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| MCL Land |
(Post 1 of 276) 08/14/1999.12:52:00 |
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MCL Land - Not much difference with FCC, except for its OBV still on +ve teritory. Bottomline : Avoid, at least for time being.  |
| (Post 2 of 276) 08/25/1999.20:10:00 |
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MCL Land returns to 1st-half profit on property write backs Singapore, Aug. 25 - MCL Land Ltd., the real estate arm of auto distributor Cycle & Carriage Ltd., said it returned to profit in the first half, as it wrote back some of the funds set aside last year for the lower property values. The developer said profit for the six months ended June was S$13.1 million ($7.8 million), or 3.6 cents a share, compared with a loss of S$99.6 million, or 27 cents a share, a year ago. MCL Land wrote back S$5.5 million from the provisions it made last year for losses on its properties, reflecting higher selling prices this year for two residential developments, Seletar Springs and The Springbloom. "The recovery in the residential property market is expected to have a positive impact on the group's development properties,'' the company said in a statement. ``If the trend continues, the group expects in due course further write-backs.'' Sales in the first half fell 22 percent to S$132.4 million, as three of its residential projects were completed in 1998. The company said it will return to profitability for the year. The company will not pay a dividend for the first half, the same as last year. The results were announced after the close of trading. The stock rose 4 cents to S$1.85. Source: Bloomberg |
| (Post 3 of 276) 08/26/1999.22:12:00 |
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MCL's RNAV of $2.66 should provide upside, says DMG Singapore, Aug 26 -- MCL Land's interim earnings were surprisingly good, says DMG & Partners Securities, adding that the stock is still a Buy. DMG believes that asset valuation should be the investment consideration and that its RNAV estimate of $2.66 should provide upside for the stock price. MCL's interim net profits of $13.1mln even managed to beat analysts consensus estimates for the full-year. Although MCL has been conservative in its land acquisitions this year, DMG says that its MD Lim Ee Seng has a reputation of bidding wisely at government land tenders and expect him to repeat this ability when government land sales resume in 2000. |
| (Post 4 of 276) 09/10/1999.19:45:00 |
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MCL Land to launch apartment project Singapore, Sept 10 -- Developer MCL Land Ltd said on Friday it will launch its 99-year leasehold Sims Residences project on Saturday, priced at S$410 per sq ft and higher. The project, which was expected to be completed in 2003, consist of 112-units with floor areas ranging from 1,184 to 2,142 sq ft. Source: Reuters |
| (Post 5 of 276) 09/24/1999.10:11:00 |
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MCL Land secures three property sites for 92 mln sgd SINGAPORE (AFX-ASIA) - MCL Land Ltd said it has secured three adjoining residential sites for 92 mln sgd. It added that the prime sites, which have unlimited tenure, are located at Devonshire Road. MCL Land intends to knock down the existing terrace houses and redevelop the sites into a condominium. ah/mb AFN GNZ71-23Sep99 11:52 GMT AFX ; ASIA ; |
| (Post 6 of 276) 09/25/1999.18:13:00 |
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 1. Volume traded has started to risen. 2. From a high of $2.37 [24/6] to recent low of $1.40 [22/9] - a hepty 40.9% loss. 3. RSI(14days) rather in the oversold position. 4. Observations from the "uprising" volume is similar to previous comments on WingTai & SporeLand. Probable Support - $1.30+ / Likely Resist - between $1.50 - $1.54 (regards 1st entry for bottom searcher) Rdgs |
| (Post 7 of 276) 01/25/2000.21:11:00 |
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dear all, bought 100,000 mcl land shares today at $1.18....AND THEN DRESSED IT AT THE LAST SECOND AT $1.23 by buying one more lot...seller at 1.18 was a japanese broking house...which i use as a guide as one of the last sellers....and one of the end buyers at the end of any rally....their strategy seems to be buy high...sell low... ...hope the fund manage who sold it will not get too upset if his immediate boss sodomises him for not making it close at 1.18... ...be merciful tomorrow...don't sell too much...just enjoy the sex... cheers warlock |
| (Post 8 of 276) 02/10/2000.20:16:00 |
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MCL Land saw a double top bull market failure in 1999. The minimal technical target for the double top is near $1.20. The correction thus far has bought the stock below a 3 month long sideways consolidation that lasted from October 1999 to January 2000. With this down move, the stock is at a 5th leg down in a downtrend. Thus, there is the possibility of a retracement rally towards the $1.50 level. Likely levels to initiate such a rally is between $1 to $1.20. $1.20 first entry. |
