Macau | Municipal market at Seac Pai Van operational by year-end - IACM head
| 08:22pm
Macau | Macau Design Centre to reach out to Chinese cities and lead this year’s Light Festival
| 07:58pm
Macau | Stronger services sector compensates receding construction
| 07:29pm
Macau | Emperor Hotel revenue down 10 per cent y-o-y impacted by Cotai competition
| 07:28pm
Macau | Rushed political reform would "impact the economy of Macau" - Secretary for Administration and Justice
| 07:21pm
Macau | Social Security Fund payments starting on Thursday
| 06:46pm
Apple says China students illegally worked overtime at supplier
| 06:41pm
Macau | Agricultural Bank of China applies for local intellectual property protection
| 06:06pm
Ex-Bosnian Serb commander Mladic faces verdict in genocide trial
| 05:56pm
Macau | Baroque music performing in four venues in the city
| 05:43pm

Back in the clear

Shun Tak Holdings registered HK$699.3 million in net profit in the six-month period ending June 30 of this year, with the company announcing that 45 per cent of the units offered for pre-sale at its Nova Grand development have already been sold

Shipping and property conglomerate Shun Tak Holdings Ltd registered net profits of up to HK$699.3 million (US$89.3 million) for the six-month period ending June 30 of this year, according to a company release with the Hong Kong Stock Exchange.
The results come after the company saw net losses of HK$53 million in the same period last year.
In total, Shun Tak registered revenues of HK$3.67 billion in the period, a yearly increase of 97 per cent from the HK$1.87 billion registered in the same period last year.

Selling space
According to the company’s unaudited consolidated interim results, the revenue from previously contracted sales of the 680,000 square feet Nova Park project – together with the disposal of its Chung Hom Kok Collection in Hong Kong – allowed the company to achieve an increased year-on-year profit of HK$630 million.
The company announced that around 99 per cent of the 620 residential units of the Nova Park project in Taipa have been sold, with 85 per cent having been handed to homeowners.
‘Over the first half of 2017, the real estate markets across both Hong Kong and Macau have exhibited solid growth in prices and transaction volume, driven by strong economic fundamentals and local demands. Capitalizing upon this uptrend, the Group has continued to launch Nova Grand and received popular market response,’ the note stated.
The Chung Hom Kok Collection is comprised of five luxury residential houses in Hong Kong that Shun Tak disposed for HK$1.58 billion to a ‘PRC-based listed company’, with the deal finalised in February of this year.
Shun Tak also added that 397 units of 2-bedroom and 3-bedroom apartments in its Nova Grand project have been launched for pre-sale, with 45 per cent of all available units having been sold.
The project in Taipa – Phase 5 of the Nova City project – includes eight towers with 2.3 million square feet of residential units and a 655,000 square feet mall complex, Nova Mall.
According to the release, the ‘topping out of the tower blocks’ of the project was conducted in June 2017 with the completion scheduled for late 2018.

OPINION

551 POSTS0 COMMENTS
225 POSTS0 COMMENTS
185 POSTS0 COMMENTS
103 POSTS0 COMMENTS