Looking Back at 2001 Results and Initiatives
- Group attributable loss of $366.5 million due to
provisions made for trading projects and landbank.
- Reduction in value of $239 million recognised for
the Group’s investment properties in Singapore
and overseas.
- Sale of six Cluny Hill land plots achieved at good
profit margins.
- 100% sale achieved for The Edgewater and 98%
for Amaranda Gardens condominium projects.
- Commenced construction of One Park Avenue
residential development in Shanghai.
- Sold entire 5% stake in Australand Holdings
Limited in line with divestment strategy.
- Acquired, with two consortium partners, the
1.14-ha Marina Boulevard site for a new office
development.
- Completed acquisition of 24.9% stake in Dragon
Land Limited.
- Established US$800 million multi-currency
Medium Term Note programme to finance
existing borrowings and fund working capital.
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Looking Ahead at 2002 Objectives and Outlook
- Focus on property development for sale and
on-fee based property fund management.
- Launch of Butterworth 8 and other residential
projects in Singapore, depending on market
conditions.
- Launch of One Park Avenue, Shanghai in second
half-year.
- Further sales of Cluny Hill land plots.
- Unlocking of value in the Group’s office portfolio
through securitisation, REIT, etc.
- Completion of sale of Bayswater Village in Sydney.
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