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An industrial site at Kaki Bukit which attracted a record number of bids has been sold to highest bidder, Kng Development Pte Ltd, for S$12.1 million.

The 115,342 square foot plot in Kaki Bukit Road 2 was launched for public tender on July 14, after an application bid of S$5 million was submitted.

Eighteen offers were made by the end of the bidding period – the most ever received for an industrial site.

The site, which has a 30-year lease, is zoned as a Business 2 development which allows clean, light and general industrial uses.

Analysts said sites for such uses in the Kaki Bukit area are rarer as they are usually found in Tuas or Changi.

Source : Channel NewsAsia – 17 Aug 2009

SC Global net falls 32% in Q2

Posted on 15 Aug 2009 | Comments Off

SC Global Developments has reported a net profit fall of 32 per cent, to $7.8 million, for the second quarter ended June 30 from a year ago, dragged down by losses at its Australian unit AVJennings Ltd (AVJ) as well as a higher provision for share-based payments tied to incentive performance targets.

Revenue septupled to $226.4 million from the inclusion of revenue from AVJ. The group had in December 2008 raised its stake in AVJ to 50.03 per cent, making the latter a subsidiary.

Revenue during the quarter included progressive recognition of development projects in Singapore, including The Marq on Paterson Hill and Hilltops, based on progress of construction. Construction of another project, Martin No 38, also progressed to the stage where its maiden revenue recognition was included. In addition, revenue was recognised from Kairong International Gardens in Shenyang, China. Continue reading →