CDL posts sluggish sales in Q3 22 due to low inventory
The firm recorded $281m sales value.
City Developments Limited (CDL) recorded sales value of $281m in the third quarter of 2022, which the group said was slower for the quarter because of low inventory of unsold units.
In a bourse filing, CDL said its launched projects were sold, with Sengkang Grand Residences selling out in Q3. There were also zero new launches during this period.
For the first nine months ending 30 September 2022, CDL and its join venture associates sold 802 units with a total sales value of $1.9b, lower than $2.5b sold in the same period last year.
In November, its launch of Copen Grand Executive Condominium boosted the total sales value to 1,417 units amounted to $2.8b.
Despite low stock levels due to cooling measures, CDL sees that the property market will still be resilient.
"Moreover, with a recovering economy, Singapore’s political stability, and its strength as a financial hub, there is sustained interest from local buyers, foreign investors and high-net-worth individuals," it said.