For 2000, sales from Property Investment were $283 million or 34.3% of Group sales (including associated companies). This was 10.7% higher than the previous year’s figure of $255.6 million (or 19.3 % of Group sales for that year).

In Singapore, the Group’s office buildings -Ocean Building, Ocean Towers, Capital Square, Prudential Tower, The Exchange, Keppel Towers and GE Tower – enjoyed good occupancies in 2000. Bugis Junction, an integrated development comprising offices, large-scale retail space and Hotel Inter-Continental Singapore, is almost fully let.

In Vietnam, Saigon Centre’s office tower has an occupancy of more than 90% and its serviced apartments’ average occupancy rate is 98%. International Centre, located in Hanoi, was about 85% let. At Royal Park Sedona Suites in Hanoi, the occupancy was about 90%.

At the pre-tax profit level, Property Investment’s contribution was $63.8 million compared with $34.9 million in 1999. The improvement in this segment in 2000 was due to higher occupancies and rental rates, and lower interest expense.