>

>

CDL’s profit rises 12.5% in 4Q2019 after bumper year of six residential project launches

By Valerie Kor

/ EdgeProp Singapore |

February 27, 2020 9:35 AM SGT

Join our Telegram channel and follow our Facebook for the latest update.

SINGAPORE (EDGEPROP) - City Developments (CDL) rounded off 4Q2019 with a strong performance of 12.5% increase in profit to $87.7 million. Overall, the group delivered profit after tax and minority interests of $564.6 million in FY2019.

Among positive contributions across its core business segments, local residential project launches constitute an outstanding portion, with a record number of six launches: Boulevard 88, Amber Park, Haus on Handy, Piermont Grand, Sengkang Grand Residences and Nouvel 18.

Sales for the projects launched in 2018 have been steady as well. In total, CDL sold 1,554 residential units in Singapore with sales value of $3.3 billion in 2019.

Next in the pipeline for the group are projects at Sims Drive and Irwell Bank Road, which will consist of 1,146 units targeted at mass to mid-tier segments.

Following the enhancement of Republic Plaza, which achieved positive rental reversions, the group plans to redevelop Liang Court into an integrated riverfront development and revamp W Singapore and Palais Renaissance. Functional upgrades are also planned for City Industrial Building and Cideco Industrial Complex.

In FY2019, CDL completed $2.3 billion worth of acquisitions and investments locally and in the key markets of the UK, Europe, China, Australia and Japan.

On the hotel operations front, the privatisation of Millennium & Copthorne Hotels (M&C) in 2019 was a key highlight. The hotel group comprises 150 hotels globally.

However, following the outbreak of Covid-19, the group reported that the hospitality segment looks to be severely impacted in the following months. As such, CDL is exploring contingency plans to manage costs.

Read also:

CDL recognised for corporate climate action

Is QC exemption balm enough to soothe the coronavirus-bruised property market?

CDL submits $583.9 mil top bid for River Valley GLS site; Wee Hur’s $93.4 mil bid highest for Bartley site

Tags:

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

Luxury living in the new heart of Bukit Timah

5

Grandson of Genting Group founder leads Cover Projects, carves niche in Singapore’s heritage properties

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00