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Zawya
2 days ago
- Business
- Zawya
Ascott expands resort portfolio in the Middle East and Asia
New additions span multiple brands across Marjan Island, Ras Al Khaimah (UAE); Phuket (Thailand); Bali and Labuan Bajo (Indonesia); Phu Quoc, Nha Trang, Cam Ranh and Sam Son (Vietnam); and Gangneung (South Korea) Dubai – The Ascott Limited (Ascott), the wholly owned lodging business unit of CapitaLand Investment (CLI), is scaling its global resort footprint through asset-light expansion. Riding on growing demand for experiential stays, Ascott now has around 50 properties in resort destinations in operation and under development worldwide, supported by 11 new signings in the past 10 months secured via management and franchise agreements. These represent about 5% of its global portfolio of over 1,000 properties, reflecting a strategic focus on the fast-growing leisure segment [1]. This momentum is driven by Ascott's multi-typology brand strategy, which adapts well-loved brands such as Ascott, Citadines, lyf, Oakwood, Somerset, The Crest Collection and The Unlimited Collection for resort settings. This approach enables efficient scaling in high-potential destinations while fulfilling lifestyle aspirations of its growing Ascott Star Rewards membership and delivering brand-led solutions that drive long-term value for property owners. Recent signings across the Middle East and Asia reflect Ascott's strategic expansion into key leisure hotspots. These include iconic beach destinations such as Marjan Island, Ras Al Khaimah's premier man-made coral island known for its pristine beaches. Ascott is also entering Patong Beach in Phuket and Jimbaran Beach in Bali. In Vietnam, Ascott is growing its presence in Phu Quoc, voted the world's second-best island [2], and Nha Trang, an established coastal city often dubbed the 'Riviera of the South China Sea'. The company is also capitalising on emerging opportunities in fast-growing destinations such as Cam Ranh, an up-and-coming aviation and leisure hub, and Sam Son, a rising domestic and regional tourism hotspot. Additionally, Ascott is entering Labuan Bajo, Indonesia – the gateway to Komodo National Park, a UNESCO World Heritage site. In South Korea, it is tapping demand in Gangneung, the leading east coast destination and host of the 2018 Winter Olympics. Ascott's push into resort destinations capitalises on robust industry tailwinds. Global leisure travel spend is projected to triple to US$15 trillion by 2040, fuelled by increasing demand from the burgeoning middle class in emerging markets such as China, India and Saudi Arabia, the rise of experience-led younger travellers, and surging domestic and regional tourism1. Notably, over 70% of travellers from emerging markets now combine business and leisure trips, highlighting the growing importance of bleisure travel1. Within this broader trend, the global resort segment – valued at US$300.03 billion in 2023 – is forecast to reach US$945.38 billion by 2030, growing at 18.2% CAGR, driven by rising disposable incomes, increased international travel, and preference for destination-led, experience-rich stays [3]. Ms Serena Lim, Chief Growth Officer, Ascott, said: 'As leisure travel continues to outpace global tourism growth [4], we are seeing strong momentum from property owners eager to grow with us in the resort space. Owners are drawn to our flex-hybrid model, which optimises returns and mitigates risk in dynamic leisure markets by serving both short and extended stays within a single operational framework. Complemented by our multi-typology brand strategy, we align the right brand and format to each resort setting, enabling differentiated, locally attuned guest experiences while staying responsive to evolving travel trends. Backed by a loyal and expanding member base seeking elevated leisure experiences, Ascott is well-positioned to deliver long-term value through exceptional resort stays, creating results for owners, delight for guests and impact across the markets we serve.' Ms Tan Bee Leng, Chief Commercial Officer, Ascott, said: 'Resorts represent a powerful extension of Ascott's brand promise to let guests 'Stay Your Way', unlocking a world of leisure-led experiences that elevate our Ascott Star Rewards (ASR) programme to new heights. From sun-drenched beachfront villas and serene mountain retreats to château stays and immersive wellness escapes, each resort adds lifestyle richness to the loyalty journey, deepening member engagement and incentivising cross-destination travel. At the same time, a growing base of loyal ASR members fuels demand for these differentiated resort offerings globally — accelerating our resort expansion strategy with data-backed insights and a ready community of experience-driven travellers. Ascott's flex-hybrid model and multi-typology brand approach allow us to scale trusted urban brands into resort destinations with local authenticity and operational excellence, creating a virtuous cycle that benefits guests, members and property owners alike.' Expanding Reach Across Leisure Hotspots Ascott is expanding into sought-after resort destinations with new property signings that deliver diverse, experiential stays. In the UAE, Al Mahra Resort by The Crest Collection is set to open in 2027 on Marjan Island, Ras Al Khaimah's flagship beachfront leisure destination. The resort will feature 539 uniquely designed rooms and luxury suites with a comprehensive selection of amenities including all-day dining, specialty restaurants, bars, a spa, swimming pool, gym, kids' playroom, club lounge and flexible event spaces – making it a standout destination for upscale coastal getaways. In Thailand, Ascott Abov Patong Phuket Resort will feature 254 rooms and comprehensive leisure facilities including all-day dining, a swimming pool, rooftop bar, pool bar, spa, gym, kids' club and event spaces. Located just 150 metres from iconic Patong Beach and surrounded by tourist attractions, the resort enjoys a prime position in Thailand's leading leisure destination, known for its strong year-round demand and diverse visitor base. Guided by the brand's understated luxury philosophy, Ascott Abov Patong Phuket Resort will showcase its 'Fine Arts Inspired by Nature' concept, blending luxury, tranquility and local artistry in perfect harmony. The project also includes Residences at Ascott Abov Patong Phuket, a 227-unit branded residence, with completion targeted for 2027. Ascott is also scaling its resort portfolio in Vietnam. Somerset Nha Trang, part of the landmark Libera Nha Trang development, will bring the brand's trusted family-friendly resort living to one of Vietnam's most popular beach destinations. Meanwhile, Citadines Selavia Phu Quoc will anchor a mixed-use precinct on the island's popular southwest coast. Opening in 2027, this 369-unit beachfront development will offer premium amenities including a spa with onsen facilities, all-day dining and expansive event spaces. In Cam Ranh, along Long Beach, Ascott will debut the HARRIS brand in Vietnam with the 693-unit HARRIS Resort Cam Ranh. Designed as an all-in-one resort destination, it will feature specialty dining, a beach club, water park and recreational facilities. Business travellers will also be catered for with a ballroom and dedicated meeting spaces. Slated to open in 2026, HARRIS Resort Cam Ranh marks the brand's continued expansion beyond Indonesia into high-potential Southeast Asian markets. Separately, Lasong Hotel & Villas Sam Son by The Unlimited Collection in Thanh Hoa began opening in phases in April 2025, less than six months after signing. The resort offers a distinctive retreat on one of Vietnam's most storied beaches, blending boutique hotel rooms, private villas, wellness amenities – including a Korean jjimjilbang and dedicated spa – a grand ballroom and culturally inspired dining. As the second property under The Unlimited Collection in Vietnam after Anmira Resort & Spa Hoi An by The Unlimited Collection, it underscores Ascott's commitment to culturally immersive experiences in fast-growing leisure destinations. In Indonesia, the 120-key lyf Labuan Bajo marks Ascott's debut in one of the country's most sought-after resort destinations, a rising eco-tourism hub and gateway to UNESCO-listed Komodo National Park. Opening in 2027, the property will introduce lyf's experience-led social living concept to Labuan Bajo, featuring vibrant communal spaces, coworking zones and curated local experiences designed to foster connection and exploration among next-generation travellers. Three other resort developments across Indonesia are also slated to open from 2026 to 2028. In Bali, the 57-unit Oakwood Jimbaran Villas and Residences Bali will provide direct access to the renowned shores of Jimbaran Beach, while the 366-unit Oakwood Premier Berawa Beach Bali will offer upscale beachfront living in the trendsetting district of Canggu. In Sanur, the 180-unit Oakwood Sanur Bali will be positioned within the Special Economic Zone, adjacent to the highly anticipated Bali International Hospital – a future hub for medical tourism. Featuring ocean views and convenient beach access alongside diverse accommodation choices, the property will blend coastal charm with wellness-focused amenities, complemented by recreational facilities, event spaces and destination dining