Revenue in 2Q17 fell 12.3% to $992.4 million mainly due to lower contribution from development projects in Singapore. This was partially mitigated by higher contribution from development projects in China and higher rental income from newly acquired and opened properties. The development projects that contributed to the revenue this quarter included Victoria Park Villas in Singapore as well as Beaufort in Beijing and Summit Era in Ningbo, China.
SINGAPORE (Aug 3): CapitaLand, Singapore’s biggest developer, has reported a near doubling of 2Q17 earnings to $579.3 million from $294 million a year ago.
CapitaLand says the bottomline was lifted by better operating performance, higher revaluation gains from investment properties in Singapore and China, as well as higher portfolio gains arising mainly from the divestments of Innov Tower in China and 18 rental housing properties in Japan.
