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Chip Eng Seng warns of FY2020 loss on Covid-19 impact

SINGAPORE (THE BUSINESS TIMES) - Property developer Chip Eng Seng is expecting to report a FY2020 net loss in mid-February 2021 as opposed to its FY2019 net profit of S$32.6 million, due to the adverse impact of Covid-19 on its businesses.
The full year net loss incurred will be wider than the S$25.7 million net loss it reported for H1 2020, said the group in its profit warning issued on Monday (Jan 11).
In the property segment, Chip Eng Seng s ongoing development projects Grandeur Park Residences, Park Colonial, Parc Komo and Kopar at Newton were affected by the closure of their construction sites for several months in FY2020, which in turn dampened revenue recognition and progressive payments from property buyers. ....

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Myra condo review: Freehold in a convenient location

2024
As far as records go, Selangor Dredging Berhad (SDB) has long been a believer in the value of freehold projects.
So it really comes as no surprise that The Myra is a freehold project in itself – despite its immediacy to both the Potong Pasir MRT station and surrounding commercial spaces like the Poiz Centre.
For those wondering, the plot of land that the Myra sits upon is actually an amalgamation of 17 separate land plots – all of which were privately owned by individual landlords up till 2018 when they were collectively purchased for $60.2m.
Admittedly, the Myra’s TOP date is still a ways away (est. end-Nov 2024). So far since its launch 3 months ago, it has seen a near 20per cent take up rate of its 85 units. ....

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