Singapore - Capitaland Ltd, one of Asia's largest real estate developers, said Friday its first quarter net profit dropped nearly 83 per cent from the same period a year ago amidst unprecedented challenges arising from the global financial downturn. In the three months that ended March the Singapore-based company reported net profits of 42.9 million Singapore dollars (28.6 million US dollars), down from 247.5 million Singapore dollars a year earlier, Capitaland said in a statement.

"We do not expect a quick and sharp turnaround in global property markets," Capitaland's CEO Liew Mun Leong said.

Largest shareholder of the multinational company is Singapore's state investor Temasek with a stake of 40 per cent. (dpa)