CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
Earlier this month, the team opened Piccadilly Grand, its 407-unit, mixed-use growth joint opportunity project at Northumberland Road. The assignment saw solid take-up over its launch weekend, with 315 units (77%) sold at a common asking price of $2,150 psf. Upcoming launches in the second half of the year feature a 639-unit joint endeavor executive apartment project at Tengah Garden Walk, along with the 256-unit domestic component of an incorporated advancement at 80 Anson Road in the CBD.
During the 1st quarter, CDL even completed a number of divestments, involving the sale of Tanglin Shopping center for $868 million via a public tender in February as well as the sale of Millennium Hilton Seoul for almost $1.25 billion. Even more recently, the collective sale of Golden Mile Complex for $700 million, wherein CDL holds 6.3% of the total stake worth and 34.8% of the strata area, was declared on May 6.
In January, CDL was the leading bidder beside joint venture companion MCL Land for a 210,623 sq ft Government Land Sales (GLS) spot at Jalan Tembusu. CDL and MCL Land filed the major proposal of $768 million ($1,302 psf per plot ratio). CDL specifies the recommended growth at the site will make up 4 blocks of 20 to 21 floors with an overall of 640 units.
CDL also performed the purchase of Central Square for $315 million in March, which will certainly be redeveloped along with CDL’s Central Shopping center buildings into a bigger mixed-use improvement. The team likewise completed the off-market procurement of a 179,007 sq ft site at 798 as well as 800 Upper Bukit Timah Road for $126.3 million, which will definitely be redeveloped right into a 400-unit residential project.
Nonetheless, CDL is hopeful about the expectation for its home growth company for the whole year, with additional property launches prepared. “While transaction number is momentarily influenced, the group expects the residence market to continue to be resilient as well as realty costs to hold firm as a result of modest supply and strong underlying fundamentals,” its working update sees.
City Developments (CDL) saw a loss in household units closed in 1Q2022 closing March 31 due to the property cooling procedures introduced on Dec 16 last year. In its 1Q2022 operational update released on May 24, the Singapore-listed real estate group revealed a 41% y-o-y decline in houses offered for sale to 188 units, with an overall sales value of $477.9 million in the first quarter. In comparison, the team saw 319 units sold in 1Q2021, with a total sales price of $513.6 million.