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PROPERTY INVESTMENT
For 2002, sales from Property Investment were
$132 million or 44% of total Group sales. This was
4.2% lower than the previous year’s amount of
$138 million which accounted for 46% of total
Group sales for that year.
The Group’s office buildings in Singapore,
comprising Ocean Building, Ocean Towers,
Prudential Tower, The Exchange, Keppel Towers
and GE Tower, continued to enjoy healthy
occupancies in 2002 while the contribution from
the integrated development Bugis Junction,
comprising offices, large-scale retail space and the
InterContinental Singapore, was above the previous
year’s. Capital Square was sold towards the end
of 2002.
Contributions from Saigon Centre’s office tower
in Ho Chi Minh City, International Centre in Hanoi,
Royal Park Sedona Suites in Hanoi and Wisma BCA
in Jakarta were higher in 2002.
At the pre-tax level, Property Investment’s
contribution was $79.7 million compared with
$76 million for the previous year. The improvement
was achieved largely due to continued good
occupancies and lower interest cost due to the
benign interest rate environment which prevailed
in 2002.
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