{"id":71440,"date":"2017-11-10T10:25:29","date_gmt":"2017-11-10T03:25:29","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-profit-down-8-3-in-q3-2017\/"},"modified":"2017-11-10T11:05:00","modified_gmt":"2017-11-10T04:05:00","slug":"cdl-profit-down-8-3-in-q3-2017","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-profit-down-8-3-in-q3-2017\/","title":{"rendered":"CDL profit down 8.3% in Q3 2017"},"content":{"rendered":"


\nLush Acres is a 99-year Leasehold Executive Condominium located at Sengkang West Way\/Fernvale in District D28. (Photo: Lush\u00a0Acres)
\nCity 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.
\nFor the first nine months of 2017, net profit and revenue declined by 14.2 percent and 8.7 percent to $351.5 million and $2.5 billion, respectively.
\nIn an SGX filing, CDL revealed that the Q3 and year-to-date September results were \u201cboosted by a gain following the divestment of a non-core office building in Osaka\u201d.
\n\u201cIn comparison, year-to-date September 2016 results also included a gain from the divestment of the group\u2019s 52.52 percent interest in City e-Solutions Limited and the full recognition of revenue and profit of Lush Acres, a fully sold Executive Condominium (EC).\u201d
\nExcluding these one-off items, the group\u2019s net profit for year-to-date September 2017 actually increased by 3.5 percent.
\nCDL executive chairman Kwek Leng Beng noted that the prospects for the local property market are brighter. But with the property cooling measures still in place, the market remains far from its previous peak almost a decade ago.
\n\u201cWe are confident that the government will continue to be nimble and make necessary tweaks to these measures, when the situation warrants.\u201d
\nWith this, he urged the government to review \u201csooner rather than later\u201d the qualifying certificate (QC) policy to balance supply and demand as well as moderate escalating land prices.
\nThis comes as the policy \u201cprevents land banking for listed property companies, which are typically larger entities\u201d.
\n\u201cPolicies like the QC are an impediment which have resulted in the rush to bid up land prices as land must be acquired and then developed within a limited period, rather than being held on a balance sheet over the longer term, which would moderate escalating prices.\u201d
\nTo date, the group has not been liable for any QC and\/or Additional Buyer\u2019s Stamp Duty (ABSD) penalties as it has been able to sell its units within a stipulated period.
\n\u00a0
\nThis article was edited by Keshia Faculin.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CDL profit down 8.3% in Q3 2017<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Lush Acres is a 99-year Leasehold Executive Condominium located at Sengkang West Way\/Fernvale in District...<\/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-71440","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-iAg","jetpack-related-posts":[{"id":33856,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-report-mixed-results-in-q3\/","url_meta":{"origin":71440,"position":0},"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":101069,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-net-profit-up-10-4-in-q3\/","url_meta":{"origin":71440,"position":1},"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":71440,"position":2},"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":22622,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-reports-better-than-expected-quarterly-results\/","url_meta":{"origin":71440,"position":3},"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":[]},{"id":104235,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitalands-q4-net-profit-soars-71-to-475-7m\/","url_meta":{"origin":71440,"position":4},"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":63408,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-to-benefit-from-property-upcycle-calls-for-review-of-qc-policy\/","url_meta":{"origin":71440,"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\/71440"}],"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=71440"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/71440\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=71440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=71440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=71440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}