City Developments - OCBC Investment 2023-08-01: Healthy Hotel Operations To Offset Softer Residential Market

• City Developments (SGX:C09) has rolled out two new residential launches in Singapore year-to-date as at 31 Jul 2023, namely Tembusu Grand (51% effective stake) in Katong (District 15) and The Myst in Upper Bukit Timah Road (District 23).

Mixed performance from Singapore residential launches thus far

• - Read this at SGinvestors.io -
• Sales momentum was more sluggish at The Myst, which was launched in Jul and faced competition from a few other new launches around the same period, such as Lentor Hills Residences and Grand Dunman. 127 units of The Myst have been sold (based on caveats lodged), or 27% out of a total 408 units available. The average and median selling prices were S$2,070 and S$2,056 psf, respectively. This site was acquired in an off-market transaction at a cost of S$126.3m.
• - Read this at SGinvestors.io -

Private residential property prices fell 0.2% q-o-q in 2Q23, the first decline since 1Q20

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-07-24 City Developments - Taking A Breather From Here.

Previous report by OCBC:
2025-05-21 City Developments - Some Encouraging Signs From 1Q25 Updates.

Price targets by 3 other brokers at City Developments Target Prices.

Listing of research reports at City Developments Analyst Reports.

Relevant links:
City Developments Share Price History,
City Developments Announcements,
City Developments Dividend Payout Dates & Corporate Actions,
City Developments News