CDL posts mixed Q3 results with strong residential and office gains

Its total residential sales in Q3 soared 88% to $611.1m.

City Developments Limited’s (CDL) total residential sales value surged 88% in Q3 2024 to $611.1m year-on-year (YoY), with 321 units sold compared to 183 units valued at $325m in Q3 2023.

The increase in sales was mainly driven by the launch of the 276-unit freehold Kassia in July which sold 65% of its units.

As of September, CDL’s committed occupancy for its Singapore office portfolio was 97.4%, mainly attributable to the increase in occupancy at South Beach. Meanwhile, its Singapore retail portfolio registered a committed occupancy of 98.5%.

On the flip side, CDL’s hotel operations in Singapore saw a 2.1% year-on-year (YoY) decline in RevPAR for 9M 2024, primarily due to lower Average Room Rates (ARR), despite major events such as the Taylor Swift concerts in Q1 and the Formula 1 Singapore Grand Prix in Q3.

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