CDL's Singapore property sales surge to $477.1m

It has sold 293 units.

Whilst its net earnings were badgered by the absence of contributions from two joint venture projects, City Developments Limited still reported healthy gains in its property portfolio across its markets.

According to OCBC Investment Research, the group sold 293 units worth $477.1m in Singapore over 1Q17, up significantly versus 145 units at $145m in 1Q16.

"Depending on market conditions, management intends to launch the 124-unit New Futura at Leonie Hill Road in 2H17," the brokerage firm said.

Meanwhile, CDL has sold 77% of the 1,374 residential units in Phase 1 of HLCC while 43% of the 430 units in Phase 2 have also been sold.

"The management team has been active in 1H17 to date and has deployed about $770m in capital for acquisitions in China, the UK, and in Singapore," OCBC Investment Research said.

CDL is in the process of acquiring Distrii, China's largest co-working operator, and Meidao Business Plaza in Shanghai. In the UK, it is in the talks to snap up Ransomes Wharf in London, and the Lowry Hotel in Manchester. In Singapore, it has nabbed rights in Tampines Ave. 10 site.

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