Property heavyweight CapitaLand has reported an almost 12 percent drop in group net profit to $161.3 million in the first quarter of 2015 from $182.8 million last year.
But revenue was up 49.4 percent to $915 million compared to Q1 2014, due mainly to higher contribution from residential sales in Singapore, China and Vietnam.
On a quarterly basis, Singapore residential sales rose from 34 to 69 units, according to a Credit Suisse report.
The report stated that in Q1, there were seven, ten, four and two units sold at The Interlace, d’Leedon, Sky Habitat and Sky Vue developments respectively. But the Interlace at Depot Road still has 162 unsold units.
Meanwhile in China, residential sales increased 11 percent on year.
Over the next nine months, CapitaLand is expected to launch another 7,600 housing units.
Commenting, Group CEO Lim Ming Yan said: “Despite a challenging market environment, CapitaLand’s well-balanced portfolio of investment properties and residential projects will continue to generate recurring income and trading profits.
“Singapore and China remain as the Group’s core markets and we will pursue growth opportunities in Vietnam, Indonesia and Malaysia.”
Image: The Interlace by CapitaLand Singapore.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
