Post Reply
1-20 of 44
Now it is his turn to get sued .
Joelton ( Date: 17-Jan-2026 13:29) Posted:
|
Stamford Land unit is being sued over alleged defects in Sydney project
The claims involve alleged deficiencies in the design and construction of Macquarie Park Village
[SINGAPORE] Stamford Land on Friday (Jan 16) announced that its wholly owned subsidiary HSH Hotels (Australia) is facing legal action by the owners corporations of Macquarie Park Village over alleged construction defects.
The Macquarie Park Village project is a large-scale residential mixed-use development in Macquarie Park, New South Wales.
HSH Hotels and the design and construct contractor for the project, Parkview Construction, are facing legal proceedings in the Supreme Court of New South Wales, said Stamford Land in a bourse filing.
The claims involve alleged deficiencies in the design and construction of the project. This includes alleged defects relating to concrete works, the facade, drainage, tiling and fire utilities, among other things, noted Stamford Land.
The claims also include allegations of breaches of statutory warranties under the New South Wales Home Building Act 1989, said the company.
It noted that the proceedings have been adjourned since commencement to &ldquo allow the parties to engage in without prejudice discussions in relation to the alleged defects identified in expert reports served by the owners corporations&rdquo .
In connection with the proceedings, HSH Hotels has filed a cross-claim against Parkview Construction for an alleged breach of contract, breach of statutory warranties and indemnification pursuant to the relevant building contract.
As the proceedings are in the early stages, the owners corporations have not yet quantified the damages sought.
Currently, HSH Hotels is acting as trustee of the Macquarie Park Village Trust. Stamford Land said that any liability would be limited to the assets of the Macquarie Park Village Trust and is not expected to have a direct financial impact on the wider group.
However, if HSH Hotels is required to be replaced as trustee for other trusts as a result of the legal proceedings, &ldquo substantive&rdquo stamp duty may be payable, noted Stamford Land.
The company added that it will &ldquo keep shareholders informed if there is any material development&rdquo .
In 2015, HSH Hotels, as trustee for a trust that it wholly owns, signed a loan agreement with a major commercial bank for a secured term loan facility of A$265 million (S$277 million, at the time) to fund the construction of Macquarie Park Village.
Wait for announcement by SGX.
Stamford Land H1 profit rises 4.1% to S$15.8 million on higher hotel room rates
Its revenue inches up 1.8% to S$71.3 million
[SINGAPORE] Stamford Land : H07 -1.02% reported a 4.1 per cent rise in net profit to S$15.8 million for its first half ended Sep 30, from S$15.2 million in the year-ago period.
This translates to earnings per share of S$0.0106, a 5 per cent increase from the S$0.0101 in H1 FY2025, the property company said on Friday (Nov 14).
Its latest H1 revenue inched up 1.8 per cent on the year to S$71.3 million, from S$70.1 million.
The company attributed the revenue and operating profit improvements in its hotel and owning management segment to higher hotel room rates, driven by stronger market demand.
However, the segment&rsquo s operation costs also rose, as property taxes, reservation expenses and other direct costs climbed, the company said.
&ldquo International and domestic travel activity remains stable. However, operating costs and staffing challenges continue to be more pronounced than in other markets,&rdquo it added.
It also noted that following the decommissioning of its Sir Stamford at Circular Quay hotel in Sydney, its in-house design team will focus on ongoing upgrading works across several of its Australia-based hotels &ndash where S$147.1 million of the proceeds from its related rights issue have been used to date.
The group did not declare a dividend for the period under review.
Stamford Land Corp
Stamford Land Corp executive chairman Ow Chio Kiat bought 35,000 shares at S$0.435 each. This followed his acquisition of 41,000 shares over the preceding week. He maintains a total interest of 46.18 per cent in the independent owner-operator of luxury hotels in Australia and established real estate developer and investor.
Wee cho yaw die already, but his companies share prices doing very well
as for low Keng Huat, this kind of family business, hard to make money. Those who made money is the family members that will stick to the company until they going to die, keep milking and milking. Just like hong Fok. Milk until no milk
as for low Keng Huat, this kind of family business, hard to make money. Those who made money is the family members that will stick to the company until they going to die, keep milking and milking. Just like hong Fok. Milk until no milk
eddyeddy ( Date: 08-Jun-2025 18:10) Posted:
|
Why no body criticize we cho yaw , law keng huat, etc etc but only this famous guy ?
Godwinlow ( Date: 08-Jun-2025 14:00) Posted:
|
Trying to slience our free speech.
tonytony ( Date: 08-Jun-2025 13:14) Posted:
|
Not easy to erase evil acts and soil reputation.
Godwinlow ( Date: 06-Jun-2025 21:34) Posted:
|
Yup, after three of us talked bad about the boss.
tonytony ( Date: 06-Jun-2025 21:18) Posted:
|
That thread got deleted?
Godwinlow ( Date: 06-Jun-2025 18:55) Posted:
|
Wow, some of us commented badly on the boss. the forum got shut down!
He also got use sharejunction? Hahahahaha
He also got use sharejunction? Hahahahaha
Rights issue 85% subscription by entitled shareholders. Excess 105 mil rights shares allotted for excess application totalling 413 mil.
Trading of new shares 15Feb 2022.
Trading of new shares 15Feb 2022.
Sell cheap cheap again ?
Divestment of hotels on the card....Monday cheong ar!!!!
Sold off my long held holding of 20 over years before COVID 19. Consider myself lucky.
this laosai management CMI....
anton1967 ( Date: 25-Mar-2021 14:57) Posted:
|
Sold so cheap ? Only 35% of the valuation of 2018 ? Even SGX also asked them who is the ultimate buyer of this cheap sale .
Who is the ultimate buyer ? Minority investors will never know .
Lousy management, sued minority shareholders...destroyed company values.....