The property developer and its joint venture associates sold 242 residential units in Singapore during the period, it said in a Wednesday operational update cited by The Business Times.
Sales were driven mostly by the January launch of its 246-unit Newport Residences project, which saw an average selling price of S$3,200 per square foot (US$26,915 per square meter). Some 78% of the units have been sold so far.
In comparison, the group sold 795 units worth S$1.9 billion a year earlier, driven by the launch of the larger 777-unit The Orie.
CDL said demand remained strong across most of its ongoing residential projects, with over 90% uptake at The Orie and the 408-unit The Myst. The 706-unit Zyon Grand and 348-unit Norwood Grand have each sold more than 88% of their units while the 366-unit Union Square Residences is over 40% sold.
The sales gallery for Newport Residences during its preview weekend. Photo from City Developments Limited’s website |
It also reported a 4.3% year-on-year increase in its hotel operations’ global revenue per available room (RevPAR) to S$144.80 in the latest quarter, supported by growth in Australasia, Singapore, Europe and New York.
The group said it plans to launch the 570-unit Lucerne Grand condominium project on Lakeside Drive in the third quarter of 2026, according to The Edge Singapore.
The project, located next to Lakeside MRT Station near Jurong Lake Gardens, will feature five 17-story towers with commercial space on the first floor.
It also expects to debut two executive condominium projects in Woodlands and Senja with a combined 732 units in the first quarter of 2027, according to EdgeProp Singapore.
The developments will not be affected by Singapore’s recently tightened EC rules, which include a longer 10-year minimum occupation period, the removal of a deferred payment scheme and higher allocation quotas for first-time buyers.
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Kwek Leng Beng, executive chairman of Hong Leong Group and executive chairman of City Developments Limited (CDL), Oct. 20, 2023. Photo by AFP |
Earlier this week, CDL announced that a former director, Kwek Leng Peck, will officially return to the company board as vice chairman and a non-independent non-executive director from June 1.
It said his return “reflects both his personal commitment and the Board’s desire to draw on his institutional knowledge as CDL executes its strategic roadmap.”
He is the cousin of the group’s executive chairman Leng Beng, who together with his family ranked second on Forbes’ Singapore rich list last September with an estimated combined net worth of US$14.3 billion.
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