CityDev struggling to sell its posh projects

Blame it on property cooling measures.

Things are getting uglier in Singapore's property market as City Development is finding out. The number of unsold projects for its high-end luxury segment remains a concern despite having stable sales in the mass-mid segments.

According to CIMB, in the rental market, recent media reports have suggested that South Beach Tower is in discussions with numerous occupiers that could potentially bring the pre-commitment to over 60%, though no signing rents have been disclosed. CIT previous guidance indicated that enquiries at about S$9 psf/mth have been received.

Here's more:

During the quarter, due to the series of property cooling measures and the Total Debt Servicing Ratio (TDSR), sales of existing projects launched last year have slowed.

For the rest of the year, further contributions from other pre-sold projects, including D’Nest (94% sold), Jewel @ Buangkok (83% sold) and Blossom Residences, are expected to support its earnings. The sale of the development project, Coco Palms – the last parcel of land within Pasir Ris Grove, will commence on 17 May 14.

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