(Bloomberg) -- City Developments Ltd., run by Singapore’s richest property empire, reported a record first-half profit driven by divestment of assets as well as revenue from hotel operations and property development.

The company reported net profit after tax and non-controlling interest of S$1.1 billion ($803 million) in the first six months of the year, reversing a net loss of S$32.1 million in the same period last year, it said in a statement Thursday. Revenue increased 23.5% to S$1.5 billion.

“Despite the current headwinds, we remain geared for growth but will be highly selective in our acquisition plans,” Chief Executive Officer Sherman Kwek said in the statement.

Singapore’s largest listed property developer has benefited from the city-state’s reopening, after it loosened travel curbs earlier this year that provided a boost to the hospitality industry. For the first half of the year, tourist arrivals hit 1.5 million, 12 times more than the figure a year ago. On top of that, Singapore’s developers are benefiting from rising home prices. 

The company faces headwinds in the second half, due to a global economic slowdown and rising interest rates that could dent property buyer interest. 

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