The Horizon Towers saga has taken a new twist, with the thwarted buyers of the Leonie Hill property moving to claim up to $1 billion from the sellers. After the Strata Titles Board (STB) threw out an application for a collective sale order on Friday last week, the buyers of the Leonie Hill development served notice on the sellers yesterday that they are in breach of contract.
Technically, each of the owners of the 173 units who signed off on the deal to sell Horizon Towers en bloc in February is now personally liable for up to $5.78 million. The move also puts the position of the minorities - the owners of the 37 units who opposed the en bloc sale - in doubt. While they are not being sued, the development means they are now no longer assured of keeping their homes.
Things appeared to be going their way when STB ruled on Friday that the collective sale could not go through because certain legal requirements had not been complied with. It is believed that insufficient notices were posted and some documents were not filed.
STB's decision effectively killed the en bloc sale as it stood because it meant the issue could not be resolved to meet the Aug 11 sale deadline. Minorities cheered the outcome - but now the tide could be turning the other way. Allen & Gledhill (A&G), acting for the buyers - Hotel Properties Limited (HPL), Morgan Stanley Real Estate and Qatar Investment Authority - has sent a letter to Tan Rajah & Cheah, representing the sellers.
A&G alleges the sellers are 'in clear breach of their obligation...to file a proper application to the STB which complied with the requirements of the Act'. It wants the sellers to extend the deadline for the completion of the sale by four months and file a fresh application to STB for a collective sale order, or appeal to the High Court to reconsider STB's decision. 'Our client's current estimation is that its loss, if the contract is terminated, is in the region of $800 million to $1 billion,' A&G said.
The buyers agreed to pay $500 million for Horizon Towers' two 99-year leasehold blocks.
The sellers now have until tomorrow to respond. Some 84 per cent of Horizon Towers owners backed the collective sale - more than the 80 per cent requirement - but STB's approval was still needed for the deal to go through.
Source: Business Times, 7 Aug 2007
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The Rochester boasts of highest $1,600 psf
United Engineers has achieved an average price of $1,300 per square foot (psf) after discounts for The Rochester, a 99-year leasehold condo in the one-north precinct. All 366 units sold at $900 to $1,600 psf in benchmark price for District 5. The price - a new benchmark for District 5 - easily exceeds the $900 psf average achieved earlier this year for One North Residences just a stone's throw away.
Sales of The Rochester began on July 16 and all 366 units have been snapped up at prices ranging from $900 to $1,600 psf. UE staff bought about 13 per cent of the units and foreigners, excluding permanent residents, about 10 per cent. Foreigners - including Koreans, Japanese and Britons - bought seven of the nine penthouses. The average price per penthouse was about $6 million. The units were sold through an expression-of-interest exercise.
'We are extremely pleased to have set a new benchmark of $1,300 psf in average price for private property in District 5,' said UE Group's managing director and chief executive, Jackson Yap. The Rochester, designed by Paul Noritaka Tange of Tange Associates, is being developed by a wholly owned subsidiary of UE. The last time the group sold a private residential development in Singapore was more than a decade ago - UE Square at River Valley Road. In two or three months, UE hopes to launch a boutique condo at Balmoral Crescent, in a joint venture with Kajima Overseas Asia.
This freehold development, designed by award-winning SCDA Architects, will comprise about 40 large apartments. The current target price is $2,500 psf on average but this will be finalised closer to the launch, a UE spokesman said. The condo will be developed on the former Balmoral View site that Kajima and UE bought in August last year for $52 million or $733 psf of potential gross floor area including an estimated $7.9 million development charge. The 51,080 sq ft freehold site is zoned for residential use with a 1.6 plot ratio and a 12-storey height limit.
Source: Business Times, 7 Aug 2007
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Pearlbank to cross $750m amidst a more cautious outlook?
Pearlbank Apartments in the Chinatown area has been launched for sale. Knight Frank expects at least $750 million for the site, assuming that the developer can retain the existing GFA in a new project. This reflects a unit land price of $1,445 per sq ft of potential gross floor area including an estimated $137 million the developer will have to pay the state to restore the lease on the 82,376 sq ft site to 99 years from a balance of about 62.
