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Thread: Soilbuild's profit more than trebles in third quarter

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    Default Soilbuild's profit more than trebles in third quarter

    http://www.straitstimes.com/Money/St...ry_299378.html

    November 7, 2008 Friday

    Soilbuild's profit more than trebles in third quarter

    By Joyce Teo



    Artist's impression of Leonie Parc View. -- PHOTO: COLLIERS INTERNATIONAL

    TIMES may be difficult in the property sector, but developer Soilbuild Group Holdings has reported a more than trebling of third-quarter net profit from $4.57 million to $15.35 million.

    The bumper results stemmed from higher contributions from its residential developments and rental properties.

    Revenue shot up 159 per cent to $68.37 million - largely owing to the maiden contribution from the fully sold Montebleu project, which is 26 per cent completed, rent from its industrial properties, and income from other property sales.

    Soilbuild received additional contributions from the fully sold Centrio and Espa projects, as well as the posh Leonie Parc View project.

    Executive director Low Soon Sim said Soilbuild will continue to remain prudent in view of the current challenging business environment.

    'We remain well-supported by financial institutions who have developed long-term relationships with us despite the financial crisis,' he said.

    Last month, Soilbuild strengthened its capital base with $12.9 million raised from a rights-cum-warrants issue.

    Looking ahead, Mr Low said the group is expected to perform better this year.

    'Even as our pre-sold residential developments progressively add to earnings, the build-up of our recurrent rental income base will help drive our growth in the medium term, in line with our business strategy.'

    The firm will be seeking potential opportunities to selectively lower the development costs of its projects arising from lower commodities prices and material prices for construction.

    Earnings per share were 7.67 cents, up from 2.28 cents last year. Net asset value per share was at 76.77 cents as at Sept 30, up from 57.51 cents as at Dec 31 last year.

    Soilbuild, in its announcement, said that overall business and consumer confidence are expected to remain weak in the near term and will dampen sentiment towards property purchases and both residential and business space investments.

    'Among multinational corporations and companies with longer-term business outlook, there is expected to be selected demand for affordable business space in well-located sites.'

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    Default Montebleu TOP

    Would you know when is the expected occupancy date for Montebleu? Thanks!

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