SLA’s FY08/09 operating income down 8% to $92.5m

SLA’s FY08/09 operating income down 8% to $92.5m

The Singapore Land Authority’s operating income fell 8 per cent to $92.5 million (US$66.0 million), from $100.9 million a year ago, its latest annual report says.

SLA now manages a total estimated gross floor area of 4.03 million square metres (sq m) of state properties, up from last year’s 4.02 million sq m. This translated into an occupancy rate of 86 per cent, one percentage point down from a year back, but the same as FY06/07’s occupancy rate.

Fewer instruments and caveats were lodged for public (HDB) and private properties’ transactions. A lower volume of 342,624 was recorded this year, down from last year’s 537,629. Again, this is similar to FY06/07’s levels.

The utilisation rate of State land hit a 4-year high in FY08/09 of 79 per cent, up from last year’s 77.8 per cent.

SLA also opened up and further improved a total of 317 free-to-use State land sites islandwide (the equivalent of 920 football fields). This was an increase from 284 sites last year.

Income from SLA’s Survey Services increased by 18 per cent, owing to higher volumes of HDB and private strata lots.

Source : Business Times – 8 Oct 2009