CDL reports 41% y-o-y decrease in units sold in 1Q2022 due to cooling measures

City Developments (CDL) saw a decrease in domestic units closed in 1Q2022 finishing March 31 as a result of the building cooling down steps revealed on Dec 16 2021. In its 1Q2022 functional update published on May 24, the Singapore-listed real estate team revealed a 41% y-o-y decline in real estates sold to 188 units, with a total sales price of $477.9 million in the 1st quarter. In contrast, the team saw 319 units sold in 1Q2021, with a whole sales price of $513.6 million.

In the course of the first quarter, CDL also did a number of divestments, including the sale of Tanglin Shopping Centre for $868 million via a public tender in February and the sale of Millennium Hilton Seoul for approximately $1.25 billion. More recently, the cumulative sale of Golden Mile Complex for $700 million, in which CDL holds 6.3% of the whole stake value and also 34.8% of the strata region, was publicized on May 6.

In January, CDL was the leading bidder alongside joint endeavor companion MCL Land for a 210,623 sq ft Government Land Sales (GLS) place at Jalan Tembusu. CDL and MCL Land filed the best bid of $768 million ($1,302 psf per plot ratio). CDL reveals the recommended advancement at the area will include 4 blocks of 20 to 21 storeys with an overall of 640 units.

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Earlier this month, the group debuted Piccadilly Grand, its 407-unit, mixed-use property development joint enterprise assignment at Northumberland Street. The plan saw solid take-up throughout its launch weekend, with 315 units (77%) cost an average market price of $2,150 psf. Upcoming release in the 2nd part of the year feature a 639-unit joint project executive condominium project at Tengah Garden Walk, along with the 256-unit domestic factor of an incorporated growth at 80 Anson Road in the CBD.

CDL also undertook the purchase of Central Square for $315 million in March, which will be redeveloped together with CDL’s Central Mall assets into an enlarged mixed-use growth. The group likewise finished the off-market purchase of a 179,007 sq ft site at 798 and also 800 Upper Bukit Timah Road for $126.3 million, which will certainly be redeveloped inside a 400-unit residential task.

Nonetheless, CDL is confident regarding the probability for its asset growth organization for the remaining year, with more residential launches planned. “While purchase quantity is momentarily impacted, the group projects the property market to stay resilient as well as property costs to hold firm due to modest supply as well as solid underlying basics,” its operational update sees.

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