SOUTH-EAST Asia's largest property developer, CapitaLand, saw its third-quarter profit fall by 26 per cent as slowing economic growth continues to hurt demand for homes in Singapore, China and Australia. Net income fell to $419.4 million, from $563.9 million a year earlier, CapitaLand said in a statement yesterday. Revenue declined 33 per cent to $597.2 million. "The fundamentals in the group's core...
Capitaland
Southeast Asia's largest property developer CapitaLand posted a 26 per cent drop in third quarter net earnings over a year ago. Net profit came in at S$419.4 million due to lower sales. Revenue in the three months ended September also fell by some 33 per cent to S$597 million. For the year-to-date, net profit hit S$1.18 billion, down from S$2.08 billion in the same period last year. CapitaLand said it...
CAPITALAND, Singapore's largest real-estate developer by assets, will hold back on investments until the global credit crisis shows signs of bottoming, said chief executive officer Liew Mun Leong. CapitaLand is evaluating opportunities to invest about $4 billion of cash and will wait for signs that the rout in financial markets is nearing an end, Mr Liew said. The developer has invested about half of the...
CapitaLand residential projects in Bahrain and Abu Dhabi have attracted S$1 billion in sales since June 2008. The projects were taken up by a mix of individual and corporate parties. CapitaLand has two major projects in the Gulf Cooperation Council region – Rihan Heights, which is part of the landmark Arzanah integrated development in Abu Dhabi, and its first Raffles City integrated development in...
OLLOWING asset sales in China and Malaysia, CapitaLand yesterday said it has sold the Somerset Orchard serviced residence to OG Pte Ltd for $100 million in cash. The real estate group expects to book a gross gain of $43 million from the sale of the 88-unit block, which has acarrying value of $57 million. The property was owned by CapitaLand's serviced apartment subsidiary, the Ascott Group, which will...
The Ascott group, wholly-owned by CapitaLand, has sold the 88-unit Somerset Orchard serviced residence for S$100 million. The sale to OG Private Limited translates to some S$1,530 per square foot. With a carrying value of S$57 million, CapitaLand is expected to recognise a gross gain of about S$43 million from the deal. After the sale, Ascott will continue to manage the serviced residence for 15 years,...
Property developer CapitaLand is selling its Capital Tower Beijing office tower for US$352 million. It declined to name the buyer, except to say it is a Fortune 500 company, which is looking to set up a corporate headquarters in Beijing. CapitaLand intends to use the funds to reinvest in other opportunities in China. It will also recognise a gain of about US$115 million. The developer said it received...
CapitaLand is going to inject four of its Raffles City-branded integrated developments into its Raffles City China fund. The US$1 billion real estate private equity fund will acquire CapitaLand's 55.9 per cent stake in Raffles City Shanghai. It will also take over 100 per cent of Raffles City Beijing, Raffles City Chengdu and Raffles City Hangzhou. CapitaLand is expected to receive a total consideration...
Mass market take-up rate still good despite slowdown in luxury sector There are still signs of life in the mass housing market, despite signs that the luxury sector is flattening out, according to the head of Singapore’s biggest developer. “The outlook for Singapore residential prices will probably be very flat,” saidMr Liew Mun Leong, chief executive of CapitaLand. “The mass market take-up rate...
Singapore developer CapitaLand is seeing strong response for its high-end luxury residential units at Raffles City Bahrain. When completed in 2010, the Raffles City Bahrain integrated development will include three residential towers, landscaped sky villas, and high-end retail outlets. CapitaLand said that about 80 per cent of the units in one of the residential towers have been booked within three weeks...