During the quarter, CDL sold 795 units in Singapore, 85% higher y-o-y, mainly thanks to the launch of The Orie in Toa Payoh, the group’s joint venture (JV) project. About 86% or 668 of the development’s 777 units were sold on its launch weekend with an average selling price of $2,704 per square foot. The group’s other launched projects also continued to post good sales, leading to a total sales revenue of $1.9 billion, 155% higher y-o-y.
Analysts from CGS International, Citi Research, OCBC Investment Research and PhillipCapital are keeping their “add” and “buy” calls on City Developments Limited (SGX:C09
) (CDL) after the group showed “encouraging signs” from its 1QFY2025 ended March 31 update.
Citi analyst Brandon Lee notes CDL’s “solid” residential sales in Singapore and marginal revenue per available room (RevPAR) growth in its hotel operations, although the group also reported lower q-o-q occupancies in its domestic commercial portfolio.
