SINGAPORE – Developer City Developments Limited (CDL) experienced a slowdown in property sales after no new property sales in the first quarter ended March 31.
CDL announced on May 19 that the group and its joint venture affiliates sold 88 units worth $213.2 million, compared with 188 units worth $477.9 million in the same period last year. .
However, despite the grim global outlook, we are confident we will navigate the uncertainty and remain on the lookout for investment opportunities.
Real estate cooling measures introduced in April It also “serves as a constant reminder that the group should not be overly dependent on any particular country or asset class.”
The company said it had to reschedule a preview of its 246-unit freehold project, Newport Residences, originally scheduled for April 29, because the market “will take time to absorb the measures.” did not become.
“The group will closely monitor the market situation and start the project at the appropriate time,” he added.
Less than three weeks later, CDL launched Tenbus Grand, a 638-unit joint venture (JV) condominium. About 56 percent sold at an average price of $2,465 per square foot.
The company said about 90% of buyers are Singaporeans, 8% are permanent residents and 2% are foreigners.
In the short term, the CDL expects cooling measures to affect projects with a high proportion of external demand, “typically high-end luxury properties in prime locations.”
“The Group has seen minimal impact on the mass and middle class segments, where most buyers are locals and PR, as evidenced by the three recent launches that took place after the cooling measures were announced. We expect it to be contained,” the CDL said.
It plans to launch 408 units of The Mist along Upper Bukit Timah Road in the second half of this year.
Two of the outright sold projects received temporary occupancy permits in January and April. respectively, the 820-unit joint venture Executive Condominium (EC) Peermont Grand and the 188-unit House on Handy.
CDL said the group will recognize all revenue and profit from Peermont Grand in the first quarter in accordance with general accounting standards.
Piccadilly Grand, Canning Hill Pier, Irwell Hill Residences and Amber Park have sold over 90%, among other projects.
https://www.straitstimes.com/business/cdl-q1-sales-slow-to-2132-million-due-to-absence-of-new-launches CDL’s First Quarter Revenue Slows to $213.2 Million Due to Absence of New Launches