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Stocks to watch: Perennial, Straco, Frasers Centrepoint
PERENNIAL Real Estate Holdings: The company has entered into a joint venture with Shangri-La Asia to develop a prime integrated mixed-use development in Accra, Ghana worth US$250 million. The property developer will first acquire a 55 per cent stake of the site in the Ghanaian capital from owner Shangri-La Asia. It will pay the hotel chain group US$15.2 million on a willing-buyer willing seller basis. The development is expected to be completed in 2019.
Straco Corporation: It has posted first-half earnings of S$20.3 million. Its second-quarter 2015 net profit grew 25.6 per cent year on year to S$10.5 million on the back of contributions from the Singapore Flyer to S$8.9 million in revenue and S$2.6 million in profit before tax.
Frasers Centrepoint: The company has bought a serviced-residence property in Dalian for 481.4 million yuan (S$107 million). This brings its portfolio in China to 30 properties with more than 7,000 keys by 2019.