Category Archives: Funds

Keppel Land achieves strong profit growth

Posted on 19 Jul 2012 | Comments Off on Keppel Land achieves strong profit growth

Keppel Land almost doubled its net profit in the second quarter at S$94.7 million. That is 87.5 per cent higher for the three months ended June 30 compared to the previous year.

More property sales also lifted its net profit in the first half of this year, up 76.8 per cent to S$236.6 million.

Sales of homes in China doubled in the second quarter this year to 490 units.

In the first half of this year, Keppel Land sold more than 1,000 new homes – mainly in Singapore and China.

This raised net profit for its property trading segment by 182 per cent to S$199 million in the first half of 2012.

Despite the good sales, Keppel Land does not see Keppel Bay Plot 3, housing 370 units near the completed Reflections at Keppel Bay, being launched in 2012.

Kevin Wong, group CEO, Keppel Land, said: “For Plot 3 we are doing our design and in fact, constructing our show gallery. As to the timing of the launch, we have to watch the market. Of course today is not the best time, but we will monitor the market.”

Keppel Land’s higher net profit is also due to the bigger contribution from its property investment segment.

Net profit from property investment increased 38.8 per cent from the same period last year to S$38.6 million in the first half of the year.

This, after K-REIT acquired 87.5 per cent stake in Ocean Financial Towers in December.

Keppel land said the Singapore office sector remains resilient as the market saw good leasing demand in the first half of 2012. New tenants at the Marina Bay Financial Centre Tower 3 were also secured, bringing its commitment rate to 70 per cent.

Source : Channel NewsAsia – 18 Jul 2012

Comments Off on Keppel Land achieves strong profit growth

Posted in Developers, Funds

Tagged ,

Ascendas Hospitality Trust reduces size of IPO in Singapore

Posted on 18 Jul 2012 | Comments Off on Ascendas Hospitality Trust reduces size of IPO in Singapore

Ascendas Hospitality Trust has reduced the size of its initial public offering in Singapore.

It is now offering 437.325 million stapled securities, a downward revision from initial plans to sell between 506.075 million and 529.648 million units.

In its prospectus registered on Wednesday, Ascendas Hospitality said the shares will be priced at S$0.88 per stapled security.

Ascendas Hospitality will also sell S$247.3 million worth of securities to its sponsor Ascendas Group as well as S$76.5 million securities to cornerstone investors including hotel operator Accor Asia Pacific.

All in, the market cap for Ascendas Hospitality Trust is S$707 million, compared to S$770 million in a preliminary prospectus lodged previously.

The Public Offer opens at 8.00am on July 19 and closes at noon on July 24.

In a separate statement, Ascendas Hospitality said it will proceed with the IPO without the Pullman Ambassador Changwon hotel in South Korea, which was listed in the initial portfolio.

Ascendas Hospitality explains that it was informed recently that injunctions had been made by creditors against the vendor of the South Korean hotel, and it will affect the Trust’s ability to acquire the property on time for its inclusion in the portfolio.

With the removal of the South Korean hotel, the portfolio will now comprise 10 hotels valued at some S$1.06 billion, down from S$1.2 billion previously.

These assets are located in China, Australia and Japan.

Ascendas Hospitality Trust is made up predominately of Ascendas Hospitality Business Trust (80 per cent), with the other 20 per cent of the counter stapled to Ascendas Hospitality REIT.

The Stapled Securities are expected to commence trading on the SGX-ST at 2.00pm on July 27.

Source : Channel NewsAsia – 18 Jul 2012

Comments Off on Ascendas Hospitality Trust reduces size of IPO in Singapore

Posted in Funds

Tagged , , ,