{"id":54495,"date":"2017-05-12T09:44:57","date_gmt":"2017-05-12T02:44:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-posts-8-4-rise-in-q1-revenue\/"},"modified":"2017-05-12T09:57:57","modified_gmt":"2017-05-12T02:57:57","slug":"cdl-posts-8-4-rise-in-q1-revenue","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-posts-8-4-rise-in-q1-revenue\/","title":{"rendered":"CDL posts 8.4% rise in Q1 revenue"},"content":{"rendered":"


\nDespite a challenging market, City Developments Limited (CDL) recorded a revenue of SGD783.8 million in Q1 2017, up 8.4% from the SGD723.3 million in the same period a year ago, revealed an SGX filing on Thursday (11 May).
\n\u201cThe increase is attributable to improved performance from the property development segment which posted a 33.9% increase in contribution, primarily led by the progressive handover of units in Phase One of Suzhou Hong Leong City Center (HLCC) and a strong take up for Gramercy Park.\u201d
\nHowever, net profit declined 18.9% to SGD85.5 million compared to SGD105.3 million in Q1 2016.
\nThe lower net profit is due to various factors, such as the lacklustre performance by the group\u2019s subsidiary Millennium & Copthorne Hotels plc and the absence of contribution from two joint venture projects completed last year \u2014 Echelon and Bartley Ridge.
\nAnother reason is the lower income gained from the realisation of an investment in a private property fund, Real Estate Capital Asia Partners, and exchange losses incurred primarily from the repayment of a New Zealand dollar denominated intercompany loan under the group\u2019s indirect subsidiary, CDL Hospitality Trusts (CDLHT).
\nEarlier this month, the group was awarded the tender for a 99-year leasehold residential site at Tampines Avenue 10 after it submitted the highest bid of SGD370.1 million. It is considering to develop a 15-storey condominium there with around 800 units.
\nIn the second half of\u00a02017, CDL also plans to launch New Futura, which consists of two 36-storey towers housing 124 units of freehold luxury condos.
\nMeanwhile, CDL Executive Chairman Kwek Leng Beng said Singapore\u2019s housing market is starting to show some signs of recovery.
\n\u201cProperty prices appear to be stabilising, especially in the high-end market, and there is increased investor confidence as Singapore remains a relatively safe haven in a highly volatile marketplace.\u201d
\n\u201cRecent policy relaxations are measured and prudent, and support the aim of buying property as a form of long-term investment. We are confident that the Singapore Government will continue to monitor market conditions closely and make the necessary tweaks to the other property cooling measures as and when the situation warrants,\u201d he added.
\n\u00a0
\nSenior Content Producer, Christopher Chitty, edited this story.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL posts 8.4% rise in Q1 revenue<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite a challenging market, City Developments Limited (CDL) recorded a revenue of SGD783.8 million in...<\/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-54495","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-eaX","jetpack-related-posts":[{"id":106893,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chip-eng-seng-net-profit-soared-84-in-q1\/","url_meta":{"origin":54495,"position":0},"title":"Chip Eng Seng Net Profit Soared 84% in Q1 \u00a0","date":"May 7, 2019","format":false,"excerpt":"\r The company\u2019s property developments division posted a 48.9 percent hike in revenue Q1 2019, on the back of higher percentage of completion of Park Colonial and\u00a0Grandeur Park Residences (shown). 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