{"id":112360,"date":"2019-11-14T13:00:18","date_gmt":"2019-11-14T06:00:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-q3-profit-dragged-down-by-impairment-losses\/"},"modified":"2019-11-14T13:03:11","modified_gmt":"2019-11-14T06:03:11","slug":"cdls-q3-profit-dragged-down-by-impairment-losses","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-q3-profit-dragged-down-by-impairment-losses\/","title":{"rendered":"CDL\u2019s Q3 profit dragged down by impairment losses"},"content":{"rendered":"


\nHowever, the group saw healthy residential sales in Singapore,\u00a0with total sales amounting to $2.56 billion.
\nCity Developments Limited\u2019s (CDL) profit after tax and minority interest (PATMI) fell 33.7% in the third quarter of 2019 to $115 million, on the back of impairment losses from two hotels and transactions costs following Millennium & Copthorne Hotels\u2019 (M&C) privatisation.
\nExcluding the impairment and privatisation costs, PATMI would have dropped 11.4% for the period under review. The property developer suffered $37 million in impairment losses on two of its M&C hotels \u2013 namely, Millennium Hilton Seoul and Millennium Hilton New York One UN Plaza.
\nOn a quarter-on-quarter comparison, revenue in Q3 2019 declined by 12.9% from $1.017 billion to $885.3 million, mainly due to the timing of revenue recognition at its property development segment.\u00a0Revenue also fell by 27.7% to $2.482 billion compared to the same period last year.
\nCDL explained that contributions from the property development segment \u201ctend to be lumpy as profits from some projects cannot be recognised progressively but only upon completion\u201d.
\nOn the other hand, CDL and its joint venture (JV) witnessed healthy residential sales. The group sold 1,130 units (including executive condominiums) in Singapore with total sales amounting to $2.56 billion. This reflects an almost 44% hike in units sold and around 64% improvement in sales value over a similar period last year.
\nIn fact, Sengkang Grand Residences \u2013 a JV with CapitaLand \u2013 emerged as this year\u2019s best-selling integrated project, with 232 units sold at an average selling price (ASP) of about $1,700 per sq ft.\u00a0The 592-unit freehold JV project, Amber Park, has sold 188 units of the 200 released to date, at an ASP of around $2,480 psf.
\nRELATED:\u00a02 New Launch Condos Near MRT In Q4 2019: Will Buyers Bite?
\nThe 820-unit Piermont Grand executive condo (EC), Punggol\u2019s first and only EC project launch in 2019, saw\u00a0444 units taken up at an ASP of S$1,080 psf. The Group expects sales to remain strong with the recent policy changes raising EC income from S$14,000 to S$16,000.
\nMeanwhile, the group revealed that its site at Sims Drive, which is being developed by JV partner Hong Leong Holdings into a 560-unit residential project, is set for launch in the first quarter of 2020.
\n\u201cAlthough the Singapore property market continues to face challenges arising from a supply overhang, CDL\u2019s residential launches in Singapore have achieved relatively healthy sales,\u201d said Sherman Kwek, group chief executive officer of CDL.
\n\u201cThis reflects the underlying demand for homes with compelling value propositions that are anchored down by strong locations, high-quality standards and outstanding design.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL\u2019s Q3 profit dragged down by impairment losses<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

However, the group saw healthy residential sales in Singapore,\u00a0with total sales amounting to $2.56 billion....<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-112360","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-teg","jetpack-related-posts":[{"id":106875,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-net-profit-drops-7-4-in-q1-2019\/","url_meta":{"origin":112360,"position":0},"title":"CapitaLand Net Profit Drops 7.4% In Q1 2019","date":"May 6, 2019","format":false,"excerpt":"\r Revenue also declined 23.8 percent to $1.048 billion, mainly due to lower contributions from residential projects.\u00a0 CapitaLand saw its net profit drop 7.4 percent to $295.6 million in the first quarter of 2019, from $319.1 million over the same period last year. The decline was attributed to lower operating\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104235,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitalands-q4-net-profit-soars-71-to-475-7m\/","url_meta":{"origin":112360,"position":1},"title":"CapitaLand\u2019s Q4 net profit soars 71% to $475.7m","date":"February 21, 2019","format":false,"excerpt":"\r The developer does not expect home prices to rebound quickly after new property cooling measures were introduced in July. Singapore\u2019s largest developer CapitaLand saw its net profit jump 71 percent year-on-year to $475.7 million during the fourth quarter of 2018, while revenue rose 34 percent year-on-year to $1.62 billion.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64206,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/oxley-revenue-up-36-in-q4\/","url_meta":{"origin":112360,"position":2},"title":"Oxley revenue up 36% in Q4","date":"August 22, 2017","format":false,"excerpt":"\r \u00a0 Oxley Holdings saw its revenue for Q4 2017 increase by 36 percent year-on-year to S$224.33 million mainly due to revenue recognition using the completion of construction method upon the handover of certain plots in The Royal Wharf Phase 1A. Profit after tax and minority interest (PATMI) fell 41\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122703,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-investments-sales-up-6-9-in-q3\/","url_meta":{"origin":112360,"position":3},"title":"Property investments sales up 6.9% in Q3","date":"October 20, 2021","format":false,"excerpt":"\r Property investments sales were at $7.5 billion in Q3 2021, a 79% year-on-year increase. Singapore\u2019s real estate investment sales increased 6.9% quarter-on-quarter and 79% year-on-year to $7.5 billion in the third quarter of 2021, on the back of higher Government Land Sales (GLS), revealed Colliers International. Mixed-use transactions surged\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/singapore-city.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":107209,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/yanlord-land-remains-bullish-despite-dismal-q1-results\/","url_meta":{"origin":112360,"position":4},"title":"Yanlord Land remains bullish despite dismal Q1 results","date":"May 17, 2019","format":false,"excerpt":"\r OCBC Investment Research still expects to see an \u201cimprovement for the rest of the financial year\u201d, despite a fall in gross revenue and profit.\u00a0 Yanlord Land Group had a disappointing start as gross revenue and gross profit fell 49.6 percent and 61.4 percent year-on-year in the first quarter of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":56252,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ksh-holdings-fy2017-net-profit-down-33-4\/","url_meta":{"origin":112360,"position":5},"title":"KSH Holdings FY2017 net profit down 33.4%","date":"May 29, 2017","format":false,"excerpt":"\r KSH\u2019s share of profit from associated companies also posted lower, mainly due to the decreases in share of profit from Sequoia Mansion (pictured), preliminary costs on its China Gaobeidian project, impairment losses on unsold properties and decrease in sales and percentage-of-unsold properties. 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