Singapore-listed Pacific Century Regional Developments (PCRD) will profit by S$23.1 million (about HK$126.07 million) from sale of the Crown Motors Building by its parent, Pacific Century Group, to Hongkong Land Holdings. Pacific Century agreed to sell the property in Quarry Bay for S$148.2 million on Friday. Profits will go to PCRD in accordance with an option granted by the parent group early this year. In explaining the group's initiative to give PCRD all of the profit, chairman and chief executive Richard Li Tzar-kai said it was committed to PCRD's growth. 'Pacific Century Group has stronger resources than its sister public company and we will support its development,' he said. When Pacific Century agreed to buy the building for S$123.4 million in January, it gave PCRD a no-cost option for 50.1 per cent of the deal's potential profits. Upon completion of the transaction, it would give PCRD the other 49.9 per cent of the profit. A company spokesman said PCRD would use the profits as additional capital to pursue business opportunities with a view to building itself up to be a pan-Asia infrastructure and property development group. PCRD is engaged in an office-commercial-residential property development in Bombay and the construction and operation of a power plant in Gaoyao, Guangdong province. Earlier, PCRD teamed up with Lai Sun Group, Chinachem Group and Shun Tak Holdings to bid for the second phase property development above Tai Kok Tsui station on Hong Kong's new airport railway, but did not win the contract. It has shown interest in the second phase development above Tung Chung station, for which tenders have opened. PCRD is 46.51 per cent owned by privately held Pacific Century.