CDL sales reach S$325m in Q3 after launch of The Myst

The group is expecting private home sales to remain measured until the market has had a chance to digest a multitude of new launches which took place in the month of July.

It is preparing its 512-unit Lumina Grand project executive condominium on Bukit Batok West Avenue 5. This will be launched in Q1 2015.

In the third quarter of 2010, the Urban Redevelopment Authority released its real estate statistics. They showed that the Singapore office portfolio of the group achieved an occupancy level of 97.8 percentage points, which was higher than the average occupancy on the island of 90 percent.

The group stated that the Grade A rents in its flagship office building Republic Plaza were down by 0.1 percent during Q3 this past year. This ended nine quarters straight of growth.

Rents are on the decline largely due to an increase in capital costs, and uncertainty in macroeconomic conditions.

CDL’s operational update for Thursday (Nov. 23,) said the improvement was due to The Myst being launched, a new 408-unit development on Upper Bukit Timah Road.

Since its launch in the month of July, 169 units have been sold at an average sale price S$2,065/square foot (psf). The report noted that Singaporeans made up 94 percent of buyers, while foreigners and permanent residents made up 6 per cent.

CDL also announced that the company had acquired a 155.351-square-foot residential Government Land Sales land at Champions Way. This site cost S$294.9M or S$904psf for each plot ratio.

CDL’s hotel operation continued to be on a recovery path, as all regions achieved higher revenue-per-available room (RevPAR).

Global RevPAR is now S$163.60, up 31.6 per cent from S$124.30 in the same period last year.

The group’s net gearing was 58 per cent on Sep 30, 2023. This is after completing various acquisitions such as St Katharine Docks UK and two hotels. The group reported that interest covers were 3.2.

CDL closed Thursday at S$6.21 down S$0.07 or 1.1 percent.

City Developments Ltd. & its joint ventures grew third quarter sales by S$325M, up from S$281M in the same period a year ago.

Over the same time, they have sold 183 pieces, an increase of 95 from the previous year.

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