Singapore Land's rental income inches up 2% in 2Q12

Rental income from investment properties have been declining since 1Q10.

Here's more from CIMB:

Office segment bottoms
Rental income from investment properties took a turn for the better, inching up 2% yoy after steady yoy declines since 1Q10. 1H12 office capital values likewise hit a bottom, coming in flat after 2-4% declines in FY11, with the exception of MarinaBayfront (+5%) which is being repositioned as retail space. We reiterate firm occupancies of >96% for office assets and stable signing rents, and expect positive rental reversions to follow soon.

Deploying capital
In 1H12, management actively replenished its landbank with the Jervois Road site in Feb and the Farrer Drive sites in Jun. These will be developed bite-sized projects of 100-140 units each, which should sell out easily, driving earnings for the property trading segment in the next 3-4 years. SingLand is steadily unlocking profits from older projects,with Archipelago now 76% sold and The Trizon 88% sold and achieving higher ASPs of S$1.7k-1.8kpsf on completion in May 2012.

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