The outlook for Singapore’s residential property market remains subdued, although there still are opportunities for well-placed and well-priced developments, according to mainboard-listed Frasers Centrepoint.
“Projects with good locations and pricing continue to have the ability to attract buyers. It is clearly demonstrated by North Park Residences,” said Group CEO Lim Ee Seng at Frasers Centrepoint’s quarterly results briefing on Monday (May 11).
“We do believe in the long-term stability of the Singapore residential market so we will continue to participate, but selectively and opportunistically, in whatever is available in the market.”
For the second quarter ended in March, Frasers Centrepoint posted a net profit of S$143 million. This was more than double when compared to the same period a year ago, thanks to fair value gains of S$44 million from a joint venture.
Revenue for the quarter remained stable at S$442 million.
New revenue streams from Australand and Frasers Hospitality Trust helped to offset lower contributions from other development projects in Australia and United Kingdom.
Looking ahead, Frasers Centrepoint said it will continue growing its portfolio and enhancing assets, with renovation work on Centrepoint mall scheduled to begin later in May.
Source : Channel NewsAsia – 12 May 2015