CDL posts 12.2% drop in Q1 net profit to $137.6 million

Lower revenue from its property development segment sent first-quarter net profit at City Developments (CDL) down 12.2 per cent to $137.6 million from the preceding year.

Revenue for the three months to March 31 fell 9.8 per cent to $763.5 million year-on-year, the property giant said.

The group launched two condominium projects during the quarter, which were the 912-unit D'Nest in Pasir Ris and the 868-unit joint venture Bartley Ridge at Mount Vernon Road.

CDL said it was planning to launch two residential projects and one mixed development over the next few months.

The residential projects are Jewel @ Buangkok which is a 616-unit condo at Buangkok Drive, and a 380-unit executive condominium at Fernvale Link which is near Singapore Press Holdings' upcoming The Seletar Mall.

Its upcoming mixed development is located at the junction of Upper Serangoon Road and MacPherson Road, near Potong Pasir MRT. It will have 266 homes and 28 ground-floor retail units.

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