City Developments Ltd (CDL) is planning to roll out several new projects this year, including Jean Nouvel Residences at 18 Anderson Road, which comprises 156 apartments and penthouses in two 36-storey buildings.
By the end of the H1 2011, the company also plans to launch a 64-unit low-rise condo at Buckley Road, which will feature a conserved bungalow as a clubhouse. At the same time, plans to launch a 602-unit executive condo (EC) development at Segar Road in Bukit Panjang, which will be the first EC development in Singapore’s western region and which is expected to see strong demand.
The company has also earmarked several new projects for release in the second half of the year, including the redevelopment of the Lucky Tower and Futura sites, as well as the third land plot at Pasir Ris, next to NV Residences and Livia projects.
“With the Singapore economy tracking the government’s 2011 growth forecast, the improvement in market sentiment, coupled with a low interest rate and high liquidity environment, present a favourable environment for real estate investment for genuine buyers and investors,” said Kwek Leng Beng, Executive Chairman of CDL.
“The group is of the view that property investment, taken with a medium to long-term perspective, still continues to offer the best hedge against inflation.”
Meanwhile, CDL has posted a 9.8 percent increase in gross revenue in the first quarter to S$773.7 million, on the back of higher earnings from its property development and rental properties.
The profit before income tax from property development in the first quarter, including shares from post-tax profit from associates and jointly controlled entities, climbed 31.6 percent to S$127.06 million.
The company also recorded profits from property projects such as The Residences at W Singapore Sentosa Cove, Cliveden at Grange, Shelford Suites, One Shenton, Wilkie Studio, Volari and The Solitaire, as well as from its joint venture (JV) projects like NV Residences, The Gale and Livia.
CDL’s Q1 profit from rental properties rose 153.2 percent to S$178.1 million, attributed to profit gained from the sale of The Corporate Office at Robinson Road for S$215 million, which was completed at the end of February.
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