CDL announces sales of S$325M following launch of The Myst

CDL announced that it had improved its operations in its update of Thursday, Nov 23. The Myst is a 408 unit residential development along Upper Bukit Timah Road.

Since its launch on July 1, the group has sold over 169 units, with an average selling price per square foot of S$2,065 (psf). It was noted that 94% were Singaporeans while the rest were permanent residents, foreigners and others.

City Developments Ltd. and its joint venture partners increased their third-quarter sales from S$281 to S$325 Million, compared with the same period last year.

They sold 183 units in the same time period, compared to 95 units one year earlier.

The group reported that it’s net gearing ratio was 58 percent at September 30, 2023 after completing different acquisitions including St Katharine Docks (UK), two hotels and private rented assets. The group also said that the interest coverage was 3.2.

CDL shares dropped 1.1 per cent, or S$0.07, to S$6.21 at the close of Thursday’s trading.

The Urban Redevelopment Authority’s (URA) real estate statistics from Q3 of this year show that the group’s Singapore offices achieved an occupancy of 97.8 percent, which is above the islandwide average of 90 percent.

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While Republic Plaza had a positive rental reversion rate of 7.4 % as at Sep 30 2023, the Group noted that grade A office rents fell marginally by 0.1% in Q3 2018, ending nine quarters with growth.

Rents are declining largely because occupiers are becoming more cost-conscious in the face of rising capital costs and macroeconomic uncertainty.

CDL Hotel operations continue to show a strong recovery, with revenue per room available (RevPAR) increasing in all regions.

Global RevPAR grew by 31.6% to S$163.60 during the nine-month period ending September 2023. It was S$124.30 for the same time last year.

CDL said that it had purchased a 155.351 square feet residential Government Land Sales Site at Champions Way, for S$294.9M, or S$904psf/plot ratio.

However, the group believes that private home sales should be measured while the market takes a temporary breather to digest all the new launches of July.

It is preparing the launch of a 512 unit executive condominium at Bukit batok West Avenue 5, in Q1 2019.

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