Developer reach with S$2 .7mil in extension costs

CapitaLand had received to pay $2.7 million to expand its deadline to sell the remaining units New Launch Property at The Interlace.

This computes to S$21,000 per unit or S$7 psf, documented TODAYonline.

Originally, the remaining flats at the 1,040-unit condominium on Depot Road should have been disposed by 13 March, but because spending the months. have another fees properties there has to be sold by, CapitaLand’s deadline to sell been

Nevertheless, the developer transferred 222 residential units with a combined worth S$506 million in the city state during the period under review, up from the S$197 million it earned for promoting 69 units annually ago.

Another cause for the lower sales is the absence of good value increase of S$59.6 million due to the usage change of Ascott Heng Shan Shanghai in Q1 2015. But the fall in earnings was partially offset by greater contributions from higher rents at its serviced residence company and CapitaGreen, in addition to sales in China.

Last month, Property Developers’ Organization of Singapore (REDAS) President Augustine Tan believed that developers in Singapore could bear nearly S$100 million in extension fees for failing to promote their remaining inventory in 2016.

In its newest earnings report, CapitaLand shown that it’s identified buyers for 8 9 percent of the units it’s established thus far, adding the 55-unit The Nassim at Nassim Hill and the 109-unit Victoria Park Villas in Victoria Park Street are set to be unveiled in H New Launches Singapore 1 2016. Its Cairnhill Nine advancement also posted healthy sales, with 193 from the 268 units changing hands as of last Thursday (14 April).

Despite the drop in revenue, CapitLand’s profit after tax and minority interests (PATMI) soared by 35.4 percent yr-on-year to S$218.3 million in Q1 2016, thanks to the divestment of a property in China, Somerset ZhongGuanCun Beijing.

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