CapitaLand, which is South East Asia’s largest property developer made net profits of $182.8 million during the 1st quarter of 2014 a fall of 1.7% on the same quarter last year however, it is necessary to consider that the previous year’s comparison included a one off portfolio gain of $58.7 million, during the quarter. The group’s revenues also fell by 3.4% from the same quarter last year to $612.6 million.
The Singapore branch of CapitaLand sold 34 residential units, total sales value $87 million during the 1st quarter 2014. In China, CapitaLand sold 1,117 homes at a total value of $ 269 million in the same quarter. The group remains confident of the opportunities that local and international markets present, in spite of the weak 1st quarter results.
Following a marketing campaign, 106 units at the Sky Habitat condominium in Bishan sold during April at a total sales figure of $157.6 million.
President and Group CEO, CapitaLand, Lee Ming Yan said that the group was relishing the prospect of further using the group’s expertise in their various businesses in the various development types, commercial, residential, shopping centres, offices and serviced residences to create differentiated projects and enhance profits. Singapore and China will remain the group’s core markets.