Leading real estate company City Developments Limited (CDL) says that its revenue and profit increased by 17.7% and 10.4% respectively in Q3 of 2018.
The increases in both areas were underpinned by strong performance from the property development segment arising from projects in Singapore, China and Japan.
In Singapore, New Futura and The Tapestry which were both launched in Q1 2018 have sold well while revenue was further propelled by the full recognition of The Criterion Executive Condominium (EC) which obtained its Temporary Occupation Permit in Q1 2018. For the overseas market, Phase 2 of Hong Leong City Center (HLCC) in Suzhou, China and Park Court Aoyama The Tower in Tokyo, Japan were completed in 1H 2018 and revenues were recognised upon progressive handover of units to buyers.
Mr Kwek Leng Beng, CDL Executive Chairman, said, “Notwithstanding global macroeconomic uncertainties and persistent headwinds for the Singapore residential property market, the Group has continued to achieve an encouraging set of results for another quarter.”
CDL officials say due to well-located projects that offer excellent design and attractive pricing, CDL’s residential projects in Singapore have continued to register healthy sales.
To accelerate our efforts to build a more stable base for our recurring income, CDL recently acquired three commercial assets in UK and China for over S$1 billion.
Officials say they remain focused on growing CDL’s development pipeline and recurring income portfolio through a strategic and disciplined approach.”
Listed on the Singapore Exchange, CDL has a network spanning 100 locations in 28 countries and regions.