,Singapore

City Developments reports $2.5b total sales for 9M 2021

The group sold a total of 1,381 units.

City Developments Limited reported a continued stable recovery trajectory for the third quarter ended 30 September 2021.

The group and its joint venture associates sold 414 units with a total sales value of $784.4 million in Q3 2021. For the nine months ended 30 September 2021, it sold a total of 1,382 units with a total sales value of $2.5 billion, a 30% increase in units sold, and a 76% increase in total sales value over the same period last year.

The strong sales were largely attributed to luxury developments like Irwell Hill Residences, Amber Park, and its mid-market project Sengkang Grand Residences. These projects are, to date, 74%, 84%, and 91% sold, respectively. Notably, the sales achieved by 9M 2021 have already surpassed the group's FY 2020 sales performance, which was 1,318 units with a total sales value of $1.8 billion.

The outlook remains relatively optimistic as Singapore and the rest of the world transition to living with COVID-19 as an endemic disease. Against the backdrop of high vaccination rates, rapid self-testing, and revised treatment protocols, as well as the expansion of VTLs, the Singapore Government's commitment to progressively reopen the economy and community signal the prospect of a stronger economic and social recovery.

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