experiences. In South Korea, Ascott is introducing its Oakwood brand to Lagoon Town, a landmark resort complex under development in Gangneung's Cultural Olympic Special Zone. Overlooking both Gyeongpo Lake and Gyeongpo Beach, the 500-key property will meet rising demand for leisure-led extended stays on Korea's scenic east coast. Located just five minutes from Gangneung Station and two hours from Seoul via KTX, the property is positioned to become a key coastal retreat for domestic and international travellers. These additions expand Ascott's growing resort portfolio, which includes ski retreat Oakwood Suites Chongli in China's premier winter sports hub, the all-villa Oakwood Ha Long near Vietnam's UNESCO-listed Ha Long Bay, Somerset Pattaya on Thailand's vibrant coast and Château Belmont Tours by The Crest Collection in France's Loire Valley. Ascott will also debut its Preference brand in the Philippines with Balai Dajao by Preference in Siargao island, the country's celebrated surfing capital. The 100-unit property featuring suites and villas is expected to operate from late 2027. With over 20 new properties in resort destinations set to open over the next three years, Ascott continues strengthening its lifestyle hospitality presence in key leisure markets worldwide. Explore Ascott's resort destinations at About The Ascott Limited The Ascott Limited (Ascott) is driven by a vision to be the preferred hospitality company, enriching global living with heartfelt experiences. With a portfolio of more than 1,000 properties spanning over 230 cities across more than 40 countries, Ascott's presence spans Asia Pacific, Central Asia, Europe, the Middle East, Africa and the USA. Its diverse collection of award-winning brands includes Ascott, Citadines, lyf, Oakwood, Somerset, The Crest Collection, The Unlimited Collection, Fox, Harris, POP!, Preference, Quest, Vertu and Yello. Ascott specialises in managing and franchising a wide range of lodging options, including serviced residences, hotels, resorts, social living properties and branded residences, catering to the varying needs and preferences of global travellers. Through the Ascott Star Rewards (ASR) loyalty programme, members enjoy exclusive privileges and curated experiences, enhancing every aspect of their travel journey. As a wholly owned business unit of CapitaLand Investment Limited, Ascott generates fee-related earnings by leveraging its expertise in both lodging management and investment management. It also drives the expansion of funds under management by growing its sponsored CapitaLand Ascott Trust and private funds. For more information on Ascott and its sustainability programme, please visit Alternatively, connect with Ascott on Facebook, Instagram, TikTok and LinkedIn. About CapitaLand Investment Limited ( Headquartered and listed in Singapore in 2021, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 March 2025, CLI had S$117 billion of funds under management held via stakes in seven listed real estate investment trusts and business trusts and a suite of private real asset vehicles that invest in demographics, disruption and digitalisation-themed strategies. Its diversified real asset classes include retail, office, lodging, industrial, logistics, business parks, wellness, self-storage, data centres, private credit and special opportunities. CLI aims to scale its fund management, lodging management and commercial management businesses globally and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand Group's development arm. In 2025, CapitaLand Group celebrates 25 years of excellence in real estate and continues to innovate and shape the industry. As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for Scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders. Issued by: The Ascott Limited Website: 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 For more information, please contact: Chia Pei Siang Head, Communications The Ascott Limited Email: Sandpiper on behalf of The Ascott Limited: Ascott@ Important Notice: This announcement and the information contained herein does not constitute and is not intended to constitute an offering of any investment product to, or solicitation of, investors in any jurisdiction where such offering or solicitation would not be permitted. [1] Boston Consulting Group: Unpacking the US$15 Trillion Opportunity in Leisure Travel. [2] Travel + Leisure: Move Over, Maldives: Vietnam's free-visa Phu Quoc Island is Having a Moment as its Voted Among Best Islands in the World. [3] Grand View Research: Resorts Market Size. [4] Oxford Economics: Leisure Travel Expected to Continue Outperforming Amid Signs of More Even Tourism Growth.
