Metro Holdings to launch Alexandra Road condominium project this year

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.

A site at Prince Charles Crescent off Alexandra Road, 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 on May 29.

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.

The group suffered an 81 per cent plunge in fourth-quarter net profit year-on-year to $14.9 million.

This was mainly because the bottomline 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.

Revenue for the three months ended March 31 dipped 1.1 per cent to $47.6 million from the preceding year.

Though retail sales grew 5.8 per cent year-on-year to $32.5 million in the fourth quarter, it was outweighed by a 13.2 per cent fall in property revenue to $15.1 million.

For the full year, earnings tumbled 29.5 per cent year-on-year to $64.8 million while revenue stayed flat at $187.1 million. Higher sales from its retail stores in Singapore and Indonesia offset a decline in rental income from its property arm.

Earnings per share for the year stood at 7.8 cents, down from 11.3 cents the preceding year. Net asset value was $1.383 as at March 31 this year, a slight increase from $1.346 previously.

The company has proposed a final dividend of two cents a share plus a special final dividend of two cents a share.

Join ST's Telegram channel and get the latest breaking news delivered to you.