CapitaLand, Southeast Asia’s biggest developer, said second-quarter net income rose 17%, boosted by the sale of homes in projects such as The Interlace and d’Leedon in Singapore.
Net income increased to $399 million in the three months ended June 30, from a restated $339.7 million a year earlier, the Singapore-based company said today in a statement to the city’s stock exchange. CapitaLand restated last year’s results to comply with an accounting policy that became effective Jan. 1, it said. Revenue climbed 25% to $740.4 million from a restated $592.5 million a year earlier.
The developer is benefiting from residential sales as Singapore’s housing prices climbed to a record in the second quarter, according to government data. The company, which has investments ranging from malls, office buildings to serviced apartments, also expanded in markets including China and Vietnam.
“While global economic growth remains patchy and despite concerns about Europe’s debt crisis and the U.S. budget deficit, Asia continues to present growth prospects,” Chairman Richard Hu said in the statement. “We expect to expand our businesses and continue to actively pursue investment opportunities in our core and secondary markets.”
CapitaLand said it made about $5 billion of new investments in Singapore, China, Australia and Vietnam in the first half of the year.
The company said the appreciation of the Singapore dollar is an “ongoing concern.” More than 60% of CapitaLand’s revenue comes from outside the city state. The Singapore dollar has appreciated 12% against the U.S. currency in the past year.
CapitaLand said earlier this year it has a 15% share of the Singapore private housing market and aims to sell 1,700 apartment units in 2011. The company has a pipeline of 2,700 homes in the city to be introduced in the next three years, it reiterated today.
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