Source : The Business Times, July 31, 2007
SINGAPORE - CapitaLand, South-east Asia's biggest developer, on Tuesday posted a 480.6 per cent rise in second-quarter net profit due to higher luxury home sales and office rentals in its home base of Singapore.
The firm, partly owned by Singapore state investment firm Temasek Holdings, earned net profit of $912.6 million in the April-June quarter, up from a restated $157.2 million in the same period a year ago.
CapitaLand earns up to 80 per cent of its profits abroad, but like Singapore's other big property developers -- Keppel Land and City Developments -- it has benefitted from a surge in prices in Singapore's real estate market.
Office rents have risen 46 per cent in the past 12 months in Singapore, beating increases in rival financial centres such as Tokyo and Hong Kong, while prices for private homes have risen to the highest level in nearly a decade. -- REUTERS
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