CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures

Earlier this month, the team released Piccadilly Grand, its 407-unit, mixed-use growth joint venture assignment at Northumberland Road. The plan saw solid take-up during its launch weekend, with 315 units (77%) cost a regular selling price of $2,150 psf. Upcoming launches in the second part of the year involve a 639-unit joint move exec condo project at Tengah Garden Walk, along with the 256-unit property component of an integrated progression at 80 Anson Road in the CBD.

City Developments (CDL) saw a loss in household units marketed in 1Q2022 ending March 31 as a result of the home air-cooling procedures announced on Dec 16 2021. In its 1Q2022 functional update published on May 24, the Singapore-listed commercial property team reported a 41% y-o-y decrease in residential properties marketed to 188 units, with a complete sales worth of $477.9 million in the 1st quarter. In contrast, the team saw 319 units marketed in 1Q2021, with a whole sales price of $513.6 million.

Even so, CDL is optimistic about the outlook for its residence development service for the remaining year, with even more property launches intended. “While deal quantity is briefly influenced, the team projects the estate market to stay resilient and real estate rates to hold firm as a result of modest supply as well as solid hidden principles,” its working update checks out.

Perfect Ten Condo Bukit Timah Road price

CDL additionally executed the acquisition of Central Square for $315 million in March, which will certainly be redeveloped in addition to CDL’s Central Shopping mall assets into an enlarged mixed-use development. The group likewise accomplished the off-market acquisition of a 179,007 sq ft site at 798 as well as 800 Upper Bukit Timah Road for $126.3 million, which will definitely be redeveloped into a 400-unit housing project.

In January, CDL was the number one bidder along with joint venture partner MCL Land for a 210,623 sq ft Government Land Sales (GLS) place at Jalan Tembusu. CDL and MCL Land provided the highest quote of $768 million ($1,302 psf per plot ratio). CDL explains the suggested advancement at the area will comprise 4 blocks of 20 to 21 storeys with a sum of 640 units.

In the course of the initial quarter, CDL even completed a variety of divestments, including the sale of Tanglin Shopping center for $868 million with a public tender in February as well as the sale of Millennium Hilton Seoul for roughly $1.25 billion. Even more recently, the collective sale of Golden Mile Complex for $700 million, wherein CDL holds 6.3% of the overall stake value and also 34.8% of the strata location, was declared on May 6.

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