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Here's what you can expect from CDL this year
They are looking to launch two new projects.
Property and hotel conglomerate City Developments Limited has seen a healthy uptake in its Singapore projects for the past quarter. Will it be able to sustain its momentum this year?
To recall, CDL's Forest Woods already has 75% of its 519 units sold to date.
"Management expects earnings contributions from this project over the course of 2017. About 26% of 174-unit Gramercy Park was sold as of 4Q16, as well as ~84% in take-up of 638-unit The Brownstone. The other JV project Coco Palms is now ~92% sold as of 4Q16," UOB said.
According to UOB KayHian, CDL has highlighted the possibility of launching the freehold 124-unit New Futura and 190-unit South Beach Residences later in the year, given encouraging sales of Gramercy Park.
However, UOB noted that while developers have been introducing novel marketing schemes, property cooling measures continue to be a drag on sales volume.
"Chairman Kwek observed that high-end projects had witnessed price declines of up to 35%. However, management also struck a more upbeat tone, noting that projects with appealing locational attributes will still enjoyed better prospects," the firm said.
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