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Business Times
21-05-2025
- Business
- Business Times
Stocks to watch: CapitaLand Investment, CDL, SingPost, SIA Engineering, Delfi, SLB, Dasin Retail Trust
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Wednesday (May 21). CapitaLand Investment (CLI) : The global real asset manager on Wednesday announced the launch of its first onshore master fund in China, the CLI RMB Master Fund. The fund has a total equity commitment of five billion yuan (S$921 million) and is set to contribute 20 billion yuan to CLI's funds under management when fully deployed. The counter ended Tuesday unchanged S$2.53. City Developments Ltd (CDL) : The property developer posted first-quarter sales revenue of S$1.9 billion for its property development segment in the Singapore market, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on Tuesday, for the quarter ended Mar 31. The group said that its other projects continue to register good sales, including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst in Upper Bukit Timah Road. The counter ended S$0.02 or 0.4 per cent lower at S$4.73 before the announcement. Singapore Post (SingPost) : The company has appointed Teo Swee Lian, 65, to the board as chairman-designate and non-independent non-executive director with effect from May 21. Her appointment comes at the conclusion of a search by the SingPost board to succeed Simon Israel, the postal services company said in a bourse filing on Wednesday. Teo will assume the role of chairman at the conclusion of SingPost's next annual general meeting when Israel retires after nine years at the helm. Teo's portfolio includes board and directorship roles with Singtel and AIA Group. The counter closed 0.9 per cent or S$0.005 lower at S$0.565 on Tuesday. SIA Engineering : The mainboard-listed company signed fresh services agreements with national carrier Singapore Airlines (SIA) and its low-cost subsidiary Scoot on Tuesday, in a deal expected to yield a total labour revenue of S$1.3 billion. The new agreements took effect from Apr 1 for a term of two years, with a one-year extension option, said the company. The signing supersedes earlier contracts inked in April 2023. SIAEC's support of the SIA and Scoot fleets includes maintenance, repair and overhaul, as well as fleet management support services. The counter ended S$0.01 or 0.4 per cent higher at S$2.44 before the announcement. Delfi : The chocolate confectioner ran up a 27.2 per cent drop in earnings before interest, taxes, depreciation and amortisation to US$17 million for the first quarter ended Mar 31, from US$23.3 million the year before. Net sales fell some 0.5 per cent to US$149.8 million from US$150.7 million. In a business update on Tuesday, Delfi attributed the performance to 'weaker regional currencies', particularly the rupiah, as well as to lower sales in its agency brands business after certain agency partners in Indonesia cut back on promotional spending for their products during the period. Shares of Delfi closed flat at S$0.71 before the announcement. SLB Development : The company's shareholders approved the scheme resolution proposed by Lian Beng Group's board of directors – which comprises the controlling Ong family – to acquire and privatise the property player. It is expected to delist on or around Jul 2, said its board of directors in a bourse filing on Tuesday evening. At the scheme meeting on Tuesday morning, 99 independent shareholders who make up some 96.1 per cent of the total present and voting, gave their nod of approval. This represented about 99.9 per cent of the scheme shares, higher than the approval benchmark of 75 per cent. Four shareholders, or 3.9 per cent, were against the scheme. The expected last day of trading for the counter will fall on or around Jun 12, followed by books closure at 5 pm on Jun 17. The counter closed flat at S$0.23 on Monday, before the company called for a trading halt. It resumes trading on Wednesday. Dasin Retail Trust (DRT) : The trustee-manager of DRT rebutted criticism from its former alternate director, who claimed in a resignation letter that his input was snubbed and key financial reports were not published despite his reminders, among other complaints. In a bourse filing on Tuesday, the trustee-manager set out to address the assertions Zhang Zhongming raised in an Apr 15 e-mail that saw him resigning from his position as alternate director for Zhang Zhencheng – noting that it 'disagrees with his allegations'. Zhang Zhongming is the nephew of Zhang Zhencheng, who is a non-executive director and shareholder of the trustee-manager. Zhang Zhongming noted in his exit letter that he was resigning effective immediately, believing that staying in his position 'serves no useful purpose'. In response to the resignee's claim that his 'requests, suggestions and feedback have been consistently ignored since early 2023 by the majority directors', the trustee-manager maintained there were 'valid reasons and grounds'. It raised examples of the resignee's 'repeated insistence that the invalid extraordinary general meeting of DRT… was valid, contrary to the legal advice received'. Units of DRT closed S$0.002 or 10 per cent lower at S$0.018 before the announcement.
