Developers | Lush Dream Home

Property developer CapitaLand has channelled an additional capital of S$1 billion to its wholly owned China, Vietnam and Ascott businesses.

The developer said it intends to sharpen its focus for the next phase of growth.

The funds came from its recent S$1.8 billion rights issue.

Out of the S$1 billion, half will be allocated to CapitaLand China Holdings, while S$299 million will be deployed to its Vietnam operations, with the remaining S$200 million going to The Ascott Group.

The balance of S$800 million from its rights issue will be set aside for further investment opportunities that may arise.

In a statement, CapitaLand said it will have over S$4 billion of long-term core debt comprising convertible bonds and medium-term notes with an average Continue reading →

SC Global net falls 32% in Q2

Posted on 15 Aug 2009 | Comments Off

SC Global Developments has reported a net profit fall of 32 per cent, to $7.8 million, for the second quarter ended June 30 from a year ago, dragged down by losses at its Australian unit AVJennings Ltd (AVJ) as well as a higher provision for share-based payments tied to incentive performance targets.

Revenue septupled to $226.4 million from the inclusion of revenue from AVJ. The group had in December 2008 raised its stake in AVJ to 50.03 per cent, making the latter a subsidiary.

Revenue during the quarter included progressive recognition of development projects in Singapore, including The Marq on Paterson Hill and Hilltops, based on progress of construction. Construction of another project, Martin No 38, also progressed to the stage where its maiden revenue recognition was included. In addition, revenue was recognised from Kairong International Gardens in Shenyang, China. Continue reading →