Singapore Land Group (SingLand) announced profit after tax and minority interests (Patmi) of $331.2 million for FY2021, up 267%. This includes a fair value gain of $104 million. Excluding the fair value gain, Patmi fell 1% to $192.6 million.
In a statement, SingLand says in 2021, the majority of valuation reports obtained from the independent property valuers have continued to highlight the conditions under which the valuations have been conducted, as compared to standard market conditions.
In recognition of the potential for market conditions to move rapidly in response to changes in the control or future spread of Covid, the valuers highlighted the importance of the valuation date and continued to recommend for the valuation to be kept under frequent review.
The valuers have factored impact of Covid into the valuation of the investment properties, specifically in estimated passing rents, vacancy rates, lease incentives, capitalisation rates, growth rates, discount rates and cash flow projections.
FY2021’s earnings include recognition of profits from development progress for The Tre Ver residential project this year, and a one-off gain of $34.6 million from the disposal of Tianjin Yanyuan.
“The residential market is expected to remain stable in 2022. Sales of new private residential homes will be moderated by fewer units from new launches, as well as the new cooling measures introduced in December 2021. With strong underlying demand from owner occupiers and first time home buyers, we remain cautiously optimistic regarding sales for new private residential homes,” SingLand says in its results announcement.
See also: Trump wins Republican nomination, setting up rematch with Biden
SingLand’s net asset value rose 3.5% y-o-y to $5.30 as at Dec 31, 2021. Its share price last traded at $2.58, down 2.6% year-to-date, and at 0.48x price-to-book.
Photo: The Tre Ver
