Tee Land

Tee Land: Has bought the site of iconic eatery Long House Food Centre, located along Upper Thomson Road, for $45.2m. This translates to $888 psf ppr. The freehold plot is zoned for commercial and residential use, and can be redeveloped into a mixed-use four-storey building with shops on the lower floor and residential units on the upper levels. Separately, the group reported a stellar set of 2QFYMay14 results, posting net profit of $1.7m from just below breakeven levels a year ago. Despite a 23% dip in revenue, bottom line was propped up by associate contribution of $1.7m, mainly due to construction progress made by its Spore associates as well as completion and transfer of units to owners of its Thai associate’s projects. Mgt declared an interim dividend of 0.5cts per share. During the quarter, the group recognized revenue from The Peak @ Cairnhill 1 and rental income from the “Workotel” development in New Zealand. Upcoming project launches in Spore include Rezi3Two (a 65-unit residential JV devt at Lor 32 Geylang), Twelve Residences (a 12-unit strata terrace devt at Hillside Drive) and TRIO (a 4-storey retail and F&B mall JV at Sam Leong Road). On the regional front, the group’s overseas marketing efforts will comprise the launch of its maiden project, Third Avenue at Cyberjaya, Msia (a mixed commercial & residential dev) as well as the completion and official opening of its “Workotel” in Christchurch, New Zealand.