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Far East Organization to add 15 overseas properties under new brand

Posted on 28 Oct 2009 | Comments Off

Property developer Far East Organization is banking on local culture to grow its new hospitality brand.

Under its new concept, Village Hotels & Residences, it aims to provide guests with a taste of the local culture in the surrounding community.

And Far East is hoping to add 15 new overseas properties under the brand in the next five years, in markets such as China, Indonesia, Malaysia and Vietnam.

An experience that draws on the culture of the local community – that is what Far East aims to offer guests at its Village Hotels & Residences.

For example, guests at the Albert Court Village Hotel will be able to learn more about Little India through guided tours or dining options.

It is one of three hotels, along with four residences in Singapore, that have been selected by Far East to spearhead its new hospitality branding.

The other two hotels are Changi Village Hotel, and the Golden Landmark Hotel which will be renamed to Landmark Village Hotel. Continue reading →

CapitaLand Q3 profit drops 32.9% to $281.3m

Posted on 28 Oct 2009 | Comments Off

Comparative quarter last year benefited from substantial divestment gains

PROPERTY giant CapitaLand has posted a 32.9 per cent year-on-year drop in net earnings to $281.3 million for the third quarter ended Sept 30, 2009.

Vietnam project: CapitaLand is targeting an official launch for its Mulberry Lane project in Hanoi in early 2010

Earnings before interest and tax (Ebit) slipped 34.9 per cent to $450.6 million. The fall in profit was due to the Q3 2008 bottom line being boosted by Ebit gains of $441.6 million from the divestments of One George Street in Singapore, Capital Tower Beijing and the Raffles City properties in China.

CapitaLand said its Q3 2009 earnings were largely driven by strong profit recognition from its residential projects as well as a $52.8 million gain from selling its remaining stake in Hong Kong’s Link Reit.

The group achieved revenue of nearly $1.05 billion in Q3 2009, up 75.2 per cent from the same year-ago period.

The jump was due to higher revenue recognition for the group’s development projects in Singapore (thanks to projects such as The Seafront on Meyer and Latitude), China and Vietnam, partly offset by an absence of acquisition fee income and rental revenue from commercial properties divested last year. Continue reading →