Tag Archives: Singapore Property Market

Ho Bee Q2 gain surges, thanks to Sentosa Cove

Posted on 15 Aug 2009 | Comments Off on Ho Bee Q2 gain surges, thanks to Sentosa Cove

Net profit jumps to $157.3m for period ended June, up from just under $37m a year ago

HO Bee Group has posted a big jump in group net profit to $157.3 million for the second quarter ended June 2009, up from $36.96 million a year earlier, thanks mainly to profit booked for two projects at Sentosa Cove that were completed in Q2 – The Coast condo and Paradise Island comprising 29 villas.

Shareholders will be rewarded with a doubling of interim dividend to two cents a share.

The group’s Q2 bottom line improvement was despite write-downs totalling $109.8 million. These comprised $30.4 million of fair-value losses on revaluation of investment properties (mostly Ho Bee’s stake in Samsung Hub), a $25.4 million write-down on development properties Continue reading →

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Posted in Developers

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Making sense of the recent market rally

Posted on 15 Aug 2009 | Comments Off on Making sense of the recent market rally

One important reason for the bullishness is that the market has already discounted much of the bad news

RECENTLY, one of my clients told me he was confused about the significance of the recent market rally. Many of the blue chips such as Singapore Airlines, NOL, SGX and CapitaLand are still making quarterly losses. On top of that, some 47 companies listed on the Singapore Exchange have announced quarterly results with combined earnings lower than the previous quarter.

On the job front, unemployment is still rising. According to the manpower ministry, the worst is not over yet. This is the first time employment has contracted for two consecutive quarters since the 2003 economic downturn.

GDP for 2009 is expected to contract by 4 per cent to 6 per cent. ‘Aren’t all these bad news for the stock market?’ he asked. Over the last four months, equities have done extremely well with the Dow Jones Industrial Average up 20 per cent; the Standard and Poor’s 500, 23 per cent; and Continue reading →

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Posted in Property Market / Real Estate

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