Daily Archives: 16 Oct 2009

Lian Beng’s Q1 net profit surges 174%

Posted on 16 Oct 2009 | Comments Off on Lian Beng’s Q1 net profit surges 174%

RIDING the wave of the residential property market, Lian Beng Group reported yesterday a 174.2 per cent surge in net profit for the first quarter ended Aug 31 to $5.28 million. This was helped by a 128.6 per cent jump in revenue to $85.1 million from the previous Q1’s $37.2 million. This was driven by completion of projects like Ferraria Park, Sixth Avenue Condominium and Northwoods, as well as progress payments from existing projects such as the construction of Amber Residences, camp facilities at Kranji, Kovan Residences and Bellerive Condominium.

The group also saw higher revenue contribution from Ola Residences, a wholly owned property development project, and improvement in operational productivity.

Source : Business Times – 16 Oct 2009

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Posted in Construction, Developers

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Ho Bee, Yanlord in China venture

Posted on 16 Oct 2009 | Comments Off on Ho Bee, Yanlord in China venture

PROPERTY groups Ho Bee Investment and Yanlord Land have signed an agreement to explore investing in and developing a high-end residential project in Nanhu Eco-City, China.

The two companies said yesterday that a memorandum of understanding has been signed between their joint venture company in Singapore, Yanlord Ho Bee Investments, and the Tangshan Nanhu Eco-city administrative committee. The project is also supported by IE Singapore, the companies said in a filing to the Singapore Exchange.

Nanhu Eco-city, on the southern fringe of Tangshan City, has been earmarked for a new city centre that will combine modern infrastructure with environmentally friendly living conditions and comprehensive recreational amenities. It has a planned area of about 91 sq km.

Based on the existing master plan, Nanhu Eco-City will be divided into four key sectors. In particular, the south-western sector will house the new administrative and financial centres of the city and presents significant opportunities for high-end residential development.

‘Building on its competencies in property development, Yanlord Ho Bee will explore opportunities and investments for high-end residential development in this area,’ Ho Bee and Yanlord said in a statement yesterday.

Ho Bee’s stock lost one cent to close at $1.47 yesterday, while Yanlord shed three cents to close at $2.32.

Source : Business Times – 16 Oct 2009

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Posted in Developers, Overseas Property

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