- 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 the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | http://www.poems.com.sg/ 2024-11-25
Previous report by Phillip:
2024-08-19 City Developments - Accelerating Capital Recycling Efforts.
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