Pearlbank Apartments, next to Pearl's Hill City Park, was built on land sold in 1969 under the Third Urban Redevelopment Authority Sale of Sites programme. It was the first all-housing project built on a URA land parcel. The development has 280 apartments and eight commercial units. Knight Frank says owners representing more than 80 per cent of share values have signed the collective sale agreement. The project has an existing gross floor area (GFA) of 613,530 sq ft, equivalent to a 7.447 plot ratio - higher than the 7.2 designated for the site under Master Plan 2003.
Knight Frank's price expectation of 'at least $750 million' is based on the assumption that the developer can retain the existing GFA in a new project. 'Based on an average unit size of 1,200 sq ft, 500 new apartments can be built on the site,' the firm says. Because of the site's elevation, even lower-level units will have unblocked views of the city skyline, it adds. Developers have until Sept 18 to submit offers.
And on Friday last week, MCL Land said it had bought Dynasty Garden Court 1 in Sixth Avenue for $80 million or $1,160 per square foot of land area. The freehold site is designated for three-storey mixed landed housing. The collective sale was brokered by Credo Real Estate.
In the Killiney Road area, the Mitre Hotel and a two-storey outhouse that sit on freehold land of 39,972 sq ft are expected to fetch about $200 million, or close to $1,800 psf per plot ratio, including an estimated $700,000 development charge. Jones Lang LaSalle is marketing the property, which is being sold by public tender after a court order was made following a dispute among the Chiam family members who own it. The site is zoned for residential use with a 2.8 plot ratio - the ratio of maximum potential gross floor area to land area - and a 10-storey height limit. The tender closes on Sept 12.
Source: Business Times, 7 Aug 2007
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How can US sub-prime trouble dampen demand here?
Stock markets around the region were savaged yesterday as the troubles which started in the US sub-prime mortgage market continued to spread. Singapore STI's 3.7% fall is sharpest among major markets in the Asia-Pacific. The Straits Times Index (STI) fell 127.05 points, or 3.7 per cent, to end at 3,308.99, the lowest since April 19.
In percentage terms, the plunge was the steepest among major stock indices in the Asia-Pacific region, and the STI's biggest one-day fall since Feb 28. Earlier in the day, the index was down as much as 4.1 per cent as the three Singapore-listed banking groups led losses in the blue chips.
The banks came under intense pressure as investors and analysts cast a spotlight on their exposure to sub-prime, or high-risk, property loans in the US through their investments in collateralised debt obligations or CDOs.
These are essentially portfolios of bonds or loans sliced into tranches that give investors in each tranche different rights to the cash flows earned on the underlying debt. By repackaging the debt, CDO issuers can create a wide variety of new securities, ranging from low-yielding, fixed income debt with the safest triple-A credit rating to riskier, equity-type instruments with higher but variable income.
The top-rated tranches in CDOs have been seen as particularly attractive investments in recent years by institutions and wealthy individuals seeking higher yields than those offered by government bonds without too much additional risk. In an unusual move, OCBC Bank issued a statement yesterday afternoon giving details of its CDO holdings and estimated exposure to US sub-prime mortgages (see CDO story, left). Its share price fell 5.2 per cent yesterday to $8.25.
OCBC's larger peers also saw sharp declines in their share prices. United Overseas Bank's share price fell the most, dropping 6.2 per cent to $19.70, while shares in DBS Group ended 4.6 per cent lower at $20.90 each. Since the stockmarket fallout from the US sub-prime market woes began last week, the STI has fallen 6.7 per cent.
Around the region, too, stocks took a battering. The market turmoil followed sharp losses in US equities on Friday amid a slew of bad news there, including massive layoffs by American Home Mortgage Investment - the 10th largest mortgage lender in the US - due to sub-prime mortgage losses, and an employment report showing weaker-than-expected jobs growth.
In Asia, large losses were not confined to stocks in the financial sector. 'Market concern has spread to the broader US economy from the sub-prime issue and investors are re-evaluating their bullish view of exporter stocks,' said Hiroshi Chano, who helps manage US$7.3 billion at Yasuda Asset Management Co in Tokyo, according to Bloomberg. 'Financial shares were also sold on speculation they will be affected.'
The Nikkei-225 index ended 0.4 per cent lower after falling as much as 1.8 per cent earlier in the day. China was the only major Asian market which rose yesterday, with the CSI 300 index finishing 2.3 per cent higher. Hong Kong's Hang Seng Index fell 2.7 per cent, while South Korea's Kospi index lost 1.2 per cent. In South-east Asia, the Kuala Lumpur Composite Index ended 3.3 per cent lower, while key indices in Thailand, Indonesia and the Philippines lost 2.6-3.6 per cent.
