- Impact of latest property cooling measures manageable with most of its launches in the mid-tier and mass market segments. The Myst remains on track for launch in 2H23.
- Hospitality segment continues to benefit from travel recovery with RevPAR surging 65.4% y-o-y to S$131.2 in 1Q23, driven by increases in room rates and occupancy in Asia and Australia.
- - Read this at SGinvestors.io -
- We view City Developments as a proxy for the Singapore residential market and hospitality recovery.
City Developments – Investment Highlights
Impact of cooling measures manageable.
- The recent cooling measures announced late April had the biggest impact on high-end developments in prime districts which see a higher demand from foreigners and investors. In light of this, City Developments delayed the launch of Newport Residences, its only high-end project in the pipeline that was originally slated for preview on 29 April.
- - Read this at SGinvestors.io -
- The recent launch of Tembusu Grand, a 638-unit residential development in the heart of Katong, was well received with 357 units (56%) of the project sold at an average selling price of S$2,465psf.
- City Developments has a launch pipeline of ~1,500 units in the next 2 years.
Hospitality segment continues to benefit from travel recovery.
- Read more at SGinvestors.io.
