{"id":22243,"date":"2016-08-08T09:40:43","date_gmt":"2016-08-08T02:40:43","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/frasers-centrepoints-q3-net-profit-falls-15-1-on-lower-development\/"},"modified":"2016-08-08T09:46:15","modified_gmt":"2016-08-08T02:46:15","slug":"frasers-centrepoints-q3-net-profit-falls-15-1-on-lower-development","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/frasers-centrepoints-q3-net-profit-falls-15-1-on-lower-development\/","title":{"rendered":"Frasers Centrepoint\u2019s Q3 net profit falls 15.1% on lower development"},"content":{"rendered":"


\nArtist\u2019s impression of Parc Life EC in Sembawang.
\nFrasers Centrepoint Limited (FCL) saw its net profit for the third quarter ended 30 June 2016 drop 15.1 percent to S$154 million, while revenue fell 32.5 percent to S$682.1 million.
\nThe group attributed the declines to lower contributions from its development portfolio in Singapore, Australia and China. They were, however, partially mitigated by the recognition of profits from the Twin Fountains executive condominium (EC) project following its completion, new income streams from the acquisition of a British-based hotel chain in 2015, as well as the group\u2019s share of profits from an associate in Thailand.
\n\u201cThis quarter\u2019s results continued to attest to the importance of FCL\u2019s drive to achieve sustainable earnings by growing income from recurring as well as overseas sources,\u201d said FCL Group CEO Lim Ee Seng.
\n\u201cAmid the tapering off of contributions from Singapore development projects, coupled with timing differences in completions of overseas projects, the role of our recurring income base in providing stability and mitigating the impact of lumpy completion timelines has been clearly demonstrated,\u201d he added.
\nOn a nine-month basis, FCL posted a 26.5 percent drop in net profit to S$375.9 million, while revenue slid 10.8 percent to S$2.251 billion.
\nLooking ahead, the group revealed that Singapore will continue to be its home market even as the residential market here continues to face headwinds.
\nIn fact, the group recently launched Parc Life EC in April, and is working towards the launch of a private condominium project at Siglap Road in 2017.
\nIn China, FCL\u2019s residential developments continue to be well-received, with 97 percent and 47 percent of the 575 and 278 units launched in FY2015\/2016 at Gemdale Megacity\u2019s Phase 3B and 3A, respectively, sold.
\nThe group\u2019s residential business in Australia, on the other hand, sold 2,090 out of the 2,575 units released for sale during the nine-month period to 30 June. FCL plans to release a further 1,175 units across the country in the final quarter of FY2015\/2016.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Frasers Centrepoint\u2019s Q3 net profit falls 15.1% on lower development<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of Parc Life EC in Sembawang. Frasers Centrepoint Limited (FCL) saw its net...<\/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-22243","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\/p75ss1-5ML","jetpack-related-posts":[{"id":116996,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/frasers-property-secures-350mil-green-loan-for-its-executive-condo-project\/","url_meta":{"origin":22243,"position":0},"title":"Frasers Property secures $350mil green loan for its executive condo project","date":"June 9, 2020","format":false,"excerpt":"\r Obtained via its subsidiary, Fernvale Lane, the loan marked the group\u2019s tenth green financing initiative and the first green loan for an EC development in Singapore. 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Launched for sale on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121984,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parc-greenwich-sells-65-of-units-over-launch-weekend\/","url_meta":{"origin":22243,"position":3},"title":"Parc Greenwich sells 65% of units over launch weekend","date":"September 14, 2021","format":false,"excerpt":"\r Parc Greenwich sells 65% of units over launch weekendAll the 2-bedroom and 5-bedroom apartments were fully sold, while the 3-bedroom units sold 220 of its 370 units. The 4-bedroom apartments also sold 74 out of its 98 units. Photo: Frasers Property Parc Greenwich, an executive condominium (EC) development next\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/Parc-Greenwich-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121666,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parc-greenwich-opens-for-e-application\/","url_meta":{"origin":22243,"position":4},"title":"Parc Greenwich opens for e-application","date":"August 26, 2021","format":false,"excerpt":"\r 496 units are available at Parc Greenwich\u00a0and comprise\u00a0two- to five-bedders\u00a0between 786 sq ft and 1,464 sq ft, as well as penthouses which range between 990 sq ft\u00a0to 1,679 sq ft. Source: Frasers Property Parc Greenwich, a 496-unit joint residential development project of Frasers Property and CSC Land Group, will\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/parc-greenwich-condo-landscape-facade-artist-impression-1.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":112831,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-look-at-the-frasers-logistics-and-frasers-commercial-merger\/","url_meta":{"origin":22243,"position":5},"title":"A look at the Frasers Logistics and Frasers Commercial merger","date":"December 3, 2019","format":false,"excerpt":"\r Robert Wallace of Frasers Logistics and Industrial says there are scale benefits to the merger of his firm with Frasers Commercial.\r \r Source : cnbc.com\r Read more...A look at the Frasers Logistics and Frasers Commercial merger","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22243"}],"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=22243"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22243\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=22243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=22243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=22243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}