European stock markets also got off to a weak start. London's FTSE-100 index was down 0.7 per cent at 10am in the UK.
Source: Business Times, 7 Aug 2007
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Foreign property investors feel the brunt of China's grip
China is tightening its grip once more on foreign investors in Chinese real estate, banning them from borrowing offshore in the latest effort to tame property prices and cool the economy. The new rule, set out in a circular from the State Administration of Foreign Exchange (Safe), could squeeze foreign investors who take advantage of lower interest rates outside China.
Some may find it especially difficult to fund projects as Beijing has told its banks to cut back on loans for the construction industry. The central bank ordered Chinese banks to stop lending for land purchases as far back as 2003. Property funds operating in China tend to borrow to fund at least 50 per cent of a project's value. The circular, which the currency regulator sent to its local branches in early July but has not yet published on its website, also increases red-tape for foreign property investors.
Investors seeking to bring capital into China to set up a real estate company must now go through a lengthy process of lodging documents with the Ministry of Commerce in Beijing - not just with local branches of the ministry. 'What we mean is very clear: First we are targeting foreign real estate firms that are illegally approved by local governments,' a Safe official said.
China has applied a raft of measures to rein in property investment, including interest rate rises and rules to discourage construction of luxury homes. Some steps have specifically targeted foreign investors, who account for less than 5 per cent of total investment in the property sector. Foreign investors must now secure land purchases before setting up joint ventures or wholly owned foreign enterprises in China.
However, funds such as those run by global players ING Real Estate, Morgan Stanley and others are pouring more money than ever into China to tap a middle class hunger for new homes and rising capital values. China's urban property inflation rose to 7.1 per cent in June from 6.4 per cent in May.
Source: Reuters, 7 Aug 2007
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Ascendas bolsters its China funds by $1.4b
Singapore business-park developer Ascendas said on Tuesday that it was establishing two funds that would invest up to $1.4 billion ($924 million) in China. Ascendas, part of Singapore state-owned industrial landlord JTC Corp, said its China Industrial & Parks Fund would invest up to $600 million in warehouses and business parks while its China Commercial Fund would plough up to $800 million into commercial buildings in major Chinese cities.
'Investors in the two funds include a good mix of established Singapore and global institutional investors,' it said in a statement. Ascendas, which controls Singapore business-park trust Ascendas Real Estate Investment Trust , this month listed Ascendas India Trust , a property trust based on Indian business parks.
Source: Reuters, 7 Aug 2007
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The Majestic expected to fetch in excess of $43m
Five adjoining projects in Mergui/ Thomson area up for collective saleCATHAY Realty has put The Majestic in the Chinatown area up for sale. And marketing agent Knight Franks expects to receive offers in excess of $43 million for the three-storey restored freehold conservation building.
Over in the Mergui/Thomson road area, Credo Real Estate is marketing five adjoining freehold projects for joint collective sale. The properties are Norfolk Court, Mergui Lodge, Northern Mansion, Mergui Court and The Mergui. 'The developments have land areas ranging from 10,061 sq ft to 18,524 sq ft,' said Credo Real Estate executive director Yong Choon Fah. 'But upon amalgamation with one another, along with some remnant state land (of about 20,000 sq ft) in between and adjoining them, the developer could potentially build on an aggregate land area of 93,355 sq ft.' Under Master Plan 2003, the site is zoned for residential development with a 2.8 plot ratio. Based on the height control for the site, the developer should be able to build up to 30 storeys, Credo reckons.
'The indicative price range for the five plots combined is between $115 million and $125 million,' MsYong said. 'Some $474,000 is payable as development charges (DC). Including DC and land premium for the state land, if an approval is granted for their alienation, the indicative price range reflects $488 psf per plot ratio to $526 psf ppr. Based on this range, the developer should be able to break even at about $800 psf to $850 psf (for a new project on the site). 'Norfolk Court comprises 20 units, Mergui Lodge nine units, Northern Mansion 18 units, Mergui Court 23 units and The Mergui 18 units. More than 80 per cent of the owners by share value in four of the five projects have agreed to the sale. At the last project, consent from two more owners is needed to cross the 80 per cent mark, said Credo. As a result, marketing is by way of an expression-of-interest exercise that closes on Sept 3.
