The Business Times

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Companies & Markets

First Sponsor posts 1.3% rise in Europe portfolio Q3 operating income, lacklustre China property development sales

China property development projects’ pre-sales and sales show ‘no meaningful improvement’ as weak market sentiment persists

First Sponsor's earnings in H1 rose on a higher share of profits from associates and joint ventures.
Companies & Markets

First Sponsor reports 59.2% jump in H1 earnings to S$19 million, interim dividend of S$0.011 a share

[SINGAPORE] Property developer First Sponsor reported a 59.2 per cent increase in earnings to S$19 million in H1 2025 from S$11.9 million in H1 2024, in a bourse filing on Monday (Jul 28).

First Sponsor's Star of East River project in Dongguan, China. The company says market sentiment in the country remains weak despite the easing of property-related measures and the implementation of pro-market policies by the government in the second half of 2024.
Companies & Markets

First Sponsor reports subdued market sentiments affecting China property development in Q1 2025

It remains cautiously optimistic that government support this year will contribute to gradual market recovery in country

First Sponsor has substantially hedged all its foreign currency exposure arising from its overseas assets such as Sydney House Hotel/ Galleria (above).
Reits & Property

First Sponsor H2 net profit jumps more than 40 times to S$81.1 million

Its board recommends a final dividend of S$0.0355 per share for FY2024

About 56 per cent of NSI’s portfolio value is situated in Amsterdam as at Sep 30, 2024.
Companies & Markets

First Sponsor to increase stake in Netherlands’ NSI for 18.9 million euros

Acquisition will be funded by net proceeds from a rights issue of perpetual convertible capital securities in September

First Sponsor acquired the commercial component of a mixed-use development project in Sydney, Australia, for a consideration of A$24.7 million in September.
Property

First Sponsor cautiously optimistic about market turnaround for its business in China

Pre-sales for its China development projects remain subdued in Q3 amid continuing weak property market sentiment

Artist's impression of First Sponsor's Star of East River project in Dongguan, China. The group in August proposed a rights issue.
Companies & Markets

First Sponsor raises S$244 million from oversubscribed rights issue

It intends to use net proceeds to fund expansion plans, strengthen financial position and capital base

An artist's impression of First Sponsor's Star of East River project in China. Net proceeds from the rights issue will be used to fund the company's expansion plans.
Companies & Markets

First Sponsor seeks to raise S$283.8 million in convertible perps issue

They will be issued at S$1.08 each on the basis of one Series 3 convertible security for every five existing shares

Artist's impression of First Sponsor's Star of East River project in Dongguan, China. Pre-sales for the group’s China projects remained muted in the six months due to weak market sentiment.
Companies & Markets

First Sponsor H1 net profit climbs 12.4% to S$11.9 million

Revenue is up 27.2%, led by increases from the sale of properties and hotel operations

Located at 194 to 204 Pitt Street, the partially heritage-listed property spans about 3,200 square metres across multiple storeys and a basement.
Companies & Markets

First Sponsor-led consortium buys Sydney property in A$24.7 million deal

The property will be integrated into a redevelopment plan comprising 241 apartments, an upper-upscale hotel, and event space

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