Straits Times
20-05-2025
- Business
- Straits Times
CDL posts $1.9 billion in Q1 sales revenue in Singapore property development
Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value. ST PHOTO: LIM YAOHUI SINGAPORE - Property developer City Developments (CDL) posted sales revenue of $1.9 billion for its property development segment in the Singapore market in the first quarter of 2025, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on May 20 for the quarter ended March 31. The group said that its other projects continue to register good sales including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst at Upper Bukit Timah Road. In the United Kingdom, the group has obtained approval for a £1.1 billion (S$1.9 billion) residential-led mixed-use scheme in south-west London. In China, the group's wholly owned subsidiary registered a total sales value of 179.5 million yuan (S$33.2 million) from its sale of 86 residential, office and retail units. Office portfolio For its Singapore office portfolio, the group achieved a committed occupancy rate of 97.2 per cent, driven by high occupancy rates in South Beach, City House and King's Centre. All three of the group's wholly owned office assets recorded positive rental reversions. The majority of the expiring office leases for the year have also been renewed and negotiations for expiring leases in 2026 have commenced. On other hand, the group's office portfolio in China registered a committed occupancy of 52.7 per cent. The group said this reflected challenges in the office market and that it is actively pursuing opportunities to optimise its portfolio and exploring alignment with government-supported sectors. Hotel operations In the first quarter, Singapore hotels experienced a 16.7 per cent year-on-year decline in revenue per available room, or RevPar, to $153.70, due to lower average room rate and occupancy. The softer performance was partly attributed to a high base effect from several major events last year, such as the Taylor Swift concert in March 2024, which boosted visitor arrivals. In contrast, the rest of Asia saw a 7.9 per cent increase of its RevPar in Q1 compared with a year ago to $114. The increase was led by Taipei's strong performance in average room rate and occupancy, and improved occupancy at other South-east Asia hotels such as Manila and Jakarta. In its other markets, Australasia hotels saw its RevPar go up 10.9 per cent in the first quarter compared with a year ago, while Europe hotels saw a 7.4 per cent increase in RevPar over the same period. For its Singapore retail portfolio, the group registered a committed occupancy of 96.2 per cent for the first quarter. The group attributed this to strong tenant retention and resilient assets. Debt profile The group said it had a healthy debt expiry profile as at March 31. Its net gearing ratio stands at 72 per cent, and its interest cover is at 1.4 times. The group maintains 'strong' cash reserves of $2 billion and a 'robust' liquidity position with $3.8 billion in cash and available undrawn committed bank facilities. It added that despite concerns over macroeconomic uncertainties such as inflation and trade tensions, it is cautiously optimistic about the resilience of the property sector, given its diversified portfolio across geographies and asset classes. The counter ended $0.02 or 0.4 per cent lower at $4.73 before the announcement on May 20. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
20-05-2025
- Business
- Business Times
CDL posts S$1.9 billion in Q1 sales revenue in Singapore property development
[SINGAPORE] Property developer City Developments (CDL) posted sales revenue of S$1.9 billion for its property development segment in the Singapore market in the first quarter of 2025, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on Tuesday (May 20) for the quarter ended Mar 31. The group said that its other projects continue to register good sales including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst at Upper Bukit Timah Road. In the United Kingdom, the group has obtained approval for a £1.1 billion (S$1.9 billion) residential-led mixed-use scheme in southwest London. In China, the group's wholly owned subsidiary registered a total sales value of 179.5 million yuan (S$33.2 million) from its sale of 86 residential, office and retail units. Office portfolio For its Singapore office portfolio, the group achieved a committed occupancy rate of 97.2 per cent, driven by high occupancy rates in South Beach and City House and King's Centre. 