- 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 the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-08-02
Read also OCBC's most recent report:
2024-08-15 City Developments - Subdued Capital Recycling Backdrop.
Previous report by OCBC:
2024-08-05 City Developments - Resilient Home Prices But Tough Backdrop For Sales.
Price targets by 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 Dividends & Corporate Actions,
City Developments News Articles
