{"id":22622,"date":"2016-08-11T17:36:52","date_gmt":"2016-08-11T10:36:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-reports-better-than-expected-quarterly-results\/"},"modified":"2016-08-11T17:41:43","modified_gmt":"2016-08-11T10:41:43","slug":"cdl-reports-better-than-expected-quarterly-results","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-reports-better-than-expected-quarterly-results\/","title":{"rendered":"CDL reports better-than-expected quarterly results"},"content":{"rendered":"


\nArtist\u2019s impression of the Jewel@Buangkok development. Source: CDL
\nSingapore-based City Developments Limited (CDL) announced on Thursday (11 August) a resilient set of financial results for the second quarter of 2016, bucking the trend of many peers who have registered declining profits and revenues due to tough macroeconomic challenges here and\u00a0 abroad.
\nYear-on-year, group net profit for the second quarter rose by 0.2 percent to $133.8 million, while revenue increased by 32.4 percent to $1.1 billion from the same period in 2015.
\nThe better-than-expected results were attributed to revenue and profit recognition from Lush Acres, a fully-sold executive condominium (EC), following its TOP issuance in Q2.
\nDuring the first half of 2016, the developer sold 324 residential units in Singapore amounting to a total sales value of $385.7 million, up 82 percent from the 178 units sold in the first half of last year ($224 million).
\nIts latest residential development, the 174-unit freehold Gramercy Park condominium near Orchard Road, was soft launched in end-May. To date, 31 of the 40 units released for sale in the project\u2019s North Tower have been sold at an average price of $2,600 psf.
\nIt is understood that an official launch is being planned and private viewings by appointments are ongoing.
\nStrong sales were also seen at the 616-unit Jewel@Buangkok \u2013 which is almost fully-sold with only four units remaining, while Coco Palms \u2013 a 944-unit joint venture condo in Pasir Ris \u2013 is almost 90 percent sold.
\nIn the coming months, the group plans to launch a new 99-year leasehold project named Forest Woods at the junction of Upper Serangoon Road and Paya Lebar Road. The 519-unit development will comprise one- to four-bedroom units and penthouses that are equipped with smart home automation features.
\nBased on the land cost of $710 psf, the project\u2019s estimated selling price could be around $1,400 psf to $1,500 psf, said Wong Xian Yang, Senior Manager, Research and Consultancy at OrangeTee.
\nHe noted that the median transacted price for the nearby Jade Residences at Lorong Lew Lian, a freehold 171-unit project, is around $1,521 psf.
\nMeanwhile, CDL has also been aggressively investing in overseas real estate projects, with good take-up seen at its residential developments in Australia, China and the UK.
\nKwek Leng Beng, CDL\u2019s Executive Chairman said: \u201cWe have a robust balance sheet, high liquidity and conservative accounting practices. This provides us with the firepower to continue investing overseas, given prevailing headwinds in the Singapore property market.\u201d
\nCDL is looking to build a first-ever luxury care home development for elderly residents on a carpark site in central London, close to the Harrods Department Store in Knightsbridge. Planning consent has already been obtained for the \u00a3200 million (S$348.3 million) development.
\nThe project will comprise 34 two-bedroom apartments for sale on 999-year leases. The units range from 1,250 sq ft to 2,110 sq ft in size.
\nPlanned facilities include a luxury spa, swimming pool, private doctors\u2019 surgery, 24-hour concierge service and dedicated nurse care rooms.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL reports better-than-expected quarterly results<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Artist\u2019s impression of the Jewel@Buangkok development. Source: CDL Singapore-based City Developments Limited (CDL) announced on...<\/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-22622","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\/p75ss1-5SS","jetpack-related-posts":[{"id":101069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-net-profit-up-10-4-in-q3\/","url_meta":{"origin":22622,"position":0},"title":"CDL net profit up 10.4% in Q3","date":"November 9, 2018","format":false,"excerpt":"\r CDL may look to launch the Amber Park en bloc site in the first half of 2019. (Photo: JLL) City Developments Limited (CDL) saw its net profit increase 10.4 percent to $161.8 million during the third quarter of 2018 from $146.6 million over the same period last year. Revenue\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-q3-profit-dragged-down-by-impairment-losses\/","url_meta":{"origin":22622,"position":1},"title":"CDL\u2019s Q3 profit dragged down by impairment losses","date":"November 14, 2019","format":false,"excerpt":"\r However, the group saw healthy residential sales in Singapore,\u00a0with total sales amounting to $2.56 billion. City 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":95781,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-net-profit-up-79-5-in-q2\/","url_meta":{"origin":22622,"position":2},"title":"CDL\u2019s net profit up 79.5% in Q2","date":"August 10, 2018","format":false,"excerpt":"\r CDL\u2019s strong performance was helped by its residential projects in Singapore, such as the high-end New Futura condominium. City Developments Limited\u2019s (CDL) net profit for the second quarter of 2018 soared 79.5 percent year-on-year to $204.8 million, while revenue jumped 59.2 percent year-on-year to $1.36 billion on the back\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71440,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-profit-down-8-3-in-q3-2017\/","url_meta":{"origin":22622,"position":3},"title":"CDL profit down 8.3% in Q3 2017","date":"November 10, 2017","format":false,"excerpt":"\r Lush Acres is a 99-year Leasehold Executive Condominium located at Sengkang West Way\/Fernvale in District D28. (Photo: Lush\u00a0Acres) City Development Limited\u2019s (CDL) net profit for the third quarter of 2017 fell 8.3 percent to $156 million, while revenue dropped 6.5 percent to $863 million. For the first nine months\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/","url_meta":{"origin":22622,"position":4},"title":"Developers report mixed results in Q3","date":"November 11, 2016","format":false,"excerpt":"\r Property developer UOL Group has posted a 14 percent drop in net attributable profit for the third quarter. Singapore developers posted mixed results in the third quarter of 2016, with City Developments Limited (CDL) reporting a profit increase and UOL Group registering a decline. CDL saw its net profit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63408,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-benefit-from-property-upcycle-calls-for-review-of-qc-policy\/","url_meta":{"origin":22622,"position":5},"title":"CDL to benefit from property upcycle, calls for review of QC policy","date":"August 11, 2017","format":false,"excerpt":"\r CDL\u2019s Kwek said the property market appears to be getting stronger, but warned of dangers such as an upward spiral in land costs and housing prices. Property giant City Developments Limited (CDL) said it is well-poised to benefit from the property upcycle after several years of subdued market conditions\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22622"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=22622"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/22622\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=22622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=22622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=22622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}