{"id":46021,"date":"2017-02-24T11:53:59","date_gmt":"2017-02-24T04:53:59","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-kwek-worst-not-over-for-property-market\/"},"modified":"2017-03-01T17:14:53","modified_gmt":"2017-03-01T10:14:53","slug":"cdls-kwek-worst-not-over-for-property-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-kwek-worst-not-over-for-property-market\/","title":{"rendered":"CDL\u2019s Kwek: Worst not over for property market"},"content":{"rendered":"


\nCDL\u2019s chief thinks it will take months before property prices begin to recover.
\nSingapore\u2019s real estate market is still struggling, with home prices falling for the third year in 2016 due mainly to the government\u2019s cooling measures, according to City Developments Limited\u2019s (CDL) Executive Chairman, Kwek Leng Beng.
\n\u201cI do not believe the worst is over although I think the worst has slowed down,\u201d said the billionaire in an interview with Bloomberg, adding that it may take up to nine months for residential prices to show signs of recovery.
\nWith property curbs remaining in place, home prices declined by three percent last year, with the figure for Q4 2016 sliding for the 13th consecutive quarter, the longest downtrend since the authorities began recording data in 1975.
\nNevertheless, Kwek noted that now is a good time to purchase upscale homes as prices have fallen sharply by some 35 percent since 2013.
\nMeanwhile, CDL\u2019s earnings slumped by 40.6 percent year-on-year to $243.8 million during the fourth quarter of 2016 due to the significant profits recognised in Q4 2015 from CDL\u2019s second Profit Participation Securities (PPS) platform. Nonetheless, revenue for Q4 2016 increased by 36.5 percent to $1.17 billion.
\nFor the whole of 2016, profit dropped by 15.5 percent to $653.2 million, while revenue rose by 18.2 percent to $3.91 billion.
\n\u201cIn view of the challenging economic environment, CDL has delivered creditable results. Notably, Hong Leong City Center Suzhou has made a strong maiden contribution to our record revenue (for FY 2016),\u201d Kwek said.
\nIn addition, the company and its joint venture associates sold 1,017 residential units (including ECs) at a total value of $1.25 billion, making CDL one of Singapore\u2019s top-selling private sector developers last year.
\nLooking ahead, CDL plans to launch the second phase of Gramercy Park by the first half of 2017, while New Futura will be unveiled in H2 2017.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL\u2019s Kwek: Worst not over for property market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CDL\u2019s chief thinks it will take months before property prices begin to recover. Singapore\u2019s real...<\/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-46021","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-bYh","jetpack-related-posts":[{"id":63604,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/smooth-transition-expected-at-cdl-following-ceos-resignation\/","url_meta":{"origin":46021,"position":0},"title":"Smooth transition expected at CDL following CEO\u2019s resignation","date":"August 14, 2017","format":false,"excerpt":"\r CDL CEO Mr Grant Kelley. Grant L. Kelley, the CEO of Singapore\u2019s second-largest developer CDL, has resigned after serving more than 3.5 years, citing personal reasons. The announcement was made during CDL\u2019s results briefing last Friday (11 August). \u00a0 Kelley intends to return to Australia to become the new\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":46021,"position":1},"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":[]},{"id":95781,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-net-profit-up-79-5-in-q2\/","url_meta":{"origin":46021,"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":20886,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/real-estate-heads-shine-at-corporate-sectors-oscars\/","url_meta":{"origin":46021,"position":3},"title":"Real estate heads shine at corporate sector\u2019s Oscars","date":"July 20, 2016","format":false,"excerpt":"\r Frasers Centrepoint was one of the night\u2019s big winners. Real estate industry chiefs clinched some of the top awards at this year\u2019s Singapore Corporate Awards, considered the Oscars of the local corporate sector. Frasers Centrepoint\u2019s Lim Ee Seng won the Best CEO award for large-caps, while William Liem of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94187,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-carbon-emission-reduction-now-scientifically-validated\/","url_meta":{"origin":46021,"position":4},"title":"CDL\u2019s carbon emission reduction now scientifically validated","date":"July 18, 2018","format":false,"excerpt":"\r City Developments Ltd (CDL) has emerged as the first Singapore property developer to have its carbon emission reduction assessed and validated by the Science Based Targets Initiative (SBTi), according to an SGX filing today (18 July). SBTi \u2013 a collaboration between UK-based CDP, World Resources Institute, United Nations Global\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":46021,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/46021"}],"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=46021"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/46021\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=46021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=46021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=46021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}