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STAMFORD LAND CORPORATION LTD
Operations Review
the intention to re-lodge a new development
application with the Council by late June 2012.
The urban design and heritage concerns
that sparked the withdrawal have been now
addressed and the re-documentation and
redesign process has commenced.
In the face of an economic contraction in 2011,
buyers were predictably cautious. Hence, we
have leased out 44 of the remaining 69, to ride
on the strong Auckland CBD rental market,
reaping a gross yield of up to 6% p.a.
Sitting atop the renowned Stamford Plaza
Auckland Hotel, The Stamford Residences is
a freehold award-winning architectural icon
that offers excellent location for an unbeatable
lifestyle. Residents have easy access to the
buzz of city life and fve-star hotel facilities
whilst enjoying an exclusive private entrance
to retreat to their own serene haven.
PROPERTY INVESTMENT
WithregardstoPropertyInvestment,operating
proft rose to $12.1 million, representing
a 29.3% increase over the previous FY.
Revenue for this segment was $13.6 million,
a rise of 13.6%. This good performance was
due to the fow of rental income from Dynon’s
Plaza offce tower in Perth’s Central Business
District. The building is on a 10-year lease
to Chevron Australia, generating healthy
revenues for the Group.
The capital value of Dynon’s Plaza has risen
by over 10% since the last FY. Due to the
booming mining industry, the commercial
property market continues trending upwards
in Perth. We expect the market to remain
buoyant in the foreseeable future.
TRADING
Our trading segment’s operating proft fell by
53.7% to $226,000. Revenue fell by 10.3%
to $3.9 million. Both the Group’s travel
agency business and the interior decoration
companies did not fare well due to the
intensely competitive environment.
PENTHOUSE, THE STAMFORD RESIDENCES, SYDNEY