Business Times
3 days ago
- Business
- Business Times
Stocks to watch: StarHub, Olam, CapitaLand Investment, Mapletree Logistics Trust, ComfortDelGro
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Thursday (Aug 14): StarHub : The telco on Thursday reported a net profit of S$47.9 million for the first half ended Jun 30, 2025, sliding 41.7 per cent from S$82.1 million in the corresponding year-ago period. The drop included a one-off forfeiture payment of S$14.1 million for the return of certain spectrum rights. A more aggressive consumer market stance means StarHub's earnings before interest, taxes, depreciation and amortisation outlook for the financial year of 2025 has been revised down to 88 to 92 per cent of the 2024 figures. However, it still declared an interim dividend of S$0.03 per ordinary share for H1. Shares of StarHub closed up 0.85 per cent, or S$0.01, at S$1.19, before the announcement. Olam Group : The agri-business giant posted a 573.2 per cent rise in net profit to S$323.8 million for its first half year ended Jun 30, from S$48.1 million in the previous corresponding period, based on its financials released on Thursday. This includes profit from continuing operations of S$177.4 million, as compared to a new loss of S$91.9 million in the same period last year. The departing unit Olam Agri registered a net profit of S$146.4 million, up 4.6 per cent from S$140 million from H1 2024. Shares of Olam closed up 1 per cent, or S$0.01, at S$1.05 on Wednesday. CapitaLand Investment (CLI) : The group on Thursday posted net profit of S$287 million for H1 ended Jun 30, 2025, 13 per cent down from S$331 million in the year-ago period. Revenue for the period fell 24 per cent to S$1.04 billion, from S$1.37 billion. The declines were partly due to the deconsolidation of CapitaLand Ascott Trust, which is no longer a CLI subsidiary, alongside loss of contributions from divested assets in the US and China. Shares of CLI finished Wednesday 2.5 per cent or S$0.07 higher at S$2.82. Mapletree Logistics Trust (MLT) : The manager on the trust announced on Wednesday that it is set to divest its logistics asset in the Australian state of Victoria for A$60 million (S$50.4 million) to an unrelated third party. The property is located in Barnawartha North, and is directly accessible to Melbourne, Sydney, Canberra and Adelaide. It is a single-storey facility with a gross lettable area of around 57,440 square metres. The net sale price of A$60 million is 7.1 per cent above the latest valuation of A$56 million as at Mar 31, 2025, and will be satisfied in cash. Units of MLT closed 0.9 per cent or S$0.01 higher at S$1.16 before the announcement. ComfortDelGro : The transport operator on Wednesday posted a 11.2 per cent rise in earnings for the first half of 2025 to S$106 million , from S$95.3 million in the same period a year before. Its H1 revenue increased by 14.4 per cent to S$2.4 billion, from S$2.1 billion in the year prior, in light of contributions from its overseas revenue, which contributed more than half of its total revenue for the first time. An interim dividend of S$0.0391 per share was declared by the board, to be paid on Aug 28. The counter closed up 0.6 per cent or S$0.01 at S$1.58 before the announcement. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Food Empire : The F&B manufacturing and distribution group on Wednesday reported a net loss of US$1.5 million for the first half-year ended Jun 30 . This is a result of a US$32.6 million fair value loss on redeemable exchangeable notes issued by the group, as its share price rose significantly from the level at which the notes can be exchanged for shares. The group however declared its first-ever interim dividend of S$0.03 per share for the first time 'as a demonstration of strong business confidence', and will be paid out on Sept 10. Shares of Food Empire closed flat at S$2.40 before the news. Sasseur Reit : The manager of the Reit on Thursday said that its distribution per unit for the second quarter of FY2025 fell 3.1 per cent to S$0.03055, from S$0.03153 in the same period a year prior. Rental income under the Reit's entrusted management agreement (EMA) model stood at 336.2 million Chinese yuan in H1 2025, up 2.2 per cent year on year, underpinned by a solid rebound in second quarter sales. In Singapore dollar terms, EMA rental income declined 1.6 per cent year on year to S$61.3 million, primarily due to the 3.7 per cent year on year depreciation of the Chinese yuan. Distributable income stood at S$42.4 million for the period, down 0.6 per cent from S$42.7 miilion in H1 2024. Units of Sasseur Reit ended Wednesday 0.7 per cent or S$0.005 up at S$0.695 before the results release. Nanofilm Technologies : The company on Wednesday reported a net profit of S$1.6 million for the first half of the year , reversing from a net loss of S$3.7 million in the same year-ago period. Revenue increased by 29.6 per cent to S$107.2 million for the six months ended Jun 30, up from S$82.6 million the year before. This performance was led by the group's advanced materials and industrial equipment business units. The counter closed flat at S$0.755 before the announcement.
