Tag Archives: One Devonshire

Allgreen more than doubles Q3 net to $74m

Posted on 3 Nov 2009 | Comments Off on Allgreen more than doubles Q3 net to $74m

Higher contribution from property development led to strong showing

MALAYSIAN tycoon Robert Kuok’s Singapore-listed property and hotel group Allgreen Properties has posted a surge in third-quarter earnings on the back of contributions from its One Devonshire and Viva condominium projects in Singapore.

Allgreen reported net earnings of $74 million for the third quarter ended Sept 30, 2009, more than double the $31.2 million net profit in Q3 last year. Revenue jumped from about $113.4 million to $293.1 million.

Allgreen credited its strong Q3 earnings chiefly to higher contribution from its property development business.

For the first nine months of this year, Allgreen achieved a 92.4 per cent year-on-year increase in net profit to about $126.7 million on the back of a 66.5 per cent increase in revenue to $458.5 million.

The revenue improvement was again due largely to increases in revenue from development properties.

The period saw a weaker performance of the hotel and serviced apartments businesses as a result of drops in both occupancy and room rates amid a sluggish economy. Continue reading →

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Posted in Developers

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Luxury apartment sector feels the rush

Posted on 15 Oct 2009 | Comments Off on Luxury apartment sector feels the rush

More deals clinched as sentiment improves, foreign buyers sniff around

Luxury apartment deals picked up in the second and third quarters of this year as a more cheerful mood spread to the upper realms of the private residential market.

The number of apartments priced above $4 million changing hands rose rapidly from just 15 deals in the first quarter of this year to 87 in Q2 and 210 in Q3.

The total of 312 apartments in this price range sold in the first nine months of this year are 11 per cent more than the 280 transacted for the whole of 2008, which was generally a quiet year for the Singapore residential market following the global financial crisis, notes CB Richard Ellis (CBRE). It analysed caveats information from URA’s Realis system up to Oct 12.

During 2007 – the peak year for the luxury housing market – a total 1,740 apartments were sold at over $4 million each. Continue reading →

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Posted in Luxury Property, Property Market / Real Estate, Property Price, Sentosa Property

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