CapitaLand unit’s Queensland properties affected by floods

CapitaLand’s Australian subsidiary, Australand, said its industrial and residential properties in Queensland have been affected by the floods.

CapitaLand announced in a filing with the Singapore Exchange that the situation for its Australian assets remains uncertain as the clean-up continues, and the full impact is yet to be determined.

Australand’s industrial assets at 44 Cambridge Street and 99 Shettleston Street at Rocklea have been impacted, but the extent of the building damage is still being determined.

However, both the industrial assets have been insured for flood damage, said CapitaLand.

Australand’s Yungaba residential development project at Kangaroo Point has also been affected by the flooding and wet weather.

The residential project’s progress has been hampered but the full impact is still not determined.

First settlements, however, are now expected in the first half of 2012, instead of the previously forecast second half of this year.

Australand’s managing director, Bob Johnston, said the company extends its deepest sympathies to all those affected by the flood, “particularly those impacted by the tragic loss of family and friends”.

The company said it will explore opportunities to contribute to the rebuilding of communities and it has made an initial contribution to relief efforts, such as the Queensland Premier’s Disaster Relief Appeal .

Australand said it will continue to monitor the impact of the Queensland floods and provide further updates where needed.

Source : Channel NewsAsia – 20 Jan 2011

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