Developer hit with S$2 .7mil in extension prices

April 21, 2016

CapitaLand has received to pay $2.7 million to expand its deadline to sell the remaining units at The Interlace.

This works out to S$21,000 per 7 psf, reported $ unit or S TODAYonline.

Initially, the remaining flats at the 1,040-unit condominium on Depot Street should have been disposed by 13 March, but because paying the fees properties there’s to be sold by, CapitaLand’s deadline to sell been extended by another six months.

Nevertheless, the developer moved 222 residential units with a combined worth S$506 million in the city-state during the period under review, up from your S$197 million it gained for marketing 69 units per year past.

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

Its Cairnhill Nine development also posted strong sales, with 193 from the 268 units changing hands as of last Thursday (14 April).

Another reason for the lower sales is the lack of fair value New Launch Property gain of S$59.6 million arising from the usage change of Ascott Heng Shan Shanghai in Q1 2015. But the fall in revenue was partially offset by higher contributions from rents at its serviced residence business and CapitaGreen, as well as sales in China.

Despite the drop in earnings, CapitLand’s profit after tax and minority pursuits (PATMI) surged by 35.4 percent year-on-year to S$218.3 million in Q1 2016, thanks to the divestment of a house New Launch Property in China, Somerset ZhongGuanCun Beijing.

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