
Here's where CapitaLand's strong Singapore sales came from
D'Leedon sold 481 units.
According to Phillip Securities, CapitaLand started the year with 1Q13 revenue at $661.9mn (+3.2%y-y), mainly due to strong contributions from Singapore projects The Interlace, Urban Resort Condominium and Sky Habitat, as well as from China where units were handed over to buyers of The Metropolis in Kunshan.
Portfolio gains in 1Q13 were also higher at $53.6mn arising mainly from the divestment of a residential development in Beijing. As a result, PATMI increased by
41%y-y to $188.2mn. If adjusted for reval gains, PATMI would have been 69%y-y higher.
Here's more from Phillip Securities:
Bulk of the strong sales in Singapore was attributed to d’Leedon with 481 units sold, out of the 544 units in the quarter.
Total $1.3bn sales were recorded in the quarter, compared to $88mn in 1Q12 and $1.3bn in 2012. The group is targeting to launch two sites in 2H13 – Marine Point (~120 units) and Bishan St 14 (~700 units).