International Herald Tribune, 9 Feb 2009, The Associated Press
SINGAPORE: CapitaLand Ltd, Southeast Asia's largest property developer, said demand for Singapore office space plummeted last year as the global financial crisis knocked the city-state into recession.
"There was a big surge in demand for offices 10 or 11 months ago ... but it suddenly stops and falls off a cliff," CapitaLand Chief Executive Liew Mun Leong said at a news conference. "We know the market is softening and volume has gone down, and prices will be softening."
The company's fourth quarter profit fell 88 percent to 78 million Singapore dollars ($52.2 million) from SG$675 million a year earlier, Liew said. CapitaLand also plans to raise SG$1.84 billion by selling one new share for every two held by investors.
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