On the back of better operating performance, Singapore based real estate company CapitaLand posted $247.5 million total net profit in the third quarter of 2016, an increase of 28.4% from the $192.7 million in 2015.
During the same period, CapitaLand revenue also climbed 27.7% to $1.374 billion.
Property developer CapitaLand attributed the large part of increase from the group's residential business in Singapore and China, Singapore commercial portfolio, China and Malaysia shopping malls, and newly developed serviced residences.
The residential development which contributed to higher revenue in third quarter included The Cairnhill Nine and Nassim in Singapore, Riverfront in Hangzhou, Vermont Hills in Beijing and New Horizon in Shanghai.
With China and Singapore continuing as key contributors, CapitaLand’s earnings before interest and tax (EBIT) also increase 7.7% year-on-year to $494.4 million in third quarter.
According to Lim, CapitaLand will continue to grow its assets under management through portfolio optimisation, capital recycling, management contracts and fund management.
Written by Siang Teck of Property Review. I can be contacted at [email protected]
