METRO Holdings will launch its first Singapore residential project in nearly two decades later this year and plans to further expand its footprint in China, it said yesterday.
A site at Prince Charles Crescent, which Metro is jointly developing with Wing Tai and UE E&C, will go on the market by the end of the third quarter, chairman Winston Choo said at a results briefing.
The project's ground-breaking is scheduled for June 4 and the developers are looking to launch it at $1,500 psf at least, he said.
In China, Metro has an effective 30 per cent stake in a huge mixed development in Jiangxi province called Nanchang Fashion Mark. The development sits on a 269,455 sq m site and is expected to be completed in December 2017. The ground-breaking for the site will be around September or October this year.
This is a joint venture with Hong Kong-listed Top Spring International Holdings, a real estate developer in China. Metro has injected $48 million of equity into the project, Mr Choo said in a statement yesterday.
Director Gerald Ong also yesterday ruled out a Reit, noting that the firm was "sitting on a lot of cash" and continued to recycle cash. He said it would not consider spinning off its properties into a Reit until its balance sheet was full.
The company yesterday suffered an 81 per cent plunge in fourth-quarter net profit year-on-year to $14.9 million.
This was mainly because the bottom line in the corresponding period a year earlier was inflated by a one-off gain of $98.7 million from the sale of Metro City Beijing.