| (Post 9 of 276) 02/23/2000.07:20:00 |
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MCL Land 1999 net profit 33.818 mln sgd vs loss 188.467 mln MCL Land Ltd 1999 results: Net profit - 33.818 mln sgd vs loss 188.467 mln Total sales - 211.932 mln sgd vs 347.975 mln Group sales - 195.033 mln sgd vs 280.401 Pretax profit - 36.802 mln sgd vs loss 179.116 mln EPS - 9.20 cents vs loss per share 51.10 Final div - 3.0 cents vs 1.0 The company said it expects its performance this year to remain satisfactory. The property sector is expected to benefit from the additional demand generated by the continued growth in the Singapore economy this year. "The credit environment is expected to remain favourable with interest rates remaining stable although there could be some upward bias. The strong demand in the first half of 1999 has absorbed much of the (oversupply) in the residential market," it said. The company said rentals for commercial and industrial investment properties are likely to remain stable. The company said its results last year were boosted by a 16.70 mln sgd writeback for Seletar Springs and Springbloom residential property prices, which were sold at better prices. It said the company has reassessed the values of two other ongoing residential developments, Balmoral Crescent and The Grange, as well as the Robertson Quay commercial complex. The values of the projects have improved based on the latest assessments but the company has decided to retain the carrying value of the projects based on the written down values of 1998. Although rental rates for investment properties remained depressed in 1999, the company said its office buildings and industrial facilities remained healthy. |
| (Post 10 of 276) 02/23/2000.16:46:00 |
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MCL Land at highs after results MCL Land Ltd shares were at their highs in afternoon trade, gaining on the back of a turnaround in its 1999 results and more positive sentiment in general towards property stocks following the DBS Land/Pidemco deal, dealers said. An analyst with a foreign-based brokerage said the results were in line with his expectations, "with about half of the earnings from cost savings" and a writeback of provisions for foreseeable losses on development properties of 16.7 mln sgd. He said he is expecting a steady improvement in earnings over the next two years, spurred by the impending launch of its Balmoral Crescent development in the second half and the likely re-launch of the Sims Residence development this year after a disappointing response in 1999. If the company sells all units offered in these projects it will be able to writeback further provisions, boosting its 2000 earnings above the 1999 level. His brokerage is expecting the company's net profit to rise to 51 mln sgd this year and 57 mln in 2001. He added the premium paid by Pidemco to acquire a stake in DBS Land has signalled to the market that property stocks are currently very cheap and this has bolstered interest in the sector, underpinning MCL's gains. A property company analyst with a local brokerage said the results were in line with her expectations once the writebacks are stripped out. She said it was a "satisfactory rebound," from the 1998 slump but is "nothing that exciting," with most of the income gains from its investment properties. Going forward, however, she sees earnings dipping this year because there is unlikely to be any further writebacks, leaving net at around 19 mln with few new development properties coming on stream. She said the Balmoral Crescent development is small with only 55 units being offered. In addition the Sims Residence development met with a very poor response last year when only six out of 112 units were sold. Unlike other property companies, MCL has only a small landbank of around 323 units, compared to other larger property companies which have around 2, 000 units. She added the company did not indicate at an analysts briefing today when it will launch its planned Grange development nor its plans to build up its land bank in Johor and pursue other land acquisition opportunities in Malaysia. She said the key reason for the stock's gain appears to be because it is seen as undervalued compared to the rest of the sector. She said it is trading at a deep 55 pct discount to its book NTA value, much greater than other property companies. She added the price Pidemco paid for its DBS Land stake has encouraged interest in the sector and MCL is most likely benefitting from this as well. |
| (Post 11 of 276) 02/26/2000.19:47:00 |