Hindustan Times
3 days ago
- Business
- Hindustan Times
At ministerial roundtable, India, Singapore agree to expand cooperation in key areas
NEW DELHI: India and Singapore on Wednesday reviewed bilateral cooperation in key areas such as connectivity, digitalisation, healthcare and skilling and identified new initiatives for collaboration. The 3rd India Singapore Ministerial Roundtable (ISMR) was held in New Delhi on Wednesday. (@DrSJaishankar X) These matters were discussed at the third meeting of the India-Singapore Ministerial Roundtable (ISMR), a special mechanism created in 2022 to advance cooperation in crucial sectors such as technology, investments and advanced manufacturing. The two sides reviewed the progress on cooperation under the six pillars of ISMR - advanced manufacturing, connectivity, digitalisation, healthcare and medicine, skills development and sustainability. The two sides also 'deliberated on ways to further deepen bilateral cooperation, particularly under these six pillars, and identified a number of specific initiatives to pursue,' the external affairs ministry said in a readout. The Indian delegation included finance minister Nirmala Sitharaman, external affairs minister S Jaishankar, commerce minister Piyush Goyal, and electronics and information technology minister Ashwini Vaishnaw. The Singapore team included deputy prime minister Gan Kim Yong, coordinating minister for national security K Shanmugam, foreign minister Vivian Balakrishnan, digital development minister Josephine Teo, manpower minister Tan See Leng and acting transport minister Jeffrey Siow. The ministers from Singapore also met President Droupadi Murmu. People familiar with the matter said about 10 agreements covering topics under the six pillars of the ISMR were finalised during the meeting. These agreements are expected to be unveiled during a meeting between the prime ministers of the two countries next month. Deputy prime minister Gan, who is also Singapore's trade minister, visited Mumbai on Tuesday to take stock of investments by Singapore companies – PSA's Bharat Mumbai Container Terminal (PSA Mumbai) Phase 2 and CapitaLand Investment's (CLI) new data centre in Navi Mumbai. These investments underscore Singapore's confidence in India's long-term economic trajectory, officials said. Gan and Maharashtra chief minister Devendra Fadnavis toured the port facilities and received a briefing from PSA on how the development of Phase 2 will enhance India's trade and maritime connectivity. Gan also witnessed the signing of an MoU between Mapletree Investments and the Maharashtra government to commit foreign direct investments equivalent to ₹3,000 crores in Maharashtra through the development of industrial parks, logistics parks and data centres. Gan inaugurated CLI's new data centre in Navi Mumbai, for which the firm is investing $453 million. The external affairs ministry said India views Singapore as an important partner in 'Act East' policy. Ties between the two sides were elevated to a comprehensive strategic partnership in September 2024.
