Published:
FCL's Singapore operations hurt by lower residential profits
Unbilled amount hit $800m.
The Singapore business unit of Frasers Centrepoint Ltd (FCL)'s profit before interest and tax (PBIT) declined 53% YoY to $17m, no thanks to lower residential profits.
According to a report by CIMB, this was caused progressive billings from North Park Residences offset by higher rental and fee income.
The company's Singapore business unit currently has an unbilled residential revenue of S$0.8bn from the sale of its Seaside Residences units. The development is 52% taken up since its launch in April.
CIMB analyst Lock Mun Yee said, "The group would continue to maintain a cautious stance towards restocking inventory in Singapore given the competitive land banking environment."
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