City Developments (CDL) recorded net profits of $127.2 million for Q3 2014, marking a 4.7 percent increase.
This was boosted by the completion Blossom Residences (pictured), a 602- unit Executive Condominium (EC) in Bukit Panjang.
Maiden contribution from Jewel @ Buangkok and D’Nest together with higher contribution from H2O Residences and The Palette also attributed to the increases.
However, these increases were partially offset by absence of contributions from Hundred Trees, Cube 8 and Tree House which were completed in 2013, and reduced contribution from The Glyndebourne.
Revenue rose 58.3 percent to $1.32 billion in Q3 2014 from $834.9 million in Q3 2013.
The group’s property development segment was the lead contributor to its performance, accounting for 46.7 per cent of pre-tax profits in the third quarter of the year.
Looking ahead, City Developments noted that residential property prices in Singapore have yet to stabilise.
Image source: CDL’s website
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
