CDL records sales of S$325m in Q3 for the launch of The Myst
CDL’s hotel operations have continued their strong recovery momentum with all regions achieving higher revenue per room (RevPAR).
Global RevPAR rose by 31,6% to S$163.60 over the nine months ending September 2023. The previous year, it was S$124.30.
After the completion of various acquisitions in 2023 including St Katharine Docks UK, 2 hotels and a number of private rented sectors assets, the group said its net gearing rate stood at 58.8 per cent at Sep 30 2023. The group stated that interest was covered at 3.2-times.
CDL’s shares fell by 1.1 percent, or S$0.07 on Thursday before the update.
CDL has announced that they have secured a 155.351 square feet residential Government Land Sales property at Champions Way. The site was purchased for S$294.9m or S$904psf.
The group, however, expects that the private home market will be measured during a period of “temporary rest” as the industry digests a number of new launches made in July.
It will launch its 512 units Lumina Grand executive condo project on Bukit Batok East Avenue 5 in the first quarter of 2019.
Find out more about: The Botany Showflat Location
Based on the Urban Redevelopment Authority’s latest real estate statistics of Q3 2015, the group’s Singapore-based office portfolio has achieved a rate of occupancy of 97.8 %, higher than the 90 % islandwide.
While Republic Plaza was its flagship Grade-A office building and had a positive reversion to rental of 7.4 percent as of Sep 30th 2023 the group noted Grade-A office rents dropped marginally in Q3 by 0.1 percent, ending nine successive quarters growth.
Rents are dropping due to a shift in occupants’ attitude towards cost, as a result of macroeconomic uncertainty and higher capital costs.
City Developments Ltd., and its joint-venture associates, increased the third-quarter sale to S$325million from S$281million in the prior period.
In the same period they sold 183 unit, up 95 units from a year before.
CDL reported that in its operating update published on Thursday (Nov.23), the improvements were due to The Myst’s launch, a development of 408 residential units along Upper Bukit Timah Road.
Since its July launch, the group sold 169 homes at an average of S$2,065 each. It stated that 94 percent of the buyers are Singapore citizens. Permanent residents and foreigners make up the other 6 percent.