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ING abrings 24/2/00 MCL Land BUY S$1.05 · FY99 net profit rose to S$33.8m, including a S$16.7m write back in provisions. MCL Land will launch two projects this year, Balmoral Residences and Sim’ s Residences, that it took off the market last year due to poor sales. · The company plans to set up its own web site to feature its developments and provide sales and after-sales service. BUY maintained. MCL Land’ s final results were 10% above consensus and our expectations of S$30.5m. The group posted a net profit of S$33.8m against a S$188.5m loss, boosted mainly by S$16.7m that the group wrote back from provisions made in 1998. The 39.1% fall in turnover to S$211.9m was in line with our expectations of S$218.3m. This was due to the lower recognition of sales from completing development projects. EBITDA fell by a smaller margin of 16.5% to S$19.7m. This is represented by 8.3% growth in earnings from investment properties (to S$16.9m) due to higher cost savings, better occupancies and income from a new factory it bought earlier this year, which has been committed for the next 14 years. However, lower margins from development properties saw earnings drop 41% to S$5m. Dividends increased in line with our expectations to 3 cents per share. During the year, the group doubled its landbank to 930,495 sq ft by acquiring three development sites totalling 475,520 sq ft GFA. The current average cost of its landbank is about S$530/sq ft. Going forward, the group, with its low gearing of 16%, should have the ability to increase its landbank locally. It is also looking towards investing in the region, in particular Malaysia where it is likely to launch four developments in Johore in 2001 and may enter into a joint venture with a Malaysian developer to build middle income housing. To boost falling contributions from development, the group plans to launch two new projects this year, the redesigned Sims Residences and Balmoral Crescent, and possibly a third, Grange Garden. We have factored in launch prices of S$600/ sq ft, S$1,350/ sq ft and S$1,600/sq ft, respectively. Determined not to be left out of the electronic age, the company plans to set up a web site to feature its developments and provide online sales and service. Our forecasts for FY00 remain largely unchanged with the group’ s four investment properties remaining as the main income generators. The stock is currently trading at a 58% discount to our RNAV of S$2.50 per share. We are maintaining our BUY recommendation. Target price: S$1.35 |
| (Post 12 of 276) 04/05/2000.05:05:00 |
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MCL Land/PGK in JV to develop two plots of land in Kuala Lumpur MCL Land Ltd said it has entered into a joint-venture with a member of Landmarks group, PGK Sdn Bhd, to develop two plots of land in Wangsa Maju in Kuala Lumpur. Under the agreement, PGK will sell the two plots to a joint-venture company, Golden Quantum Acres Sdn Bhd, for 17.239 mln rgt. In a statement, MCL Land said Golden Quantum, which will have an initial paid-up capital of 6.475 mln rgt, will be equally owned by both MCL Land and PGK. The joint-venture company will issue 3.237 mln shares to PGK as part of the purchase consideration for the properties. The balance will be in cash or a combination of cash and shares in Golden Quantum. The proposed joint venture will enable MCL Land to tap into the buoyant Malaysian residential property market, it said. It will be MCL Land's vehicle for the expansion of its activities in Malaysia. The acquisition and development of the properties will be financed by internal funds and bank borrowings, MCL Land said. MCL Land said the first property has a land area of about 30,080 square metres and is located about 6.5 kilometres from the Kuala Lumpur city centre. The land will be developed into a high-rise condominium with a supporting commercial component. The second property, located at Section 10 Wangsa Maju has a land area of about 13,300 sqm. It is located on a hilltop and is intended for a luxury condominium development. The properties have a 99-year leasehold status. |
| (Post 13 of 276) 04/23/2000.16:03:00 |
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15-40-Day-MACD -0.003 10-Day-MACD-Signal-line -0.017 35-Day-SMA $ 1.056 The MACD value (the difference between the 15-day and 40-day moving average of price) has remained above its 10-day moving average (the signal line). Upward trend. The current price, $1.100, is 4.21 percent above its 35-day moving average. 1st resistance is $1.17. Let's see. Cheers |
| (Post 14 of 276) 04/24/2000.02:47:00 |
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MCL LAND LIMITED The Board of Directors of MCL Land Limited is pleased to announce that it has on 20 April 2000 acquired all the shares in the dormant company known as Baytex Investments Pte Ltd ("the Subsidiary"). The authorised share capital of the Subsidiary is S$100,000 divided into 100,000 shares of S$1/- each. Presently, the Subsidiary has a S$2/- paid-up capital comprising two shares of S$1/- each. The Subsidiary will be wholly-owned by MCL Land Limited. The Subsidiary will be used for investment holding. Submitted by Joyce Chang, Company Secretary on 20/4/2000 to the SES |
| (Post 15 of 276) 04/27/2000.06:10:00 |
