,Singapore

City Developments' Whistler Grand hits 80% take-up rate despite cooling measures

The average selling price of launched units is at $1,350 psf.

Despite cooling measures, City Developments (CDL) has achieved a take-up rate in excess of 80% with 214 of 300 launched units sold for its 716-unit project Whistler Grand, Jefferies Singapore and data from the Urban Redevelopment Authority (URA) revealed. The average selling price (ASP) is $1,350 psf.

Another property, South Beach Residences was launched in September 2018. According to URA, 27 units have been registered under resale, which is 54% take-up for the 50 units launched in the 190-unit project. The average selling price is $3,350 psf. 

Meanwhile, The Jovell was launched in September 2018. According to URA stats, so far, of the 250 units launched in the 428-unit project, 58 units have been sold, which is 23% take-up. The ASP is $1,306 psf.

The sales for City Developments' properties have resulted in a residual inventory of only 292 units as of Q3 2018.

Aggressive land banking in the preceding cycle has placed 3,360 units in its development launch pipeline in Singapore as of Q3 2018, noted Jefferies Singapore equity analyst Krishna Guha. “That said, take-ups in recent launches of Whistler Grand and South Beach Residences have been healthy,” he said.

The company’s hotel operations in Singapore are also moving towards a positive turn, the analyst said. Its revenue per available room (RevPAR) jumped 4.3% YoY, driven by a 2.3ppt increase in occupancy offset by flat room rates.

“Visitor arrivals are growing at 6% annually whilst we expect room supply to grow at 1.5%,” said Guha. “Whilst overseas hotel operations are facing headwinds, management has indicated firm intention to improve margins.” 

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Around 56% of Singaporeans overspend their money during the season.
In 2021, GDP growth hit 7.1%.
The spectrum boost will deliver significant 5G coverage Australia-wide.
Over 270 entries were received from more than 25 countries.
Micro-businesses cited lack of funds as a barrier to technology adoption.
The supervisory roundtable was held virtually.
Winners will be awarded from the first to the second week of December.
Singtel had the most growth for the day.
Its performance improved in two categories.
The expected increase will be driven by three factors.
The two also discussed post-pandemic recovery.
It also recorded a strong performance for H1 2021, despite a net loss of $150.6m.
Jigger & Pony found itself retaining its ninth ranking.
The moderate increase was driven by expansions in five out of six indicators.