Developers | Lush Dream Home

STRAITS Trading Company yesterday announced a new hospitality arm – Rendezvous Hospitality Group (RHG) – that will combine its hospitality assets and recently acquired hospitality management unit.

RHG will have a net asset base of more than $300 million, with 13 hotels already under management and four other properties under development. More growth is expected under chief executive Iqbal Jumabhoy, who was brought on board in March 2009 to restructure Straits Trading’s hospitality business.

Mr Jumabhoy said his goal is to grow the company’s presence to more than 12,000 rooms in the region by 2020, from about 2,600 rooms now.

While RHG will be based in Singapore, it will look to the entire Asia-Pacific region for expansion. Target markets include Australia and New Zealand, South-east Asia, East Asia, India and the Middle East. Continue reading →

KepLand Q3 profit jumps 70%; revenue up 23%

Posted on 22 Oct 2009 | Comments Off

KEPPEL Land yesterday said that third-quarter net profit rose 70 per cent to $78.5 million, from $46.2 million a year ago, as it booked more revenue from its projects and also saw greater contributions from associated companies.

Revenue climbed 23 per cent to $227.8 million from $185.8 million in Q3 2008. The increase was due mainly to progressive revenue recognition from a fully sold project in Singapore, The Sixth Avenue Residences, which obtained its temporary occupancy permit in August 2009.

Higher revenue was also recognised for several overseas projects in China and The Estella in Ho Chi Minh City, Vietnam.

Earnings per share for Q3 2009 rose to 6.8 cents, from a restated 4.6 cents.

‘Market confidence strengthened further in Q3 2009 as the Singapore economy emerged out of recession,’ KepLand said in a statement.

Capitalising on demand for mid- and higher-end homes, KepLand launched Madison Residences and Caribbean Residences as well as soft-launched The Promont in Q3 2009, all of which enjoyed strong take-up. The developer has sold 240 homes in Singapore so far this year. Continue reading →