City Developments' new sales hit $2.2b in 1H13

In addition to 2H12's $1.53b.

According to DBS, going forward, residential earnings visibility continues to be strong with S$2.25bn worth of new sales locked in during 1H13 in addition to the S$1.53bn sales in 2H12.

However, the group remains selective on landbanking given the impending incoming new inventory which could likely drag on price outlook.

Here's more from DBS:

It has S$2.5bn gross cash on its balance sheet, translating to a gearing of 22%. It plans to launch 580 residential units and 28 shop lots in Q3 comprising Lush Acres EC and Tai Thong Crescent development.

Hotel contributions are likely to be relatively subdued half-on-half as global economic recovery remains sluggish. The group would continue to refurbish its key hotel assets to reposition them and is looking at redevelopment opportunities at the Mayfair and Knightsbridge Hotels in London.

While City Dev has been raising its stake in M&C to 57.4% presently, there are no current plans to privatise the company. It is also exploring other growth platforms such as propertydevelopment in London as well as private equity opportunities, which we believe could bear fruit in the medium term.

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