Perennial's Q1 profit buoyed by fair value gain

Singapore

BUOYED by fair value gain, Perennial Real Estate Holdings' net profit jumped in the first quarter ended March 31 to S$8.47 million, compared to S$3.42 million a year ago.

This fair value gain was derived from a revaluation of Chengdu East High Speed Railway (HSR) Integrated Development Plot D2, which was reclassified to investment property following the change of use from strata sales to long-term holding for lease.