The outlook for the private housing market remains muted, although there are still opportunities for well-priced and well-placed developments, revealed Frasers Centrepoint and reported in the media.
Group CEO Lim Ee Seng noted that projects with good pricing and location continue to attract buyers as demonstrated by North Park Residences, its latest residential development in Yishun.
“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,” he said during the company’s quarterly results briefing on Monday.
In Q2 ended-March, Frasers Centrepoint saw its net profit grow more than double from last year to $143 million, primarily due to fair value gains of $44 million from a joint venture. Revenue held firm at $442 million.
But revenue from its property development segment fell 41 percent to $91 million, due to lower contribution from Singapore developments and the tapering off of revenue recognition from the Riverside Quarter project in the UK.
Looking ahead, the group plans to continue to grow its business and asset portfolio in a balanced manner across geographies and property segments, it said in a statement.
In Singapore, Frasers Centrepoint will selectively acquire sites to replenish its landbank.