CapitaLand's profit up 28.1% to $317m in Q3

Its serviced residence components performed well.

CapitaLand’s net profit rose by 28.1% YoY to $317m.

According to a release, the fair value gains from its Golden Shoe Park in Singapore and Citadines Biyun Shanghai in China as well as portfolio gains from Wilkie Edge in Singapore, CapitaMall Anzhen in China and 60% stake in CapitaLand Vietnam Commercial Fund I performed well.

“CapitaLand’s 3Q 2017 results was anchored by robust PATMI numbers and positive portfolio growth momentum. Year to-date September, our PATMI of S$1.28 billion has already exceeded by 8% the full year 2016 PATMI of S$1.19 billion,” said Lim Ming Yan, president and group CEO of CapitaLand Limited.

Group revenue also rose 9.7% YoY to $1.5b due to higher contribution from development projects in Singapore and higher rental revenue from newly acquired and opened commercial malls and serviced residences.

Part of the CapitaLand Commercial Trust’s recent acquisitions include Asia Square Tower 2 (AST2) which it acquired for $2.09b from US investment management company BlackRock last September.

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