Property developer City Developments Ltd (CDL) saw its net profit drop 13 percent to $119.7 million in Q1 2014 from $137.7 million over the same period last year.
This comes as sales fell 5.4 percent to $734.2 million, according to media reports.
Moreover, profit from sales of investment properties plunged to $1.2 million from $31.5 million during the same period last year.
Looking ahead, CDL expects the Singapore residential market to be cautious with moderated volumes.
Nonetheless, well-located projects, particularly those near to MRT stations that are competitively priced are expected to continue to attract reasonable buying interests.
"Understandably, the rate of sales will not be as swift as during the peaks of the property cycle," the developer said in a statement.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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