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MCL unit/Pidemco unit/CB Richard/Jones Lang in jv to set up property portal SINGAPORE (AFX-ASIA) - MCL Land Ltd said its wholly-owned subsidiary Baytex Investments Pte Ltd is teaming up with Pidemco Land Ltd's subsidiary, pFission Pte Ltd, CB Richard Ellis and Jones Lang LaSalle to develop a property vortal called PropBuzz.com. In a statement to the stock exchange, the company said Baytex will have a 20 pct stake in the joint venture, while pFission will have a 30 pct stake. The remaining two companies will each have a 25 pct stake. Baytex will invest 1.0 mln sgd for its 20 pct stake in the joint venture. PropBuzz.com is a property portal that will share the networks and databases of its members, the statement said. It will focus on facilitating property sales and leasing through the local property consultancies. The portal is expected to be launched by the third quarter of this year. It will provide a comprehensive one-stop information and service centre for both consumers and property agents, it added. The consortium is currently in talks to bring in another major local property developer and another property consultant. It plans to replicate the portal overseas on a partnership basis with local companies which have complementary expertise and networks. It is targetting cities like Hong Kong, Sydney, Jakarta, Kuala Lumpur and Bangkok for its expansion plans, the statement added. MCL Land said that instead of venturing on its own, it believes that more synergies could be derived through the collective strengths of other major property developers and property consultancies. In addition, the company is also investing in an integrated information technology system, developing a website and subscribing to a web-based project management service to provide seamless business processes for its customers and suppliers. |
| (Post 16 of 276) 06/02/2000.10:54:00 |
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mcl land is sharply up |
| (Post 17 of 276) 06/02/2000.10:57:00 |
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Yes anybody any idea why? hehehehe managed to get out with a nice profit. Now I'm 100% liquid. Just the way I like it. =) Its a good day. |
| (Post 18 of 276) 06/02/2000.11:10:00 |
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perhaps C&C is divesting its stake to raise cash for their INDONESIAN ventures |
| (Post 19 of 276) 06/02/2000.11:13:00 |
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maybe HK Lee Ka Seng is interested in this counter. |
| (Post 20 of 276) 06/02/2000.11:14:00 |
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If C&c will be selling their pty, CCL land, then the next immediate consideration is MCL Land, which is a subsidiary of the former. So, probably it can sell MCL to HK Land, pty arm of Jardines grp, which owns C&c or to DBS Land since the new CEO has expressed "intention" to acquire local listed pty companies. Cheers |
| (Post 21 of 276) 06/02/2000.14:31:00 |
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As predicted or speculated......DBSSEC buying MCL AT 110-114 waiting for 5% trigger [Dow Jones] SINGAPORE: Shares in property developer MCL Land (M25) up 14% at S$1.12 on rumor parent Cycle & Carriage (C07) may sell or reduce its stake to concentrate on its motor business. Among names thrown about as possible suitors is government-linked Pidemco, which recently acquired substantial stake in DBS Land (D18).(AXH) 1207 [Dow Jones] SINGAPORE STOCK CALL: SG Securities upgrades MCL Land (M25) to buy from hold; says parent Cycle & Carriage (C07) likely to take MCL private before selling some of its assets to raise cash and reduce gearing. SG's target price is S$1.50; stock now up 13% at S$1.10 on talk it may be sold to Pidemco Land.(CLW) |
| (Post 22 of 276) 06/02/2000.14:35:00 |
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As predicted or speculated......DBSSEC buying MCL AT 110-114 waiting for 5% trigger [Dow Jones] SINGAPORE: Shares in property developer MCL Land (M25) up 14% at S$1.12 on rumor parent Cycle & Carriage (C07) may sell or reduce its stake to concentrate on its motor business. Among names thrown about as possible suitors is government-linked Pidemco, which recently acquired substantial stake in DBS Land (D18).(AXH) 1207 [Dow Jones] SINGAPORE STOCK CALL: SG Securities upgrades MCL Land (M25) to buy from hold; says parent Cycle & Carriage (C07) likely to take MCL private before selling some of its assets to raise cash and reduce gearing. SG's target price is S$1.50; stock now up 13% at S$1.10 on talk it may be sold to Pidemco Land.(CLW) |
| (Post 23 of 276) 06/02/2000.15:35:00 |
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Mr Sim, what do you mean by the phrse 'DBSSEC buying MCL AT 110-114 waiting for 5% trigger'.How can a security firm buy MCL shares (/ on behalf of client) and what is this 5 % trigger? thank you |
| (Post 24 of 276) 06/02/2000.17:15:00 |
