CapitaLand in the red

[makapaaa]

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<TR>July 30, 2009
</TR><!-- headline one : start --><TR>CapitaLand in the red <!--10 min-->
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'The weaker market valuations of real estate properties are an expected outcome of the ongoing financial crisis,' said Mr Liew Mun Leong (left) in a statement. -- PHOTO: BUSINESS TIMES
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<!-- START OF : div id="storytext"-->SINGAPORE - SINGAPORE property developer CapitaLand said Thursday it slipped into the red during the second quarter with a net loss of S$156.92 million.
This compared with a profit of S$515.2 million in the same quarter last year.
CapitaLand said the June quarter loss was due to revaluations and impairment provisions the property developer took during the period as valuations declined amid the ongoing global economic slump.
Excluding revaluations and impairment provisions, the property developer said it would have earned a net profit of S$124 million.
'The weaker market valuations of real estate properties are an expected outcome of the ongoing financial crisis,' said president and chief executive Liew Mun Leong in a statement.
CapitaLand was also affected by weaker revenues which slumped almost 28 per cent to S$591.14 million from a year ago partly because of lower sales in Singapore and Australia, the developer said in the statement.
'Although some stability has been restored in the financial markets, the outlook for 2009 remains uncertain,' said chairman Richard Hu.
'We remain determined to maintain our financial strength to act on opportunities that will arise in our various markets, notwithstanding the challenging economic conditions,' he said.
CapitaLand said its cash position at the end of the June quarter was S$4.2 billion.
CapitaLand, headquartered in Singapore, is among the largest real estate firms in Asia with residential and commercial projects spread across 20 countries including Australia, China, Vietnam and Japan. -- AFP

 

[borom]

.......the June quarter loss was due to revaluations and impairment provisions the property developer took during the period as valuations declined amid the ongoing global economic slump....... The weaker market valuations of real estate properties are an expected outcome of the ongoing financial crisis,' said president and chief executive Liew Mun Leong .....

Can someone tell that to the HDB

 

[johnny333]

Just need to visit the malls that CapitaLand owns & you'll see many vacant lots.

 

[annexa]

Just need to visit the malls that CapitaLand owns & you'll see many vacant lots.

So did they reduce rental to get tenants, or increase rentals in according to LimHngKhiangomics to improve profits?

 

[0939]

How come the capitaland share is going up?

 

[johnny333]

So did they reduce rental to get tenants, or increase rentals in according to LimHngKhiangomics to improve profits?

Don't know I'm not in property biz. Just a lesser mortal who can't help but notice lots of stores are closing, this never happened before

Maybe they all simply moving to a better location like the new Ion mall

 

[congo9]

The shops around the suntec city is really pathetic. For example shopes selling all the clothing for ladies near bright star child care. I can see one by one the shop are closing.

There is not much people on Sunday also. I will wonder what will happen on the weekdays. Yes , you may say office crowd. But i see many shops changing hands.

 

[metalslug]

Can capitaland stop building more unwanted shopping malls & condos?!?!

 

[VeryWise]

Can capitaland stop building more unwanted shopping malls & condos?!?!

I think we have too much Shopping Malls in Singapore. And most of the malls lack character. The character I talking about is not the appearance cos that is only a small part of the whole attraction. Our malls are mainly very similar, especially the newer ones. My suggestion to the major landlords, please work together to create a better shopping experience. Part of Orchard road can be converted into a fashion street, not unlike the famous street in Paris. And one or two malls can be unqiue as in selling a product that differentiate them from other malls, for example, we can have a mall with a flagship stall selling fruits, or books, or comestic, etc. Or we can bring in the Factory Outlet concept to SG. Anyway, still think we have too many shopping malls. We can have more of those street shops like in Bugis Village. It's not air con but it sure has its charm.