Business Times
4 days ago
- Business
- Business Times
Stocks to watch: Singtel, Wilmar, CapitaLand Investment, City Developments, Yangzijiang Financial, Haw Par Corp
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Aug 13): Singtel : The group's Q1 net profit soared 317.4 per cent to S$2.9 billion from S$690 million in the year-ago period, Singtel said in its business update on Wednesday. The bottom-line growth came on the back of exceptional gains of around S$2.2 billion, primarily from the sale of a partial stake in Airtel and the Intouch-Gulf Energy merger. Shares of Singtel closed Tuesday 0.3 per cent or S$0.01 lower at S$3.92. Wilmar International : The agribusiness group on Tuesday posted a net profit of US$594.9 million for H1, up 2.6 per cent from US$579.6 million in the year-ago period. This was attributed to stronger performances in its plantation and sugar milling, which rose on the back of higher palm oil prices and fresh fruit bunch production. Shares of Wilmar closed flat at S$2.97 on Tuesday, before the announcement. CapitaLand Investment (CLI) : It will invest more than 192 billion rupees (S$2.8 billion) in Maharashtra by 2030 to deepen its presence in the key Indian markets of Mumbai and Pune, CLI said on Tuesday at the launch of its first India data centre in Navi Mumbai. The planned investments are an 'integral part' of CLI's wider growth strategy for India, where it aims to expand its funds under management from more than S$8 billion currently to around S$15 billion by 2028. CLI shares closed 0.7 per cent or S$0.02 lower at S$2.75 on Tuesday. City Developments Ltd (CDL) : It posted a 3.9 per cent year-on-year rise in its first-half net profit to S$91.2 million on Wednesday, up from S$87.8 million in the previous corresponding period. This translates to a basic earnings per share (EPS) of S$0.097, compared with S$0.092 in the year-ago period. The board proposed a final dividend of S$0.03 per share, a slight increase from S$0.02 a year prior. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump. The counter closed flat at S$6.35 on Tuesday before the announcement. Yangzijiang Financial : The investment management company on Tuesday posted a 28 per cent rise in net profit to S$137.7 million for its H1, from S$107.4 million in the year-ago period. This was largely driven by the reversal of credit loss allowances, higher contributions from maritime joint ventures and net foreign exchange gains. The group said that the subsidiary which it is proposing to spin-off, YZJ Maritime Development, intends to raise up to S$250 million through the placement of new shares to accredited investors and institutional investors. The counter ended S$0.015, or 1.5 per cent, higher at S$0.99 on Tuesday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Haw Par Corporation : The Tiger Balm ointment maker posted an 18.2 per cent rise in net profit to S$144.1 million for its first half ended June, from S$122 million in the previous corresponding period. H1 revenue rose 7 per cent to S$126.3 million, from S$118.1 million a year earlier, as demand for healthcare products remained resilient. Shares of Haw Par closed S$0.19 or 1.3 per cent lower at S$14.13 on Tuesday, before the results were released. Hong Leong Asia : The group posted a 13.1 per cent rise in net profit to S$56 million for the first half ended June, from S$49.5 million in the year-ago period. This was mainly due to the strong performance of its subsidiary Yuchai, as well as higher precast concrete volumes, the company said on Tuesday. Shares of Hong Leong Asia closed 1.1 per cent or S$0.02 higher at S$1.86 on Tuesday, before the release of the results. ValueMax Group : The group on Tuesday posted a net profit of S$48 million for H1 , up 35.5 per cent from S$35.4 million in the year-ago period. This was attributed to 'robust performance' across all its core business segments – pawnbroking, moneylending, gold and jewellery retail and trading. Revenue rose 16.8 per cent to S$268.3 million, from S$229.8 million previously. Shares of ValueMax closed S$0.05 or 6.6 per cent higher at S$0.805 before the announcement on Tuesday. Trading halt: Ascent Bridge called for a trading halt at 12.05 pm on Tuesday, pending the release of an announcement. Its shares ended the day 1.4 per cent or S$0.01 lower at S$0.68.
