CDL profits subdued in 3Q

Will the launching of Redhill in 4Q make a difference?

CDL reported 3Q12 PATMI of $134.5m which showed a marginal YoY increase (1.8%) over 3Q11.

According to OCBC, recognition at development projects kept mostly in pace with the previous quarter (2Q12 PATMI: S$137.7m)
and it judged this set of results to be generally in line with expectations.

"During the quarter, we saw disposal gains recorded for strata units in Citimac Industrial Complex, Elite Industrial Building II,
GB Building and Pantech Business Hub, as well as the realization of certain long-term financial assets. Topline for the quarter came in at
S$832.9m – again a marginal YoY increase of 3.4%," it said.

Here's more from CDL:

Domestic residential sales still firm
HAUS@SERANGOON GARDEN, with 97 terraces, was launched in Jul 2012 with 86 houses sold to date. At Up@Robertson Quay (70 total
units, launched May 2012), 48 units have been sold. The Palette (892 units) and Bartley Residences (702 units) are over 94% and 92%
sold, respectively.

In addition, CDL’s two EC projects, The Rainforest and Blossom Residences, are both fully sold. Looking ahead to 4Q12,
we expect CDL to launch the 508-unit condominium development, the Echelon, near Redhill MRT station and, in 1H13, another 912-unit
project in Pasir Ris Grove beside Livia and NV Residences. The South Beach development is on track for completion in 2015 and would
consist of 190 residential units, 651 hotel rooms and ~49k sqm office NLA.

Hotel subsidiary YTD overall RevPar up 4.9%
M&C reported 3Q12 PATMI of GBP30.7m, down 47.5% YoY due to the absence of disposal profit from a KL land site in 3Q11. YTD overall REVPAR was up 4.9%, with a particularly strong showing from London which was up 10.2% YoY due to the Olympic and Paralympic Games.

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