Singapore property developer City Developments (CDL), along with its venture partners, Hong Realty and Hong Leong Holdings, plans to unveil the first phase of The Palette.
Located at Pasir Ris Grove/Pasir Ris Drive 1, the 99-year leasehold condo development is within walking distance to Pasir Ris MRT station and is close to Changi Business Park, United World College of Southeast Asia and The Japanese School.
When completed in 2016, the development will comprise 892 units spread across 12 towers. Prices are expected to range from S$570,000 for a one-bedroom unit to S$2.2 million for a penthouse.
Meanwhile, CDL posted a 32.4 percent year-on-year decline in net profit to S$132.1 million in the third quarter, attributed to lower contribution from rental properties following the divestment of non-core investment properties, including its stake in Chinatown Point, strata units in GB Building, The Corporate Office and The Corporate Building (both at Robinson Road).
For the nine months ended 30 September 2011, CDL’s net profit climbed 17 percent to S$635.3 million, on the back of an increase in revenue to S$2.56 billion.
CDL said that cash reserves as of end-September rose 38.9 percent to S$2.6 billion, due to strong operating cash flow.
“Without factoring in any fair value gains on investment properties, the net gearing ratio of the group as at Sept 30, 2011, remains low at 21 percent, with strong interest cover at 22.1 times,” said CDL Executive Chairman Kwek Leng Beng.
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