Category Archives: Developers

Allgreen Properties’ Q2 net profit up 36.2% to S$23.4m

Posted on 12 Aug 2009 | Comments Off on Allgreen Properties’ Q2 net profit up 36.2% to S$23.4m

Mainboard-listed Allgreen Properties on Wednesday said its second-quarter net profit rose 36.2 per cent to S$23.4 million from a year earlier.

This comes as the developer’s revenue rose and operating expenses fell in the three months to June.

Turnover increased 14 per cent to S$84.6 million due to higher revenue from development properties.

Allgreen said it has benefited from the improving buying sentiment in the second quarter as it sold more units in various developments.

It launched One Devonshire in June and it has so far sold 148 units out of a total of 152 units.

The developer also relaunched the 235-unit condominium, Viva at Suffolk Walk, earlier this month and it said 162 units have been sold to date.

Looking ahead, with the increased property sales, it expects the performance of the second half to be better than that of a year ago.

Source : Channel NewsAsia – 12 Aug 2009

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Wheelock Properties posts 89% rise in Q2 net profit to S$28.9m

Posted on 12 Aug 2009 | Comments Off on Wheelock Properties posts 89% rise in Q2 net profit to S$28.9m

Mainboard-listed Wheelock Properties has posted an 89 per cent on-year rise in its net profit for the second quarter to S$28.9 million.

However, revenue fell 10.8 per cent to S$78.4 million.

The firm said this was because no further revenue was recognised from its projects, The Cosmopolitan and The Sea View, in the current period, as these projects were completed last year.

In the current financial year, Wheelock said it will continue to recognise profits from its development properties, Ardmore II and Scotts Square, based on the progress of construction works.

Progress billings for these projects are currently on-going.

And Wheelock Place is expected to generate good recurring income due to higher committed renewal and new leases. Continue reading →

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