SINGAPORE - The retail arm of homegrown Metro Holdings was once better known for its chain of department stores and at its peak in the early 2000s, the company boasted 11 department stores across the island.
“The acquisitions of two blocks of premium Grade-A office tower, namely 7 & 9 Tampines Grande in Singapore and our 25% stake in a prime commercial mall in Chengdu, China, enhances our presence in the respective key markets. The recent investment in the portfolio of quality assets in Australia diversifies our regional footprint and will further grow the income profile of Metro,” says Yip.
Story continuesOverall, the group’s property division registered revenue of $101.4 million in FY2020, an increase of $60 million compared to the $41.4 million it recorded for FY2019. But the company is unlikely to return to the local residential market any time soon. “Residential development in Singapore is quite tough at the moment, and the supply of upcoming projects is quite high as well with about 40 projects expected to launch this year. While we will always be on the lookout for opportunities, I think it is a little tough to embark on a residential development ,” says Yip.
Source: News Formal (newsformal.com)
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