CapitaLand had received to spend $2.7 New Launch Property million to expand its deadline to sell the remaining units at The Interlace.
CapitaLand forked out S$2.7 million in extension costs for the 127 unsold units in The Interlace. This works out to S$21,000 per unit or S$7 psf, documented TODAYonline.
Initially, the remaining flats at the 1,040-unit condominium on Depot Road should have been disposed by 13 March, but because spending the costs, CapitaLandâs deadline to sell the left over properties there has been extended by another six months.
Last month, Real Estate Developersâ Organization of Singapore (REDAS) President Augustine Tan believed that developers in Singapore could bear almost S$100 million in extension fees for failing to promote their remaining stock in 2016.
Its Cairnhill Nine advancement also posted healthy sales, with 193 out of the 268 units changing hands as of last Thursday (14 April).
Meanwhile, CapitaLandâs earnings dropped by 2.3 percent to S$894.2 million in Q1 2016 annum, mainly due to New Launches Singapore lower contributions from its developments in Singapore and Viet Nam.
However, the developer transferred 222 residential units with a combined worth S$506 million in the city-state during the period under review, up in the S$197 million it earned for selling 69 units a year ago.
Another purpose for the lower revenue is the lack of fair value gain of S$59.6 million due to the utilization change of Ascott Heng Shan Shanghai in Q1 2015. But the drop in earnings was partly offset by higher contributions from higher rents at its serviced residence company and CapitaGreen, along with residential sales in China.
Despite the dip in revenue, CapitLandâs profit after tax and minority interests (PATMI) soared by 35.4 percent year-on-year to S$218.3 million in Q1 2016, thanks to the divestment of a house in China, Somerset ZhongGuanCun Beijing.