Tag Archives: Guocoland

Property players, Temasek suffer paper losses of $1.1b

Posted on 15 Sep 2009 | Comments Off on Property players, Temasek suffer paper losses of $1.1b

PROPERTY tycoons and Temasek Holdings have taken the biggest battering from the Government’s introduction of measures designed to prevent future dramatic price swings in the residential property market.

The paper losses incurred by the eight biggest tycoons as a result of the raft of market-calming measures announced yesterday – City Developments’ (CDL) Mr Kwek Leng Beng included – amounted to nearly $700 million.

And Temasek Holdings suffered a total paper loss in share value of some $396 million, after the valuation of its stake in CapitaLand fell at a stroke by $267 million and that of Keppel Land by $129 million.

Together, the tycoons and Temasek Holdings had to brave a total paper loss of some $1.1 billion, as traders stampeded out of the market on news that the Government was going to stop allowing developers from absorbing interest payments on loans extended to buyers of flats that are still being built.

It is also barring interest-only mortgages for uncompleted housing projects, and is pushing for more sites to be sold.

Among the tycoons, Mr Kwek – whose family controls 49 per cent of giant developer CDL – saw the heftiest loss on paper.

With CDL plunging 84 cents or 7.6 per cent to $10.24, the paper loss worked out to $328 million. Continue reading →

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Guocoland reports loss of S$70.2m on revaluation loss on property, write-downs

Posted on 28 Aug 2009 | Comments Off on Guocoland reports loss of S$70.2m on revaluation loss on property, write-downs

Mainboard-listed developer Guocoland has posted a full year net loss of S$70.2 million, reversing a S$161.8 million net profit in the previous financial year.

The net loss was mainly due to a revaluation loss of S$81million on its Tung Centre property, write-downs in values of development properties in Malaysia and foreign exchange losses.

Revenue for the financial year ended June fell 24 per cent to S$513 million, mainly because of lower contribution from development properties in Singapore and China.

Guocoland believes that property values in Singapore and China have improved in recent months.

It said buying sentiment continues to be strong in Singapore, especially in the mass market and mid-end segments.

The developer will be launching a freehold condominium project at the East Coast later this year.

Source : Channel NewsAsia – 27 Aug 2009

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