City Developments

Award of tender for residential site at Buangkok Drive / Sengkang Central

The Urban Redevelopment Authority (URA) has awarded the tender for the residential site at Buangkok Drive / Sengkang Central to White Haven Properties Pte. Ltd, a unit of Singapore-listed City Developments (CDL). The company submitted the highest bid in the tender for the site at S$301 million. The residential site was launched for sale by public tender on 16 April 2012 and closed on 12 June 2012. The...

Tender closing for residential site at Buangkok Drive / Sengkang Central

The Urban Redevelopment Authority (URA) closed the tender for the residential site at Buangkok Drive / Sengkang Central today. The site at Buangkok Drive / Sengkang Central was launched for sale by public tender on 16 April 2012. The site was offered for sale on a 99-year lease. The land spans about 18,340 square metres with a maximum gross floor area of 55,023 square metres. White Haven Properties, a...

City Developments’ Q2 profit falls 15.3% on-year to S$139.9m

City Developments Limited (CDL) has become the latest property heavyweight to give a bullish outlook for the property sector. Executive chairman Kwek Leng Beng said on Thursday the recent strong home sales momentum is sustainable. The comment came as CDL booked a 15 per cent drop on-year in second quarter earnings to S$139.9 million – its fifth straight quarter of decline. Revenue, meanwhile, rose by...

South Beach project back on track after securing S$1.2b in fresh funds

The iconic South Beach development project along Beach Road is back on track, after a City Developments-led consortium secured S$1.2 billion in new funds. The South Beach Consortium will get money in the form of an S$800 million bank loan, and S$400 million in secured convertible notes. The South Beach project came about after a hot contest for a land parcel at Beach Road. The South Beach consortium,...

Leasehold Botannia condominium project at West Coast fully sold

City Developments (CDL) and CapitaLand have fully sold their joint venture Botannia condominium project, located near West Coast Park. The majority of the 493-unit development with a 956-year leasehold was bought by Singaporeans. Foreigners purchased about a quarter of the units. In a statement, CDL said the strong sales is a clear indication that homeowners and investors have become more upbeat,...

City Developments posts 49.6% drop in 1st quarter net earnings to S$83.1m

City Developments has posted a 49.6 per cent decline in first quarter net earnings to S$83.1 million. The Singapore-listed developer said the decline in earnings was mainly due to lower contributions from both its property development and hotel operations. Revenue for the three months ended March fell 18 per cent to S$622.5 million. Looking ahead, CDL said it believes that the global economic scenario...

Hong Leong, CityDev introduce measures against swine flu

Hong Leong Group said it has started to introduce precautionary measures against the spread of swine flu at its various offices. These include increasing the frequency of cleaning and disinfecting all lifts and toilets. By Tuesday, City Developments will also set up checking counters at the building entrances of all its investment properties. The counters will screen visitors and record their...

Almost all units launched for sale at The Arte at Thomson sold

Almost all of the 180 units for sale at The Arte at Thomson have been sold since the project's official launch earlier this month. A total of 170 units has already changed hands, with 20 sold over the weekend for some S$30 million. More than 1,000 visitors made their way to the 336-unit, freehold development's showroom last weekend. Developer City Developments sees this as evidence that buyers have...

CityDev sells 150 units of The Arte for $190m

THE buzz continues at property launches on the island. City Developments said yesterday that it achieved about $190 million of sales from selling about 150 units at The Arte at Thomson since March 21. The freehold project is priced at $880 psf on average. No premium is being being charged for an interest absorption scheme (IAS) that CDL has extended to buyers. The scheme means buyers pay just the...

Sales at City Development’s “The Arte” surpassed 80%

City Developments (CDL) said sales at "The Arte" condominium project have surpassed the 80 per cent mark. The developer said 150 units were snapped up in a Phase 1 launch recently with S$190 million of deals recorded. Most of those sold went for under S$2 million. The 336-unit freehold project at Thomson Road has been priced at an average of S$880 per square foot, with units ranging from 1,055 sq ft for...

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