Frasers Centrepoint reports higher Q3 profit

Nisha Ramchandani
Published Mon, Aug 7, 2017 · 12:57 PM
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REAL estate company Frasers Centrepoint earned a net profit of S$182.39 million for the third quarter ended June 30, up from S$153.99 million for the year-ago period.

Revenue more than doubled from S$682.06 million to S$1.4 billion, thanks in part to the group's Australia strategic business unit and international business unit.

In Singapore, the group has been focused on the leasing and upcoming soft opening of Northpoint City in the fourth quarter of calendar 2017. Northpoint City is on track to having close to 90 per cent of its retail space leased when it opens at year-end.

"On the residential front, with sales of over 700 units year to date, the group will also selectively tender for sites to replenish its land bank," it added. "In Australia, the group remains focused on taking advantage of the positive market momentum in the eastern seaboard."

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