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 All three of the group's wholly owned office assets recorded positive rental reversions. The majority of the expiring office leases for the year have also been renewed and negotiations for expiring leases in 2026 have commenced. On other hand, the group's office portfolio in China registered a committed occupancy of 52.7 per cent. The group said this reflected challenges in the office market and that it is actively pursuing opportunities to optimise its portfolio and exploring alignment with government-supported sectors. Hotel operations In Q1, Singapore hotels experienced a 16.7 per cent year-on-year decline in revenue per available room, or RevPar, to S$153.70, due to lower average room rate and occupancy. The softer performance was partly attributed to a high base effect from several major events last year, such as the Taylor Swift concert in March 2024, which boosted visitor arrivals. In contrast, the rest of Asia saw a 7.9 per cent increase of its RevPar in Q1 compared to a year ago to S$114. The increase was led by Taipei's strong performance in average room rate and occupancy, and improved occupancy at other South-east Asia hotels such as Manila and Jakarta. In its other markets, Australasia hotels saw its RevPar go up 10.9 per cent in Q1 compared to a year ago, while Europe hotels saw a 7.4 per cent increase in RevPar over the same period. For its Singapore retail portfolio, the group registered a committed occupancy of 96.2 per cent for Q1. The group attributed this to strong tenant retention and resilient assets. Debt profile The group said it had a healthy debt expiry profile as at Mar 31. Its net gearing ratio stands at 72 per cent, and its interest cover is at 1.4 times. The group maintains 'strong' cash reserves of S$2 billion and a 'robust' liquidity position with S$3.8 billion in cash and available undrawn committed bank facilities. It added that despite concerns over macroeconomic uncertainties such as inflation and trade tensions, it is cautiously optimistic about the resilience of the property sector, given its diversified portfolio across geographies and asset classes. The counter ended S$0.02 or 0.4 per cent lower at S$4.73 before the announcement on Tuesday.
Business Times
09-05-2025
- Business
- Business Times
Frasers Property H1 profit rises 147.6% to S$142.2 million on one-off tax reversal
[SINGAPORE] Higher contributions from residential projects in Singapore, as well as a one-off reversal of tax provisions, pulled up Frasers Property 's first-half earnings – but the group said it will continue zeroing in on optimising capital efficiency. Speaking at an earnings briefing on Friday (May 9) morning, Frasers group chief executive Panote Sirivadhanabhakdi said: 'The most important priority now is building the right cash flow and maintaining the right costing… Our disciplined approach to optimise capital efficiency will allow us to continue to create, sustain and unlock value.' In the latest half-year ended Mar 31, 2025, the group posted a 147.6 per cent jump in profit to S$142.2 million, from S$57.4 million in the year-earlier period. This came as revenue rose 2.7 per cent to S$1.6 billion, from S$1.5 billion in the same period last year. Earnings per share rose to S$0.035, from S$0.009 in the previous corresponding period. No interim dividend was declared for the period, unchanged from the previous year. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up The surge in profit was largely due to a one-off reversal of tax expenses amounting to S$6.1 million, said Frasers. Excluding the reversal, which is subsequent to finalisation, the group's profit was down 13 per cent year on year. This was mainly from a 14 per cent increase in net interest expense to S$281.5 million. Revenue also rose from the absence of an impairment on a UK commercial property, as well as higher contributions from residential projects in Singapore, such as its 158-unit Sky Eden@Bedok condominium and 777-unit Toa Payoh project, The Orie. In the half-year, Frasers sold 692 homes in Singapore, with S$0.4 billion in unrecognised revenue from 849 contracts on hand. At the same time, Frasers said it maintains a 'robust non-residential development pipeline', focusing on industrial and logistics assets across developed and emerging markets. For instance, the group has 10 assets under development in Australia and Europe, with six to be completed in FY2025, another three in FY2026 and one in FY2027. In total, the 10 span 2.6 million square metres. Panote highlighted that revenue generated from Frasers' residential developments ensure earning and cash flow visibility, while its 'strong build-to-core pipeline' of non-residential assets support the resilience of its recurring income base. '(This) robust portfolio asset management will drive returns and sustainable value (for shareholders) over the long term,' said the chief executive. 