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CDL expects to start South Beach in Q3 ‘10

Posted on 14 Aug 2009 | Comments Off

Q2 net profit falls on lower development margins, weaker hotel showing

CITY Developments Ltd (CDL) executive chairman Kwek Leng Beng says construction of the delayed South Beach project is likely to begin around the third quarter of next year, with CDL and new investor Nan Fung group of Hong Kong probably the ones that will pump in further money.

CDL’s two earlier joint-venture partners in South Beach, El-Ad Group and Dubai World, are likely to be passive investors who may then see their share in the project diluted. ‘I think they have other priorities,’ Mr Kwek said on the sidelines of CDL’s Q2 results briefing yesterday.

The group posted a 15.3 per cent drop in net earnings to $139.98 million and a 32.4 per cent decline in first-half net profit to $223.1 million due to lower profit margins from property development and a weaker showing from its hotels business, which was hit by the global economic slump. Continue reading →

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Posted in Developers, Property Market / Real Estate, Sentosa Property

Tagged CDL, City Developments, Developers, Sentosa Property, Singapore Property Market, South Beach

Leng Beng muses on govt’s market cooling options

Posted on 14 Aug 2009 | Comments Off

Scrapping IAS, reviving confirmed list possible, but care is needed

City Developments Ltd’s (CDL) executive chairman Kwek Leng Beng reckons that the government may abolish the interest absorption scheme or reintroduce land sales through the confirmed list if it is concerned about a property bubble building up.

However, the authorities will deliberate carefully before introducing any measures to cool the market, given the government’s cautious economic outlook for the second half, Mr Kwek said yesterday.

‘In an uncertain time, you press the wrong button, (it may be) disastrous. I’m a strong believer that whatever the government wants to do, I think they’ve got to think very carefully – and they will,’ Mr Kwek said in response to an analyst’s question during CDL’s Q2 results briefing yesterday.

National Development Minister Mah Bow Tan last month observed that there are signs of speculation in the property market, and said that the Continue reading →