Daily Archives: 14 Aug 2009

City Developments’ Q2 profit falls 15.3% on-year to S$139.9m

Posted on 14 Aug 2009 | Comments Off on City Developments’ Q2 profit falls 15.3% on-year to S$139.9m

City Developments Limited (CDL) has become the latest property heavyweight to give a bullish outlook for the property sector. Executive chairman Kwek Leng Beng said on Thursday the recent strong home sales momentum is sustainable.

The comment came as CDL booked a 15 per cent drop on-year in second quarter earnings to S$139.9 million – its fifth straight quarter of decline. Revenue, meanwhile, rose by less than 1 per cent to S$787 million.

Mr Kwek said: “If you read our first half results, we made a statement saying the market was recovering. But even I myself who believed in that didn’t expect the market to recover so fast. But it did recover. So my view is that unless something drastic happens again, the market is moving and recovering.”

CDL believes that the strong residential sales momentum is sustainable and the outlook is promising. As a group, it sold about 500 units between Continue reading →

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Hotel room rates keep sliding in Q2 in many countries

Posted on 14 Aug 2009 | Comments Off on Hotel room rates keep sliding in Q2 in many countries

HOTEL room rates in many countries continued to slide in the second quarter as occupancy levels fell again, spelling good news for those trying to stretch their travel budget.

‘Mid-year results have shown the international hotel market is continuing to see average rates fall in many regions,’ says Margaret Bowler, director of global hotel relations at UK-based travel consultancy Hogg Robinson Group (HRG). ‘The latest figures suggest that the industry has some way to go before rates stabilise.’

Globally, average room rates fell at three- and four-star hotels as companies downgraded, which translates to stiffer competition for budget hotels that are struggling to maintain market share.

But five-star hotels raised their room rates an average of 7.7 per cent year-on-year, suggesting luxury hoteliers were willing to sacrifice Continue reading →

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