CityDev Q32006 earnings up by over 250%

Soaring prices of high end luxury apartments have sent third quarter profits of City Developments soaring.The property developer says its earnings for the three months to September shot up by over 250 percent to nearly S$128m.

Strong contributions from hotel operations and the disposal of hotels to CDL Hospitality Trusts more than doubled the bottomline for the nine months to S$214m.

On its prospects, CityDev said it will definitely benefit from the expected recovery in the mid-tier property market.

With the improving office rental market, it is also in an advantageous position to re-evaluate the office REIT next year.

Source: Channel NewsAsia, 14 November 2006 

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