11 Nov '16, 6am

Developers report mixed results in Q3 - PropertyGuru Singapore

Property developer UOL Group has posted a 14 percent drop in net attributable profit for the third quarter. Singapore 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. CDL saw its net profit for Q3 soar 60.1 percent to $170.3 million, from $106.4 million over the same period last year. The 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. Revenue 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’Nest and The Venue Residences and Shoppes...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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