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Wheelock’s Q1 profit up eight-fold on SC Global stake sale

Posted on 29 Apr 2013 | Comments Off

Wheelock Properties on Monday reported first-quarter net profit grew more than eight-fold from the corresponding period a year earlier following an exceptional gain on the disposal of its stake in developer SC Global Developments.

Net profit for the three months ended March 31 rose 701 per cent to S$105.3 million after Wheelock booked a $93 million gain on the sale of its 17.9 per cent stake in SC Global to the latter’s founder and chief executive Simon Cheong, who succeeded in taking the company private.

Revenue in the period grew 3.4 per cent to S$27 million, the company said.

“The marginal increase in revenue for the first quarter was mainly due to revenue recognised from Ardmore Three based on the progress of construction works, interest income and dividend income received from the group’s investments and revenue from the retail malls. This was partially offset by sales from Scotts Square and Orchard View in the same period last year,” it said.

Source : Today – 29Apr 2013

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Posted in Developers

Tagged Ardmore Three, Orchard View, SC Global Developments, Scotts Square, Simon Cheong, Wheelock Properties

CapitaLand Q1 profit rises 41% on gains in home sales

Posted on 27 Apr 2013 | Comments Off

CapitaLand, Southeast Asia’s biggest developer, said first-quarter profit rose 41% on higher home sales in Singapore and China.

Net income climbed to $188.2 million in the three months ended March 31, from $133.2 million a year earlier, the Singapore-based developer said in a stock exchange statement today. Sales rose 3.2% to $661.9 million.

CapitaLand is reorganizing into four main units to help focus on its key markets and has said it may exit some projects in the U.K., India and the Middle East. The developer in January said it will focus on China and Singapore, its two biggest markets by assets.

“We will sharpen our focus on the two key markets of Singapore and China for sustainable growth,” Lim Ming Yan, president and group chief executive officer at CapitaLand said in the statement. “The group’s recent streamlining in January allows us to be more nimble and able to respond more quickly to market opportunities.”

CapitaLand said it sold 544 residential units in the island state valued at $1.3 billion in the quarter, matching the sales value for all of last year. Its China business sold 955 units for about $400 million, a threefold increase over the same period a year ago.

Singapore’s March home sales rose to a record as more developers started marketing new residential projects, raising concerns the government will introduce more cooling measures to tame property prices.

Prices climbed to a record in the first quarter, according to government data on April 1. The latest measures in January, the seventh round of curbs in about four years, included an increase in the stamp duties for home buyers by 5%age points to 7%age points.

CapitaLand’s two core markets of Singapore and China accounted for 81.2% of the group’s profit before interest and tax as of March 31, the company said today.

The shares gained 2% to $3.65 at the close in Singapore, before the results were announced.

Source : TheEdge – 26 Apr 2013