Singapore’s Biggest Developer CapitaLand Posts Full-Year Loss
- Revaluation and impairment costs fueled the $1.2 billion loss
- Worst is over and developer is ‘quietly confident,’ CEO says
Capitaland Ltd.'s CapitaGreen building, center, in the central business district (CBD) in Singapore.
Photographer: Wei Leng Tay/BloombergThis article is for subscribers only.
CapitaLand Ltd., Singapore’s largest developer, posted a record full-year loss after writing down the value of some investment properties and residential projects during the pandemic.
The S$1.57 billion ($1.2 billion) loss was its first since 2001, Chief Financial Officer Andrew Lim told analysts and reporters Wednesday. Revaluation and impairment costs totaled S$2.5 billion, the company said in a statement.