The Majestic is being marketed through a tender that closes on Sept 13. The property has a gross floor area of 42,181 sq ft and a site area of 15,666 sq ft. It is suitable for use as shops and food outlets. The Majestic's rich and colourful history dates back to the 1920s. Eu Tong Sen, a wealthy tin miner and rubber planter from Perak, built it in 1927 on a whim for his wife, an opera fan. 'Then known as Tin Yin Moh Toi or Tin Yin Dance Stage, it attracted glamorous opera stars from China, who performed to capacity audiences,' said Knight Frank. 'Some of them came especially to perform and raise money for China's war against Japan.'
Source: Business Times, 2 August 2007
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New accounting rule for Property firms
A new accounting rule has put frowns on the faces of some property companies here, as it could mean slimmer bottom lines for them from this financial year. From Jan 1 this year, companies have had to comply with a new accounting standard for their investment properties - broadly defined as properties held to earn rent or capital appreciation or both. But what some don't know is that there is a related tax element that is set to eat into earnings.
Property companies are expected to be the most affected, because they have extensive portfolios of investment property. The issue stems from this year's adoption of Financial Reporting Standard (FRS) 40. It says that companies who choose the fair value method of accounting for their investment properties will have to take any changes in the fair value of an investment property held to their profit and loss account. This is instead of taking the gain or loss to a revaluation reserve in the balance sheet, as previously allowed. This means, an upward revaluation of investment property will add to the bottom line, while a downward revaluation will whittle down earnings.
Companies are familiar with this new standard, but a debate is now raging about a related tax effect that comes with this new accounting treatment. Some accountants believe that, according to another standard already in place - FRS 12, on income taxes - companies should account for the tax that is payable on any increase in the fair value of investment property. The logic is that an increase in the fair value of the property represents an expected increase in the future rental stream and/or proceeds from the ultimate disposal of the property.
And with FRS 40 saying that revaluation gains should be taken to the income statement, some are arguing that it is only right that the deferred tax payable is also taken to the income statement. While there won't be any actual tax paid, the sum will be recognised as an expense in the books from this year on. The impact could be significant, with property prices soaring as much as they have this year - it will mean substantial revaluation gains for most property firms, and also substantial deferred tax provisions.
But property companies and some accountants don't agree with this treatment. CapitaLand's group chief financial officer, Olivier Lim, says: 'Where there is no expectation of a tax liability payable now or in future, it would be inappropriate to book a liability.' Some feel that since gains from the sale of properties are not taxed even when the property is sold - because there is no capital gains tax - the deferred tax shouldn't even be reflected in the accounts. Some accountants - and property companies like City Developments - also worry that the new suggested treatment would distort financial accounts unnaturally.
Source: Business Times, 2 August 2007
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Government will not cool property market but will "keep a close eye"
The government does not seem inclined to roll out measures to cool the property market - at least in the near future. 'We prefer to let market forces work,' Minister of National Development (MND) Mah Bow Tan said yesterday. It was the government's clearest response yet to recent market talk that cooling measures could be in the works.
On the sidelines of MND's inaugural Joint Scholarship Presentation Ceremony yesterday, Mr Mah was asked if the government was likely to announce measures to cool the property market. He said: 'We will try to avoid interfering in the market if we can.' While the government is mindful of maintaining Singapore's price competitiveness, it prefers to do this by keeping supply ready and by keeping the market better informed.
To this end, the Urban Redevelopment Authority (URA) recently released median rentals for residential, office and retail sectors. Along with the new monthly data on developers' sales numbers and prices, the median rental data is expected to alleviate fears that property prices are spiralling out of control. Mr Mah added: 'The data shows that property is still affordable and not as high as the headline numbers in media reports.'
In the data that was released by URA last week, sub-sale numbers had also increased considerably from 749 in Q1 to 1,254 in Q2. But this is still sustainable. 'If you look at the numbers, it's a long distance from (the previous peak of) 1996,' Mr Mah pointed out.
It will not, however, be entirely laissez-faire as far as prices go.
One of the government's chief concerns now is maintaining price competitiveness with other Asian capitals like Hong Kong and Tokyo. Mr Mah said that the government was confident of 'moderating prices'. He added: 'We will push out supply (of land) if there is a need. The government will keep a close eye,' he stressed.
