For 2001, sales from Property Investment were $138 million or 46% of total Group sales ( excluding associated companies). This was 10.3% higher than the previous year’s amount of $125 million which accounted for 25% of total Group sales for that year.

The Group’s office buildings in Singapore, comprising Ocean Building, Ocean Towers, Capital Square, Prudential Towers, The Exchange, Keppel Towers and GE Tower, continued to enjoy healthy occupancies in 2001 while the contributions from its integrated development Bugis Junction, comprising offices, large-scale retail space and the Hotel Inter-Continental Singapore, were at levels similar to the previous year’s.

Overseas contributions from Saigon Centre’s office tower in Ho Chi Minh City, International Centre in Hanoi and Royal Park Sedona Suites in Hanoi were maintained on the back of healthy occupancies. This was further boosted by maiden full-year contributions from Wisma BCA in Jakarta.

At the pre-tax level, Property Investment’s contribution was $72.7 million compared with $63.8 million for the previous year. The improvement was achieved largely due to continued good occupancies, the benign interest rate environment which prevailed in 2001 and the maiden profit from Wisma BCA.