Soilbuild Q2 Net Up 3% At $23m
Soilbuild Group’s second-quarter net profit rose 3 per cent to $23.1 million from a year earlier. Revenue soared to $88 million, compared to just $16.1 million a year earlier, but expenses and finance costs also rose sharply. The group said it expects to perform better this year with the progressive recognition of revenue from sold … Read more
Blackstone eyes four Shanghai buildings
Package of four commercial buildings may go for US$1b ]Global buyout funds and property investors including Blackstone Group are vying to buy up to four commercial buildings in Shanghai for as much as US$1 billion, three sources with direct knowledge of the matter said. Super Ocean Group, whose chairman is high-profile businessman Ye Lipei, has … Read more
InterContinental Q2 profit beats estimates
InterContinental Hotels Group Plc, owner of the Holiday Inn lodging brand, reported second-quarter profit that beat analysts’ estimates as demand in Europe and the Middle East helped to counter a slowdown in the US. InterContinental rose 3 per cent in London trading after the Denham, England-based company also said it reached a target on room … Read more
Japan’s Urban fails with debt of 255b Yen
Property firm cites difficulty in raising finance due to global credit crunch Japanese property developer Urban Corp yesterday failed with debt of 255.8 billion yen (S$3.3 billion), caught by the global credit crunch in the biggest collapse by a listed Japanese company in six years. Worsening problem: The failure of apartment and shopping mall developer … Read more
Colliers units merge to boost services as rivals expand
Commercial real estate broker Colliers ABR is combining with three affiliates to expand its services as rivals grow through acquisitions. Formerly independent Colliers offices in Washington, Baltimore and St Louis will join forces with the New York firm, the companies said in a news release issued on Tuesday. The consolidation will create the largest independent … Read more
HPL reports 64% climb in Q2 earnings
Hotel Properties Limited (HPL) on Thursday said that net profit for the three months ended June 30, 2008 rose 64.3 per cent as the group’s hotels and resorts did better. Net profit rose to S$15.5 million for the second quarter, up from from S$9.4 million in Q2 2007. Revenue for the three months rose to … Read more
Wheelock Properties profit falls 50%
Wheelock Properties reported on Thursday a net profit of $15 million for Q2 2008, a fall of 50 per cent compared to $30 million in Q2 2007. Revenue for the quarter was $88 million, a fall of 10 per cent for the same comparative period in 2007. Wheelock said that revenue decreased as most units … Read more
BHP Billiton to lease office space at MBFC
Aussie firm will take up 150,000 sq ft at Marina Bay Financial Centre’s Tower 2 Mining and resources giant BHP Billiton of Australia is leasing about 150,000 sq ft at Marina Bay Financial Centre, BT understands. The space will be in MBFC’s 50-storey Tower 2, under the mega project’s first phase, which is slated for … Read more
Office rents to ease soon
With no new major buildings yet completed, supply of office space continues to be tight in the Central Business District (CBD). In the wake of unceasing uncertainties in the wider economy and high office rentals, more companies are adopting a cautious business approach, gravitating towards cheaper premises like decentralised office buildings, industrial properties, business parks … Read more
POSB mortgage plan leads market: DBS
It says half the buyers ineligible for HDB loans have Home Ideal package DBS BANK says it has reached a decisive milestone in its renewed efforts to grab a bigger slice of the Singapore mass mortgage market with its POSB brand. It adds that it has pulled ahead of rival banks in offering loans to … Read more
