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Japan Land reports Q1 loss of $3.68m

Posted on 15 Oct 2009 | Comments Off

JAPAN Land yesterday reported a net loss of $3.68 million for the first quarter to Aug 31, compared with a loss of $588,000 for the period from April 1, 2008, to Aug 31, 2008. The company changed its financial year end from March 31 to May 31.

Revenue was $1.2 million, down from $3.8 million. Net loss from continuing operations was $1.67 million, from a profit of $1.94 million in the comparable period.

The results included a loss attributable to associates of some $2 million. They relate to investments in Japan Asia Holdings Limited and Japan Asia Group Limited held for sale.

The company said that as at Aug 31, 2009, the fair value of Japan Asia Group exceeded its carrying amount by $10.4 million. In accordance with FRS 105, which requires an asset held for sale to be stated at the lower of its carrying amount and fair value less costs to sell, the excess of $10.4 million has not been recognised.

Source : Business Times – 15 Oct 2009

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Posted in Developers

Tagged Japan Asia Group Limited, Japan Asia Holdings Limited, Japan Land

Ho Bee sells 36 units of its Trilight condo

Posted on 12 Oct 2009 | Comments Off

HO Bee Investment has sold 36 of the 60 units it previewed last Friday at its Trilight condo at Newton Road. The 30-storey freehold development is priced at an average of $1,650 psf.

The Newton Road address: Two-bedders cost between $1.82 million and $2.2 million, the three-bedroom units are priced at $3.5-3.65 million and four-bedders at around $4 million each

The apartments released cost around $2-4 million per unit and Ho Bee did not offer interest absorption scheme, which was scrapped under the Sept 14 measures announced by the government to cool the private residential property market.

Ho Bee executive director Ong Chong Hua described the outcome as ‘reasonable’.

‘We really could not ask for more, (with our preview) coming after the cooling measures,’ he added.

‘We’ve sold 36 units, but there are many others who are interested and checking on their financials,’ Mr Ong said.

‘This is not a normal shoebox apartment development,’ he quipped, referring to the fact that Trilight does not have anything smaller than two-bedroom units, and even these are generously sized at between 1,109 sq ft and 1,227 sq ft.

The flipside of this strategy of having decent-sized units is that the lumpsum price per apartment is sizeable. The cheapest two-bedder at Trilight costs $1.82 million. It is on the development’s fifth floor (the lowest level in the 30-storey condo). Continue reading →