Author, Speaker, former Regional Chief Legal Officer & Company Secretary with international trade (anti-dumping), cross-border dispute resolution & transactional experience in IT, manufacturing and mining industries
"Mapletree Investments Pte, a real estate firm owned by Singapore state investor Temasek Holdings Pte, recorded a loss for the first time in two decades, after bearing the brunt of a global commercial property downturn. The loss was S$577.2 million ($428 million) for the fiscal year ended in March after accounting for tax and non-controlling interests, reversing a S$1.2 billion profit from a year earlier. Revenue edged down to S$2.8 billion. The firm said prolonged work-from-home trends hit commercial properties in most Western markets, hurting its office portfolio in the US, Europe and Australia. A hike in interest rates also led to revaluation losses. The Singapore-based firm is the latest in a line of major property investors that are suffering from the downturn in global commercial properties. It last recorded a net loss in the fiscal year that ended in March 2004." Low De Wei, Temasek’s Mapletree posts first loss since 2004 on office slump, • Property firm’s full-year revenue edged down to S$2.8 billion • Mapletree reported loss of S$577.2 million for the year 𝘉𝘭𝘰𝘰𝘮𝘣𝘦𝘳𝘨, 28 May 2024, https://lnkd.in/g6abcm2C