Business Times
4 days ago
- Business
- Business Times
Stocks to watch: Wilmar, CapitaLand Investment, City Developments, Yangzijiang Financial, Haw Par Corp
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (Aug 13): Wilmar International : The agribusiness group on Tuesday posted a net profit of US$594.9 million for H1, up 2.6 per cent from US$579.6 million in the year-ago period. This was attributed to stronger performances in its plantation and sugar milling, which rose on the back of higher palm oil prices and fresh fruit bunch production. Shares of Wilmar closed flat at S$2.97 on Tuesday, before the announcement. CapitaLand Investment (CLI) : It will invest more than 192 billion rupees (S$2.8 billion) in Maharashtra by 2030 to deepen its presence in the key Indian markets of Mumbai and Pune, CLI said on Tuesday at the launch of its first India data centre in Navi Mumbai. The planned investments are an 'integral part' of CLI's wider growth strategy for India, where it aims to expand its funds under management from more than S$8 billion currently to around S$15 billion by 2028. CLI shares closed 0.7 per cent or S$0.02 lower at S$2.75 on Tuesday. City Developments Ltd (CDL) : It posted a 3.9 per cent year-on-year rise in its first-half net profit to S$91.2 million on Wednesday, up from S$87.8 million in the previous corresponding period. This translates to a basic earnings per share (EPS) of S$0.097, compared with S$0.092 in the year-ago period. The board proposed a final dividend of S$0.03 per share, a slight increase from S$0.02 a year prior. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump. The counter closed flat at S$6.35 on Tuesday before the announcement. Yangzijiang Financial : The investment management company on Tuesday posted a 28 per cent rise in net profit to S$137.7 million for its H1, from S$107.4 million in the year-ago period. This was largely driven by the reversal of credit loss allowances, higher contributions from maritime joint ventures and net foreign exchange gains. The group said that the subsidiary which it is proposing to spin-off, YZJ Maritime Development, intends to raise up to S$250 million through the placement of new shares to accredited investors and institutional investors. The counter ended S$0.015, or 1.5 per cent, higher at S$0.99 on Tuesday. Haw Par Corporation : The Tiger Balm ointment maker posted an 18.2 per cent rise in net profit to S$144.1 million for its first half ended June, from S$122 million in the previous corresponding period. H1 revenue rose 7 per cent to S$126.3 million, from S$118.1 million a year earlier, as demand for healthcare products remained resilient. Shares of Haw Par closed S$0.19 or 1.3 per cent lower at S$14.13 on Tuesday, before the results were released. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Hong Leong Asia : The group posted a 13.1 per cent rise in net profit to S$56 million for the first half ended June, from S$49.5 million in the year-ago period. This was mainly due to the strong performance of its subsidiary Yuchai, as well as higher precast concrete volumes, the company said on Tuesday. Shares of Hong Leong Asia closed 1.1 per cent or S$0.02 higher at S$1.86 on Tuesday, before the release of the results. ValueMax Group : The group on Tuesday posted a net profit of S$48 million for H1 , up 35.5 per cent from S$35.4 million in the year-ago period. This was attributed to 'robust performance' across all its core business segments – pawnbroking, moneylending, gold and jewellery retail and trading. Revenue rose 16.8 per cent to S$268.3 million, from S$229.8 million previously. Shares of ValueMax closed S$0.05 or 6.6 per cent higher at S$0.805 before the announcement on Tuesday. Prime US Reit : Its H1 2025 distribution per unit declined 33.3 per cent to US$0.0012 , from US$0.0018 in the year-ago period. Income available for distribution slid 28.6 per cent to US$16.7 million, from US$23.3 million. The manager attributed the drop to the divestment of One Town Center, an office tower in Florida, in July 2024 as well as higher finance expenses. Units of Prime US Reit closed up 0.6 per cent or US$0.001 at US$0.174 on Tuesday, before the announcement. Trading halt: Ascent Bridge called for a trading halt at 12.05 pm on Tuesday, pending the release of an announcement. Its shares ended the day 1.4 per cent or S$0.01 lower at S$0.68.
