CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
CDL additionally completed the purchase of Central Square for $315 million in March, which will be redeveloped beside CDL’s Central Mall assets into an increased mixed-use development. The team likewise finished the off-market purchase of a 179,007 sq ft area at 798 and 800 Upper Bukit Timah Road for $126.3 million, which will be redeveloped into a 400-unit housing project.
Still, CDL is confident about the outlook for its building development company for the remaining year, with more household launches prepared. “While purchase quantity is momentarily affected, the team expects the place market to remain resilient as well as real estate prices to hold firm due to modest supply and also strong underlying fundamentals,” its operational update checks out.
Earlier this month, the team opened Piccadilly Grand, its 407-unit, mixed-use property development joint venture project at Northumberland Street. The venture saw strong take-up throughout its launch weekend, with 315 units (77%) sold at an usual asking price of $2,150 psf. Upcoming launches in the second part of the year feature a 639-unit joint venture exec condo property at Tengah Garden Walk, along with the 256-unit residential factor of an incorporated progression at 80 Anson Road in the CBD.
City Developments (CDL) saw a loss in domestic units marketed in 1Q2022 closing March 31 due to the real estate cooling measures released on Dec 16 last year. In its 1Q2022 working update published on May 24, the Singapore-listed real estate team declared a 41% y-o-y decline in estates marketed to 188 units, with a total sales value of $477.9 million in the initial quarter. In contrast, the team saw 319 units sold in 1Q2021, with an overall sales price of $513.6 million.
In the course of the initial quarter, CDL even finished a number of divestments, containing the sale of Tanglin Mall for $868 million through a public tender in February and also the sale of Millennium Hilton Seoul for approximately $1.25 billion. Also recently, the collective sale of Golden Mile Complex for $700 million, wherein CDL holds 6.3% of the total stake worth and 34.8% of the strata region, was revealed on May 6.
In January, CDL was the best prospective buyer alongside joint endeavor companion MCL Land for a 210,623 sq ft Government Land Sales (GLS) spot at Jalan Tembusu. CDL as well as MCL Land submitted the foremost proposal of $768 million ($1,302 psf per plot ratio). CDL states the offered growth at the area will certainly comprise 4 blocks of 20 to 21 storeys with a sum of 640 units.