By Romesh Navaratnarajah: Property developer CapitaLand successfully sold 202 residential units in Singapore during Q2 2012, according to OCBC Investment Research.
A significant increase from just 57 units in Q1, the improved sales was mainly attributed to the launch of Sky Habitat (pictured) in April, said OCBC, adding that it will maintain its buy rating and fair value estimate of S$3.25 for CapitaLand.
Meanwhile, the developer announced that PATMI (profit after tax and minority interests) for Q2 2012 declined 5.1 percent year-on-year to S$385.9 million.
"Adjusting for revaluations and impairments, we estimate Q2 2012 PATMI at S$179.5 million, which is broadly in line with our expectations," noted OCBC.
For the second quarter, topline came in at S$862.5 million, up 16.5 percent from last year buoyed by enhanced contribution from residential sales in Singapore, Australia and China as well as revenue from its Japanese shopping malls.
Residential sales in China jumped 218 percent quarter-on-quarter to 812 units compared to merely 189 units in Q1, "as buyer sentiments rebounded somewhat over the quarter". Over in Beijing, Phase 3 of the Beaufort drew strong interest with over 61 percent of units launched taken up. Related Stories: Roxy-Pacific posts net profit rise
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