Despite having to navigate a challenging environment with the introduction of various property market cooling measures and the Total Debt Servicing Ratio (TDSR) framework, City Developments (CDL) has continued to enjoy robust sales at its new and existing residential projects. In its third-quarter financial report released yesterday, CDL said more than 83 per cent of the 420 units in its Jewel@Buangkok...
City Developments Ltd (CDL)
Singapore's second-largest developer City Developments (CDL) said it is not looking to put in top-dollar bids on land tenders just to grow its land bank in Singapore. This is due to the so-called "qualifying certificate", which requires developers of high-end residential projects to sell their new homes within two years. CDL's Executive Chairman Kwek Leng Beng said: “It will be suicidal to keep on...
With an expected slowdown in the property market at home, homegrown developer City Developments (CDL) is now looking to diversify more of its assets beyond Singapore. While CDL's mid-priced condominiums like those at the Echelon in Alexandra should continue to see demand, the same cannot be said for its high end properties. And to push sales in this segment, CDL said it is coming up with new strategies...
City Developments third-quarter profit rose 1.8 per cent, helped by contributions from its office buildings. Net income for the 3 months ended September 30 was S$134.5 million up from S$132.1 million a year earlier. Sales increased 3.4 percent to S$832.9 million. Pretax profit from its rental properties including office buildings more than doubled to S$71.2 million. “While the outlook for the property...
Property giant City Developments Limited (CDL) unveiled its new luxury hotel W Singapore - Sentosa Cove on Tuesday. Experts said the hotel, which claims to be Singapore's greenest new hotel, offers, will reinforce CDL's corporate sustainability efforts. The developer of W Singapore - Sentosa Cove said this is the first new hotel in Singapore to be awarded the Green Mark Platinum Award. The Platinum...
City Developments' second quarter earnings tumbled 37.7 per cent from last year to S$137.7 million. The Singapore-listed developer noted a lack of substantial divestment gains in 2012 compared to a year earlier, and said revenue in the latest quarter was down by 19.6 per cent to S$787.7 million. From its hotels worldwide, Revenue Per Available Room (RevPAR), which is a measure of how good a hotelier is...
City Developments said declining rental income hurt its earnings last quarter. Net profit for the three months to December fell 32 per cent from a year earlier to S$163.2 million. Many analysts had forecasted a year-on-year decline of about 20 per cent. Source : Channel NewsAsia - 29 Feb...
A unit of City Developments Ltd has acquired Thailand Shareholder Investments for US$157.6 million (S$202.9 million). Vinemont Investments, an indirectly owned unit of City Developments, bought the company from Real Estate Capital Asia Partners, the Dow Jones news agency reported. Thailand Shareholder Investments has shopping mall interests in retail and hotel properties in Bangkok and Phuket island in...
CDL China Ltd, a wholly-owned subsidiary and the China division of Singapore's City Developments Limited (CDL), has acquired its third site in the past 13 months. The land is located in the southwestern city of Chongqing and has a gross floor area of approximately 1.2 million square feet. CDL said it is zoned for residential and commercial purposes. The company plans to build 900 residential units and a...
City Developments Ltd (CDL) reported a 32.4 per cent decline in its third quarter net profit to S$132.1 million on Thursday. This is lower than the restated net profit of S$195.4 million it posted a year ago, according to the property developer's stock exchange filing. CDL said lower contribution from rental properties dragged profits after its disposal of non-core investment properties in 2010 and early...