MCL Land’s Q3 net profit up on Mera Spring project
Property developer MCL Land Limited on Thursday reported net profit for the three months ended September 30, 2008 rose to US$13.28 million, from US$2.21 million. Revenue for the period also grew 210 per cent from a year ago to US$78.07 million compared to US$25.18 million, due mainly to the completion of Mera Spring project. Chairman … Read more
Millennium & Copthorne Q3 pretax profit up 4.2%
Hotelier Millennium & Copthorne reported a 4.2 per cent increase in third-quarter pretax profit on Thursday boosted by the favourable impact of currency movements. M&C, which operates over 100 upmarket hotels around the world, said pretax profit for the three months to Sept 30 increased by 4.2 per cent to 30 million pounds (US$47.54 million), … Read more
SoilBuild’s Q3 net profit more than doubles
Property group SoilBuild Group Holdings Ltd on Thursday reported net profit for the third quarter ended September 30, 2008 more than doubled to S$15.35 million from S$4.57 million a year ago. Revenue for the quarter rose 159 per cent from a year ago to S$68.37 million, due to revenue recognition of some residential projects including … Read more
MI-Reit appoints former Allco S’pore MD as CEO
MacarthurCook Investment Managers (Asia) Limited the manager of MacarthurCook Industrial REIT on Thursday announced the appointment of Nicholas McGrath as Chief ExecutiveOfficer of MacarthurCook Industrial REIT. This will be effective January 12, 2009. Mr McGrath trained as a lawyer and following completion of his studies worked for leading law firm Blake Dawson Waldron following which … Read more
Chip Eng Seng’s Q3 net profit falls 46%
Property group Chip Eng Seng Corporation Ltd on Thursday reported net profits for the third quarter ended September 30, 2008 fell 46 per cent to S$11.37 million, down from S$21.11 million a year ago. Revenue for the three months doubled to S$110.50 million. This was mainly due to a 93.7 per cent increase in revenue … Read more
British house prices fall by record 13.7%: survey
House prices in Britain slumped by 13.7 per cent in October compared with the figure for the same month in 2007, the biggest drop on record according to a survey by home loans provider Halifax published on Thursday. Halifax, part of British banking group HBOS, said it was the sharpest 12-month drop since the series … Read more
Credit checks cut risks if deferred payments return
DPS has potential to create local version of sub-prime crisis, analysts caution When Ministry of National Development announced last week that it was suspending sales of state land through the confirmed list till June next year, jubilant developers lauded the swiftness of the government action that will hopefully stem the poor sentiment in the property … Read more
Property ventures: Popular has to watch its books
THE financial mayhem has affected almost every part of the economy but the pain has certainly been felt most strongly in the equity and property markets. Share values have plunged, real estate prices have dipped and most investors are keeping their feet dry from both fields. It was therefore surprising to see Popular Holdings launch … Read more
Prime office rents falling amid turmoil
Rates are back to levels a year ago as landlords act to keep tenants AFTER rising steeply for several years, prime office rents are on the way down as landlords move to retain good tenants in uncertain economic times. In the wake of the global financial crisis, which erupted in mid-September, these prime rents are … Read more
UOL surprises with 14% profit gain
PROPERTY group UOL defied the gloom by posting surprisingly good third-quarter results yesterday, thanks to higher revenue from new launches. Net profit for the third quarter rose 14 per cent to $73.5 million while revenue jumped 61 per cent to $267.9 million. The launches of Panorama in Kuala Lumpur and Breeze by the East here … Read more
