11 | November | 2009 | Lush Dream Home

Daily Archives: 11 Nov 2009

Clementi Mall tender attracts 6 bids

Posted on 11 Nov 2009 | Comments Off

A total of six bids have been submitted for the Clementi Mall development.

The highest bid came from CM Domain Pte Ltd at S$541.898 million.

CM Domain is a fully-owned subsidiary of Singapore Press Holdings, with investment holding being its principal business.

The lowest bid came from Sim Lian Holdings at S$170 million.

Other bidders included Titanium (AMT) Pte Ltd, Guthrie (Anshan) Pte Ltd, FC Retail Trustee Pte Ltd, HSBC Institutional Trust Services and Lend Lease Retail Investments.

Clementi Mall, located at the junction of Commonwealth Avenue West and Clementi Avenue 3, in the western region of Singapore, is being sold on a 99-year lease. It is a retail mall being developed at Clementi Town Centre.

According to Jones Lang LaSalle, which is managing the sale, the permissible Gross Floor Area (GFA) is approximately 25,000 square metres.

It said the eventual buyer will have the full flexibility to plan and strategise the theme and concept, internal finishes and layout to maximise the full potential of the property.

Source : Channel NewsAsia – 10 Nov 2009

Comments Off on Clementi Mall tender attracts 6 bids

Posted in Office / Retail / Industrial

Tagged Clementi Mall, Land Sales, Retail Space, Singapore Retail

OUE reports 21.7% fall in Q3 earnings

Posted on 11 Nov 2009 | Comments Off

OVERSEAS Union Enterprise (OUE) reported a 21.7 per cent fall in third-quarter net profit to $7.81 million, from $9.97 million a year ago.

Revenue for the three months ended Sept 30, 2009 fell 7.6 per cent to $33.5 million, from $36.2 million in Q3 2008.

The group, which gets the bulk of its revenue from its hotels, said that the decrease in total revenue was largely due to lower revenue generated by the hospitality division resulting from severe global economic downturn, as well as ongoing refurbishment works at Meritus Mandarin Singapore.

Revenue from the hotels that are owned and managed by the group fell to $32.8 million in Q3 2009, from $35.6 million in Q3 2008. The severe global economic downturn caused revenue per available room (RevPAR) for the hotels in Q3 2009 to fall to $121 from $147 a year ago.

Earnings per share for Q3 2009 fell to four cents from five cents a year ago.

For the nine months ended Sept 30, 2009, OUE posted a net loss of $27.4 million. For the same period last year, the company’s net profit was $45.8 million. This was due to a $52.2 million impairment loss on development properties. Revenue for the nine months fell 19 per cent to $94.9 million.

Looking ahead, OUE said that if the economy continues to recover, and with the completion of refurbishment works at Meritus Mandarin Singapore, revenue is expected to increase in the new financial year. It also said that its investment properties Mandarin Gallery and Overseas Union House/Change Alley Aerial Plaza are still undergoing retrofitting and development works respectively. Mandarin Gallery is expected to commence operation and contribute revenue in the new financial year, with current committed leases for about 99 per cent of the 126,000 square feet of retail space. The redevelopment works of Overseas Union House/Change Alley Aerial Plaza are expected to be completed by the second half of next year.

OUE shares last traded at $9.34.

Source : Business Times – 11 Nov 2009