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Paragon retail mall's revaluation rose 4.7% to SGD2.43bn.

According to Nomura, Paragon was revalued upward in latest revaluation update. In its recent property revaluation disclosure, the group gave notice that Knight Frank had revalued its Paragon retail mall (located at No. 290 Orchard Road) at SGD2.43bn (+4.7% from last year), its Clementi Mall at SGD590mn (unchanged) and its yet to be developed Sengkang Mall at SGD505mn.

Here's more from Nomura:

We highlight that the group continues to hold its retail malls at cost, and depreciates its holdings on an accumulated basis. According to the company, the carrying cost of investment properties is now SGD2bn.

Higher rents at Paragon and contribution from Clementi Mall could raise property rental income. In 3QFY12, property PBT grew 42% y-y to SGD26.4mn for the quarter on higher rental income from the Paragon and Clementi malls.

Both shopping malls are enjoying full occupancy, with the Paragon mall recording a 3.2% rise in rental income in 9MFY12 YTD, on higher rental rates, and the Clementi mall achieving rental income of SGD27.7mn YTD for 9MFY12.

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