Artist’s impression of D1MENSION, a new residential project being developed by CapitaLand in Vietnam. Source: CapitaLand
CapitaLand’s net profit soared 73.8 percent year-on-year to S$430.5 million in the fourth quarter of 2016 due to better operating performance, leading to an 11.7 percent increase in the full-year figure to S$1.19 billion.
On an annual basis, the company’s revenue rose 6.5 percent to S$1.85 billion during Q4 2016, resulting in a 10.3 percent gain in its gross income for the whole year to S$5.25 billion. This was driven by developments in Singapore and China, the commercial portfolio here, and the serviced residence business.
“CapitaLand achieved creditable financial performance in 2016 despite a challenging environment,” said its President and Group CEO Lim Ming Yan.
In 2016, the developer sold a record total of 12,789 housing units. Specifically, it found buyers for 571 residential units in Singapore with a combined value of nearly S$1.42 billion. This is up significantly from the 244 homes valued at S$559 million that were sold in 2015.
It also achieved a second straight year of record residential sales in China, with 10,738 units moved at an overall value of RMB18.1 billion, surpassing the 9,402 flats sold at a total of RMB15.4 billion in 2015.
In Vietnam, a total of 1,480 homes were sold to buyers amounting to S$282.1 million, versus the 1,321 units sold at a combined value of S$226.5 million during the previous year.
“Singapore and China continue to be CapitaLand’s core markets, while we scale up in markets such as Vietnam. In China, we have over 8,000 launch-ready units and expect to hand over 6,000 units in FY 2017,” noted Lim.
Furthermore, the developer expects to complete and start operating a record one million sq m of retail gross floor area in 2017, consisting of five shopping malls and the retail components of the three Raffles City projects in China.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Source : proppertyguru.com.sg/Property Market
Read more…CapitaLand’s Q4 earnings surged by 73.8%
