Tag Archives: Metro Holdings

Metro Holdings to launch condominium project

Property and retail group Metro Holdings will launch its first residential project in Singapore in nearly two decades later this year, reported The Straits Times.

According to its chairman Winston Choo, the condo development will be jointly developed with Wing Tai and UE E&C and will be located at Prince Charles Crescent off Alexandra Road.

The ground-breaking for the project has been set for June 4 and the psf price could be at least S$1,500.

Meanwhile, the group’s Q4 net profit fell 81 percent year-on-year to S$14.9 million.

Source – PropGuru – 30 May 2013

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Metro sinks $41.7m into three Chinese properties

MAINBOARD-LISTED Metro Holdings announced yesterday that it is investing $41.7 million to acquire stakes in three developments in Anshan, Fushan and Qinhuangdao, in a move aimed at building its presence in China.

Crown Investments Ltd, a wholly-owned subsidiary of Metro China Holdings, has set up an associated company, Diamond Wind Company Limited. Crown holds a 21.4 per cent stake in Diamond Wind and the balance 78.6 per cent is held by an independent party controlled by a Hong Kong-based private property equity fund.

Diamond Wind was incorporated to acquire a 50 per cent stake in each of three companies – Sunelite China Investment Holdings Ltd, Northeast Asia Investment & Development Holdings Ltd and Tesco Anshan Co Ltd (collectively HK Holding Companies) – and Diamond Wind has entered into share purchase agreements with their holding company, China Property Holdings (HK) Limited (CPHL). CPHL is a wholly-owned subsidiary of grocery retailer giant Tesco plc.

Diamond Wind plans to invest US$137.8 million in the three companies to develop three properties in Anshan, Fushun and Qinhuangdao, of which Crown’s share of the investment is US$30 million. This gives Metro a 10.7 per cent stake in HK Holding Companies.

Separately, the property developer and retailer released its results for the second quarter ended Sept 30, 2009. Net profit came in at $9.33 million compared with a loss of $4.9 million in the previous corresponding quarter while revenue grew by 7.4 per cent to $36.24 million.

Earnings per share for the quarter was 1.48 cents versus a loss of 0.77 cents in the previous corresponding quarter.

For the six months ended Sept 30, net profit totalled $22.41 million, up from $671,000 previously. Revenue was up 5.1 per cent at $69.68 million.

Metro shares rose one cent yesterday, closing at 76 cents.

Source : Business Times – 14 Nov 2009