'The important part is for us to build up the performance of the company, back to where it has to be. It's not just about a quality portfolio, it's about quality earnings.' As at Mar 31, 2025, Frasers' net asset value per share was down 2.9 per cent to S$2.38. Net interest cover fell to 2.1 times, while net gearing ratio inched up to 88.5 per cent. Meanwhile, fixed rate debt, including those that were hedged, fell to 70.3 per cent. Its average weighted debt maturity was 2.6 years, with a 4 per cent blended cost of debt. Frasers group chief financial officer Loo Choo Leong highlighted that even though almost all figures on the balance sheet were in the red, they were still 'within acceptable levels'. Net debt over property assets stood at 44 per cent. Since the group's balance sheet was currently made up of more investment property assets, including its real estate investment trusts, Loo said this was 'still a decent enough level' from a loan-to-value perspective. He added that it was also a 'timing issue', since some of Frasers' capital partnerships that are already in place had yet to go through. When asked about a potential privatisation – similar to some of its peers, and given that Frasers appeared undervalued – Panote said shareholder decisions were beyond him. But he emphasised that Frasers will remain vigilant and proactive in assessing the health of its business and financial position. This includes ensuring it has the right operating model, and an 'enterprise mindset' to sustain value creation. 'We are closely monitoring the evolving macroeconomic conditions, and we are confident that Frasers Property is well-placed to navigate across the challenging times,' he said. Shares of Frasers Property were trading down S$0.01 or 1.2 per cent to S$0.80 on Friday at 11 am.
Business Times
09-05-2025
- Business
- Business Times
Some 12,000 new homes to come up on sites rezoned for housing across 11 areas
[SINGAPORE] A slew of land parcels in 11 areas across the island are set to be rezoned for housing, in a move that will give a major boost to supply in popular residential areas. These include plots of land in established regional centres such as Toa Payoh and Tampines, where previous government land sales saw strong interest from developers and where new projects were recently launched at fresh benchmark prices. Sites are also being lined up for rezoning or higher-density development in other in-demand housing areas such as Bedok and Pasir Ris, upcoming neighbourhoods such as Tengah, and fresh supply on the former Keppel Golf Course land. The planning changes, proposed in amendments to the Master Plan 2019 gazetted by the Urban Redevelopment Authority on Wednesday (May 7), could produce some 12,000 new housing units in both private and public projects in the near term. A parcel carved out of the former Keppel Golf Course site, along Telok Blangah Road, has been earmarked with a high-intensity gross plot ratio of 4.3, which analysts estimate could yield up to 1,000 public housing flats. These would add to the first 740 new homes from the Keppel site, to be built on a plot being sold in this year's Government Land Sales (GLS) programme. Lee Sze Teck, senior director of data analytics at Huttons Asia, reckons the Housing and Development Board (HDB) project will be a Prime category Build-to-Order (BTO) one. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'The response to this Prime BTO is likely to be overwhelming,' he said. The last BTO project in the area, Telok Blangah Beacon, attracted more than 30 first-timers for each four-room flat in 2021, he noted. BTO prices of the four-room flats ranged from S$602,000 to S$710,000, while three-room flats were priced from S$419,000 to S$504,000. The project is expected to be completed in 2027. In the city fringe area, Toa Payoh and Bishan may soon see new residential projects. Both locales are popular with homebuyers for their proximity to elite schools and central location. The most recent new condo launch in the area, The Orie at Toa Payoh Lorong 1, sold 86 per cent of its 777 units at S$2,704 psf on average over its launch weekend. Plots bounded by Toa Payoh Link and Toa Payoh Rise may be rezoned to residential with commercial use on the first storey. A high gross plot ratio of 4.7 has been proposed for the area, which is next to Caldecott MRT station and could yield a total of 4,000 to 5,000 dwelling units, according to Lee. Lee said the sites could turn out a mix of public and private homes. 