Hatten Land

Hatten Land announces Australia expansion plans with Melbourne land acquisition

SINGAPORE (Mar 6): Hatten Land intends to foray into the Australian real estate market by acquiring a land parcel in Southbank, Melbourne, from Australia’s Sundale Developments for a consideration of not more than A$15.8 million ($15.25 million).

The land has a planning permit to develop a multi-storey building comprising dwellings, retail premises and offices with an estimated gross floor area (GFA) of 25,000 sq m.

Hatten however intends to develop a mixed-use development on the land, which may comprise retail and hospitality units as well.  

Hatten Land reports 96% fall in 4Q earnings to $0.86 mil on lower revenue and higher expenses

SINGAPORE (Aug 29): Hatten Land on Tuesday announced that its 4Q18 earnings have dipped 95.7% to RM2.60 million ($0.86 million), compared to RM59.7 million in 4Q17.

This brings FY18 earnings to RM3.18 million, 63.5% lower than RM8.72 million in FY17.

Revenue for the quarter dropped 61.5% to RM50.1 million from RM130.0 million a year ago.

The decreased in revenue was mainly attributed to lower revenue recognised for Hatten City Phase 2 project, lower sales from Vedro by the River and Hatten City Phase 1 projects.

Hatten to develop $67 mil water themepark at Harbour [email protected]

SINGAPORE (Aug 7): Hatten Land intends to jointly build a RM200 million ($67 million) water themepark in Melaka, Malaysia, in collaboration with resort operator Samsung C&T Corp and Polin Waterparks, the designer and installer of water slides.

Named Splash World @ Harbour City, the four-storey water park spanning 500,000 sf is expected to complete construction by end 2019 and be open to the public in 1H20 with a capacity of 5,200 visitors per day.

Hatten Land's 3Q net loss narrows to $4.4 mil on absence of one-off RTO expenses

SINGAPORE (May 9): Hatten Land saw a net loss of RM13.2 million ($4.4 million) in 3Q18 ended March compared to a net loss of RM72.5 million a year ago in 3Q17 when the group reported a one-off expenses of RM87.8 million relating to the reverse takeover of VGO Corporation.

Revenue for 3Q18 fell 48.1% to RM85.5 million mainly due to lower revenue recognised for Hatten City Phase 2 project and lower sales from Hatten City Phase 1 project in 3Q18. The revenue decline was partially offset by the higher revenue contribution from Harbour City and Satori projects.

Hatten Land launches mall management arm to bolster recurring revenue

SINGAPORE (May 3): Property developer Hatten Land announced Thursday it has incorporated a new mall management arm, Hatten Commercial Management, to complement its core property development business and drive recurring revenue.

HCM will undertake the management of commercial retail units within the shopping malls developed by the group.

Malaysia-based Hatten Land currently has two completed malls – Elements Mall @ Hatten City Phase 1 and Vedro by the River – and another three malls pending completion.

Hatten Land's 2Q earnings halve to $3.6 mil on lower revenue & higher expenses

SINGAPORE (Feb 12): Hatten Land has posted earnings of RM10.8 million ($3.6 million) for 2Q18, down by 50% from its earnings of RM21.1 million a year ago on lower revenue and higher expenses.

Revenue for the quarter ended Dec 2017 more than halved to RM43.4 million from RM113.8 million a year ago, mainly due to lower revenue recognised for the Hatten City Phase 2 project as a lower percentage of works was completed during the period.

Hatten Land acquires land parcels in Melaka for $35.3 mil for mixed developments

SINGAPORE (Nov 17): Hatten Land is acquiring two parcels of land in Melaka for a combined RM108.6 million ($35.3 million) which will be developed into separate integrated projects.

The 6.1-acre freehold land and 6.7-acre leasehold land of 99 years expiring 5 May 2108 are located in Klebang, a coastal town in Melaka.

The latest acquisition will enlarge its property portfolio to seven mixed-use developments and one retail mall.

Hatten Land posts 63.2% rise in 1Q earnings to $1 mil on higher progressive sales

SINGAPORE (Nov 7): Property developer Hatten Land has announced RM3 million ($1 million) in earnings for 1Q18, rising 63.2% from RM1.8 million a year ago on higher revenue and lower expenses.

Revenue for the quarter grew 5% to RM56.5 million compared to RM53.8 million previously.

The revenue growth was mainly due to higher progressive sales recognised from Harbour City – a six-acre integrated commercial development built on seafront land on Pulau Melaka that is slated to be completed by 2020 – in accordance with the percentage of completion method, says the group.

Hatten Land kept at ‘buy’ on improving Malacca property market

From Bloomberg

SINGAPORE (Aug 18): CIMB is maintaining its “add” call on Hatten Land with a target price of 38 cents on better fourth quarter operating performance.

In 4Q17, the Malaysia-based developer reported a trebling of net profits to RM59.7 million ($19 million) along with a 24% revenue increase to RM130 million.

See: Hatten FY17 earnings treble to $19 mil despite RTO expenses; declares maiden dividend

Hatten FY17 earnings treble to $19 mil despite RTO expenses; declares maiden dividend

SINGAPORE (Aug 17): Hatten Land, the Malacca based developer formerly known as VGO Corp, reported 4Q17 earnings surge three-fold to RM59.7 million ($19 million) from RM19.9 million in 4Q16.

For the 4Q17 ended June, gross profit rose 85.6% to RM73.0 million — outpacing revenue growth of 24% to RM130.0 million — compared to RM39.3 million in the previous corresponding period 4Q16.

Operating profit rose 110.2% to RM56.5 million from RM26.9 million over the comparative period.

For the FY17 ended June, earnings came in at RM8.7 million.

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