Despite the challenging economic conditions, City Developments Limited (CDL) posted good financial results with revenue for FY2012 soaring to S$3.4 billion — the highest since operations began in 1963.
CDL said it achieved strong residential sales comprising 2,395 units, a 24 percent increase from the 1,818 units previously which included executive condominiums (ECs), and registered a 58 percent growth in sales of approximately S$2.78 billion from S$1.76 billion in 2011.
Property launches for 2012 also saw strong demand with The Rainforest (pictured) and Bartley Residences both fully sold. Meanwhile, HAUS@SERANGOON GARDEN sold 99 percent of homes; Echelon was over 84 percent sold and the mixed development UP@Robertson Quay saw 75 percent of units taken up.
At the same time, the developer’s “office portfolio continues to enjoy healthy occupancy of 94.5 percent, as compared to the national average of 90.6 percent. Its rental properties segment is expected to remain stable”.
“2013 remains unpredictable on the global economic front. The Group has already established some growth platforms and will build upon them,” said CDL’s Executive Chairman Kwek Leng Beng.
He added: “We will focus on deriving more earnings from overseas growth engines.”
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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