But again, Mr Mah tempered this comment by saying that the number of sites on the current Government Land Sales programme was adequate. There will be a supply crunch in the residential sector in the short term, Mr Mah said, and reiterated that the government would look at interim measures to alleviate this.
The Housing and Development Board (HDB) already said last week that it would offer about 120 flats selected for Selective En-bloc Redevelopment Scheme (Sers), but not redeveloped yet, to the public in the short term. If these prove popular, Mr Mah said that, 'there are a few thousand units under the Sers programme that are not ready for redevelopment yet'. DBS Vickers analyst Wallace Chu said he was 'comforted somewhat' by Mr Mah's comments. 'At least a direction is set,' he added.
Source: Business Times, 31 July 2007
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Three CBD office projects given URA approval in Q2
A slew of projects were granted provisional permission in Q2, according to latest Urban Redevelopment Authority statistics. These include a business park development of 215,000 square foot gross floor area (GFA) for Eurochem Corporation at International Business Park (IBP) in Jurong East, and several new office projects in the CBD - including redevelopment of Afro-Asia Building on Robinson Road (which was once the headquarters of Nanyang Siang Pau), Asia Chambers at McCallum Street, and Marina House at Shenton Way.
Eurochem's business park project at IBP is expected to have about 180,000 sq ft net lettable area. Eurochem is expected to occupy part of the space, while the rest could be leased out. Allowed uses include data processing and backroom offices of banks. The company will be developing this on a site that it bought from JTC Corp on an initial 30-year lease term with an option to renew for a further 22 years, BT understands. The three CBD office projects granted provisional permission by URA in Q2 can generate about 480,000 sq ft GFA of offices. Hong Leong Group obtained provisional permission to redevelop Marina House at Shenton Way into a new office project with about 199,455 sq ft GFA of offices. Afro-Asia Shipping Co Pte Ltd received URA's nod to tear down its Afro-Asia Building on Robinson Road (with an MPH store at street level) and redevelop the site into a new project with about 121,100 sq ft GFA offices and 1,399 sq ft of shop space.
Assuming redevelopment work begins early next year, the redeveloped building could be ready around early 2010. The current owner bought it in the late 1960s. The site has a land area of about 16,000 sq ft and has a remaining lease of about 45 to 46 years. Work on redeveloping Asia Chambers at McCallum Street is expected to begin in August. Owner TM Asia Insurance Singapore Ltd - part of the Tokio Marine & Nichido Fire Insurance Co group - will build a new 19-storey office project with about 161,000 sq ft GFA offices. The net lettable office space could be about 110,000 sq ft, of which around half or so is expected to be occupied by the group, which currently operates out of leased premises at Fuji Xerox Towers on Anson Road. Tokio Marine's project, which is slated for completion in late 2009, will see a chunk of the building's street level space devoted to public spaces with trees, other greenery and sitting areas to serve as a meeting point in the location.
URA also granted provisional permission for several hotel projects in Q2, such as a 355-room hotel on Clemenceau Avenue/Unity Street to be developed by Hong Kong's Park Hotel Group); and a 90-room facility at Fullerton Square granted to Sino Land subsidiary Precious Quay Pte Ltd. The latter project also includes about 26,700 sq ft GFA of retail space. In May this year, URA temporarily banned conversion of office use in the Central Area to other uses until December 2009 to curb further depletion of the existing office stock on the island. Even prior to that announcement, though, the trend had changed, with some owners of ageing CBD office blocks considering redeveloping their premises into office blocks, instead of the earlier trend of going for apartments, on the back of rising CBD office values.Nonetheless, the redevelopment of these properties into bigger new office projects will worsen the office crunch in the short term while they are being redeveloped, say market watchers.
Source: Business Times, 31 July 2007
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Lucrative site next to AMK MRT likely to be bidded above $500 psf
A plum 99-year leasehold condo site opposite Ang Mo Kio MRT Station could fetch bids of over $500 per square foot (psf) of potential gross floor area, say market watchers. This is at least 65 per cent higher than the minimum offer price of $302 psf of potential gross floor area received by Housing & Development Board for the reserve list site.