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My fren 2 Question to answer your questions. 1) Who will normally use DBS Sec to transact for them? 2) At what % and above, will a shareholder be required to submit regular announcements via MASNET for changes in its shareholding? Or should I ask when the substantial shareholding trigger? Then think of how the profitability of C&C can be enhanced if a profitable subsidiary is taken pte with 100% interest? Then think again how the gearing will reduce by buying a debt-less company? Alternatively, others will be keen to buy a pty worth $2.5 per share (RNAV) for $1.18 to enhance one own balance sheet. And who is the one that has worked with MCL closely on industrial pty development? Who is the one who engaged a e-com JV with MCL? I have accumulating from 120 to 99 cts since C&C saga earlier and have great vested interests. Personally, 20% discount to RNAV shld work out to a purchase price of $2. Still, my miserable 1 ct opinion so sit tight. |
| (Post 25 of 276) 06/10/2000.15:26:00 |
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..anybody able to help with some TA on this one? ..its moved up 35 cents from a low of 95 cents to $1.30 yesterday . ..but still trading about half its book value. |
| (Post 26 of 276) 06/10/2000.16:02:00 |
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Glad that MCL land is now moving...what do you consider is the target price to let go> thanks |
| (Post 27 of 276) 06/10/2000.17:01:00 |
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3 reasons why this stock should run next week: 1) HSBC, SG and Warburg have upgraded it to a buy last week, so 2 weeks of digestion. 2) The solid run up at between 4-5 pm on 9 June as some European funds are accumulating. 3) Rumours of the "strategic investor" to come in soon these 2 months, so if these rumours spread wild enough.....it can run faster!! I would recommend gradually unloading this stock. My first unloading at $1.45 to $1.60. |
| (Post 28 of 276) 06/10/2000.17:21:00 |
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Mr Sim, I hold a few lots of MCL land, started to sell at $1.21, 1.24, 1.30.. thanks |
| (Post 29 of 276) 06/10/2000.18:56:00 |
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Flame Unload at the higher $1.40 region if still no news out. Then hold on to some for the "news". cheers |
| (Post 30 of 276) 06/10/2000.19:15:00 |
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Mr Sim, The chart on MCL looks really good .. The price of $1.30 is the 200 M.A. price... Now if the price can go above this level on good vol. the whole of next week..I believe it can meet a target price of at least $1.60 where there will be a correction. A lot will depend on the selling of assests news, etc. I already sold some but now intend to hold on to the balance to see if any further devt. regards. (and I am glad I moved over from Stock Talk - I was so well known at Stock Talk but many people so jealous of me and always use all kinds of foul language) |
| (Post 31 of 276) 06/15/2000.16:28:00 |
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breakout on MCL LAND???? |
| (Post 32 of 276) 06/15/2000.19:14:00 |
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What a beautiful close on MCL LAND. Probably take a slight dip tomorrow.... But the trend remaining UP. |
| (Post 33 of 276) 06/15/2000.21:42:00 |
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There are a total of 6 off-shore funds which came in at the last 30 minutes! Hang on for the ride. No change from earlier target. Cheers |
| (Post 34 of 276) 06/16/2000.10:53:00 |
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I have some old lots at $2.00. Can anyone advise on the price to sell? |
| (Post 35 of 276) 06/16/2000.11:08:00 |
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The price you got is a 15% discount to their book value, i.e. you got more than you had paid for. This stock is fundamentally very sound, however, too conservative as well. It has very strong balance sheet, but, I would hope the management can do better things with those assets than listing them on the balance sheet. It is not advisable to sell at a loss, since this stock is fundamentally sound. So, hold, if you are not in need of cash. |
| (Post 36 of 276) 06/16/2000.19:35:00 |
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Thanks, Waga waga, for the advice. I have no need for the cash, but am looking at the opportunity cost. I bought the stocks because of the discount to book value, but it is still discounted by Mr Market. |
| (Post 37 of 276) 06/16/2000.19:52:00 |
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Hi Tom Up's & down's is the nature of equity market and I assume you are a veteran in this. We do not have the leverage that fund managers have to move in and out all the time. Assuming you sell off now, you must find another investment that return more than 35%, that's quite hard to find, unless, speculative ones. It's believed the property sector is bottoming out, so, test your holding power. |
