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ALLGREEN Properties’ 2007 net profit surged more than sixfold to $493.5 million on the back of a fair value gain of $348.5 million on its investment properties. In contrast, the developer recorded net profit of $75.9 million for 2006.

Excluding revaluation gains, Allgreen’s 2007 net profit came to a more modest $145.0 million but was still 91 per cent higher compared to the previous year. Revenue for the year ended Dec 31, 2007, rose 19.4 per cent to $568.8 million - from $476.5 million a year ago - as the developer sold more homes amidst new launches and saw increased revenue from its investment properties and hotel.

Last year, Allgreen officially launched Cairnhill Residences at Cairnhill Circle, Blossoms@Woodleigh and phase 1c of Pavilion Park at Bukit Batok. Cairnhill Residences is fully sold while Blossoms and Pavilion Park phase 1c are almost fully sold. The company also sold 186 units of its 536-unit Cascadia at Bukit Timah Road.

For investment properties, Allgreen’s Great World City office, retail and service apartment complex and Tanglin Place enjoyed higher occupancies and rents. At Tanglin Mall, however, renovations to increase lettable area meant that the occupancy was lower although rental rates were slightly higher.

At Traders Hotel, room rates and occupancy were higher in 2007 than the previous year, the company said. Allgreen’s earnings per share rose to 31.4 cents in 2007, up from 7.2 cents in 2006. The company declared a dividend of five cents a share.

Going forward, Allgreen said that it expects a property market slowdown in the early part of 2008 but is hopeful that the second half of the year will bring a recovery - in line with what other developers in Singapore have said.

‘The market in the early months of 2008 is expected to be fairly quiet, given the financial and economic uncertainties in the United States,’ the company said. ‘We are optimistic of a pick-up in activities in the second half of 2008.’

Allgreen shares closed two cents up at $1.28 yesterday.

Source : Business Times - 29 Feb 2008

City Developments (CityDev) said fourth-quarter profit rose 71 per cent after home prices surged to an 11-year high in the city state.

Net income rose to $235 million in the three months ended Dec 31, from $137.3 million a year earlier, the company said. Full-year profit climbed to $725 million, or 76 cents a share, from $351.7 million, or 36.6 cents.

CityDev and rivals CapitaLand and Keppel Land may face declining demand in Singapore this year amid concerns the economy could fall into a recession. Government data showed private home prices surged 31 per cent last year, but prices rose at a slower pace after the Government took steps to cool the market and the United States subprime crisis dampened sentiment.

“Moving forward, the performance of the property market will largely depend on how the sub-prime crisis pans out and its impact on global economies,” CityDev said. “Transaction volume and rental increase have slowed down in the fourth quarter.”

CityDev shares closed up 1.3 per cent at $12.48.

Source : Today - 29 Feb 2008

Developer Allgreen Properties says its full year net profit jumped more than six fold to S$493 million.

Its earnings were boosted mainly by fair value gains on its investment properties.

Excluding the fair value gains, net profit would have nearly doubled on year to S$145 million.

Revenue rose 19 percent to S$569 million.

The company benefitted from higher sales of properties as a result of the buoyant market.

On Thursday, Allgreen shares rose 2 cents to S$1.28.

Allgreen is recommending a final dividend 5 cents a share.

Source : ChannelNewsAsia - 28 Feb 2008

Property developer City Developments (CDL) has booked record full year earnings, thanks to strong home sales and hotel revenues.

Net profit for 2007 more than doubled on-year to S$725 million, beating market expectations.

Revenue rose by 22 percent to S$3.1 billion.

CDL says it will not rush into new residential launches in the coming months but will closely monitor market conditions.

It has been a good year in 2007 for City Developments which sold 1,655 residential units in Singapore.

But the developer expects to see a dip in sales this year because of the US sub-prime mortgage crisis.

But it says hotel operations, which accounted for 64 percent of its revenue last year, will remain robust.

Kwek Leng Beng, Executive Chairman, City Developments, said: “I think all sectors will slow down but I think hotels will continue to perform very well in the key gateway city where we’re located.”

CDL’s full year earnings are its highest since its inception in 1963.

For the fourth quarter alone, net profit jumped by 71 percent on year to S$235 million.

The developer acquired 8 sites worth about S$1.3 billion last year, the biggest of which was South Beach.

It expects to launch its Quayside Isle@ Sentosa Cove project this year, as well as the redeveloped former Lock Cho apartments at Thomson Road.

But CDL says it is possible some of its project launches may be delayed.

Mr Kwek said: “This year we will continue to operate more efficiently for the hotels and the office rental. We will continue to revise the rentals when the leases are expired and we will launch the project at the right time.

“The difference between last year and this year is that last year you could sell property under development very quickly (but) this year you have to be realistic that you cannot do that. Therefore there’s a likelihood that some projects will be delayed before we launch.”

Out of the four projects scheduled to be launched in the first half of 2008, CDL is giving priority to two projects.

Mr Kwek said: “We will delay some. We will go ahead with some of these launches where we had already secured much earlier, construction cost has been cheaper. I think we have five but possibility is that we will launch two first. One is the Quayside in Sentosa and the other one could be the Thomson Road Lock Cho building construction for 300 over units.”

CDL remains positive about its prospects for 2008, saying it expects to say profitable.

It is proposing to pay a final dividend of 7.5 cents a share and a special dividend of 12.5 cents per share.

Source : ChannelNewsAsia - 28 Feb 2008

SC GLOBAL has reported a profit after tax and minority interests of $28.3 million for FY2007 - an increase of 67 per cent from 2006.

In a statement yesterday, it attributed its performance to sales of residential units at The Ladyhill, The Lincoln Modern, The Boulevard Residences and The Tomlinson.

Higher contribution from its Australian associate AV Jennings and a write-back of provision for diminution in value of development property also contributed.

SC Global has proposed a final dividend of two cents a share, after a special interim dividend of 3.5 cents a share paid during the year.

FY2007 turnover fell 32 per cent to $129.2 million, from $190.8 million in FY2006.

In particular, sales in the second half of 2007 fell 61 per cent to $41.2 million.

SC Global said this was mainly due to the timing of revenue recognition. It added that it also had a low number of completed units for sale.

It said its first development project in China made its maiden contribution to the group’s revenue.

While gross profit fell 16 per cent to $45.2 million for the year, gross margin was higher at 35 per cent compared to 28 per cent the previous year, as higher prices were achieved.

SC Global said the launch of its new residential project at Martin Road can be expected in Q2/Q3 this year.

In China it is also expected to launch the next phase of units at Kairong International Gardens in Q2/Q3 this year.

It added that it has secured a land bank of more than 1.1 million sq ft in Orchard Road and on Sentosa.

Source : Business Times - 28 Feb 2008