Archive for May 14th, 2008
Posted by luxuryasiahome on May 14, 2008
Property developer City Developments Ltd said net profit for the first quarter ended March 31, 2008 rose 30.8 per cent to $164.97 million due to strong property development segment.
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Basic earnings per share rose to 18.1 cents versus 13.9 cents a year ago – an increase of 30.2 per cent.
Revenue for the period, however, fell 1.3 per cent to $758.75 million.
Explaining the dip in revenue, CityDev said the group’s share of revenue in the jointly-controlled entities (JCE) is not included according to its policy of equity accounting for its JCE.
If its share of revenue in JCE was to be included, the revenue for Q1 2008 would show an increase of 6.9 per cent to $956.8 million, compared to $895.1 million a year ago.
For the period, profits were recognised from City Square Residences, One Shenton, Tribeca and The Solitaire. Profits were also recognised from joint-venture projects such as The Sail @ Marina Bay, St. Regis Residences, The Oceanfront @ Sentosa Cove, Parc Emily, The Botannia and Ferraria Park.
However, no profit recognition has been made yet for Cliveden at Grange and Wilkie Studio as these projects are still in the initial stage of construction.
Going forward, CityDev has lined up four projects for launch once the sentiments improve and when pent-up demand can be expected. These are Shelford Suites, The Arte @ Thomson, Pasir Ris Phase 1 and The Quayside @ Sentosa.
It expects office leasing to remain strong with upward adjustment of existing rentals to higher level when the existing leases are up for renewal.
It is expediting the construction of two commercial properties — 3-storey Tampines Concourse as well as the two 8-storey office towers, 9 Tampines Grande — to cater to the growing demand for office location, outside of the Central Business District.
With profits yet to be recognised from residential developments sold over the last three years which are still in the course of construction, the group is confident of remaining profitable during the next 12 months, even if it decides to continue to hold back or pace its property launches.
Source : Business Times – 14 May 2008
Posted in Developer News, General | Tagged: CDL, City Developments, City Square Residences, Cliveden at Grange, Developers, Ferraria Park, One Shenton, Parc Emily, Pasir Ris Phase 1, Shelford Suites, St Regis Residences, The Arte @ Thomson, The Botannia, The Oceanfront @ Sentosa Cove, The Quayside @ Sentosa, The Sail @ Marina Bay, The Solitaire, Tribeca, Wilkie Studio | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
Property developer City Developments has reported a 31 percent rise in first-quarter earnings to S$165 million.
The results came at the lower end of expectations.
Revenue fell 1.3 percent to about S$759 million.
The Singapore property market cooled substantially in the first quarter in the wake of the US sub-prime crisis late last year.
The government also scrapped a deferred payment scheme, which allowed home buyers to purchase properties with a small initial downpayment, with the bulk coming when the properties are ready to be occupied.
And with the government’s moves to cool the red-hot market last year, private home prices have also risen at a slower pace.
City Developments said it deferred the launch of new projects in the first quarter due to the continued poor sentiment.
But going forward, City Development said it is optimistic about its outlook.
It said the uncertainty in the global economy is only temporary.
It believes it can remain profitable in the next 12 months, citing profits yet to be recognised from residential developments sold over the last three years. – CNA/ms
Source : Channel NewsAsia – 14 May 2008
Posted in Developer News, General | Tagged: CDL, City Developments, Developers | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
Property developer UOL Group has posted a 44 percent drop in first-quarter net profit to about S$43 million.
This was due to the absence of a one-time gain on the sale of Central Plaza, which lifted the number in the year-ago period.
Revenue rose 11 percent to about S$162 million, boosted by better performances from its hotels in the key markets of Singapore, Australia and Vietnam.
UOL also benefited from higher rental income from its property investments and profit contribution from property development and associated companies.
Going forward, UOL said sentiment in the private residential market is likely to remain cautious, while the increase in rental rates for office space is likely to be more moderate.
The firm is also cautiously optimistic on the outlook of the tourism sector in Singapore and most of the region. – CNA/ms
Source : Channel NewsAsia – 14 May 2008
Posted in Developer News, General | Tagged: Developers, UOL Group | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
UOL Group Ltd on Wednesday reported net profit for the first quarter ended March 31, 2008 fell 44 per cent to $42.85 million, leaving the property and hotel group cautiously optimistic in its outlook.
Revenue rose 11 per cent to $161.72 million.
The increase in revenue came largely from improved performance of the group’s hotels in Singapore, Australia and Vietnam. Revenue from property investments also improved due to higher rental rates achieved for its investment properties.
Revenue from property development was marginally lower in the absence of revenues from Twin Regency and Newton Suites which were completed in 2007.
UOL said sentiments in the private residential market are likely to remain cautious while the increase in rental rates for office space is likely to be more moderate. The company is cautiously optimistic on the outlook of the tourism sector in Singapore and most of the region.
Source : Business Times – 14 May 2008
Posted in Developer News, General | Tagged: Developers, UOL Group | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
Building materials group Hong Leong Asia on Wednesday reported a 38 per cent rise in first quarter earnings to S$30.2 million while its revenue rose 34 per cent to about S$1.1 billion.
The improved earnings and higher revenue were due to higher unit sales volume of its China operations.
The company said there was also higher consumer demand which boosted its Singapore business.
Hong Leong said the overall outlook for this year remains positive, barring unforeseen circumstances.
But it added that growth may be moderate due to the US sub-prime crisis and credit tightening in financial markets. – CNA/ac
Source : Channel NewsAsia – 14 May 2008
Posted in Construction, General | Tagged: Building Materials, Construction, Hong Leong Asia | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
Hong Leong Asia on Wednesday reported net profit for the first quarter ended March 31, 2008 rose 38 per cent to $30.16 million due to higher sales in China.
