SINGAPORE – City Developments Limited (CDL) and its joint ventures increased revenue in the third quarter to $325 million, from $281 million in the same period last year. During the same period, they sold 183 units, up from 95 units in 2022.
In its operations update on November 23, CDL said that the improvement follows the launch of The Myst, new launch property, a 408-unit residential development located at Upper Bukit Timah Road.
Since its launch in July, the group has sold 169 units at an average selling price of $2,065 per square ft (psf). It noted that 94% of buyers were Singapore citizens, while permanent residents and foreigners made up the remaining 6%.
CDL added that it has acquired a 155,351 square meter Government Residential Land Sale site in Champions Way for $294.9 million, equivalent to $904 per plot ratio.
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However, the group expects private home sales to be measured when the market takes a “break” to digest a series of new launches in July. They are preparing to launch the 512-unit Lumina Grand executive condominium project at Bukit Batok West Avenue 5 in the first quarter of 2024.
Meanwhile, the group's Singapore office portfolio has achieved an occupancy rate of 97.8%, higher than the island-wide occupancy rate of 90%, based on the Authority's real estate statistics. Urban Redevelopment Agency in the third quarter of 2023.
While Republic Plaza, its flagship Class A office building, had a positive rental return rate of 7.4% as of September 30, the group noted that Class A office rents decreased slightly 0.1% in the third quarter of 2023, ending nine consecutive quarters in 2023. development.
“The decline in rents is largely due to tenants becoming more cost-conscious, amid higher capital costs and macroeconomic uncertainties,” the organization said.
CDL's hotel operations continued their strong recovery, with all regions achieving higher revenue per available room (RevPAR). Global RevPAR increased 31.6% to $163.60 for the nine months ending September 2023, up from $124.30 year-over-year.
The group said its net leverage stood at 58% as of September 30 after completing various acquisitions in 2023, including St Katharine Docks in the UK, two hotels and several private sector rental properties. The interest rate stands at 3.2 times, the group added.
New Launches News - CDL shares closed unchanged at $6.21 on November 24.
Adapt from THE BUSINESS TIMES
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