In Retrospect and Prospects
LOOKING BACK AT 2002 RESULTS AND INITIATIVES
- Return to profitability with attributable profits of $94.3 million and $26.4 million, before and
after exceptional items respectively.
- Reduction in value of $164 million recognised for the Group’s investment properties in Singapore.
- Butterworth 8 launched in January, was completely sold out. Together with the successful sale of
the Amaranda Gardens and The Edgewater, this allowed for the monetisation of $355 million worth
of residential receivables.
- Launched the sale of The Callista and The Elysia.
- Phase One of One Park Avenue in Shanghai comprising four blocks of 504 units was snapped up
soon after launch.
- Acquired sites for residential development in Beijing, Chengdu, Bangkok and Ho Chi Minh City.
- Divested 70% stake in Capital Square which was valued at $490 million.
- Raised $400 million through the issue of notes under the Company’s US$800 million Multicurrency
Medium Term Note Programme to refinance existing borrowings and fund working capital.
LOOKING AHEAD AT 2003 OBJECTIVES AND OUTLOOK
- Focus on property development for sale and on property fund management.
- Selectively launch residential projects in Singapore, depending on market conditions.
- Continue sale of Cluny Hill bungalow plots.
- Launch of 8 Park Avenue in Shanghai, Srinakarin Road project in Bangkok and Saigon Riviera
in Ho Chi Minh City.
- Finalise first closing of Asia No.1 Property Fund of about US$100 million.
- Continue the unlocking of value in the Group’s office portfolio through securitisation, REIT, etc.
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