CapitaLand had had to spend $2.7 million to extend its New Launches Singapore deadline to market the remaining units at The Interlace.
This calculates to S$21,000 per unit or S$7 psf, documented TODAYonline.
Originally, the remaining flats at the 1,040-unit condominium on Depot Street should have been disposed by 13 March, but because spending the months. have another costs properties there’s to be sold New Launch Property by, CapitaLandâs deadline to sell been
Last month, Property Developersâ Organization of Singapore (REDAS) President Augustine Tan estimated that developers in Singapore could bear nearly S$100 million in extension fees for failing to sell their remaining stock in 2016.
In its latest earnings report, CapitaLand revealed that it’s identified buyers for 8 9 percent of the units it’s launched to date, adding that the 55-unit The Nassim at Nassim Hill and the 109-unit Victoria Park Villas in Victoria Park Road are set to be unveiled in H 1 2016. Its Cairnhill Nine development also posted healthy sales, with 193 from the 268 units changing hands as of last Thursday (14 April).
However, the developer moved 222 residential units with a combined worth S$506 million in the city-state throughout the period under review, up in the S$197 million it earned for marketing 69 units a year past.
Another cause for the lower revenue is the absence of good value increase of S$59.6 million arising from the usage change of Ascott Heng Shan Shanghai in Q1 2015. But the fall in revenue was partly offset by greater contributions from sales in China, together with rents at its serviced residence business and CapitaGreen.
Despite the drop in earnings, CapitLandâs net income after taxation and minority pursuits (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.