City Developments

Liang Court redevelopment: a win-win situation

SINGAPORE (Dec 13): The redevelopment of Liang Court will not only benefit CDL Hospitality Trusts (CDLHT) and Ascott Residence Trust (Ascott REIT) but also City Developments (CDL) and its joint-venture (JV) partner CapitaLand.

The Liang Court site is 12,925.4 sq m and has a current built-up area of more than 109,000 sq m. The 403-room Novotel Clarke Quay takes up 34,908.7 sq m of gross floor area and the 197-room Somerset Liang Court, owned by Ascott REIT, 28,203.85 sq m. The rest of GFA is taken up by a retail mall.


Singapore property glut: developer calls for easing of curbs

SINGAPORE (Dec 11): Singapore’s property glut is an unintended consequence of government measures to force developers to build and sell apartments quickly or face stiff penalties, according to City Developments Ltd.

The city-state’s second-biggest home builder has come out swinging against a rule that imposes a levy on companies if they don’t complete construction and sell all units within a period of five years from acquiring land.

Property sector kept at 'overweight' by CGS-CIMB as monthly home sales volume picks up in May

SINGAPORE (June 19): CGS-CIMB Research is maintaining the Singapore property sector at “overweight” following a 28% month-on-month increase in home sales volume in May.

Some 952 new private housing units were sold in May, 28% higher than in April, but 15% lower compared to May 2018. The bulk of sales (51%) came from Rest of Central Region, while suburban projects made up another 43%. The most popular developments included Amber Park, Parc Komo and The Woodleigh Residences, which collectively accounted for one third of sales.

Look to diversified developers as property sales slow, says CGS-CIMB

SINGAPORE (Oct 2): CGS-CIMB Research is keeping its “neutral” stance on property developers amid slowing sales at new launches, following a slew of new property cooling measures introduced in July to curb rising home prices.

How the trade war has impacted our portfolio this year

SINGAPORE (Aug 10): The trade war has become a reality as the US and China have imposed 25% tariffs on each other’s products worth US$34 billion ($46.4 billion) each.

Synchronised global growth, as anticipated by economists, did not quite materialise in the first half of this year. Although strong growth was seen in the US, the same could not be said in Europe and Japan.

CityDev posts 79.5% rise in 2Q earnings to $205 mil; expects residential sales to moderate

SINGAPORE (Aug 10): City Developments (CDL) announced earnings of $204.8 million for the 2Q ended June, up 79.5% from its 2Q17 earnings of $114.1 million a year ago, backed by stronger sales recognition during the period under review.

This brings the group’s earnings for 1H18 to $284.8 million, up 35.8% from 1H17 earnings of $209.7 million after also accounting for The Criterion Executive Condominium (EC), which is now fully sold and achieved its temporary occupation permit (TOP) in 1Q.

Millennium & Copthorne's 1Q earnings double to $47 mil on higher associate contributions

SINGAPORE (May 4): Millennium & Copthorne Hotels (M&C Hotels) reported a doubling of 1Q18 earnings to £26 million ($47 million) from £13 million a year ago, due to higher profit contributions from associated companies as well as a one-off gain from disposal.

Revenue for the quarter fell 3.1% to £68.5 million from £70.7 million a year ago due to a foreign exchange loss of £13 million registered over the period, which led to 2.1% lower reported hotel revenue of £187 million compared to £191 million in 1Q17.

'Long winter' seen ending for Singapore home prices: Survey

SINGAPORE (Jan 23): The worst may be over for Singapore’s property slump.

After a four-year slide in private residential prices, analysts are now calling an end to the property downturn. Singapore home prices have risen for two consecutive quarters and they are expected increase by about 5.5% this year, according to a survey by Bloomberg.

There’s also the earnings season to look forward to next month as the upbeat outlook for the real estate market may augur well for Singapore developers.

New project launches to benefit developer stocks as cyclical upturn continues

SINGAPORE (Jan 16): Maybank Kim Eng remains “positive” on Singapore’s property sector while flagging UOL and City Developments (CDL) as the best large-cap proxies as the market continues its cyclical upturn.

These top picks have been rated “buy” at target prices of $9.85 and $13.80, representing a respective 15% and 6% discount to RNAV and price-to-book value ratios of 0.85 and 1.26 times.

Stick with these quality companies for upside in 2018, says OCBC

SINGAPORE (Dec 14): OCBC Investment Research says upside remains even as 2018 is unlikely to see a repeat of the “stellar gains” this year.

Year-to-date, the benchmark Straits Times Index (STI) has climbed 20% on the back of the financial and property sectors.

The financial sector led the way as the best performing sub-index in the Singapore market, with year-to-date gains of 31%. This was followed by the Real Estate Holding and Development Index, which surged 27%. The Singapore REIT index also performed well, rising 19%.

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