Hongkong Land reports 63% jump in half year underlying net profit to $657 million
Hongkong Land Holdings announced that its underlying net profit for the half year swelled by 63 per cent to US$519 million (S$657 millon).
Revenue for the six months to June 30 soared by 91 per cent to US$912 million.
Hongkong Land said it benefited from higher rents achieved in its commercial properties and the completion of two large residential projects in Singapore.
In Singapore, the office portfolio was 97 per cent leased, including Tower 3 of Marina Bay Financial Centre, which is now 90 per cent committed. Rental levels were stable, but new leases were principally for smaller spaces, with overall activity remaining relatively subdued.