However CapitaLand achieved a 49.4 % growth of revenue to $915 million compared to first quarter of 2014, mainly because of higher contribution of sales from residential development in China, Vietnam and Singapore.
Residential sales in Singapore increased from 34 to 69 units on a quarterly basis, Credit Suisse reported.
According to report, in first quarter, there were 4, 7, 2 and 10 units sold at Sky Habitat, The Interlace, Sky Vue and d’Leedon developments respectively. However the 162 units of Interlace at Depot Road still unsold.
Meanwhile residential sales in China up by 11% on year.
For the coming nine months, another 7,600 housing units are expected to launch by CapitaLand.
Mr Lim Ming Yan, CEO of CapitaLand stated that despite of challenging market conditions, CapitaLand’s stable portfolio of investment properties will continue to develop trading profits and recurring income.
“China and Singapore remain as the CapitaLand’s centre markets and we will pursue growing opportunities in Indonesia, Malaysia and Vietnam,” Mr Lim Ming Yan added.