CDL and its associates sold 188 Singapore residential units in 1Q, chalking up a total sales value of $477.9 million, down 7% y-o-y, as cooling measures introduced late last year dampened transaction volume.
However, CDL expects prices to stay firm due to moderate supply and upcoming new launches. Construction activity has started to accelerate with labour issues being progressively sorted out. Sales momentum continues to be strong for projects with the right attributes.
For example, earlier this month, CDL and JV partner MCL Land, launched a city fringe mixed development project, which was 77% sold on the launch weekend at an average psf of $2,150.
CDL has also replenished its land bank by teaming up again with MCL Land to win a government land sale site for $1,300 psf ppr. It also bought an off-market parcel for $126 million which can be developed into 400 units.
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CDL, with major interests in hotels, is enjoying a lift in this sector. Worldwide, its revenue per average room night more than doubled y-o-y to $89.6, with recovery led by UK, US and Singapore. “There is still ample room for recovery as RevPARs are still 40% below pre-pandemic,” says Guha.
CDL closed May 24 at $8.09, unchanged for the day.
