CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
Previously this month, the team released Piccadilly Grand, its 407-unit, mixed-use development joint endeavor property at Northumberland Road. The plan saw strong take-up over its launch weekend, with 315 units (77%) cost an usual market price of $2,150 psf. Upcoming release in the 2nd half of the year include a 639-unit joint enterprise exec condo project at Tengah Garden Walk, as well as the 256-unit residential part of an incorporated progression at 80 Anson Road in the CBD.
CDL also undertook the purchase of Central Square for $315 million in March, which will be redeveloped along with CDL’s Central Mall buildings into a bigger mixed-use development. The team likewise executed the off-market procurement of a 179,007 sq ft site at 798 and 800 Upper Bukit Timah Road for $126.3 million, which will likely be redeveloped right into a 400-unit residential task.
In January, CDL was the best prospective buyer along with joint venture partner MCL Land for a 210,623 sq ft Government Land Sales (GLS) spot at Jalan Tembusu. CDL and MCL Land provided the main bid of $768 million ($1,302 psf per plot ratio). CDL mentions the offered development at the area will certainly comprise 4 blocks of 20 to 21 floors with a total amount of 640 units.
During the first quarter, CDL additionally did a number of divestments, involving the sale of Tanglin Shopping Centre for $868 million through a public tender in February and the sale of Millennium Hilton Seoul for almost $1.25 billion. Even more just recently, the cumulative sale of Golden Mile Complex for $700 million, in which CDL holds 6.3% of the whole share worth and 34.8% of the strata area, was announced on May 6.
Still, CDL is optimistic regarding the probability for its home advancement organization for the whole year, with even more domestic launches set out. “While purchase amount is temporarily affected, the group projects the asset market to continue to be resistant and real estate prices to hold firm as a result of moderate supply and also strong underlying fundamentals,” its working update views.
City Developments (CDL) saw a decrease in household units closed in 1Q2022 ending March 31 as a result of the building cooling down procedures released on Dec 16 last year. In its 1Q2022 in business update released on May 24, the Singapore-listed residential property team revealed a 41% y-o-y loss in houses offered to 188 units, with a complete sales cost of $477.9 million in the very first quarter. In comparison, the team saw 319 units offered in 1Q2021, with a complete sales value of $513.6 million.
