International Singapore‘s real estate company Frasers Centrepoint managing, investing into and developing properties in over 35 cities across Europe, Asia, Australia and the middle-East announced that privately owned houses market is still in silence now even if there‘s still some opportunities for well located and well-priced options.
Lim Ee Seng who is the CEO of the group mentioned that projects with well balanced price and location are still in demand as it was proved by North Park Residences example – its latest development in the suburban town called Yishun in the northern part of Singapore.
During the company‘s quarterly results conference on Monday Lim Ee Seng said that the company believes in the long-term stability of residential market in Singapore and is going to participate in whatever is possible in the current market.
When it comes to the financial results of Frasers Centrepoint, the company net profit grew more than double from last year to $143 million as noticed in Q2 ended-March. It happened due to fair value gains of $44 million. The revenue of the company was $442 million.
But revenue from the property market dropped significantly by 41% to $91 million because of the lower success in Singapore’s market and Riverside Quarter project in the UK produced not so good results.
But despite all this information, according the company statement it is going to continue to expand its business across geographies and diverse property segments.
In Singapore, Frasers Centrepoint Company has a plan to acquire new sites to add some items to its land bank. Company has experienced management team which was able to create diverse portfolio and the group feels well enough equipped to continue growing and creating innovations in real estate solutions despite the slow-down situation in the current private houses market. It seems that one of the Singapore’s largest listed property companies by market capitalization has no thoughts to stop its plans for growing.