Knight Frank Group posts $303.8 million profit for FY2017

By
/ EdgeProp
|
October 11, 2018 5:57 PM SGT
International property consultants Knight Frank has announced that its group profits before tax for the year ended March 31 2018 was £166.7 million ($303.8 million), a 14% increase against its profits in the previous period, which was £145.7 million.
Our Asia Pacific operations delivered record turnover and profit, says Alistair Elliott, group chairman of Knight Frank. He praised its businesses teams in Singapore and Hong Kong for “achieving their best year yet”. He also noted that the group’s Asia Pacific valuation and advisory businesses also outperformed.
In Singapore, Knight Frank completed five residential development sales worth $1.8 billion and was appointed by Amazon to work on its office services and project management assignments in Singapore, as well as Beijing, Ningbo, Shanghai, Manila, and Bangkok.
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“Singapore continues to appeal to international investors and multinational corporations as a gateway destination for the establishment of their regional headquarters”, says Danny Yeo, group managing director of Knight Frank Singapore. He also expects that the pace of growth in the financial, insurance, and business services sectors will accelerate in the coming year.
Cross-border investment demand is holding strong, and driven principally by Asian investors who continue to see the UK and US as popular investment destinations. Global private equity firms are also expected to contribute to increased demand for commercial property in the coming year, the company says.