- City Developments (SGX:C09)’s 3Q operational update showed momentum picking up in Singapore’s residential sector and operational improvements across investment properties. The recent prime Shanghai residential site purchase is likely a calculated move on government policy stimulus and strength of tier-1 cities.
- - Read this at SGinvestors.io -
Singapore residential market sales gaining momentum.
- City Developments’ new launch of Norwood Grand at Champion’s Way saw strong response, selling 84% of 348 units on launch weekend at an ASP of S$2,067psf (margins likely in the mid-teens). Union Square Residences, its luxury new launch in Nov 2024, also saw a decent take-up of ~22% of 366 units at S$3,200psf.
- - Read this at SGinvestors.io -
- Overall, the group’s total 3Q sales value of S$611m was nearly 2x that of last year’s, with an estimated unbilled sales value of ~S$5bn.
Acquisition of luxury mixed development in Shanghai.
- Read more at SGinvestors.io.
Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2024-11-26
Previous report by RHB:
2024-09-25 City Developments - Beneficiary Of Rate Cut Cycle; BUY.
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
