Allgreen expects its financial performance this year to be better than last year’s, as reflected in the overall property sector.
ALLGREEN Properties has joined the growing list of developers to post quarterly earnings, buoyed by the continuing residential property boom.
Net profit for the quarter ended Sept 30 surged 137.27 per cent to $74 million, primarily fuelled by a higher contribution from Allgreen’s property development segment.
Revenue rose 158.6 per cent to $293.1 million – up from $113.4 million for the same period a year earlier – chiefly as a result of sales at its new project launches.
These included One Devonshire in Devonshire Road, a 152-unit freehold condo that was over 95 per cent sold within two weeks of its launch in June.
Sales of the developer’s 235-unit Viva condominium in Suffolk Walk, launched in August, also contributed to the buoyant revenue. Continue reading
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