CapLand says inclusive of a $12.8 million development charge, the land cost works out at $1,056 psf per plot ratio. It plans to build 150 units of 1 and 2 bedroom apartments, for launch in 1H12.
By the break, the Straits Times Index (STI) <.FTSTI> was up 1.44 points at 3,187.20. The total value of shares traded in the morning session was $845.1 million, up from $562.1 million
Macquarie said Keppel Land’s core earnings for 2010 was $273.2 million, which were driven by residential projects in Singapore and China.
At 9:40 a.m., shares of Keppel Land were 1.8% higher at $4.65 with over 1.3 million shares changing hands.
OCBC, which has its previous Buy rating and $4.50 fair value under review, says the FY10 results were positive, notwithstanding the bumper gains.
The following companies may have unusual price changes in Singapore trading. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index was little changed at 3,185.76.
Boustead Singapore (BOCS SP): The provider of engineering services said its Boustead Salcon Water Solutions Pte. won a $25 million contract to build a water demineralization plant for a unit of Tuas Power, a supplier of electricity in Singapore. The stock was unchanged at $1.12.
Singapore shares may climb higher on Tuesday after Wall Street indices closed up overnight as confidence returned in the global economy’s growth prospects.
Singapore’s benchmark Straits Times Index <.FTSTI> closed up 0.04% at 3,185.76 on Monday.
Here are some stocks and factors to watch:
Keppel Land (KLAN.SI), Singapore’s third-largest property developer, may be in focus after it posted an eight-fold rise in fourth quarter net profit, helped by a $363.8 million one-time gain from the sale of its one-third interest in a large office project.
Singapore’s ComfortDelGro (CMDG.SI) said its subsidiary in China has been awarded 800 new taxi licences by the Chengdu Municipal government, making it the second largest taxi operator in the city with 1,050 taxis.
Electronics contract manufacturer Valuetronics (VLUE.SI) said on Tuesday its net profit for the three months ended December more than doubled to HK$31.6 million ($674,000) from HK$13.5 million a year earlier, due to stronger orders from its customers.
Boustead Singapore (BTSS.SI) said its wholly-owned subsidiary won a $25 million contract to design, engineeer and construct a demineralisation plant in Singapore.
{jcomments on}
The property arm of rig-maker Keppel Corp (KPLM.SI) reported fourth quarter net profit of $841 million, up from $106.8 million a year ago.
The following companies may have unusual price changes in Singapore trading. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index dropped 0.7% to 3,184.60.
Singapore’s Keppel Corp (KPLM.SI), the world’s largest builder of oil rigs, said on Sunday it has secured an order from Clearwater Capital Partners to build two jackup rigs for US$360 million ($462 million). Keppel Corp. fell 1.2% to $11.36.
Kim Eng Research in a Jan 12 research report says: “Last month, UOL increased its holding in UIC from 32% to 42% by acquiring UOB’s stake at $2.40/share.
Builder Lian Beng Group says subsidiary Lian Beng-Centurion (Mandai) has agreed to acquire a freehold land parcel at Mandai Estate along Woodlands Road for $67 million from Mandai Properties to develop the land into an industrial complex for sale and lease.
The 201,443 sq ft land parcel is located close to Yew Tee MRT station, as well as the Bukit Timah Expressway (BKE) and Kranji Expressway (KJE). It has a plot ratio of 2.5, and a resulting gross floor area of 503,606 sq ft. This works out to an average price of about $133 psf per plot ratio.
Singapore developer Keppel Land (KLAN.SI) said on Thursday it has purchased a 17.2 hectare site in the Chinese city of Nantong for 1.04 billion yuan ($202.8 million). Keppel will develop lakefront residences in Nantong which is near Shanghai.
{jcomments on}
Mainboard-listed Hu An Cable Holdings, the China-based wire and cable manufacturer, says it recently acquired 61,335 square metres of land in Jiangsu Province for RMB21.2 million ($4.18 million) to build its RMB88.9 million copper rod plant.
The land is located adjacent to the group’s existing production facilities, with a tenure of 50 years. Once completed, the plant will triple its annual production capacity of copper rods from 21,000 tonnes to 75,000 tonnes by September 2011.
South Korea is carrying out more military exercises on land and sea this week, VOA reports.
While officials call the training routine it could raise already high tensions with North Korea.
Tuan Sing (T24.SG) is +6.4% at $0.25 as the property group’s land acquisition bid gains momentum.
It has won a tender with a $99.1 million bid for the collective sale of a Singapore property, Serene House, for redevelopment into a luxury residence.
This comes a day after it emerged as the highest bidder for a residential land parcel with a $123 million offer.
The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index lost 0.2% to 3,176.91.
Bulk-shipping companies: The Baltic Dry Index, which measures the cost of shipping commodities, fell 0.3% in London yesterday, extending its six-day drop to 5.1%.
The real estate company hired Deutsche Bank AG, Standard Chartered Plc and UBS AG to help arrange the meetings, the person said, asking not to be identified as details are private. It may consider a sale of yuan-denominated bonds, whose coupon and principle would be settled in dollars, another person familiar with the matter said on Dec. 7.
