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Daily Archives: 27 Oct 2009

CapitaLand reports 33% on-year drop in Q3 net profit

Posted on 27 Oct 2009 | Comments Off

Property giant CapitaLand said on Tuesday it posted its smallest decline in net profit in a year.

It said its third quarter net profit after tax and minority interests for the period ended September stood at S$281.3 million, down 33 per cent compared to the S$419.4 million earned over the same period last year.

CapitaLand said the decrease was mainly attributed to lower divestment gains this year.

In the third quarter last year, the firm’s profit was boosted by S$441 million due to divestments in properties such as One George Street.

However, compared to the previous quarter, net profit rose by 127 per cent, excluding impairments and revaluations in the April to June period.

Revenue in the third quarter also increased 75 per cent on-year to S$1.04 billion on the back of higher revenue recognition for projects in Singapore, China and Vietnam. Continue reading →

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Business at Marina Bay Financial Centre due to start in Q4 next year

Posted on 27 Oct 2009 | Comments Off

The S$4-billion Marina Bay Financial Centre mega project is on target despite the global downturn. In a year, phase one of the Marina Bay Link Mall under the Centre will be up and running, with tenants moving into the offices above.

Raffles Quay Asset Management (RQAM), who has revealed plans to make the 176,000-square-foot mall a place to “Shop, Dine and Play”, said the response rate has been positive.

“So far, the take up rate has been very good,” said Wilson Kwong, chief executive officer of RQAM. “We are one year away from completion and we are honoured to have 45 per cent pre-commitments for phase one alone, not to mention that the office segments we have also received very good take up rates.”

Since no development can be complete without two favourites amongst Singaporeans – food and shopping – 40 per cent of the mall will be occupied by food and beverage shops, while the remaining will be retail outlets.

The first phase of the mall is scheduled to receive its temporary occupation permit by the second quarter of next year, while the second phase will be ready by the middle of 2012. Continue reading →