executive condominium (EC)

Gamuda JV submits $319 mil winning bid for Anchorvale Crescent land

SINGAPORE (Sept 19): A joint venture of Gamuda Bhd’s Singapore unit has put in the winning bid of $318.89 million for a land parcel at Anchorvale Crescent.

Gamuda Bhd is the Bursa Malaysia-listed engineering, property and infrastructure company.

The tender for the 51,411.9 sq m land parcel was called by HDB and submitted under a joint venture (JV) between subsidiary Gamuda (Singapore) and Evia Real Estate.

The land is earmarked for the development of an executive condominium (EC), the statement added.

Singapore June private home sales down 20.2% from a year ago

SINGAPORE (July 16): Sales of private homes by developers in Singapore fell 20.2% in June from a year earlier, government data showed on Monday.

Excluding executive condominiums (ECs), data compiled by the Urban Redevelopment Authority showed developers sold 654 units last month, compared with 820 units in the same month a year earlier.

Including ECs, 706 units were sold in June, down from the 1,259 sold the previous month and 1,064 homes sold in June last year.

Exec condos in the limelight as CityDev JV outguns rivals with $509 mil bid for Punggol EC site

SINGAPORE (Feb 28): DBS Group Research believes property developers are bullish on land-banking in executive condominium (EC) sites in Singapore due to limited supply in the near term.

This comes after a joint venture between City Developments (CDL) and TID Residential came up tops in the latest government land tender with a $590.4 million bid for the 820-unit EC site at Sumang Walk in Punggol.

The only EC plot available in the Government Land Sales (GLS) programme in 2H17, the Sumang Walk site saw a whopping 17 bids at the close on Tuesday night.

Private home prices continue to recover, but watch out for falling rents, rising supply

SINGAPORE (Jan 26): Prices of private residential property in Singapore is keeping up its recovery even as rental rates continue to decline, according to real estate statistics for 4Q17 released today by the Urban Redevelopment Authority (URA).

Private home prices increased by 0.8% in 4Q17, keeping pace with the 0.7% increase in the previous quarter.

For the full year in 2017, prices of private homes increased by 1.1%, compared to a 3.1% decline a year ago.

CityDev gets an upgrade on strong 1H17 home sales, upcoming launches

SINGAPORE (Aug 14): OCBC Investment Research has upgraded its call on City Developments (CityDev) to “buy” from “hold” with a higher fair value estimate of $12.39 from $10.50 previously, after updating its valuation model with its latest assumptions and firmer average selling prices (ASPs).

This comes after the developer last week announced earnings of $109.9 million for the quarter ended June, down 17.9% from $133.8 million in 2Q16 and in line with the research house’s estimates.

What’s sizzling at CDL?

SINGAPORE (Aug 12): UOB Kay Hian is maintaining its “buy” call on City Developments Limited (CDL) with a target price of $10.36. Here are a number of reasons why lead analyst Vikrant Pandey continues to remain positive on the developer and expects it to enjoy better 2H contributions:

1. Increased transparency

CDL’s 2Q earnings flat at $133.8 mil

SINGAPORE (Aug 11): City Developments Limited (CDL) posted earnings of $133.8 million for the 2Q ended 30 June, just 0.2% higher than $133.5 million a year ago.

Revenue for the quarter increased 32.4% to $1.1 billion. This was mainly boosted by the full revenue and profit recognition from Lush Acres, a fully sold Executive Condominium (EC), following its Temporary Occupation Permit (TOP) issuance in 2Q this year.

However, costs of sales increased 56.9% to $652.3 million. This resulted in a smaller 7.6% rise in gross profit to $440 million.

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