The Australian-based multinational property management and investment company, Lend Lease said on Monday, it would invest more capital in Asia, focusing on the retail sector in Singapore, Malaysia and China in the near term.
“The outlook for Lend Lease is very positive, provided we execute well on the delivery of this pipeline,” Lend Lease chairman David Crawford said in the company’s annual statement.
“There are signs of opportunities emerging in Asia and over the next few years the group will invest more capital in this region.”
Lend Lease moved to a regional structure during the 2009/10 year, as part of its three-stage strategy, chief executive Steve McCann said.
“Lend Lease is well-positioned to capitalize on the key growth trends which underpin long term demand for property,” McCann reported on Monday.
“These include urban regeneration, retirement, sustainability, public private partnerships and growth in superannuation and sovereign wealth funds.”
Lend Lease said the outlook for project management and construction in Australia would weaken as government stimulus came to an end.
“In Australia, there is a strong base of work from government, with 50 percent of the backlog from government clients,” the company said.
“However, as the government stimulus spend softens, this will impact new work secured.”
“In Asia, there continues to be a solid pipeline of work from the pharmaceutical industry in Singapore and the telecommunications industry in Japan,” it said.
Lend Lease Asia chief executive Eng-Peng Ooi said the company would focus on the retail sector in Singapore, Malaysia and China in the near term.
“Long term economic fundamentals are very supportive of the retail sector, backed by strong consumption and robust economic growth, supported by trade with China,” Ooi said.