CapitaLand hits a whopping 254% surge in residential sales

This is just in Singapore while sales in China registered a 218% rise.

In a release, CapitaLand Limited has achieved a net profit of S$519.1 million for the first half of 2012, a 3.7% increase from the same period last year. Group revenue grew 11.2% to S$1,503.6 million, driven by higher contribution from development projects in Singapore and Australia, increased shopping mall revenue and fee-based income.

The Group achieved strong residential sales momentum in the second quarter compared with the preceding quarter, from 57 to 202 units and 255 to 812 units sold in Singapore and China, respectively.

Revenue from the Group’s Singapore development projects increased by 10.6% to S$406.5 million, underpinned by continued recognition for The Interlace, The Wharf Residence and Urban Resort Condominium. Sales from Australand’s residential division were also higher, while from China, The Pinnacle in Shanghai and Beau Residences in Foshan were the main contributors to revenue.

For the first half of the year, the Group achieved an EBIT of S$1,051.3 million which was 4.8% higher than the same period last year. The strong EBIT was boosted by higher development profits and lower impairment charges, partially offset by lower fair value gains from investment properties and lower portfolio gains. The Group’s core markets of Singapore, China and Australia contributed 86.9% to total EBIT, and its overseas operations made up 60.1% of total EBIT.