Yanlord Land says Q1 net profit jumped to S$9.3m

Property developer Yanlord Land on Friday said its first quarter net profit more than tripled on year to S$9.3 million.

This was due mainly to a sustained growth in demand and higher average selling prices for its high-end residential units in the quarter.

Revenue rose 30 per cent on year to S$116.2 million.

China-based Yanlord said the mainland’s real estate sector continues to show strong growth potential.

Official Chinese government data showed that prices for new apartment units in 70 large- and medium-sized cities rose nearly 12 per cent in the first quarter this year.

Yanlord has been launching new units for sale in the Chinese cities of Nanjing and Suzhou.

It will also be developing properties in Tianjin. – CNA/ac

Source : Channel NewsAsia – 9 May 2008

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