F&N Shelves 2 Projects

Source : The Straits Times, Nov 14, 2008

IN LIGHT of weak market sentiments, property and beverage group Frasers and Neave have decided to shelve the launch of two private projects - Lakeside Drive and Sirat Road.

The homes were originally planned for a December launch, but now will be delayed, said the company at its full-year results briefing on Friday.

Profit from local properties grew 19 per cent largely from earlier sales this year for projects such as One Jervois, One St. Michael's and Soleil@Sinaran.

During the year, the group sold 313 units of the 986 launched units.

As a group, F&N posted net profit of $436 million, up 15 per cent from last year. Profit after tax hit a record for $568 million.