Nassim bulk sale helps CapitaLand post 77% jump in Q1 gain to S$386m

Singapore

CAPITALAND Ltd achieved a 77.2 per cent jump in net profit to S$386.8 million for the first quarter ended March 31, aided by divestment gains.

Giving a fillip to the quarterly reults was a S$160.9 million gain from the sale of 45 units at The Nassim, a luxury condominium project near Orchard Road, to one of Singapore's richest men and veteran banker Wee Cho Yaw in January.

Group revenue for the quarter grew a marginal 0.4 per cent from a year ago to S$897.5 million as the higher handovers from development projects in China and rental contribution from newly acquired properties were offset by lower revenue from development projects in Singapore.

CapitaLand also enjoyed a surge in portfolio gains to S$17.7 million from S$2.9 million a year ago, mainly from the divestment of a to…