Daily Archives: 28 Aug 2009

GuocoLand Q4 net and full year results in the red

Posted on 28 Aug 2009 | Comments Off on GuocoLand Q4 net and full year results in the red

GUOCOLAND has posted a net loss for the fourth quarter as well as the full year, due mainly to a revaluation loss on Tung Centre, writedowns in values of development properties in Malaysia and a net foreign exchange loss.

It was $73.1 million in the red for the period ended June 30, against a net profit of $98.6 million a year ago. Revenue fell 16 per cent to $139.2 million

Full-year net loss came to $70.2 million, against a $161.8 million net profit previously.

GuocoLand said that it would launch later this year a 119-unit freehold condo on the former Palm Beach Garden site in the East Coast area. GuocoLand shareholders will receive a first and final dividend of five cents per share, down from an eight cents payout in the preceding year.

In Beijing, structural works have been completed for the residential, hotel and retail components, and two office blocks at the group’s Dongzhimen Continue reading →

Comments Off on GuocoLand Q4 net and full year results in the red

Posted in Developers

Tagged ,

Three consortiums submit tenders for Changi Motorsports Hub

Posted on 28 Aug 2009 | Comments Off on Three consortiums submit tenders for Changi Motorsports Hub

Three consortiums have submitted tenders to build Singapore’s permanent racing track in Changi. The Singapore Sports Council (SSC) had called for tenders in March and the bidding closed at 4pm on Thursday.

The three consortiums are SG Changi Pte Ltd, Singapore Agro Agriculture Pte Ltd and Sports Services Ltd. The bids include designing, building, financing and managing the Changi Motorsports Hub (CMH).

The 41-hectare site will be released on a 30-year lease. It is expected to be ready by end-2011 and will feature a 3.5-kilometre track, an 8,000-spectator grandstand and F&B outlets.

The successful bidder will be awarded the project by the first quarter of 2010. SSC is confident the CMH project will not be delayed like the Sports Hub.

Oon Jin Teik, CEO of SSC, said: “The Sports Hub is about liquidity issues in a global market due to the financial crisis. This is a much smaller project compared to the Sports Hub and I think it is also one that potential bidders will have to assess their own financial situation.”

Source : Channel NewsAsia – 27 Aug 2009

Comments Off on Three consortiums submit tenders for Changi Motorsports Hub

Posted in General

Tagged , , ,