CapitaLand Q1 profit up 77%, helped by bulk sale of Nassim condo

Romesh Navaratnarajah27 Apr 2017

The Nassim Singapore

Net profit was boosted by a bulk sale of The Nassim, which contributed S$160.9 million in the quarter. (Photo: CapitaLand)

Property giant CapitaLand posted a net profit of S$386.8 million in Q1 2017, up 77.2 percent from a year ago.

The strong growth came on the back of improved operating performance, including a gain of S$160.9 million from the bulk sale of 45 units at The Nassim, and higher portfolio gains.

Meanwhile, group revenue rose 0.4 percent to S$897.5 million from the same period last year. This was attributed to more handovers of development projects in China and rental contribution from newly acquired properties.

Earnings before interest and tax also grew 35 percent to S$618.6 million in Q1 2017, compared with S$458.2 million in Q1 last year.

“CapitaLand has achieved another quarter of strong growth. The group’s optimal asset mix has enabled us to deliver a steady stream of recurring income from our investment properties and management contracts, whilst we continue to realise gains from our trading properties,” said Lim Ming Yan, President & Group CEO of CapitaLand.

This year, the group will complete and commence operations for six more shopping malls in China, India, Malaysia and Singapore. It also expects to open about 2,600 serviced residence units.

In addition, there are plans to redevelop the Golden Shoe Car Park in Raffles Place into a Grade A office building, but the group is awaiting the Singapore Land Authority’s assessment of the differential premium payable for the potential enhancement in land use.

“Singapore and China continue to be our core markets, while we scale up in markets such as Vietnam,” said Lim. “We made our first foray into the Vietnam commercial property market in January 2017 with the acquisition of a prime site in the Central Business District of Ho Chi Minh City to develop our first international Grade A office tower in Vietnam.”


Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email


You may also like these articles

CapitaLand sells entire stake in Nassim Hill Realty for $411.6m

The sale of Nassim Hill Realty was satisfied entirely in cash, said CapitaLand. CRL Realty, a wholly-owned subsidiary of property giant CapitaLand, has sold its 100 percent stake in Nassim Hill R

Continue Reading17 Jan 2017

CapitaLand announces privileges for national servicemen

National Servicemen can enjoy exclusive benefits across various CapitaLand properties in Singapore, including ION Orchard. (Photo: CapitaLand)  To celebrate 50 years of National Service (NS) in Si

Continue Reading10 Apr 2017

CapitaLand announces key executive appointments

Ronald Tay Boon Hwee appointed as chief executive officer of CapitaLand Singapore. CapitaLand announced on Tuesday (25 April) several key executive appointments aimed at supporting “the next phas

Continue Reading26 Apr 2017