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Can CityDev nip its profits slump in the bud in H2?
It's pinning hopes on three major property developments.
City Developments (CDL) has a lot to look forward to in the second half of 2016, as an estimated $605m is knocking on the company's door.
According to a report by DBS, the sum will be recognised from three property developments expected to be completed in the latter half of the year—Gramercy Park (completed in 2Q16); Handover House, Reading, UK; and Hong Leong City Center, Suzhou.
"CDL had a soft launch with 30 units in Gramercy Park and has sold 31 units to-date. Handover House, Reading, UK project (100% sold) was completed in July 2016, and management expects to recognise property sales of GBP18m (S$32m) in 3Q16," DBS stated.
"Hong Leong City Center, Suzhou phase 1 (69% sold) is expected to complete by 4Q16, with total sales value to-date of RMB2bn (S$400m)," it added.
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