THE property boom and the huge sales it has generated sent first-quarter net profits up 78 per cent to $282 million at City Developments (CDL).
Revenue was up 10 per cent to $774 million for the three months to March 31, thanks to contributions from such projects as Livia, NV Residences, Volari and One Shenton.
CDL noted that sales take-up in central regions has moderated but demand in suburban areas remains healthy. 'While there is unlikely to be any significant fluctuations in sales launch prices, projects located at areas earmarked as future growth areas as well as those near existing or future MRT/LRT stations are expected to continued to attract buyers, with the right pricing,' it said.
CDL also said the sales committee of Tanglin Shopping Centre, of which its hotel arm Millennium & Copthorne Hotels has a 34 per cent interest, is considering a second collective sale tender. But no date has been fixed.
Earnings per share rose to 31.1 cents from 17.4 cents in the same period last year, while net asset value per share was $7.19 as of March 31, up from $6.89 cents as of Dec 31.
CDL shares closed two cents higher at $11.60 yesterday.
Source: The Straits Times © Singapore
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