On Thursday, August 11, City Developments Limited announced a promising financial result for Q2 2016. This is in the opposite direction compared to other companies which have reported reduced profits and revenues within the same period of time, attributed tough economic times.
The group’s second-quarter profits rose by a margin of 0.2% up to $133.8 m, while the revenue rose by a margin 32.4% up to $1.1 b in comparison to a similar period back in the year 2015.
These impressive results were mainly attributed to the issuance of the T.O.P in Q2 for the Lush Acres Executive Condominium that was fully sold and which generated great revenues and profits for the company.
A total of 324 units were sold in H1 2016, which resulted in $385.7 m sales, an increase of 82% percent compared to the 178 units sold in H1 of 2015 at an estimated cost of about $224 million.
The Gramercy Park which is their latest development and which has a total of 174 units was launched back in May. Up until now, a total of 31 units out of the total 40 in the North Tower were sold at $2,600 psf average price.
According to sources, an official launch is underway though appointment based private viewings are ongoing.
On the other hand, impressive sales were achieved at the Jewel @ Buangkok; which has almost 99 percent its units sold with just 4 units remaining. The Coco Palms has 90 percent of it 944 units sold up.
In the approaching months, CDL is set to unveil a 99-year lease Forest Woods that will be nestled at Upper Serangoon Road and Pay Lebar Road junction. The said residence will house a total of 519 units divided into 1, 2, 3 and 4 bedroom units as well as penthouses all of which will be elegantly fitted with smart home features.
‘’ On the basis of the current $710 psf land cost, the developers of Forest Wood residences will sell at an estimated price that will range from between $1400 and $1500 psf,’’ said Mr. Wong Xian Yang Senior Manager at Orange Tee.
‘’Median price for the units at Jade Residences was around $1,521 psf,’’ Mr. Wong further noted.
To further stamp their dominance and presence, CDL has also taken a stake in the overseas market with projects being done as far as the UK, China, and even Australia.
‘’ Our balance sheets, high liquidity practices, and conventional accounting procedures are very effective. This has greatly allowed amassing that needed energy and determination to continue with our overseas investments considering the Singapore market prevailing headwinds,’’ Kwek Leng Beng CDL’s executive chairman said.
To further stress their ambition CDL is planning to build the very first luxurious elderly home in Central London close to Harrods Department Store. This project is expected to cost CDL an estimated value of $348.3 million. The home will comprise of thirty four 2-bedroom apartments under a 999-year lease at the range of 1,250 and 2,110 square foot. It will have great facilities including a swimming pool and nurse care rooms, concierge service, luxury spa and private doctor’s surgery.