With a whooping 60.1 per cent spike in net profits in the third quarter, City Developments (CDL) seems to be shaking off the market gloom early. Their Q3 net profit rung in at $170.3 million.
Positive public response and strong sales from their properties, both local and international, have contributed to their recent success. At their latest launch, Forest Woods condominium, sales have hit the 70% mark at the considerable price of $1,400 psf. The project has a total of 519 units. They are fully sold at their 616-unit Jewel@Buangkok condominium development and almost all of its 40 units released at the 174-unit Gramercy Park have also been snapped up.
At the 944-unit Coco Palms condominium in Pasir Ris and the 638-unit The Brownstone executive condominium in Sengkang, they are also 91 and 80 per cent sold respectively. Such promising numbers considering the current global economic uncertainty will put them ahead of their competitors and help them pave a strong foundation for the journey ahead.
CDL also has properties overseas which are doing well, including the Hanover House project in Reading, Britian. The group is also expanding their suite of investments into other areas such as hotel operations, investment properties and management. Moving forward, investors can looking forward to more international properties being added to the list of potential investment opportunities.