Singapore’s largest developer CapitaLand saw its net profit jump 71 percent year-on-year to $475.7 million during the fourth quarter of 2018, while revenue rose 34 percent year-on-year to $1.62 billion.
The developer attributed the increase in net profit to “better operating performance, as well as higher gains from asset recycling and revaluation of investment properties”.
For the whole of 2018, revenue and net profit climbed 21 percent and 12.3 percent to $5.6 billion and $1.8 billion respectively.
“CapitaLand has achieved good results amidst a challenging economic and market environment. This achievement is due primarily to our diversified asset base, disciplined approach in asset recycling and capital allocation, and strong operating expertise,” said CapitaLand’s chairman Ng Kee Choe.
Speaking in a Bloomberg interview, CapitaLand’s chief financial officer Andrew Lim said the company does not expect home prices in Singapore to stage a rapid rebound after the government introduced new property cooling measures in July.
Read more here
Join us in Bangkok the 19th to the 21st of March for the Property Portal Watch Conference.