{"id":33856,"date":"2016-11-11T09:00:01","date_gmt":"2016-11-11T02:00:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/"},"modified":"2016-11-11T12:27:39","modified_gmt":"2016-11-11T05:27:39","slug":"developers-report-mixed-results-in-q3","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/","title":{"rendered":"Developers report mixed results in Q3"},"content":{"rendered":"


\nProperty developer UOL Group has posted a 14 percent drop in net attributable profit for the third quarter.
\nSingapore developers posted mixed results in the third quarter of 2016, with City Developments Limited (CDL) reporting a profit increase and UOL Group registering a decline.
\nCDL saw its net profit for Q3 soar 60.1 percent to $170.3 million, from $106.4 million over the same period last year.
\nThe group attributed the increase to robust sales in the property development segment, as well as gains from the divestment of its entire 52.52 percent stake in Hong Kong-listed City e-Solutions Limited.
\nRevenue climbed 14 percent to $922.8 million, driven by the property development segment, including maiden contributions from the Gramercy Park project in Singapore and Hanover House in the UK, as well as contributions from Coco Palms, D\u2019Nest and The Venue Residences and Shoppes projects in Singapore.
\nAs at 30 September 2016, CDL\u2019s net gearing stood at 27 percent, excluding any fair value surpluses on investment properties, with $3 billion of cash and cash equivalents.
\nTo enhance shareholder returns, CDL Executive Chairman Kwek Leng Beng revealed that the company is reviewing its asset portfolio and business model.
\n\u201cWe are accelerating our diversification initiatives and will continue to focus on improving the group\u2019s performance wherever possible, across all segments \u2013 property development, hotel operations, investment properties and funds management,\u201d he said.
\n\u201cWe have an exceptionally robust balance sheet and are building our war chest to capture attractive opportunities during this period of market dislocation.\u201d
\nMeanwhile, UOL posted a 14 percent drop in net attributable profit to $87.1 million in Q3, due mainly to lower gross profit margin and contributions from joint venture companies.
\nThe share of profit from associated and joint venture companies declined 35 percent to $29.1 million on the back of lower contribution from Archipelago and Thomson Three, which were completed in September 2015 and May 2016, respectively.
\nGroup revenue, however, rose 11 percent to $393.4 million with the property development segment witnessing an increase of 19 percent to $206.6 million due to higher progressive revenue recognition from Botanique at Bartley, Principal Garden and Riverbank@Fernvale.
\n\u201cAlthough new loans were secured to fund the group\u2019s acquisition of 110 High Holborn in London and for advances to a joint venture company to fund The Clement Canopy at Clementi Avenue 1, these were largely offset by repayments with funds from operations,\u201d the company said in an SGX filing.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Developers report mixed results in Q3<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Property developer UOL Group has posted a 14 percent drop in net attributable profit for...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-33856","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-8O4","jetpack-related-posts":[{"id":101069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-net-profit-up-10-4-in-q3\/","url_meta":{"origin":33856,"position":0},"title":"CDL net profit up 10.4% in Q3","date":"November 9, 2018","format":false,"excerpt":"\r CDL may look to launch the Amber Park en bloc site in the first half of 2019. (Photo: JLL) City Developments Limited (CDL) saw its net profit increase 10.4 percent to $161.8 million during the third quarter of 2018 from $146.6 million over the same period last year. Revenue\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-q3-profit-dragged-down-by-impairment-losses\/","url_meta":{"origin":33856,"position":1},"title":"CDL\u2019s Q3 profit dragged down by impairment losses","date":"November 14, 2019","format":false,"excerpt":"\r However, the group saw healthy residential sales in Singapore,\u00a0with total sales amounting to $2.56 billion. City Developments Limited\u2019s (CDL) profit after tax and minority interest (PATMI) fell 33.7% in the third quarter of 2019 to $115 million, on the back of impairment losses from two hotels and transactions costs\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112328,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uol-net-profit-down-7-in-q3\/","url_meta":{"origin":33856,"position":2},"title":"UOL net profit down 7% in Q3","date":"November 13, 2019","format":false,"excerpt":"\r The drop in revenue was partially offset by higher progressive recognition of revenue from The Tre Ver and Amber45, as well as higher sales from the group\u2019s management services and technology segment. Photo: UOL UOL Group saw its net profit for the third quarter ended 30 September 2019 drop\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71440,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-profit-down-8-3-in-q3-2017\/","url_meta":{"origin":33856,"position":3},"title":"CDL profit down 8.3% in Q3 2017","date":"November 10, 2017","format":false,"excerpt":"\r Lush Acres is a 99-year Leasehold Executive Condominium located at Sengkang West Way\/Fernvale in District D28. (Photo: Lush\u00a0Acres) City Development Limited\u2019s (CDL) net profit for the third quarter of 2017 fell 8.3 percent to $156 million, while revenue dropped 6.5 percent to $863 million. 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In line with this, several real estate companies are doing their part to build a more sustainable city.\u00a0\u00a0\u00a0\u00a0 By Romesh Navaratnarajah\u00a0 At over\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/06\/Ms-Esther-An-670x1024.jpg?fit=670%2C1024&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/33856"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=33856"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/33856\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=33856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=33856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=33856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}