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Friday, 26 April 2013

Singapore's CapitaLand Q1 net profit up 41 pct


SINGAPORE, April 26 (Reuters) - Singapore's CapitaLand Ltd reported on Friday a 41 percent rise in first-quarter net profit and said it was cautiously optimistic about the housing market in the city-state despite the latest round of property cooling measures.

The biggest property developer in Southeast Asia posted net profit of S$188.2 million ($151.9 million) for the three months ended March, up from S$133.2 million a year earlier.

CapitaLand said it achieved strong residential sales in Singapore and China. For the quarter, the company sold 544 residential units in Singapore with total sales value of S$1.3 billion.

In China, it sold 955 residential units valued around S$400 million, it said.

CapitaLand said last month it was conducting a strategic review of its 59.3 percent stake in Australand Property Group and had appointed J.P.Morgan as its financial advisor.

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