- While no financial numbers were shared, City Developments (SGX:C09)’s 3Q23 business update showed resilience in its operations across all segments during the quarter. The group’s net debt to equity ratio (after factoring in fair value on investment properties) stood at 0.58x at end-3Q, while interest cover was 3.2x.
Share buyback to strengthen capital structure.
- - Read this at SGinvestors.io -
- The offer is expected to be completed by Dec 2023 and City Developments indicated it plans to cancel any preference share purchased to reduce finance costs of the coupon payment of the shares.
Plans to launch two new projects in 1H24F
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- City Developments plans to market Lumina Grand Executive Condominium in 1Q24F and Newport Residences in 1H24F.
- With most of its ongoing projects already 41-99% sold at end-3Q, City Developments successfully replenished its landbank with the purchase of a 155,351 sq ft residential land parcel in Woodlands.
- City Developments divested a prime freehold land parcel in Tokyo for ¥50bn in 3Q23, higher than its purchase price of ¥30.5bn.
Scale up its Private Rented Sector (PRS) portfolio
- Read more at SGinvestors.io.
