Analysts from RHB Group Research and CGS-CIMB Research are upbeat on an improving outlook for City Developments (CDL) following its 3QFY2021 ended September business update.

In a Nov 22 research report, Natarajan notes that more positive catalysts are emerging for CDL, including strong residential sales across its new launches in Singapore. More than 500 out of the 696 units at Canning Hill Piers sold on the development’s launch day on Nov 20 at an average selling price of $2,900 psf.

Canning Hill Piers is jointly developed by CDL and CapitaLand Development. The mixed-use project comprises residential, retail, hotel and serviced residence components. The healthy launch for Canning Hill Piers follows similarly well-received launches for CDL’s earlier Irwell Hill Residences and Penrose projects.

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