Singapore’s top property firms’ profits grow, signal recovery
CapitaLand Investment Ltd and City Developments Ltd reported improved first-half profit as they seek to rebuild investor confidence.
Singapore's two largest property firms reported stronger first-half profits in June, signaling a potential recovery in the market. CapitaLand Investment Ltd saw its net income rise 14% year-on-year to S$327 million, driven by private funds and real estate investment trusts. City Developments Ltd, controlled by a prominent Singaporean family, reported a more than tripling of its net income to S$302 million, largely due to its property development segment benefiting from Singapore's thriving private residential market.
Both firms' improved performance may ease investor concerns as they work to rebuild confidence following past setbacks. CapitaLand Investment's shares rose by 2.6%, while City Developments' stock increased by as much as 11% on Thursday, marking the highest gain since April 2020. The firms' stock performance has lagged behind Singapore's broader market, with a 23% gain in the Straits Times Index this year.
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