For the future, CapitaLand argues fundamentals in the core markets of Singapore, China and Australia are robust for the long run, while Liew describes the entry into the Gulf two years ago as a “timely foray”, with S$1 billion of residential sales in the Gulf since June 2008.  The company is growing in India through two joint venture partners, Advanced India Projects and Prestige Estate Projects, and has long-term plans for Vietnam and China in particular.

If CapitaLand, as is rumoured, finds itself getting involved in the vast integrated resort and casino development in Singapore whose outlook has been clouded by the terrible state of developer and operator Las Vegas Sands, then the picture will be muddied. And the verdict is still out on whether the listed-satellites model is still workable, where the market’s answer seems to depend on the company: for Allco the answer was no, for Babcock & Brown it doesn’t look good, and for Macquarie and CapitaLand so far it’s a case of heavy bruising rather than a knockout punch.

But if the top team are worried, it’s not showing today. “We were disciplined last year, selling when target returns were met and not buying when target returns were not met,” says Liew. “This disciplined aggression is the hallmark of the management team.”

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