The plot, right next to the AMK Hub, can be developed into a new condo with 337,408 sq ft maximum gross floor area, enough for a condo with about 280 to 300 apartments averaging 1,200 sq ft, according to Knight Frank director Nicholas Mak. He expects the site to fetch top bids of about $480 to $530 psf per plot ratio in the current bullish market, but given its prime suburban location, is not discounting bids of $550 psf ppr or even higher. 'This is one of the best residential sites in the second half 2007 Government Land Sales Programme. On a scale of 1 to 10, I would rate it 8 or 9,' Mr Mak says. Assuming the site sells for $510 psf ppr, the breakeven cost for a new condo works out to around $800 to $820 psf. If the developer wants a minimum 10 per cent profit margin, he would be eyeing an average selling price of around $900 psf. The developer can count on a huge pool of upgraders given that Ang Mo Kio is a mature HDB estate, Mr Mak reckons.
CB Richard Ellis executive director Li Hiaw Ho, who is predicting the winning bid to be above $400 psf ppr, and a selling price of around $800-900 psf for the new condo units that will be built on the site. 'This should be achievable if the residential market continues its current performance, by the time the project is ready for launch in mid-2008,' he added. CBRE said that in the June/July period, units at Grandeur 8 condo a short distance away changed hands at $570 to $620 psf in the secondary market, while over at Bishan 8 condo, apartments have changed hands at around $800 psf.
Source: Business Times, 31 July 2007
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As expected, CapitaLand earns record profits
Singapore's biggest property company CapitaLand said Tuesday its second quarter net profit more than quadrupled to a record S$912.6 million (US$604.37 million) on the back of robust sales and valuation gains in its business portfolio.
The Singapore property developer, also ranked the largest in Southeast Asia, said for the six months to June it earned a record net profit of S$1.5 billion, up more than five times the year-earlier S$286.7 million. "The exceptional performance was achieved on the back of fair value gains in respect of the investment properties portfolio, higher profits from development projects and higher portfolio gains," CapitaLand said in a statement.
Revenues were boosted by higher sales at its development projects in China and CapitaLand expects overseas markets to remain the drivers of future growth. "Going forward, the group's prospects will be underpinned by our expanding overseas geographic footprint, even as we seek opportunities in Singapore's firm property market," said president and chief executive Liew Mun Leong. "We will be focused as a major developer of residential, retail, commercial and integrated developments and rapidly extend our lead in the serviced residences business," he said. CapitaLand said overseas revenues accounted for almost 70 percent of total sales in the first half of the year, compared with nearly 65 percent in the same period in 2006. - AFP/ir
Source: Channel News Asia, 31 July 2007
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CapitaLand Q2 net profit up near six-fold
CapitaLand , Southeast Asia's biggest developer, on Tuesday posted a nearly six-fold surge in second-quarter net profit on the back of strong home sales in Singapore and China. Like Singapore's other big property developers -- Keppel Land and City Developments -- CapitaLand has benefitted from a surge in prices in the city-state's real estate market.Office rents have risen 46 percent in the past 12 months in Singapore, beating increases in rival financial centres such as Tokyo and Hong Kong, while prices for private homes have risen to the highest level in nearly a decade.
The firm, partly owned by Singapore state investment firm Temasek Holdings , saw its net profit rise to its highest ever of S$912.6 million ($603.2 million) in the April-June quarter, up from a restated S$157.2 million in the same period a year ago. "The exceptional performance was achieved on the back of fair value gains in respect of the investment properties portfolio, higher profits from development projects and higher portfolio gains," it said in a statement.
Quarterly revenue rose 21 percent to S$935.6 million.
CapitaLand has in the past earned up to 80 percent of its profits abroad, but Singapore accounted for 69 percent of its pre-tax profit in the first half of 2007. The developer said divestment gains as well as higher fee income from its real estate investment trust (REIT) subsidiaries -- CapitaMall Trust , CapitaCommercial Trust and CapitaRetail China -- also contributed to its highest ever quarterly net profit. CapitaLand, which earned S$1.5 billion net profit in the first half, said its finance costs rose 32 percent in the second quarter mainly due to higher gross debt and rising interest rates. CapitaLand shares, which closed Monday at S$7.25, have risen 17 percent this year to outperform rival City Developments' 15 percent gain. Singapore's property stock index has risen 27.6 percent this year.
Source: Reuters, 31 July 2007
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1 comment:
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