Challenging conditions in the property market saw heavyweight City Developments (CDL) report thinner fourth quarter earnings.
Revenue for Q4 2013 came in at $774 million, a 12.6 percent decline from the previous year.
Net profit for the last three months ended 31 December decreased 11.4 percent to $221 million from the year before.
Despite the drop, the group said in a statement that it had emerged as Singapore’s top-selling private developer in 2013 with a total of 3,210 units including ECs sold, a 25 percent increase from the preceding year.
CDL launched seven residential projects last year, which it said saw good take-up.
It plans to launch two housing projects in the first half of 2014. These include a 944-unit condominium with six retail units at Pasir Ris Grove and a development comprising 845 units at Commonwealth Avenue.
Meanwhile, no definite launch date has been given for the 190-unit luxury South Beach Residences, which CDL stated “will be launched at an appropriate time”.
Commenting, CDL’s Executive Chairman Kwek Leng Beng said: “In the near-term, the Group, like all property developers, will have to grapple with the uncertain global economic outlook, challenges in the domestic landscape, with headwinds looming.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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