{"id":95781,"date":"2018-08-10T09:50:50","date_gmt":"2018-08-10T02:50:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-net-profit-up-79-5-in-q2\/"},"modified":"2018-08-10T10:03:53","modified_gmt":"2018-08-10T03:03:53","slug":"cdls-net-profit-up-79-5-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-net-profit-up-79-5-in-q2\/","title":{"rendered":"CDL\u2019s net profit up 79.5% in Q2"},"content":{"rendered":"


\nCDL\u2019s strong performance was helped by its residential projects in Singapore, such as the high-end New Futura condominium.
\nCity 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 of strong sales recognition.
\nOn a half-yearly basis, net profit and revenue rose 35.8 percent and 47.6 percent to $284.8 million and $2.42 billion respectively.
\nMore: CDL may cut unit prices by 5-10%: RHB
\nContributing 68.1 percent of pre-tax profits for H1 2018, the property development segment\u2019s robust performance was mainly powered by three projects \u2013 namely, Gramercy Park and New Futura in Singapore, as well as Hong Leong City Center in China.
\nIn a statement, CDL revealed that it witnessed strong residential sales in Singapore and China during the first half of the year. It sold 651 residential units at a total sales value of $1.29 billion in Singapore and 170 units at a total sales value of RMB691.06 million (about S$138 million) in China.
\nWhile the group enjoyed two quarters of strong residential sales in Singapore, \u201cmarket dynamics changed after the unexpectedly harsh property cooling measures were announced in July,\u201d said CDL executive chairman Kwek Leng Beng.
\n\u201cSales are expected to moderate though prices may be sustained for very few quality projects in good locations where there is limited supply and pent-up demand.\u201d
\nThe demographics of buyers is also expected to shift towards first-time home buyers as demand from second-time buyers and foreigners wane due to the higher ABSD.
\nFuture supply of new homes will also moderate as en bloc sales are expected to be heavily curtailed by the cooling measures.
\nThe group, however, \u201cis in a stable position and currently has sufficient projects at hand\u201d. It has acquired four land sites since October 2017 and has sufficient pipeline to last for several years, said CDL.
\nBut given that land is \u201ca crucial raw material for property development activities, the group will continue to monitor the market closely and capitalise on available opportunities while maintaining strict price discipline for land bids\u201d, it added.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited 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\u2019s net profit up 79.5% in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CDL\u2019s strong performance was helped by its residential projects in Singapore, such as the high-end...<\/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-95781","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-oUR","jetpack-related-posts":[{"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":95781,"position":0},"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":112360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-q3-profit-dragged-down-by-impairment-losses\/","url_meta":{"origin":95781,"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":46021,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-kwek-worst-not-over-for-property-market\/","url_meta":{"origin":95781,"position":2},"title":"CDL\u2019s Kwek: Worst not over for property market","date":"February 24, 2017","format":false,"excerpt":"\r CDL\u2019s chief thinks it will take months before property prices begin to recover. Singapore\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. \u201cI\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94523,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-may-cut-unit-prices-by-5-10-rhb\/","url_meta":{"origin":95781,"position":3},"title":"CDL may cut unit prices by 5-10%: RHB","date":"July 24, 2018","format":false,"excerpt":"\r Launch crowd at The Tapestry showflat. (Photo: CDL) City Developments Limited (CDL) is expected to be negatively affected by the government\u2019s latest property cooling measures given its market position, according to RHBInvest analyst Vijay Natarajan. For instance, the Singapore-listed property developer has among the biggest unsold residential inventory in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":88417,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/healthy-sales-at-cdls-new-futura-thanks-to-foreign-buyers\/","url_meta":{"origin":95781,"position":4},"title":"Healthy sales at CDL\u2019s New Futura thanks to foreign buyers","date":"May 16, 2018","format":false,"excerpt":"\r Artist\u2019s impression of the penthouse pool at New Futura. (Photo: CDL) Property giant City Developments Limited (CDL) announced on Tuesday (15 May) that it sold a total of 83 units at New Futura, a 124-unit luxury freehold project at Leonie Hill Road in prime District 9. To date, 97\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":95781,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/95781"}],"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=95781"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/95781\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=95781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=95781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=95781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}