnings to S$105 million. Draycott8 This is due mainly to higher contributions from the sale of its condominium projects. Revenue fell 52 percent to S$211 million. In the second quarter, earnings fell 19 percent to S$44 million, following a 59 percent fall in the topline figure to S$111 million. Wing Tai did not give a guidance...
A bidding war appears to be looming for diversified Straits Trading Company. The Lee family that controls OCBC Bank is making a counter-offer for shares in Straits Trading Company that it does not already own. The Lees, who already own 34 percent of Straits Trading, are offering to pay S$5.76 cash a share. This values Straits Trading at S$1.88 billion. The latest offer is higher than the one by rival,...
Property developer Evergro has reported full-year earnings that are sharply lower than the previous year. It booked a profit of S$196,000 compared to the S$7.5 million in 2006. Evergro says there was no divestment gain this time, after it recorded returns from selling a property company in the previous financial year. Also dampening the financial numbers were higher administrative and other expenses,...