August | 2009 | Lush Dream Home

TWO developers which included unconfirmed locations of future MRT stations in their condo advertisements have stopped using the information as a selling point.

UOL Developments has altered publicity material for its Meadows@Peirce, removing a location map that showed several MRT stations on the planned Thomson Line, which will be ready only in 2018.

Far East Organization has removed the supposed site of a future station in Marine Parade from a webpage on the Silversea condo.

The moves came after The Straits Times ran an article over the weekend on developers using unconfirmed MRT information in their sales materials.

Ms Claire Cher, spokesman for UOL Group, parent of UOL Developments, said the company realised that station sites in its Meadows@Peirce Continue reading →

Allgreen Q2 net up 36% to $23.4m

Posted on 13 Aug 2009 | Comments Off

ALLGREEN Properties saw net profit improve 36 per cent to $23.4 million in the second quarter ended June 2009 from a year earlier. Revenue rose 14 per cent to $84.6 million against Q2 2008, mainly due to higher income from development properties as a result of increased progress sales recognition compared with the previous period.

Earnings per share increased to 1.47 cents from 1.08 cents. No interim dividend has been declared. H1 revenue rose 2 per cent to $165.4 million. While there was a decent increase in revenue from development properties as a result of increased progress sales recognition, this was offset by the poorer performance of the hotel segment, which suffered a drop in both occupancy and room rates due to the weak economy. Still, H1 2009 net profit increased 52 per cent to $52.7 million.

Allgreen said April and May 2009 marked the start of an improvement in sentiment as buyers responded positively to favourable pricing by Continue reading →