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Overall Review
In March 2007, the Metro Group’s Property division marked the completion of the jointly developed Metro City, Beijing, with the soft opening of the retail mall. Earlier in January 2007, Gurney Park’s G Hotel opened its doors for its first guests. Meanwhile, the division continued to operate two retail/leisure malls, Metro City in Shanghai and Gurney Plaza in Penang as well as two office properties, Metro Tower in Shanghai and GIE Tower in Guangzhou.
The property division’s turnover rose from $35.3
million to $35.9 million on the back of higher rental
income of Metro City, Shanghai. Profit before tax
fell from $148.8 million last year to $68.7 million, as
last year included exceptional gains of $118 million
arising from the disposal of the Group’s investment
in 30% of the fixed income junior debt securities and
preference shares issued by the special purpose
vehicle that held the 27% interest in Ngee Ann City.
For the current year, an exceptional gain of $29.1
million was recognised on the sale of part of
the Group’s holdings in Shui On Land Ltd.
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The Metro Card privileges are not applicable for online purchases of
Metro Gift Vouchers / Metro Gift Cards.
Free delivery for nett purchase of S$100 and above. Our hotline is
open from Monday to Friday, 9am-12:30pm, 1:30pm-6pm, except on public holidays.
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