Frasers Property chairman emeritus Charoen Sirivadhanabhakdi
Frasers Property announces a Shanghai residential project in collaboration with mainland builder Gemdale, with that joint venture leading today’s headline roundup. Also making the list, Singaporean giant CDL posts a steep profit drop and Hong Kong’s Sino Land reports its own earnings decline.
Frasers, Gemdale JV Buys Site in Shanghai’s Songjiang for $112M
Singapore-listed Frasers Property, together with two Chinese developers, has acquired a prime residential site in Shanghai for RMB 815.2 million ($112 million).
The joint venture plans to develop the new site into a mix of 189 low-rise apartments, townhouses and duplex units, the company said Wednesday. It partnered with Gemdale Corporation and Xiamen ITG Real Estate Group for the project. Read more>>
CDL 2H Profit Drops 54%
Property player City Developments Ltd posted a profit of S$113.5 million ($84.7 million) for its second half to the end of December, down 54.7 percent year-on-year.
The result translates to earnings per share of S$0.121 against an EPS of S$0.27 in the year-earlier period. Second-half revenue fell 23.6 percent year-on-year to S$1.7 billion, the Singaporean giant said Wednesday. Read more>>
Hong Kong’s Sino Land Reports 30% Drop in Earnings
Hong Kong developer Sino Land reported a more than 30 percent drop in earnings for the first half of its financial year amid a slow pace of recovery in the city’s property sector.
The company earned HK$1.82 billion ($234 million) in the six months to the end of December after taking into account a HK$407 million revaluation loss on investment properties. Revenue from property sales fell 63 percent year-on-year to HK$2.44 billion. Read more>>
India Warehouse Player Welspun One Launches Co-Investment Programme
India’s Welspun One on Wednesday announced the launch of a INR 10 billion ($110 million) co-investment programme.
The initiative will support the warehouse player’s second alternative investment fund by providing dry powder to capitalise on a ready pipeline of 5 million square feet (464,515 square metres). With the expansion, the company’s aggregate portfolio will grow to 22 million square feet, generating projected net operating income of INR 11 billion upon completion, Welspun One said. Read more>>
Singapore Ministers Sue Bloomberg Claiming Defamation
Singapore’s law and home affairs minister and its manpower minister have filed defamation lawsuits against Bloomberg News and one of its reporters, according to a schedule of court hearings.
Home affairs and law minister K Shanmugam and manpower minister Tan See Leng had threatened legal action in December, saying at the time that a Bloomberg report on Singapore real estate that mentioned them by name was libellous. Read more>>
Colt Launches Tokyo Data Centre
Colt Data Centre Services has launched another data centre in Tokyo, the hyperscale Inzai 4.
Colt broke ground on the Inzai 4 site in April 2023. The first 4.8-megawatt phase of the development is complete and operational. Once fully built out, the site will deliver 20MW, taking Colt’s total capacity in Inzai to 70MW. The facility is fully pre-leased. Read more>>
Singapore’s Ho Bee Land Reports 2H Profit of $75M
Ho Bee Land reported earnings of S$100.7 million ($75.1 million) for the second half of 2024, swinging from a year-earlier loss of S$104.1 million.
The reversal came despite a marginal year-on-year increase of 3 percent in revenue to S$298 million, according to the Singapore-listed group’s results published Wednesday. Read more>>
Singapore Land Net Profit Jumps on Hotel Earnings
Singapore Land Group reported a net profit of S$180.5 million ($134.6 million) in the second half of 2024, up 76 percent year-on-year, as revenue rose 9 percent to S$390.5 million.
SingLand said the increase came mainly from higher revenue from hotel operations, which rose by S$24.8 million, reflecting continued growth in Singapore’s hospitality sector. Read more>>
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