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Thursday, April 8, 2010

Singapore Land group GM Vito Koh quits

SINGAPORE Land group general manager Vito Koh Leong Huat will leave his post from end-May to pursue his personal interests.

Mr Koh, who has been with SingLand for more than five years, is in charge of the group’s residential business. His responsibilities include identifying business development and real estate opportunities, sourcing and securing residential sites in Singapore, overseeing the development work for these projects and marketing them, SingLand said in a filing to the Singapore Exchange on Monday.

When contacted yesterday, Mr Koh said he has no plans at the moment and is looking forward to taking some time off. ‘It is something that I have been thinking about for a little while,’ he said. He added that he had wanted to leave as far back as a year ago, but was persuaded to stay on until now.

Mr Koh, who is a well-known figure in Singapore’s property scene, was with MCL Land for four years before he joined SingLand in January 2005.

SingLand, one of Singapore’s largest property groups and a unit of United Industrial Corp, is currently marketing the 289-unit The Trizon in the upmarket Mount Sinai area. Some 137 units in the project had been sold as at end-January, with six units sold during the month at a median price of $1,423 per square foot. The two other uncompleted residential projects in the group’s portfolio are the 562-unit One Amber in the popular East Coast/Katong area and the 175-apartment The Sixth Avenue Residences in the Bukit Timah area. Both projects are fully sold.

SingLand reported a net loss of $265.96 million in 2009, which widened from a loss of $117.4 million in the previous year. The company saw a 12 per cent year-on-year increase in revenue to $397.5 million, which was helped by sales at The Trizon and higher rental income. But fair-value losses on investment properties dragged earnings down.

Source : Business Times – 10 Mar 2010

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