{"id":21921,"date":"2016-08-04T11:48:24","date_gmt":"2016-08-04T04:48:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitalands-net-profit-sinks-36-6-in-q2\/"},"modified":"2016-08-04T11:51:50","modified_gmt":"2016-08-04T04:51:50","slug":"capitalands-net-profit-sinks-36-6-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitalands-net-profit-sinks-36-6-in-q2\/","title":{"rendered":"CapitaLand\u2019s net profit sinks 36.6% in Q2"},"content":{"rendered":"


\nArtist\u2019s impression of Cairnhill Nine in Singapore. Source: CapitaLand
\nProperty giant CapitaLand has reported a net profit drop of 36.6 percent to S$294 million in Q2 2016, due to lower fair value gains from revaluation of properties, partially mitigated by improved operating performance.
\nHowever, group revenue rose 9.7 percent to S$1.131 billion on higher contributions from development projects in China and Singapore, as well as higher rental income from its serviced residence business and higher contribution from its CapitaGreen office development.
\nResidential sales that contributed to the group\u2019s higher revenue during the quarter included Cairnhill Nine in Singapore, The Paragon in Shanghai and Vermont Hills in Beijing.
\nLaunched in March this year, the Cairnhill Nine development in the Orchard area has sold 78 percent, or 208 of the total 268 units to date.
\nDespite the muted residential market in Singapore, CapitaLand found buyers for 304 homes during the first half of 2016, or nearly three times the 106 units sold during the same period last year.
\nThe developer recently opened a private preview for Victoria Park Villas, a 109-unit cluster housing development at Coronation Road, to gather interest from prospective buyers. At a results briefing on Thursday, Wen Khai Meng, CEO of CapitaLand Singapore, said there are plans to officially launch the project after the Ghost Month.
\nIn China, the group sold 6,273 homes in the first six months of the year, up 50 percent over the same period last year. For the second half of 2016, CapitaLand has more than 3,000 launch-ready units.
\nIt will also start handing over around 9,000 sold units with a total value of about RMB13 billion (S$2.6 billion). CapitaLand noted that at least 60 percent of the said value is expected to be recognised in H2 2016.
\nOverall, the group has already sold more than 7,000 homes this year with a total sales value of nearly $2.62 billion.
\nLooking ahead, CapitaLand President and Group CEO Lim Ming Yan, said: \u201cWe will maintain our focus on our core markets of Singapore and China and the growth markets of Vietnam and Indonesia, as well as our serviced residence global platform.
\n\u201cIn addition to capital recycling and portfolio optimisation, we will also leverage our fund management platform and management contracts to grow our assets under management.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CapitaLand\u2019s net profit sinks 36.6% in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of Cairnhill Nine in Singapore. Source: CapitaLand Property giant CapitaLand has reported a...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-21921","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5Hz","jetpack-related-posts":[{"id":71242,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-profit-up-28-1-in-q3\/","url_meta":{"origin":21921,"position":0},"title":"CapitaLand profit up 28.1% in Q3","date":"November 8, 2017","format":false,"excerpt":"\r Funan Mall redevelopment that cost $560m, targeted to be completed in Q4 of 2019. (Photo: Capitaland) CapitaLand saw its net profit for the third quarter of 2017 increase 28.1 percent to $317 million from $247.5 million over the same period last year. It attributed the hike primarily to fair\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33711,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-q3-net-profit-up-28-to-247-5-million\/","url_meta":{"origin":21921,"position":1},"title":"CapitaLand Q3 net profit up 28% to $247.5 million","date":"November 10, 2016","format":false,"excerpt":"\r Earnings grew on higher contributions from its residential business in China and Singapore. (Photo: CapitaLand) Property developer CapitaLand posted a total net profit of $247.5 million in the third quarter of 2016, up 28.4 percent from $192.7 million in the previous year, on the back of better operating performance.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8201,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/strong-indonesian-interest-for-cairnhill-nine\/","url_meta":{"origin":21921,"position":2},"title":"Strong Indonesian interest for Cairnhill Nine","date":"March 4, 2016","format":false,"excerpt":"\r Artist\u2019s impression of CapitaLand\u2019s latest development at Cairnhill. A significant number of condo units have been reserved at the 268-unit Cairnhill Nine development in the Orchard area, after its developer CapitaLand held a VIP preview in Jakarta on 20 to 21 February, reported The Business Times. Potential buyers deposited\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8148,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/solid-weekend-sales-at-the-wisteria-cairnhill-nine\/","url_meta":{"origin":21921,"position":3},"title":"Solid weekend sales at The Wisteria, Cairnhill Nine","date":"March 14, 2016","format":false,"excerpt":"\r Cairnhill Nine drew a strong response during the VIP preview and official launch. (Photo: CapitaLand) Two newly launched private residential projects reported brisk sales over the weekend, an indication that units within integrated developments remain popular despite the lacklustre housing market. The Wisteria in Yishun sold more than 80\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62675,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-q2-profit-soars-97-amid-revaluation-gains-divestments\/","url_meta":{"origin":21921,"position":4},"title":"CapitaLand Q2 profit soars 97% amid revaluation gains, divestments","date":"August 3, 2017","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123185,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cairnhill-16-to-open-for-preview-on-saturday\/","url_meta":{"origin":21921,"position":5},"title":"Cairnhill 16 to open for preview on Saturday","date":"November 12, 2021","format":false,"excerpt":"\r Cairnhill 16 will launch on 27 November 2021, with\u00a0unit sizes ranging from 775 sq ft to 1,744 sq ft on sale. Source:\u00a0TSky Cairnhill 16,\u00a0a 39-unit luxury hilltop development in prime District 9, will open for preview on Saturday (13 November), while the official sales launch is set for 27\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/Cairnhill-16-.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21921"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=21921"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21921\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=21921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=21921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=21921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}