CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures
In the middle of the 1st quarter, CDL additionally accomplished a number of divestments, consisting of the sale of Tanglin Shopping Centre for $868 million through a public tender in February and the sale of Millennium Hilton Seoul for around $1.25 billion. Even more just recently, the cumulative sale of Golden Mile Complex for $700 million, in which CDL holds 6.3% of the whole share worth as well as 34.8% of the strata area, was declared on May 6.
Still, CDL is confident about the overview for its property development service for the rest of the year, with extra residential launches planned. “While deal number is temporarily affected, the team presumes the place market to continue to be resistant and housing rates to hold firm because of modest supply as well as strong hidden principles,” its functional update checks out.
CDL likewise executed the acquisition of Central Square for $315 million in March, which will be redeveloped alongside CDL’s Central Mall buildings right into an enlarged mixed-use development. The team likewise carried out the off-market acquisition of a 179,007 sq ft site at 798 and also 800 Upper Bukit Timah Road for $126.3 million, which will likely be redeveloped within a 400-unit housing task.
In January, CDL was the best bidder along with joint endeavor companion MCL Land for a 210,623 sq ft Government Land Sales (GLS) location at Jalan Tembusu. CDL and also MCL Land filed the highest quote of $768 million ($1,302 psf per plot ratio). CDL mentions the recommended development at the spot will certainly consist of four blocks of 20 to 21 floors with an overall of 640 units.
City Developments (CDL) saw a decrease in household units offered in 1Q2022 closing March 31 due to the home cooling down actions revealed on Dec 16 2021. In its 1Q2022 functional update released on May 24, the Singapore-listed commercial property group disclosed a 41% y-o-y decline in residential properties offered to 188 units, with an entire sales cost of $477.9 million in the initial quarter. In contrast, the team saw 319 units marketed in 1Q2021, with an overall sales worth of $513.6 million.
Earlier this month, the group released Piccadilly Grand, its 407-unit, mixed-use innovation joint venture project at Northumberland Road. The plan saw solid take-up amid its launch weekend, with 315 units (77%) cost a common asking price of $2,150 psf. Upcoming launches in the second half of the year include a 639-unit joint endeavor exec condo project at Tengah Garden Walk, as well as the 256-unit property component of a combined development at 80 Anson Road in the CBD.
