Saturday, February 23, 2013

CapitaLand outlook positive despite profit fall

Feb 22, 2013 -

Property developer CapitaLand achieved revenue of S$3.3 billion for FY2012, up 9.3 percent from a year ago. But net profit fell 12 percent in the period to S$930.3 million due to lower revaluation and portfolio gains as well as higher impairments.

Despite lower profits, the firm sold 681 residential units for the year in Singapore with revenue coming mainly from The Interlace, Urban Resort Condominium and Sky Habitat. 

Meanwhile, CapitaLand continues to report strong sales despite the additional cooling measures introduced last month.

A total of 395 units were sold as of 15 February 2013 compared to 422 units during the second half of last year. According to the developer, the strong showing was driven by incentive schemes. 

“We are still looking at some incentive schemes to boost sales,” said CapitaLand’s Group CEO Lim Ming Yan, but added that if the recent pick-up in new home sales continues, “incentives would probably be revised”.

Earlier reports by PropertyGuru revealed that many developers were offering incentives in the form of discounts and rebates to maintain interest from buyers.

Moving forward, CapitaLand has projected a pipeline of 2,800 units to be launched in sought-after locations in Singapore.

Added Lim: “CapitaLand believes that strong economic fundamentals and a growing population will underpin continued demand for new homes in Singapore. The unveiling of additional MRT lines in Singapore will present opportunities for new developments near these MRT stations.”

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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