03 Aug '17, 3am

CapitaLand Q2 profit soars 97% amid revaluation gains, divestments

Victoria Park Villas is one of the development projects that contributed to its Q2 revenue. (Photo: Christopher Chitty) CapitaLand saw its net profit surge 97 percent to S$579.3 million in Q2 2017, thanks to higher revaluation gains and divestments. Revenue fell 12.3 percent to S$992.4 million from the previous year, primarily due to lower contribution from Singapore development projects, but partially mitigated by higher contribution from China development projects and higher rental income from newly acquired properties. Development projects that contributed to this quarter’s revenue include Singapore’s Victoria Park Villas as well as Summit Era in Ningbo and Beaufort in Beijing, China. In a release, the group revealed that it has divested S$2.37 billion worth of assets to date while deploying “S$2.04 billion to higher yielding ventures across various asset types and geog...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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