CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
In January, CDL was the top bidder beside joint endeavor companion MCL Land for a 210,623 sq ft Government Land Sales (GLS) location at Jalan Tembusu. CDL as well as MCL Land handed in the top proposal of $768 million ($1,302 psf per plot ratio). CDL states the submitted development at the site will consist of 4 blocks of 20 to 21 floors with an overall of 640 units.
Still, CDL is hopeful regarding the outlook for its asset advancement business for the whole year, with a lot more domestic launches arranged. “While transaction volume is momentarily impacted, the team projects the building market to continue to be durable and property prices to hold firm because of modest supply and strong underlying principles,” its operational update checks out.
In the middle of the 1st quarter, CDL even did a variety of divestments, containing the sale of Tanglin Shopping Centre for $868 million through a public tender in February as well as the sale of Millennium Hilton Seoul for about $1.25 billion. More recently, the collective sale of Golden Mile Complex for $700 million, in which CDL holds 6.3% of the overall share cost and 34.8% of the strata region, was reported on May 6.
City Developments (CDL) saw a loss in domestic units closed in 1Q2022 closing March 31 due to the property cooling down actions released on Dec 16 2021. In its 1Q2022 working update published on May 24, the Singapore-listed building team reported a 41% y-o-y loss in properties sold to 188 units, with an overall sales price of $477.9 million in the very first quarter. In comparison, the group saw 319 units marketed in 1Q2021, with a complete sales cost of $513.6 million.
Previously this month, the team started Piccadilly Grand, its 407-unit, mixed-use growth joint enterprise property at Northumberland Road. The project saw solid take-up throughout its launch weekend, with 315 units (77%) sold at a regular asking price of $2,150 psf. Upcoming release in the 2nd half of the year feature a 639-unit joint endeavor exec condominium property at Tengah Garden Walk, in addition to the 256-unit household component of a combined development at 80 Anson Road in the CBD.
CDL also performed the purchase of Central Square for $315 million in March, which will be redeveloped alongside CDL’s Central Mall properties into an increased mixed-use development. The group also completed 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 definitely be redeveloped into a 400-unit residential task.