MAINBOARD-listed property investment company Chuan Hup announced that its associated company has received approval from the Australian authorities to develop a 32-level residential tower in a prime area in Perth.

MAINBOARD-LISTED property investment company Chuan Hup Holdings was back in the black in the second quarter, according to unaudited results released on Friday.

CHUAN Hup Holdings on Friday said its subsidiary Ventrade Australia and associate Finbar Group have formed a joint venture (JV) company to acquire a 1,697 square metre land parcel in Perth for about A$6.5 million (S$6.1 million) and develop it.

THE following companies saw new developments that may affect trading of their shares on Friday:

THE following companies saw new developments that may affect trading of their shares on Friday:

CHUAN Hup Holdings on Thursday posted a net loss of US$26.4 million for the financial year ended June 30, widening from US$913,000 a year ago.

CHUAN Hup Holdings shares surged at the start of trading on stronger-than-usual turnover on Thursday.

SHARES in Chuan Hup Holdings were on a tear in Thursday's early session following a proposed special dividend of nine Singapore cents per share for when the company disposes of its stake in PCI Limited.

CHUAN Hup Holdings is acquiring several office units at The Central at 8 Eu Tong Sen Street for around S$42.01 million.

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