'Toa Payoh is a very popular area among buyers, and almost all the four-room and five-room flats that fulfilled their minimum occupancy period in 2024/2025 achieved a selling price of S$1 million and above.' Another parcel along Lorong 4 Toa Payoh with a proposed gross plot ratio of 3.4 could yield some 300 to 350 condo units or 200 to 250 HDB Plus flats, estimated OrangeTee's chief researcher and strategist Christine Sun. In the Sin Ming area, a plot at Lorong Puntong spanning slightly more than 4,000 sq m is expected to be used for condo development and could see about 130 to 150 units, said chief research officer Nicholas Mak. Land plots along Upper Thomson Road are also expected to be turned into residential use, and could yield around 2,200 to 2,300 condo units, or 1,500 to 1,600 HDB flats, said Sun. In the east, a residential site with a health and medical zone is being proposed for Tampines Street 11. With a land area of about 14,433 square metres (sq m) and gross plot ratio of 2, Sun expects the site to yield 200 to 250 HDB flats. The site is near a GLS site also on Tampines Street 11, which was awarded in 2023 to UOL, Singapore Land and CapitaLand Development at S$1.21 billion, or S$885 per square foot per plot ratio. The project, Parktown Residence, was launched in February 2025 and posted strong sales. About 87 per cent of the 1,193 units in the large mixed-use development were sold within the first two days, at an average of S$2,360 per square foot (psf). In the neighbouring planning area of Pasir Ris, a parcel bound by Pasir Ris Drive 3 and Pasir Ris Drive 10 has been proposed to be rezoned as residential with a gross plot ratio of 3.2. The site is likely to be sold under the GLS programme, said Mak, and could potentially yield 1,100 to 1,180 condominium units. Pasir Ris has not seen a GLS site for private condo development since 2012, and demand in the east is strong, said Mak, pointing to the robust take-up rate of Parktown Residence. The last GLS site sold in Pasir Ris was developed into Vue 8 Residences. Also in the east, Bedok South Road will see more new homes being built. Land that housed schools is expected to be rezoned to residential use, while an adjacent parcel will have its plot ratio raised. OrangeTee's Sun said the earmarked area can yield about 1,000 to 1,100 condo units or 700 to 800 HDB Standard flats. Up in the north at Yishun, a site located near Chencharu Park is being set aside for residential use. An estimated 1,000 or more BTO Standard flats may be built on the site, said Huttons' Lee. The government had earlier announced plans to grow a new estate in Chencharu, where it sees potential for 10,000 homes. The first GLS site to be put up for sale in Chencharu is coming up for tender on May 22, with a 3-hectare parcel on offer for 875 condo units and 13,000 sq m of commercial space. Land parcels at Sunbird Avenue, Simei Road and Upper Changi Road may also be redeveloped into residential projects. The proposed amendments will inject more homes and amenities into the Upper Changi Road area and facilitate infrastructural works to serve future developments, noted URA. Lee said: 'If there are flats with shorter waiting time at Chencharu, Bedok South Road, Tampines Street 11, Sunbird Avenue/Simei Road and Pasir Ris Drive 3, they may potentially pull demand away from the resale market and help to stabilise prices.' HDB resale prices were up 1.6 per cent in the first quarter of 2025, lower than the 2.6 per cent price increase seen in the previous quarter. In the west, plans are in the pipeline to redevelop several parcels within Brickland District in Tengah Town into housing sites, parks, places of worship, health and medical care facilities, educational institution and civic and community institutions. The three parcels could yield around 1,400 flats, said OrangeTee's Sun. Apart from housing, the URA on May 9 earmarked land parcels along Eunos Avenue 5 and Dover Road to be redeveloped into health and medical care zones. A new nursing home is likely to be built in Dover to meet the anticipated demand for such services in the area, said the authority.
