CDL posts sales of $325 million in Q3 on launch of The Myst
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Since The Myst’s launch in July, CDL has sold 169 units at an average selling price of S$2,065 per sq ft.
PHOTO: CDL
Yong Jun Yuan
SINGAPORE – City Developments Limited (CDL) and its joint venture associates increased third-quarter sales to $325 million, from $281 million in the year-ago period.
Over the same duration, they sold 183 units, up from 95 units in 2022.
In its operational update on Nov 23, CDL said that the improvement came on the back of the launch of The Myst, a 408-unit residential development located in Upper Bukit Timah Road.
Since its launch in July, the group has sold 169 units at an average selling price of $2,065 per sq ft (psf). It noted that 94 per cent of buyers were Singapore citizens, while permanent residents and foreigners made up the remaining 6 per cent.
CDL added that it had secured a 155,351 sq ft residential Government Land Sales site in Champions Way for $294.9 million, or $904 psf per plot ratio.
However, the group expects private home sales to be measured as the market takes a “temporary breather” to digest a slew of new launches in July.
It is preparing to launch its 512-unit Lumina Grand executive condominium project in Bukit Batok West Avenue 5 in the first quarter of 2024.
Meanwhile, the group’s Singapore office portfolio achieved an occupancy rate of 97.8 per cent, above the islandwide occupancy of 90 per cent, based on the Urban Redevelopment Authority’s real estate statistics for the third quarter of 2023.
While Republic Plaza, its flagship Grade A office building, had positive rental reversion of 7.4 per cent as at Sept 30, the group noted that Grade A office rents dipped marginally by 0.1 per cent in the third quarter of 2023, ending nine consecutive quarters of growth.
“The dip in rents is largely attributable to occupiers becoming more cost-conscious, in the light of the higher cost of capital and macroeconomic uncertainties,” it said.
CDL’s hotel operations continued its strong recovery momentum, with all regions having achieved higher revenue per available room (RevPAR).
Global RevPAR rose 31.6 per cent to $163.60 for the nine months ended September 2023, up from $124.30 over the same period a year earlier.
The group said its net gearing ratio stood at 58 per cent as at Sept 30 after the completion of different acquisitions in 2023, including St Katharine Docks in Britain, two hotels and several private rented sector assets. Interest cover stood at 3.2 times, the group added.
CDL shares closed flat at $6.21 on Nov 24. THE BUSINESS TIMES
