property development

CityDev's 1Q earnings more than double to $200 mil on higher margins & Manulife Centre divestment gain

SINGAPORE (May 15): City Developments (CDL) has announced earnings of $199.6 million for the 1Q ended March, rising 133.8% from restated 1Q18 earnings of $85.3 million on strong profit margins and the realisation of a pre-tax divestment gain.

The bottomline growth came despite a 29.5% y-o-y decline in revenue to $746.2 million from $1.06 billion a year ago, in the absence of revenue recognition from The Criterion executive condominium (EC) in its entirety over the previous quarter.

Heeton posts 83.5% lower 1Q earnings of $1.1 mil on lower other income & share of associates

SINGAPORE (May 13): Heeton Holdings has announced earnings of $1.1 million for 1Q19, down 83.5% from $6.7 million a year ago, mainly due to other operating income and share of results of associated companies and joint venture companies.

Revenue for 1Q fell 6.1% y-o-y to $11 million from $11.8 million previously, mainly due to lower sale revenue from residential project [email protected] Pagar and lower rental revenue post the completion of investment property, The Woodgrove.

OUE's 1Q earnings remain at $1 mil mark upon adoption of new reporting standards

SINGAPORE (May 13): OUE Limited has reported a profit attributable to shareholders of $1 million for 1Q19, unchanged from a year ago despite growth in earnings before interest and tax (EBIT).

This was largely due to non-cash finance costs on lease liabilities recognised on the adoption of SFRS(I) 16 on leases, says the group in its filing on Friday.

Bukit Sembawang's 3Q earnings treble to $54 mil on higher revenue

SINGAPORE (Feb 14): Property developer Bukit Sembawang Estates posted $54 million in earnings for the 3Q ended Dec 2018, up more than threefold from its restated 3Q18 earnings of $15.8 million due to a sevenfold y-o-y surge in revenue.  

Revenue for the quarter grew 598% to $122.3 million compared to $17.5 million a year ago, mainly due to higher sales recognition from more development projects, namely 8 St Thomas, Nim Collection phases 1 and 2, and Watercove.

In line with the higher revenue, cost of sales grew to $64.4 million from $2.9 million in 3Q18.

Tuan Sing 4Q earnings more than double to $119.5 mil on fair value gains

SINGAPORE (Jan 31): Tuan Sing Holdings reported earnings of $119.5 million for 4Q18, rising 140% from $49.8 million a year ago on higher fair value gains.

The latest set of quarterly results brings Tuan Sing’s FY18 earnings to a total of $134.4 million, up 115% from $62.6 million in the previous year.

Revenue for the quarter fell 13% to $83.3 million from $96.1 million previously, mainly due to lower sales of residential development projects and a decrease of revenue from the hotels business.

Outlook remains bright for UOL Group on prospects of recurring income growth, say analysts

SINGAPORE (Nov 15): OCBC Investment Research and CGS-CIMB Securities are maintaining their “buy” and “add” calls on UOL Group with a fair value and price target of $8.41 and $8.45, respectively, post the release of the group’s 3Q18 financial results.

UOL 3Q earnings down more than sixfold to $93 mil post UIC consolidation

SINGAPORE (Nov 13): UOL Group announced $92.8 million in earnings for the 3Q ended Sept, down more than sixfold from its restated 3Q17 earnings of $609.2 million in the absence of a one-off gain from the consolidation of United Industrial Corporation (UIC) group in 2017.  

See: UIC posts 36% fall in 3Q earnings to $59.3 mil on lower sales

Tuan Sing acquires initial stake in Hainan mega project for $15 mil

SINGAPORE (Sept 24): Tuan Sing Holdings has acquired an initial 7.8% stake in China’s Sanya Summer Real Estate (SSRE) – whose incumbent shareholder is Hainan Summer Property Development, a developer and then operator of two retail malls in Hainan – for RMB75 million ($15 million).

SSRE is a Hainan-based property developer with plans to develop a 57,839 sq m block of land at Yuxiu Road, which is adjacent to the Sanya High-Speed Railway Station in Hainan, by end-2021.

Pacific Star Development concludes 18M ended June at $8.4 mil after business model restructuring

SINGAPORE (Aug 27): Pacific Star Development, formerly known as LH Group, announced $8.4 million in earnings for the 18 month period ended June 2018 (18M17), up 12% from the 12 months ended June 2016 on higher revenue.

This comes after the successful restructuring of its business model to focus on real estate development following a $140 million reverse takeover (RTO).

The company last year announced a change of its financial year end to June 30 from Dec 31 previously.

GuocoLand's 4Q earnings fall 42% to $141 mil on lower revenue & other income

SINGAPORE (Aug 27): GuocoLand announced earnings of $141.2 million for the 4Q ended June, down 42% from $244.8 million a year ago on lower revenue and other income.

This brings the property developer’s earnings for FY18 to $381.3 million, which is 7% higher than the $357.2 million posted in FY17.

The group has recommended a final dividend of 7 cents per share for FY18, unchanged from a year ago.

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