CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
Earlier this month, the team launched Piccadilly Grand, its 407-unit, mixed-use development joint venture property at Northumberland Street. The venture saw strong take-up over its launch weekend, with 315 units (77%) cost a common market price of $2,150 psf. Upcoming release in the 2nd part of the year include a 639-unit joint enterprise executive apartment venture at Tengah Garden Walk, as well as the 256-unit household element of an incorporated growth at 80 Anson Road in the CBD.
Nevertheless, CDL is hopeful concerning the probability for its building progression organization for the remainder of the year, with more household launches set out. “While transaction number is briefly affected, the group predicts the asset market to remain durable and also realty prices to hold firm as a result of modest supply and also strong underlying basics,” its functional update views.
City Developments (CDL) saw a decrease in domestic units sold in 1Q2022 finishing March 31 due to the home air-cooling procedures released on Dec 16 2021. In its 1Q2022 in business update published on May 24, the Singapore-listed real estate team disclosed a 41% y-o-y decrease in residential properties offered to 188 units, with a total sales worth of $477.9 million in the first quarter. In comparison, the group saw 319 units marketed in 1Q2021, with a total sales worth of $513.6 million.
During the 1st quarter, CDL additionally completed a number of divestments, containing the sale of Tanglin Mall for $868 million through a public tender in February and the sale of Millennium Hilton Seoul for around $1.25 billion. Also recently, the cumulative sale of Golden Mile Complex for $700 million, wherein CDL holds 6.3% of the entire stake price and 34.8% of the strata region, was released on May 6.
CDL likewise performed the purchase of Central Square for $315 million in March, which will certainly be redeveloped alongside CDL’s Central Shopping center buildings right into an enlarged mixed-use growth. The group additionally executed the off-market acquisition of a 179,007 sq ft area at 798 and 800 Upper Bukit Timah Road for $126.3 million, which will certainly be redeveloped right into a 400-unit home job.
In January, CDL was the top bidder alongside joint venture companion MCL Land for a 210,623 sq ft Government Land Sales (GLS) place at Jalan Tembusu. CDL as well as MCL Land sent the main bid of $768 million ($1,302 psf per plot ratio). CDL specifies the submitted development at the site will certainly make up 4 blocks of 20 to 21 storeys with an overall of 640 units.
