City Developments (CityDev)

Right timing: Upside momentum intact for STI and blue chips

SINGAPORE (June 21): Here are three charts for our technical analysis this week:

STI with moving averages and momentum

Upward momentum continues as volume expanded on the continued rise in the Straits Times Index over the past five trading sessions. At 3,321, the index has moved above its flattish 50-day moving average at 3,260 and a resistance level of 3,264.

CityDev's takeover offer of M&C likely to get approval from minority shareholders: RHB

SINGAPORE (June 10): RHB Research says CDL’s revised takeover offer to acquire the remaining 35% stake of its subsidiary Millennium & Copthorne hotels (M&C) is likely to gain approval from minority shareholders.

See: CityDev launches another takeover bid for Millennium & Copthorne Hotels with 685 pence per share offer

CityDev launches another takeover bid for Millennium & Copthorne Hotels with 685 pence per share offer

SINGAPORE (June 7): City Developments (CDL) has launched another takeover bid for Millennium & Copthorne Hotels (M&C).

The latest move comes after CDL built up a 65.2% stake in M&C.

CDL says the offer price will remain at the pre-conditional final cash offer price of 685 pence ($11.89) per share offer for the remaining 34.8% of M&C.

CDL says the offer price is final and will not be increased.

The offer values the entire issued and to be issued ordinary share capital of M&C at £2.23 billion ($3.86 billion).

CDL announces transformational China transaction amid 1QFY2019 earnings surge

SINGAPORE (May 20): On May 15, City Developments announced it had entered into agreements to invest in a 24% equity stake in Sincere Property Group, a stressed mainland Chinese developer, for RMB5.5 billion ($1.1 billion). The transaction is subject to approvals and other conditions, and expected to be fully completed in 4QFY2019. This investment will make CDL the largest investor after Sincere’s founder and chairman, Wu Xu. CDL will have board representation and the right to key decision-making.

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How positive should investors be on CityDev's big China investment deal?

SINGAPORE (May 17): CGS-CIMB Research and Jefferies are maintaining their “buy” calls on City Developments Limited (CDL) with the respective price targets of $10.66 and $8.68, while RHB Research is keeping its “neutral” rating on the stock with a target price of $9.20.

Successful conclusion to PPS2 gives outsized returns to investors

SINGAPORE (Apr 29): On April 19, EdgeProp reported that two adjoining eight-storey Grade-A office buildings at 7 and 9 Tampines Grande were sold to a joint venture between Evia Real Estate and Metro Holdings for $395 million. The purchase price translates into $1,373.45 psf, based on net lettable area (NLA). The buildings have a remainder lease of 87 years, and tenants include AIA, Hitachi Asia and BNP Paribas.

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Billionaire Kwek keeps it in the family with luxury condo sales

SINGAPORE (Apr 23): Billionaire property developer Kwek Leng Beng’s latest luxury condo in Singapore has seen robust demand since its launch last month. It doesn’t hurt that some of his own relatives have rallied to the cause.

Kwek’s wife and son Cecilia Kwek and Kingston spent $9.8 million on an apartment in Boulevard 88, according to a City Developments exchange filing late Monday. His nephew and City Developments’ group chief strategy officer Kwek Eik Sheng snapped up another unit on one of the upscale project’s lower floors for a more modest $4.3 million.

How to play URA's latest draft master plan

SINGAPORE (Apr 5): Kwek Leng Beng, executive chairman of City Developments, has his own views on what could make Sentosa an exciting place for a property investor.

In 2014, CDL formed Profit Participation Security (PPS1) from the securitisation of Quayside Collection at $1.5 billion, with partners Blackstone Group and CIMB Bank.

The mixed-use Quayside Collection on Sentosa Island comprises a 240-room luxury hotel, retail space of 44,121 sq ft and 228 residential units with a net lettable area of 418,682 sq ft that CDL had been struggling to sell.

It's all work, all play in Singapore if urban plan gets go ahead

(Apr 5): Living where you work and play may not seem like the ideal balance in terms of escaping the grind, but it’s a key plank of Singapore’s vision for its central business district.

Like many cities’ financial centres, Singapore’s is bustling by day and close to deserted during a weekend. The government hopes to change that and laid out details of how it aims to go about it in an urban draft plan released last month.

Steady sales but thinner margins seen for CityDev; hospitality sector to stay challenging

SINGAPORE (Nov 9): City Developments reported a 10% y-o-y rise in 3Q18 earnings to $162 million. Revenue jumped 18% to $1.02 billion.

The better performance was largely due to higher residential development profits as well as a $12 million pre-tax gain from the sale of a property in Jalan Besar.

Gross profit margin held relatively steady at 47.8% in 3Q18 vs 49.5% in 3Q17.

See also: CityDev posts 10.4% rise in 3Q earnings to $161.8 mil

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