CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
Previously this month, the team introduced Piccadilly Grand, its 407-unit, mixed-use development joint venture project at Northumberland Street. The venture saw strong take-up during its launch weekend, with 315 units (77%) cost a regular selling price of $2,150 psf. Upcoming launches in the 2nd part of the year feature a 639-unit joint project executive condo property at Tengah Garden Walk, along with the 256-unit residential element of an incorporated enhancement at 80 Anson Road in the CBD.
CDL also completed the procurement of Central Square for $315 million in March, which will be redeveloped as well as CDL’s Central Mall properties right into a bigger mixed-use growth. The group additionally finished the off-market procurement of a 179,007 sq ft area at 798 as well as 800 Upper Bukit Timah Road for $126.3 million, which will likely be redeveloped into a 400-unit household task.
Still, CDL is optimistic regarding the expectation for its residence progression company for the remainder of the year, with even more household launches arranged. “While transaction amount is momentarily impacted, the team presumes the place market to continue to be resistant and also property fees to hold firm as a result of moderate supply and strong underlying basics,” its working update reviews.
In January, CDL was the number one prospective buyer along with joint venture companion MCL Land for a 210,623 sq ft Government Land Sales (GLS) site at Jalan Tembusu. CDL as well as MCL Land sent the foremost quote of $768 million ($1,302 psf per plot ratio). CDL mentions the offered development at the site will compose four blocks of 20 to 21 storeys with a total amount of 640 units.
City Developments (CDL) saw a decrease in residential units offered in 1Q2022 closing March 31 as a result of the building cooling procedures released on Dec 16 last year. In its 1Q2022 operational update released on May 24, the Singapore-listed residential property group revealed a 41% y-o-y decline in real estates offered to 188 units, with an entire sales price of $477.9 million in the first quarter. In contrast, the team saw 319 units sold in 1Q2021, with a total sales worth of $513.6 million.
In the course of the first quarter, CDL additionally did a variety of divestments, including the sale of Tanglin Mall for $868 million via a public tender in February as well as the sale of Millennium Hilton Seoul for approximately $1.25 billion. Even more lately, the collective sale of Golden Mile Complex for $700 million, in which CDL holds 6.3% of the total share worth as well as 34.8% of the strata location, was released on May 6.