IBTimes UK

CapitaLand, one of the largest property developers in southeast Asia, said it recorded a near 40 percent fall in fourth-quarter net profits.

The Singapore developer said profit for the fourth quarter was S$247.7 million, compared with S$409.4 million in the same quarter a year ago.

CapitaLand said net profit for the full year 2015 was $1.07 billion, down 8.2 per cent from the previous year.

The company said revenues increased 14.6 percent to $1.74 billion, helped by projects in China, where it sold 9,402 residential units, and bigger rental turnover from residential units.

The developer sold 244 residential units in Singapore in 2015, lower than 278 units sold in 2014.

"Over the last two to three years, we have consciously re-rated some of our portfolio towards investment properties, with recurring income, that has provided us a lot of resilience and robustness," CapitaLand president and group chief executive Lim Ming Yan said.