Category Archives: Developers

Allgreen more than doubles Q3 net to $74m

Posted on 3 Nov 2009 | Comments Off on Allgreen more than doubles Q3 net to $74m

Higher contribution from property development led to strong showing

MALAYSIAN tycoon Robert Kuok’s Singapore-listed property and hotel group Allgreen Properties has posted a surge in third-quarter earnings on the back of contributions from its One Devonshire and Viva condominium projects in Singapore.

Allgreen reported net earnings of $74 million for the third quarter ended Sept 30, 2009, more than double the $31.2 million net profit in Q3 last year. Revenue jumped from about $113.4 million to $293.1 million.

Allgreen credited its strong Q3 earnings chiefly to higher contribution from its property development business.

For the first nine months of this year, Allgreen achieved a 92.4 per cent year-on-year increase in net profit to about $126.7 million on the back of a 66.5 per cent increase in revenue to $458.5 million.

The revenue improvement was again due largely to increases in revenue from development properties.

The period saw a weaker performance of the hotel and serviced apartments businesses as a result of drops in both occupancy and room rates amid a sluggish economy. Continue reading →

Comments Off on Allgreen more than doubles Q3 net to $74m

Posted in Developers

Tagged , , , , , ,

CapitaMalls Asia may aim for $2.8b in IPO

Posted on 3 Nov 2009 | Comments Off on CapitaMalls Asia may aim for $2.8b in IPO

CAPITAMALLS Asia (CMA) is looking to raise up to $2.8 billion from what could turn out to be the largest initial public offering (IPO) here in more than a decade.

The wholly owned integrated shopping mall unit of property giant CapitaLand is to offer 1.165 billion shares at an indicative price range of between $1.98 and $2.39 per share, according to an e-mail sent to potential institutional investors by its sole financial adviser and joint bookrunner J.P. Morgan.

This would value CMA at a price-to-book ratio of 1.45 times to 1.75 times, the e-mail said.

Investor roadshows are on till Nov 16, with pricing due that day. The public offering will be launched on Nov 17 and will close seven days later.

Trading is expected to start on Nov 25.

CapitaLand announced early last month that it was listing its retail arm CapitaLand Retail, which it renamed CapitaMalls Asia.

The group sees tremendous potential in Asia’s shopping mall sector over the long term. Continue reading →

Comments Off on CapitaMalls Asia may aim for $2.8b in IPO

Posted in Developers

Tagged , ,