CapitaLand, Southeast Asia’s largest property developer, achieved a net profit of $182.8 million for Q1 2014, down 1.7 percent year-on-year as prior year comparison included a one-time portfolio gain of $58.7 million.
Revenue for the group also fell 3.4 percent from a year ago to $612.6 million.
CapitaLand Singapore sold 34 residential units with a total sales value of $87 million in the first quarter.
Over in China, the developer moved 1,117 homes at a sales value of $269 million during the period.
Despite a weak Q1 result, the group remains confident of opportunities in the local and overseas markets.
In April, 106 units at the Sky Habitat condominium in Bishan were sold with total sales amounting to $157.6 million following a marketing campaign.
Lim Ming Yan, President and Group CEO of CapitaLand, said: “We look forward to further harnessing the key strengths of our various businesses in residential, shopping malls, offices, serviced residences and integrated developments, to create differentiated real estate projects and enhance overall project returns, with Singapore and China remaining as the group’s core markets.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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