A 46.5 per cent increase in profit after tax saw a record return of S$1.4 billion (US$1 billion) for Mapletree Investments for the financial year to March 31.

Backed by recurring earnings, investment and revaluation and other gains, the group recorded a higher return on equity of 12.8 per cent and return on invested equity of 18.7 per cent.

Overall revenue rose to S$2.3 billion, representing a year-on-year increase of 23.9 per cent.

This was driven by earnings from the group’s acquisitions in Australia, the UK, the US and Vietnam, plus completion of properties under development such as Mapletree Business City II in Singapore and Mapletree Logistics Hub Tsing Yi in Hong Kong, as well as contributions from its four managed REITs.

Singapore properties were still a main contributor at 51.9 per cent.

While growing its global footprint, Mapletree continued to strengthen in Asia.

In Vietnam, the group acquired Kumho Asiana Plaza3, a prime mixed-use complex in Ho Chi Minh City, which it will rename mPlaza Saigon. This is Mapletree’s largest acquisition of a completed, income-producing property in Vietnam to date.

In China, VivoCity Shanghai was officially opened last month with a committed occupancy of 95 per cent. As the retail component of Mapletree’s mixed-use development in the Minhang district, the mall serves the residential community as well as the working community of the neighbouring Mapletree Business City Shanghai.

Mapletree is a real-estate development, investment and capital-management company headquartered in Singapore. The group also has assets in India, Japan, Malaysia and South Korea.