City Developments - Phillip Securities 2024-11-25: Improving Residential Demand

• No financials were provided for City Developments' 3Q24 operational update. The net gearing ratio stood at 70%, following several acquisitions, including the Hilton Paris Opéra hotel and four Japan PRS properties.
• - Read this at SGinvestors.io -

The Positives

Strong sell-through rate for the development segment.

• In 3Q24, City Developments and its JV associates sold 321 units with a total sales value of S$611mil (3Q23: 183 units with a total sales value of S$325bn). Sales were driven by the launch of the 276-unit freehold Kassia in July, with 179 units (65%) sold. Other launched projects continue to sell well – to date, Tembusu Grand and The Myst have sold 91% and 73% of units, respectively.
• - Read this at SGinvestors.io -
• The 366-unit luxury Union Square Residences in prime District 1 at Havelock Road was launched in November, with 95 units (26%) sold at an ASP of S$3,200psf.
• City Developments plans to launch its JV project, The Orie, in 1Q25.

Replenishing the residential landbank in Shanghai for long-term growth.

• Read more at SGinvestors.io.

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

Read also Phillip's most recent report:
2025-03-17 City Developments - Road To Recovery.

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