- City Developments's FY24 revenue fell 34% y-o-y due to lower contributions from property development as FY23 included the full recognition of the EC project, Piermont Grand, and the sale of the Shirokane land site.
- - Read this at SGinvestors.io -
- The Orie, launched in 1H25, had a take-up rate of 88% at an average selling price of S$2,704. Other launched projects in 2024 continue to sell well, with Norwood Grand, Kassia, and Lumina Grand having sold 84%, 71%, and 89% of units, respectively.
- City Developments missed its S$1bn divestment target for FY24, achieving just over S$600mil in divestments in Singapore, Suzhou and London.
Key Highlights
Strong sales momentum for Singapore development projects.
- - Read this at SGinvestors.io -
- City Developments plans to launch the integrated mixed-use development at Zion Road in 2H25, featuring two 62-storey towers with 706 residential units, a retail podium on the first storey, and a 36-storey tower with 376 serviced apartments. The Group continues to monitor market conditions for the ultra-luxury freehold Newport Residences launch.
Growing recurring income streams.
- 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/.
Darren Chan Phillip Securities Research | https://www.poems.com.sg/ 2025-03-17
Previous report by Phillip:
2024-11-25 City Developments - Improving Residential Demand.
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
