CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
City Developments (CDL) saw a loss in property units closed in 1Q2022 finishing March 31 as a result of the home cooling steps disclosed on Dec 16 2021. In its 1Q2022 operational update published on May 24, the Singapore-listed residence team revealed a 41% y-o-y decline in estates sold to 188 units, with a whole sales worth of $477.9 million in the first quarter. In comparison, the group saw 319 units offered in 1Q2021, with an overall sales value of $513.6 million.
In January, CDL was the leading bidder together with joint endeavor partner MCL Land for a 210,623 sq ft Government Land Sales (GLS) location at Jalan Tembusu. CDL and MCL Land handed in the top bid of $768 million ($1,302 psf per plot ratio). CDL states the suggested advancement at the site will certainly make up four blocks of 20 to 21 floors with a total amount of 640 units.
Earlier this month, the group released Piccadilly Grand, its 407-unit, mixed-use development joint opportunity property at Northumberland Road. The venture saw solid take-up over its launch weekend, with 315 units (77%) sold at a regular asking price of $2,150 psf. Upcoming launches in the second part of the year feature a 639-unit joint enterprise exec condo property at Tengah Garden Walk, as well as the 256-unit household part of an incorporated growth at 80 Anson Road in the CBD.
CDL also undertook the purchase of Central Square for $315 million in March, which will certainly be redeveloped beside CDL’s Central Shopping mall buildings into an increased mixed-use development. The team also executed the off-market procurement of a 179,007 sq ft area at 798 and also 800 Upper Bukit Timah Road for $126.3 million, which will be redeveloped into a 400-unit household task.
In the course of the 1st quarter, CDL additionally accomplished a variety of divestments, consisting of the sale of Tanglin Shopping Centre for $868 million through a public tender in February and also the sale of Millennium Hilton Seoul for approximately $1.25 billion. More lately, the cumulative sale of Golden Mile Complex for $700 million, wherein CDL holds 6.3% of the overall stake worth as well as 34.8% of the strata region, was announced on May 6.
Even so, CDL is hopeful regarding the forecast for its residential property advancement enterprise for the rest of the year, with even more residential launches planned. “While purchase number is briefly influenced, the team expects the asset market to continue to be durable and also housing rates to hold firm due to moderate supply as well as solid hidden principles,” its working update reviews.