COMMERCIAL PROPERTY | Staff Reporter, Singapore

Perennial Real Estate’s profit jumps by 93.3% to $41.1m

Thanks to its operating assets in Singapore and China.

The real estate firm’s operating assets within its Singapore portfolio proved the spark for the surge in its bottomline, which was also driven by fair value gains on revaluation of investment properties and income from fee-based management business.

According to a press release by Perennial Real Estate, it also registered a topline of $83.4m, while total earnings from 28 October 2014 to 31 December 2015 was S$197.1 million.

The press release added that the group remains focused on its core markets of China and Singapore, with the markets constituting about 72.6% and 21% of its total assets respectively.

“Completed projects in Singapore and China, which accounted for about 63.2% of total property value (effective stake basis), continued to provide income stability,” the press release added.

In Singapore, about 93% of its portfolio is completed and income generating, with only the residential component of Capitol Singapore still under development and expected to receive its

Temporary Occupation Permit in February 2016, according to the press release.

“China development properties on the other hand currently contribute only about 28.7% of total property value (effective stake basis) whilst accounting for about 57.0% of total attributable GFA. The completion of these China development projects over time will give impetus to the Group’s net asset value growth,” it added.

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