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Monthly Property Reports April 2008 Developers secure record profits
Monthly Property Reports April 2008 Developers secure record profits | Developers secure record profits |
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Singapore’s strong economy, increasing rental rates and high occupancy rates have spelled record profits for two of the city’s main developers.
Developers secure record profits
by Robert Carry
Ho Bee – the developer behind projects such as Sentosa Cove, Orange Grove Road and Holland Road – has revealed that it secured full-year net profits of S$272m, an increase of a massive 176 per cent on its previous year-end profits and a company record. The profits were secured on the back of Ho Bee’s record revenues of S$596 million, up 52 per cent on year. Meanwhile, City Developments recorded the highest net profit since its establishment in 1963. The company posted full year net profits of S$725m, up an impressive 106 per cent on year-end 2006 figures. City Development’s revenue for 2007 rose 22 per cent to $3.1 billion and in the fourth quarter, which saw a comparative slowdown in property growth, the company reported 71 per cent profit increase. Like Ho Bee, City Development’s growth was attributed to the strong performance of its core segments – property development and rental properties – as well as a strong return from its hotel interests. The company’s executive chairman, Kwek Leng Beng, said the outlook was positive, adding that the firm should continue to pull in profits over the next 12 months. According to Urban Redevelopment Authority (URA) data 2007 was an excellent environment for property developers, although growth slowed somewhat in the fourth quarter. Prices have increased by 31 per cent, year-on-year, while non-landed properties saw a 33 percent increase. The URA reported that overall prices for residential properties slowed to a growth rate of 6.8 per cent in the fourth quarter, compared to 8.3 per cent in the previous quarter. For non-landed properties, the increase was 7.2 percent, against the Q3 performance of 8.3 per cent. |
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