CDL Sells More Units in Q1 2020 But at Lower Total Value

Property developer City Developments Limited (CDL) and its joint-venture associates sold 185 units with total sales value of $278.1 million for its first quarter ended March 31, versus 173 units with sales value of $516.3 million a year ago, CDL said in a business update on Tuesday (May 12).

The lower sales value was due to a majority of residential units sold being mass and mid-market projects such as Piermont Grand, Whistler Grand and The Tapestry. In contrast, CDL said it sold units mainly from ultra-luxury projects such as Boulevard 88 in the first quarter a year ago.

CDL said it expects its sales volume to decline during the circuit breaker period. "Notwithstanding the temporary setback, the group continued to register sales in April for projects such as Amber Park, Boulevard 88, Coco Palms, Piermont Grand, Sengkang Grand Residences, South Beach Residences, The Jovell and The Tapestry," it said.

Construction works for CDL's Singapore developments have also been, though it noted that the temporary occupation permits (TOPs) for the majority of these projects are expected only in 2022 and 2023, which allows the group sufficient buffer to accommodate the current delay.

It added that project completion for its Forest Woods condominium in Lorong Lew Lian by Q3 2020 remains on schedule as it is already in an advanced stage of construction.

CDL added that it welcomes the move last week by the Government to extend the project completion period (PCP) and the deadlines for additional buyer's stamp duty (ABSD) on land purchase by six months for property developers affected by disruptions to construction timelines and residential sales.

CDL shares were trading 0.9 per cent or $0.07 lower at $7.95 as at 9.30am on Tuesday.