DAILY NEWS

Daily News – 08th August 2019

Singapore Real Estate

SingHaiyi’s Parc Clematis condo to open for booking on Aug 31

Property developer SingHaiyi Group’s 99-year leasehold Parc Clematis will be open for booking on Aug 31. The public preview will be held on Saturday, Aug 17. Located at the former Park West residential site, the development consists of 1,468 units including 18 landed homes, and is said to be the developer’s largest project to date.
https://www.businesstimes.com.sg/real-estate/singhaiyis-parc-clematis-condo-to-open-for-booking-on-aug-31-0

Companies’ Brief

CDL posts 26% slide in Q2 earnings to S$162.4m

Property and hotels group City Developments Limited (CDL) on Thursday posted a 26.4 per cent drop in group net profit to S$162.4 million for its fiscal second-quarter ended June 30, down from a restated net profit of S$220.7 million for the year-ago period. This translated to earnings per share (EPS) of 17.2 Singapore cents for the quarter, versus 23.6 Singapore cents in the preceding year.
https://www.businesstimes.com.sg/companies-markets/cdl-posts-26-slide-in-q2-earnings-to-s1624m
https://www.straitstimes.com/business/companies-markets/city-developments-q2-profit-falls-26-to-1624m

CapitaLand banks on divestment discipline to pounce on good opportunities

Crisis is also a time of opportunity and property giant CapitaLand, which completed its acquisition of Ascendas-Singbridge (ASB) in late-June, is making sure it is well prepared and agile to pounce on any good opportunities amid the current uncertain business climate. Its disciplined approach to divesting and deleveraging will create the headroom it may need to seize these opportunities, the group’s top brass…
https://www.businesstimes.com.sg/companies-markets/capitaland-banks-on-divestment-discipline-to-pounce-on-good-opportunities
https://www.straitstimes.com/business/companies-markets/capitalands-net-profit-drops-42-in-2nd-quarter

SPH takes 20% stake in Prime US Reit manager

Singapore Press Holdings (SPH) on Tuesday completed its acquisition of a 20 per cent interest in KBS US Prime Property Management, which manages newly listed Prime US Reit. SPH, which publishes The Business Times, announced on June 28 that its wholly-owned subsidiary Times Properties signed a call option agreement to acquire the stake in the Reit manager from KBS Asia Partners.
https://www.businesstimes.com.sg/companies-markets/sph-acquires-20-stake-in-prime-us-reit-manager

OUE C-Reit posts 34.5% rise in Q2 DPU to 0.78 S cent

OUE Commercial Reit (OUE C-Reit) on Wednesday posted second-quarter distribution per unit (DPU) of 0.78 Singapore cent, up 34.5 per cent from a restated DPU of 0.58 cent in the same period a year earlier. The restatement adjusts for the dilutive effects of a 83-for-100 rights issue done in October last year.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-posts-345-rise-in-q2-dpu-to-078-s-cent

Perennial’s profit dives on higher costs, lack of fair value gain

Higher finance costs and the absence of a fair value gain took a toll on results for real estate developer Perennial Real Estate Holdings for its fiscal second quarter ended June 30. Net profit plunged 74.9 per cent to S$2.2 million, from S$8.6 million a year ago, mainly due to higher net finance cost attributed to higher interest rates and additional loans to fund new investments.
https://www.businesstimes.com.sg/companies-markets/perennials-profit-dives-on-higher-costs-lack-of-fair-value-gain

Cromwell E-Reit posts flat DPU of 1.02 euro cents for Q2

Cromwell European Real Estate Investment Trust (Cromwell E-Reit) on Thursday morning posted a distribution per unit (DPU) of 1.02 euro cents for its second quarter ended June 30, the same as a year ago. Net property income (NPI) climbed 33.6 per cent to 27.7 million euros (S$43.0 million) from the previous corresponding period, while gross revenue was also up by one-third to 42.4 million euros from 31.8…
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-posts-flat-dpu-of-102-euro-cents-for-q2