Revenue grew 34 per cent to surpass the billion dollar mark, at $1.05 billion.
The group is positive in its 2008 outlook but warned that growth may moderate.
It also said it was exploring investments and divestments opportunities. — BT newsroom
Source : Business Times – 14 May 2008
Posted in Construction, General | Tagged: Building Materials, Construction, Hong Leong Asia | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
The US economy is in a recession and stimulus from a government tax rebate later this quarter will only temporarily stem a fall in consumer spending, a Merrill Lynch economist said on Wednesday.
US households will get tax rebates next month as part of a US$152 billion stimulus package passed earlier this year, aimed at propping up an economy hit by the sub-prime mortgage crisis, losses at top banks and a credit crunch.
‘I still maintain the business cycle is bigger than the government,’ Merrill’s North American economist David Rosenberg said at a client conference in Singapore.
He said the world’s largest economy was already in recession as consumer spending and confidence had fallen and jobs losses were rising, with the number of hours worked having fallen sharply.
Describing housing as ‘the quintessential leading indicator’, Mr Rosenberg, a long-time bear on the US economy, said he expected home prices to fall another 15-20 per cent before stablising.
He also predicted inflation in the United States would slow as consumer spending weakens, and that the Federal Reserve would be forced to cut rates further to deal with the recession.
‘No asset class security is priced today for a recession scenario,’ Mr Rosenberg said, which is why he was bullish on US Treasuries but bearish on stocks. — REUTERS
Source : Business Times – 14 May 2008
Posted in General, Global Economy | Tagged: David Rosenberg, Merrill Lynch, US Economy, US Recession, US Tax Rebate | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
The US economy is in a recession and stimulus from a government tax rebate later this quarter will only temporarily stem a fall in consumer spending, a Merrill Lynch economist said on Wednesday.
US households will get tax rebates next month as part of a US$152 billion stimulus package passed earlier this year, aimed at propping up an economy hit by the sub-prime mortgage crisis, losses at top banks and a credit crunch.
‘I still maintain the business cycle is bigger than the government,’ Merrill’s North American economist David Rosenberg said at a client conference in Singapore.
He said the world’s largest economy was already in recession as consumer spending and confidence had fallen and jobs losses were rising, with the number of hours worked having fallen sharply.
Describing housing as ‘the quintessential leading indicator’, Mr Rosenberg, a long-time bear on the US economy, said he expected home prices to fall another 15-20 per cent before stablising.
He also predicted inflation in the United States would slow as consumer spending weakens, and that the Federal Reserve would be forced to cut rates further to deal with the recession.
‘No asset class security is priced today for a recession scenario,’ Mr Rosenberg said, which is why he was bullish on US Treasuries but bearish on stocks. — REUTERS
Source : Business Times – 14 May 2008
Posted in General, Global Economy | Tagged: David Rosenberg, Merrill Lynch, US Economy, US Recession, US Tax Rebate | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
The US economy is in a recession and stimulus from a government tax rebate later this quarter will only temporarily stem a fall in consumer spending, a Merrill Lynch economist said on Wednesday.
US households will get tax rebates next month as part of a US$152 billion stimulus package passed earlier this year, aimed at propping up an economy hit by the sub-prime mortgage crisis, losses at top banks and a credit crunch.
‘I still maintain the business cycle is bigger than the government,’ Merrill’s North American economist David Rosenberg said at a client conference in Singapore.
He said the world’s largest economy was already in recession as consumer spending and confidence had fallen and jobs losses were rising, with the number of hours worked having fallen sharply.
Describing housing as ‘the quintessential leading indicator’, Mr Rosenberg, a long-time bear on the US economy, said he expected home prices to fall another 15-20 per cent before stablising.
He also predicted inflation in the United States would slow as consumer spending weakens, and that the Federal Reserve would be forced to cut rates further to deal with the recession.
‘No asset class security is priced today for a recession scenario,’ Mr Rosenberg said, which is why he was bullish on US Treasuries but bearish on stocks. — REUTERS
Source : Business Times – 14 May 2008
Posted in General, Global Economy | Tagged: David Rosenberg, Merrill Lynch, US Economy, US Recession, US Tax Rebate | Leave a Comment »
Posted by luxuryasiahome on May 14, 2008
The US economy is in a recession and stimulus from a government tax rebate later this quarter will only temporarily stem a fall in consumer spending, a Merrill Lynch economist said on Wednesday.
US households will get tax rebates next month as part of a US$152 billion stimulus package passed earlier this year, aimed at propping up an economy hit by the sub-prime mortgage crisis, losses at top banks and a credit crunch.
‘I still maintain the business cycle is bigger than the government,’ Merrill’s North American economist David Rosenberg said at a client conference in Singapore.
He said the world’s largest economy was already in recession as consumer spending and confidence had fallen and jobs losses were rising, with the number of hours worked having fallen sharply.
Describing housing as ‘the quintessential leading indicator’, Mr Rosenberg, a long-time bear on the US economy, said he expected home prices to fall another 15-20 per cent before stablising.
He also predicted inflation in the United States would slow as consumer spending weakens, and that the Federal Reserve would be forced to cut rates further to deal with the recession.
‘No asset class security is priced today for a recession scenario,’ Mr Rosenberg said, which is why he was bullish on US Treasuries but bearish on stocks. — REUTERS
Source : Business Times – 14 May 2008
Posted in General, Global Economy | Tagged: David Rosenberg, Merrill Lynch, US Economy, US Recession, US Tax Rebate | Leave a Comment »
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Basic earnings per share rose to 18.1 cents versus 13.9 cents a year ago – an increase of 30.2 per cent.
