SINGAPORE - Property group GuocoLand's first quarter earnings shot up to $550.5 million from $27 million in the same period last year, thanks to a one-off gain from the sale of an investment in China.

The group recorded a gain of $580.3 million, from disposal of its interests in subsidiaries relating to its Dongzhimen project in China.

Revenue for the three months to Sept 30 almost doubled to $439.8 million from $223.6 million previously, due to higher sales from Leedon Residence in Singapore and profit recognition of the sale of an office block with gross floor area of 33,297 square metres in Shanghai Guoson Centre.

Earnings per share ballooned to 49.38 cents from 2.21 cents previously while net asset value per share climbed to $3.03 compared to $2.65 as at June 30.

Amid a continued challenging operating environment, GuocoLand said it will remain focused on the sales and leasing of its current projects while being watchful for suitable growth opportunities.