|Bid||9.03 x 0|
|Ask||9.04 x 0|
|Day's range||8.99 - 9.14|
|52-week range||7.80 - 13.21|
|Beta (3Y monthly)||1.54|
|PE ratio (TTM)||15.48|
|Earnings date||6 May 2019 - 10 May 2019|
|Forward dividend & yield||0.08 (0.88%)|
|1y target est||11.48|
City Developments Limited (CDL) and its joint venture partners – Hong Leong Holdings Limited and Lea Investments – has sold 20 out of 25 released units to date since opening luxury development Boulevard 88 up for exclusive private previews on March 8.
SINGAPORE (Mar 4): City Developments (CDL) is expanding into the rapidly-growing UK private rented sector (PRS) with the acquisition of a £15.4 million ($27.5 million) freehold site from Alpha Real Trust.Located at Monk Bridge in Leeds, the site is about a 10-minute walk to the Leeds Train Station and two kilometres to the Leeds City Centre which comprises the financial, civic, shopping and cultural quarters.CDL plans to develop a 664-unit build-to-rent residential project with retail space located within the site’s attractive heritage arches beneath a viaduct. The project is expected to be completed in 2023 at an estimated total development cost of $250 million. Net yield is expected to be 5.0% annually.In addition, a public park will be developed on the viaduct, providing spaces for public functions, outdoor film screenings, pop-up restaurants and a pedestrian walkway leading to the the train station and city centre. Residents will enjoy private gardens, a sports area within the estate, leisure and retail facilities at their doorstep, and a wide range of services including concierge, parcel collection and a car sharing rental scheme.Full planning permission has been obtained for the site which has a residential and commercial Net Lettable Area of around 386,000 sf and 16,000 sf respectively. The acquisition price translates to about $142 psf for the 193,752 sf site.Sherman Kwek, CDL group CEO, says, “Expanding into the UK PRS is in line with our strategy to grow CDL’s recurring income. Due to increased labour mobility and the growing popularity of renting, we see strong growth potential for this sector. Moreover, the PRS is a key part of the government’s agenda to solve the UK’s housing supply-demand imbalance. Brexit is expected to have limited impact on this sector as demand is mainly driven by locals.”To enhance recurring income, CDL last year acquired two prime Grade A London commercial properties for approximately $1.02 billion. The two freehold buildings, 125 Old Broad Street (the former Stock Exchange Tower) and Aldgate House, are poised to benefit from the tightening of London’s existing office stock and limited new supply which will drive rental growth.As at 10.03am, shares in CDL are down 13 cents at $8.68.
Millennium & Copthorne Hotels said uncertainty around Brexit had hurt its operations as it was finding it difficult to hire workers from the European Union for its London properties, where they currently account for half of the workforce. The operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels also warned that 2019 would be a challenging year as renovations at its larger hotels were under way. "The hospitality industry faced a range of geo-political and global economic headwinds in 2018, many of which look set to continue in the current year, including US/China trade relations, Brexit and increasing minimum wage levels in many jurisdictions," Chairman Kwek Leng Beng said in a statement.
Singapore property giant City Developments Ltd (CDL) has been selected for the 2019 Bloomberg Gender-Equality Index (GEI). It was selected in recognition of its commitment to transparency in gender reporting and advancing gender diversity in the workplace. “In a traditionally male-dominated industry, CDL is honoured to be listed on the GEI for the second consecutive year,” says Sherman Kwek, CDL group CEO. “Our diversity across genders, age groups, cultures and geographies has given us a strong strategic advantage and we will continue to support the professional development of all employees within our Group.” CDL Group CEO Sherman Kwek (centre) and group general manager Chia Ngiang Hong (fifth from left) with women department heads. Women employees form 70% of CDL’s workforce and 47% of its department heads (Credit: CDL) GEI is tracked by investors and uses a standardised reporting framework for public companies to disclose information on how they promote equality across different areas based on company statistics, policies, community engagement as well as products and services. Women employees form 70% of CDL’s workforce and 47% of its department heads. In 2018, the number of women department heads in CDL increased by 60% compared to 2017. CDL established an internal Diversity and Inclusion Task Force in 2017, complementing its CDL’s Women4Green network, a first in Singapore, which inspires and empowers women to create a financially, environmentally and socially sustainable future. CDL also adopted a formal Board Diversity Policy in 2017. To date, two, or about 30%, of the seven directors on the CDL board are women. This surpasses the Diversity Action Committee (DAC) Singapore’s recommended target of having a 20% woman representation on the boards of Singapore-listed companies by 2020. See Also: * Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools * CDL’s Chia Ngiang Hong appointed REDAS president * CDL posts 10.4% rise in 3Q earnings; with higher contribution from development sales in Singapore * CDL sells 160 units at Whistler Grand at launch weekend * Whistler Grand to preview on 20 Oct weekend * En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc * HDB Resale Flats Up For Sale, Affordable Units Available
Year 2019 did not kick off with a good start. Spooked by China’s Manufacturing Purchasing Managers’ Index (PMI) falling to 49.4 hinting signs of contraction, the Straits Times Index (STI) closed 1.1 percent in the red on 2 January 2019 at 3,038.89. Superstitious investors believe that the result of the first trading day is a […]
Singapore listed property group City Developments Ltd (CDL) saw its earnings grow 10.4% to $161.8 million for 3Q2018 ended September, from $146.6 million a year ago. The increase was due to higher revenue and earning recognised from the property development sales in Singapore. YTD September 2018, the group and its joint venture associates sold 787 units worth $1.56 billion in sales value.
SINGAPORE (Nov 8): City Developments saw its earnings grow 10.4% to $161.8 million for the 3Q18 ended September, from $146.6 million a year ago.
SINGAPORE (Oct 23): Despite the new property development policies, City Developments and Oxley debuted their latest properties, Whistler Grand and Kent Ridge Hill Residences respectively, last weekend. As at 1.20pm, shares in City Developments are trading at $8.15, while shares in Oxley are trading at 30 cents. In a DBS report on Tuesday, The Whistler Grand at West Coast is expected to have an average price of $1,380 psf, while Kent Ridge Hill at Pasir Panjang is expected to cost about $1,700 psf.
By Rashmi Ashok Oct 18 (Reuters) - Most Southeast Asian stock markets closed lower on Thursday, in line with losses across broader Asia, while Philippine shares extended their gains to a third straight ...
* Singapore slips, real estate stocks top losers * Indonesia retreats from two-week closing high By Rashmi Ashok Oct 18 (Reuters) - Southeast Asian stock markets fell on Thursday, in line with broader ...