{"id":63408,"date":"2017-08-11T12:39:23","date_gmt":"2017-08-11T05:39:23","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-benefit-from-property-upcycle-calls-for-review-of-qc-policy\/"},"modified":"2017-08-11T12:41:09","modified_gmt":"2017-08-11T05:41:09","slug":"cdl-to-benefit-from-property-upcycle-calls-for-review-of-qc-policy","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-benefit-from-property-upcycle-calls-for-review-of-qc-policy\/","title":{"rendered":"CDL to benefit from property upcycle, calls for review of QC policy"},"content":{"rendered":"


\nCDL\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.
\nProperty giant City Developments Limited (CDL) said it is well-poised to benefit from the property upcycle after several years of subdued market conditions coupled with macro headwinds.
\nAt a results briefing on Friday (11 August), the group revealed that it sold 691 units with a sales value of $1.15 billion in Singapore during H1 2017, triple that from last year.
\nThe strong sales momentum is expected to continue, especially at high-end projects.
\nFor instance, the luxury freehold Gramercy Park condominium at Grange Road has sold 117 out of the 174 units (85 percent) at average prices ranging from about $2,650 psf to $2,880 psf. This included two five-bedroom penthouses which found buyers for around $17 million each.
\nFor the second half of the year, CDL plans to launch another high-end condo called New Futura in the Orchard Road vicinity. The 124-unit freehold project comprises two- to four-bedroom units and is expected to obtain its temporary occupation permit in Q3 2017.
\nSEE ALSO: New Futura to launch amid improved market sentiment
\nMeanwhile, CDL said it will monitor market conditions before it launches South Beach Residences.
\n\u201cSales and rental options are being considered for the 190-unit luxury residence,\u201d the developer said in a statement. \u201cThe group will decide on the opportune launch timing, so as to achieve maximum value for this prime property.\u201d
\nIn early 2018, the group is expected to launch a new project at Tampines Avenue 10, near the upcoming Tampines West MRT station. \u00a0
\nThe 99-year leasehold condo will comprise seven 15-storey blocks with about 861 units. There will also be a childcare centre on site.
\nCommenting, Kwek Leng Beng, CDL\u2019s Executive Chairman said: \u201cThe \u2018heartbeat\u2019 of Singapore\u2019s residential property market appears to be getting stronger with increased activity and some vital signs of a possible stabilisation. CDL is well poised to benefit from an upcycle.\u201d
\nAt the same time, the group will look at potential collective en-bloc prospects for some of its mature assets, and will deploy a war chest for land bank replenishment in Singapore while remaining disciplined.
\nHowever, Kwek hopes that the government will review the restrictive Qualifying Certificate (QC) policy, which requires developers to build and sell all units within five years of being awarded the site.
\n\u201c(This is) so that developers can look towards both Government Land Sales and private sales for land replenishment and avoid a dangerous spiral in land cost and property prices that is not in line with the growth of the economy,\u201d he said.
\nFor H1 2017, CDL posted revenue of $1.6 billion and profit of $195.3 million.
\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 to benefit from property upcycle, calls for review of QC policy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CDL\u2019s Kwek said the property market appears to be getting stronger, but warned of dangers...<\/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-63408","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-guI","jetpack-related-posts":[{"id":51647,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/gramercy-park-mostly-bought-by-non-singaporeans-at-an-average-of-2600-to-2800-psf\/","url_meta":{"origin":63408,"position":0},"title":"Gramercy Park mostly bought by non-Singaporeans at an average of $2,600 to $2,800 psf","date":"April 12, 2017","format":false,"excerpt":"\r Around 76 percent of sales at the freehold project in Grange Road were to non-Singaporeans, with average prices up from over $2,600 psf to about $2,800 psf. (Photo: Christopher Chitty) Property developer City Developments Limited (CDL) has sold 81 of the 174 available units (47 percent) at its Gramercy\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106873,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/amber-park-sells-115-units-at-2425-psf\/","url_meta":{"origin":63408,"position":1},"title":"Amber Park Sells 115 Units At $2,425 psf","date":"May 6, 2019","format":false,"excerpt":"\r CDL described the take-up as \u201cthe strongest launch weekend sales for a freehold project this year\u201d. Amber Park \u2013 City Developments Limited (CDL) and Hong Realty\u2019s joint residential project in East Coast \u2013 moved 115 units or 77 percent of the 150 units released during its launch over the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104373,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-wants-govt-to-help-sentosa-property-market\/","url_meta":{"origin":63408,"position":2},"title":"CDL wants govt to help Sentosa property market","date":"February 25, 2019","format":false,"excerpt":"\r The developer is urging the Singapore government to transform the island resort into a vibrant tourist hotspot like Indonesia\u2019s Bali.\u00a0 Amidst the weak luxury housing market in Sentosa, City Developments Limited (CDL) is urging the Singapore government to transform the island into a vibrant tourist hotspot like Indonesia\u2019s Bali,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103947,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-at-cdl-projects-remain-healthy-report\/","url_meta":{"origin":63408,"position":3},"title":"Sales at CDL projects remain healthy: report","date":"February 13, 2019","format":false,"excerpt":"\r Artist\u2019s impression of the condo gym at Whistler Grand. Whistler Grand, a 716-unit condominium in West Coast Vale in District 5, has found buyers for 251 units or 83 percent of the 300 units released for sale, according to latest data from the Urban Redevelopment Authority (URA). The units\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":77626,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-futura-condo-sells-18-units-at-average-price-of-3200-psf\/","url_meta":{"origin":63408,"position":4},"title":"New Futura condo sells 18 units at average price of $3,200 psf","date":"January 22, 2018","format":false,"excerpt":"\r 18 of the 25 units released for sale were sold at an average price of $3,200 psf. New Futura, City Development Limited\u2019s (CDL) luxury condominium project at Leonie Hill Road, received positive response from buyers, with 18 units sold at an average price of $3,200 psf during its first\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22622,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-reports-better-than-expected-quarterly-results\/","url_meta":{"origin":63408,"position":5},"title":"CDL reports better-than-expected quarterly results","date":"August 11, 2016","format":false,"excerpt":"\r Artist\u2019s impression of the Jewel@Buangkok development. Source: CDL Singapore-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\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\/63408"}],"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=63408"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/63408\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=63408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=63408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=63408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}