Friday, March 15, 2013

Savills enjoys record growth, boosted by Asia

Mar 15, 2013 -

Property firm Savills posted robust 2012 results, driven by its strong footing in the UK and a record year in Asia Pacific, reported The Telegraph.

The UK-based consultancy saw a 36 percent rise in pre-tax profit at £54.2 million (S$102.06 million) last year, backed by revenue growth which hit an all-time high of £806.4 million (S$1.51 billion). Performance was boosted by its booming Asia Pacific business, which grew 18 percent to £32.6 million (S$61.39 million).

Meanwhile, Asia Pacific nations, especially mainland China and Hong Kong have become attractive destinations for property investment.

But the latest measures by China's government is expected to impact trade in late-2013, Savills warned.

“In Asia, whilst we anticipate that the most recent in a succession of control measures imposed in mainland China and Hong Kong will have an impact on transaction volumes towards the second half of the year, the medium and long term characteristics of these markets remain compelling,” said Jeremy Helsby, CEO of Savills.

Another trend pointed out by Savills is the ongoing popularity of London's office market, especially for investors looking at a safe haven to place their money, which contributed to an 11 percent profit growth for the firm.

At the same time, Savills’ businesses in continental Europe including Sweden, Italy and Germany incurred losses due to the weak economy and Eurozone crisis.

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

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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