International property and hotel conglomerate City Developments Ltd (CDL) has posted a 1.1 percent year-on-year rise in Q3 net profit to 195.8 million, while revenue declined 20.8 percent to $745.5 million from $940.9 million a year ago.
Though the company has achieved strong sales for its residential launches this year, it said it was unable to recognise some of the locked-in revenues and profits from presale activities in the third quarter, as either construction has yet to reach the recognition stage or has not begun for these projects.
Q3 profit from hotel operations doubled to $74.8 million from $37.3 million a year ago, while profit from rental properties also increased to $68.6 million from $35.5 million.
Meanwhile, CDL is selling two Singapore industrial properties, New Tech Park and Pantech 21, to soon-to-be-listed Sabana Reit for approximately $347.4 million. The divestment of the two properties would take the total value of long-term investment properties sold by the company to around $910 million this year, out of which CDL’s share is around $731 million.
Additionally, the company is also preparing to launch a 99-year private condo located at Sengkang and Fernvale early next year. It also said that around 85 percent of the 150-unit The Glyndebourne project at Dunearn Road had already been sold.