| (Post 38 of 276) 06/16/2000.21:40:00 |
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Waga waga, that is very true. I am looking at the STII 10- day moving average, 20- day moving average, and they are both up, with 10 dma moving higher than 20- dma, a buying signal, according to Wong Yee. Expects to see an uptrend. |
| (Post 39 of 276) 06/18/2000.01:00:00 |
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mcl was in overbought territory for almost 2 weeks already. friday's close is really an eye opener. off 0.11! oh yes its MACD is still above the signal line but if it does not convincingly break resistance @ 1.40 and above i suggest a sell into strength. look out for opportunity to accumulate around 1.20 - 1.25 |
| (Post 40 of 276) 06/23/2000.07:53:00 |
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Can we buy now? Close at 1.20 yesterday or wait until..... |
| (Post 41 of 276) 06/27/2000.21:08:00 |
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I think MCL and Pidemco should be ready for the URA's release of 8 ha of industrial land for the second half of the year. Cheers |
| (Post 42 of 276) 06/27/2000.21:43:00 |
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Check this out http://profiles.wisi.com/profiles/scripts/page2.asp?cusip=C702CW470&curconv=702 |
| (Post 43 of 276) 06/27/2000.22:20:00 |
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Hi Warlock Thank you for being our property spokeman. Your effort and outright "solicitation" (hehe) will be well remembered and rewarded. Heavy vested interest. |
| (Post 44 of 276) 06/30/2000.09:37:00 |
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Rumours that MCL Land is raising cash of around S$400 million from sale of a Shenton Way office building and prime residential development called Juniper at Ardmore. Wonder what this is for, reduce gearing in view of higher interest rates? |
| (Post 45 of 276) 06/30/2000.20:36:00 |
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what a lovely close on MCL. UP 10 cents on a dud day like today. perhaps window dressing??? who knows and who cares!!! as long as it is up!!! cheers |
| (Post 46 of 276) 07/07/2000.02:54:00 |
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 If u're interested, read my comments on Marco Polo (a similar presentation). Rdgs |
| (Post 47 of 276) 07/11/2000.20:35:00 |
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what a beautiful close on MCL land about time baby!!! |
| (Post 48 of 276) 07/14/2000.07:21:00 |
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MCL launches phase 2 of project ST 14072000 By FELISA BATACAN A REVAMPED Sims Residences hits the market again tomorrow, with the developers, MCL Land, hoping that new layouts and marble floors will woo buyers this time around. Not only that, but apartments at the condominium along Sims Avenue are being offered at the same average price -- $520 per square foot -- as when the 112-unit project's first phase was launched last September. A remaining 80 units are being offered tomorrow. The 99-year leasehold development consists of two, three and four-bedroom units ranging from 1,184 sq ft to 2,142 sq ft in size. Top-floor apartments come with roof terraces. Mr Joseph Tan, director of residential agency for one of the marketing agents, CB Richard Ellis, said that prospective buyers during the soft launch of the 32-unit Phase 1 had said they wanted more bedrooms, given the large sizes of the units. ""MCL Land has taken note of the feedback and has made significant changes. As a result of the improved layouts, coupled with a new showflat, Phase 1 is 70 per cent sold.'' While marble flooring was not offered previously for Phase 1, it is now available in each unit. All bedrooms and living areas will have Singapore Cable Vision broadband cabling. |
| (Post 49 of 276) 07/27/2000.14:13:00 |
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MCL Land stock outlook looks a bit muted in near term. This is a comment made by Kep Sec. Notes of the report: 1. Speculation of MCL divesting two investment properties resurfaces; 2. Properties to yield at least S$20 million-S$21 million in rental income this year. 3. Divestment said to help parent company Cycle & Carriage reduce net gearing by 20-30% after cash-depleting Astra acquisition. Kepsec says that other than these, there arent an attractive features to warrant a buy call, maintain a hold reommendation. |
| (Post 50 of 276) 07/28/2000.03:19:00 |
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MCL Land seeks to sell Shenton Way, Juniper projects: report SINGAPORE (AFX-ASIA) - MCL Land Ltd is planning to sell its 78 Shenton Way office block and Juniper apartment project for about 400 mln sgd, The Business Times reported, citing unnamed sources. The sale is in line with the company's efforts to divest from its low-yield investments so it can focus on its more profitable projects, the sources said. mbe/gc |
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