Company Briefs: The Ascott

The Ascott

The Ascott officially launched four luxury serviced residences yesterday, referring to them collectively as The Crest Collection.

They include La Clef Tour Eiffel Paris and La Clef Louvre Paris, which have already opened. The former was acquired in 2011 and included in the global asset-enhancement programme rolled out by Ascott in 2010.

La Clef Champs-Elysees Paris and Metropole Bangkok, which will open in June, are the other two residences part of the collection.

Mr Lee Chee Koon, Ascott's chief executive, said: "The Crest Collection opens up more opportunities for us to work with property owners who want Ascott to manage their property while maintaining its unique features".

The firm will explore new markets to achieve Ascott's target of 10,000 apartment units in Europe by 2020, he added.


Yangzijiang Shipbuilding

Yangzijiang has been awarded shipbuilding orders for six very large ore carriers, with a total contract value of US$510 million (S$687 million).

The carriers are scheduled for delivery from 2018 to 2019. The orders were placed by ICBC Leasing, one of the largest shipowners in China and a wholly-owned subsidiary of ICBC, China's largest state-owned commercial bank.

Yangzijiang's executive chairman Ren Yuanlin said: "These will be the largest dry bulk carriers we will build till date, and will bring our product profile to a new level".


Lian Beng Group

Lian Beng reported that net profit for the third quarter dropped 5.3 per cent to $17.4 million year on year. Revenue for the three months to Feb 29 fell 49.8 per cent to $101.6 million.

The group said revenue for the nine months to Feb 29 fell mainly due to lower revenue from the construction and ready-mixed concrete businesses. Earnings per share for the three months was 3.45 cents, down from 3.6 cents a year ago. Net asset value was 100.83 cents as at Feb 29, up from 91 cents on May 31 last year.

Looking ahead, Lian Beng said the group is still cautious on the outlook for the construction industry for the next 12 months.

It noted that total demand for 2016 for the Singapore construction industry was projected to reach between $27 billion and $34 billion, with about 65 per cent from public sector demand.

A version of this article appeared in the print edition of The Straits Times on April 14, 2016, with the headline 'CompanyBriefs'. Print Edition | Subscribe