CDL posts S$281 million in sales in Q3 amid low inventory of unsold units

by Albert02

CDL posts S$281 million in sales in Q3 amid low inventory of unsold units

CDL posts S$281 million in sales in Q3 amid low inventory of unsold units. Due to a limited inventory of unsold homes and no new launches, sales at City Developments Limited (CDL) stagnated in the third quarter ended September 30.

CDL and its joint-venture (JV) partners sold 95 flats for S$281 million in the third quarter, according to the company’s third-quarter operational results released on Wednesday (Nov 30). The company and its JV partners sold 802 units for S$1.9 billion in the first nine months ended September 30, compared to 1,382 units worth S$2.5 billion at the same period last year.

CDL, on the other hand, increased its sales to 1,417 units for S$2.8 billion as of November 30, owing primarily to the October opening of its joint venture project, Copen Grand executive condominium (EC). According to CDL, the reaction to the EC was “outstanding,” with an average launch price of S$1,300 per square foot.

CDL claimed that its Singapore office portfolio was resilient, with 94.3 percent committed occupancy, and that its retail portfolio was stable, with 95.3 percent committed occupancy. As travel restrictions lifted and pent-up travel demand surged, CDL’s hotels enjoyed an 88.9% increase in global revenue per available room to S$161.90 in Q3, up from S$85.70 in the same period previous year.

In its fund management business, CDL said that it is deferring preparations for an initial public offering for its UK commercial assets until the market stabilizes. While rising interest rates, inflationary concerns, and Singapore’s property cooling measures may make prospective purchasers wary, CDL believes the property market will stay resilient due to constrained supply levels. “Moreover, given Singapore’s developing economy, political stability, and role as a financial hub, there is continued demand from local purchasers, offshore investors, and high-net-worth individuals,” CDL added.

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