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SG CapitaLand sees 41% profit increase

Property Here - Monday, April 29, 2013

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By Nikki De Guzman:

Property giant CapitaLand recorded a 41 percent increase in net profit during the first quarter of 2013 to S$188.2 million, while revenue was up 3.2 percent at S$661.9 million. 

However, it remains “cautiously optimistic” about the housing market after the government introduced a slew of cooling measures that eased property price growth.

Although the company saw strong residential sales in Singapore during the first three months of the year, it expects home prices to ease further in the coming months.

In January, Parliament imposed new measures on the property market to curb rising prices. The regulations helped restrict the price growth in Q1 to its slowest pace in a year, but prices still soared to new highs. 

Meanwhile, the developer remains positive on its outlook for Singapore on the back of sustained demand for new homes.

 

Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@allproperty.com.sg