Singapore Land Ltd (SingLand) has announced that its net profit for the third quarter climbed 13 percent year-on-year to S$56.6 million.
Revenue for the quarter rose 16 percent to S$172.4 million, mainly attributed to higher progressive sales of trading property and a boost in revenue from Pan Pacific Singapore, which partially made up for lower rental income.
Sales of trading property climbed 38 percent to S$80.7 million, due to additional units snapped up and more completed units in The Trizon residential project.
Pan Pacific Singapore’s revenue rose 15 percent to S$31.3 million, on the back of higher occupancy and room rates.
However, gross rental income from investment properties dipped five percent to S$58.8 million, due to fewer office renewal rental fees.
Net profit surged 123 percent to S$378.7 million year-on-year, with revenue rising 26 percent to S$484.4 million year-on-year ending 30 September.
SingLand expects the global economic uncertainty and the rising supply of primary and secondary office space to affect the office rental market.
However, the retail rental market is expected to be more resilient, with demand from international brands and suburban malls exposed to larger areas.
To contact the journalist, you may send your message to editor@propertyguru.com.sg