CMA forecasts "resilient and stable" underlying income for its Singapore malls

So-called quality portfolio buoys outlook.

CapitaMalls Asia Limited revealed its outlook for its Singapore malls, expecting its strong portfolio of malls to deliver "resilient and stable" underlying income in the near-term.

CMA noted that Westgate and Bedok Mall will start to contribute fully in 2014 and onwards, and is counting on the profit recognition from sales of Bedok Residences and Westgate Tower.

Notably, CMA has proclaimed its Project Jewel as a key project that will help secure the company's future growth and strengthen its market leadership .

The forecasts come amid what CMA anticipates as Singapore's tepid 2%-4% GDP growth for 2014, according to Ministry of Trade and Industry estimates, and persisting headwinds from major global economies.

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