Tag Archives: Allgreen Properties

Dakota Crescent site in high demand

Posted on 10 Sep 2009 | Comments Off on Dakota Crescent site in high demand

IN A further sign of relentless demand for residential properties, a land parcel at Dakota Crescent has drawn 13 bids and a higher-than-expected top bid of $329 million.

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The highest bid for the 99-year leasehold site next to the planned Dakota MRT station came from UOL, which offered $508 per sq ft of gross floor area. This was way above the trigger price of $130 million, or $201 psf of gross floor area for the reserve list site.

And it exceeds analysts’ expectations of between $350 and $370 psf of gross floor area for the site that fronts the Geylang River.

It approaches levels set around the peak of the market boom in June 2007 when Ho Bee Investment paid $524 psf per plot ratio for its Dakota Residences site. It launched its condo last year at an average price of about $970 psf.

Other developers keen to acquire the Dakota Crescent plot included Guoco-Land, Ho Bee which tied with NTUC Choice Homes, Sim Lian Land, Keppel Land, Allgreen Properties and Teambuild Properties. The lowest bid came from Lippo Estates. It was $160 million, or $247 psf of gross floor area.

Reserve list sites are put up for tender only if developers indicate an interest by committing to a minimum acceptable bid. Continue reading →

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Allgreen Q2 net up 36% to $23.4m

Posted on 13 Aug 2009 | Comments Off on Allgreen Q2 net up 36% to $23.4m

ALLGREEN Properties saw net profit improve 36 per cent to $23.4 million in the second quarter ended June 2009 from a year earlier. Revenue rose 14 per cent to $84.6 million against Q2 2008, mainly due to higher income from development properties as a result of increased progress sales recognition compared with the previous period.

Earnings per share increased to 1.47 cents from 1.08 cents. No interim dividend has been declared. H1 revenue rose 2 per cent to $165.4 million. While there was a decent increase in revenue from development properties as a result of increased progress sales recognition, this was offset by the poorer performance of the hotel segment, which suffered a drop in both occupancy and room rates due to the weak economy. Still, H1 2009 net profit increased 52 per cent to $52.7 million.

Allgreen said April and May 2009 marked the start of an improvement in sentiment as buyers responded positively to favourable pricing by Continue reading →

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