CityDev 2nd quarter net income up, expects momentum to continue

City Developments reported a 17% rise quarterly earnings.

Although some slowdown in the private residential property market is expected, CityDev said that recent volatility and uncertainty in the equity markets, together with high liquidity and a low interest rate environment, will help to support demand for properties.

The company s to curb housing prices in the wake of worries over the global economy.

While governments across Asia, including Singapore, introduced policy measures to stem speculative demand for residential properties and keeping mass market housing affordable, City Devdoes not expect Singapore to introduce more measure .

However, RBS Bank said CityDev’s results for the first half of the year were disappointing, mainly due to the residential sector.

“We expect slower developer sales going forward as buyers adopt a wait and see attitude in view of the current global uncertainty,” RBS said in a report.

The full story is available at Reuters.

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