City Developments Limited (CDL) achieved a net profit of $133.5 million in the second quarter this year, down 3.2 percent from $137.9 million in the same period last year.
The group’s revenue in Q2 also dropped 4.2 percent to $824.9 million.
Despite tough market conditions, CDL noted that it continued to sell existing projects at a reasonable pace.
To date, Jewel @ Buangkok is about 88 percent sold while Coco Palms in Pasir Ris has seen a take-up rate of 86 percent.
The recently launched The Brownstone, located next to the upcoming Canberra MRT station, is currently the best-selling executive condominium (EC) in 2015, with 195 of its 638 units already sold.
Commenting, CDL’s Executive Chairman Kwek Leng Beng said: “In the near-term, the operating environment in Singapore is expected to stay challenging while the global outlook remains uncertain.
“Our diversification strategy is poised to gather momentum and prominence in the next few years. CDL is actively pursuing our unlisted funds management business, though we are deliberately adopting a highly selective approach to nurture this new platform, which will take time to develop. The real estate development platforms that we have established in new markets are swiftly taking shape. In the rest of the year, we plan to launch some of our residential projects in UK and China progressively.”
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
