Tag Archives: City Developments

Time is ripe for Quayside Isle launch

Posted on 16 Oct 2009 | Comments Off on Time is ripe for Quayside Isle launch

Recent months have seen a return of buying interests to Sentosa Cove. Last week, SC Global announced that its residential project, Seven Palms Sentosa Cove sold 6 out of the 10 released units at an average selling price of S$3,300 psf. In the sub-sale and resale markets, prices of other condominium projects on Sentosa have also recovered firmly in 2H09. We think that the time is ripe for City Developments (CDL) to launch its Quayside Isle Collection project soon. While we previously assumed a bear-case scenario pricing of S$1,400 psf for the project, we are now raising our selling price estimate to S$1,900 psf. As such, our projected profit contribution from the residential component of the Quayside Isle Collection project has now been raised from S$209.7m to S$386.2m. Our fair value of CDL has now been raised to S$9.83. We maintain our HOLD rating on CDL.

Summary of caveats lodged for Sentosa Cove projects Continue reading →

Comments Off on Time is ripe for Quayside Isle launch

Posted in Developers, Luxury Property, Property Price, Sentosa Property

Tagged , , , , , , , , , , , , ,

M&C to grow Mid-east, North Africa presence

Posted on 8 Oct 2009 | Comments Off on M&C to grow Mid-east, North Africa presence

CITY Developments‘ hotel unit Millennium & Copthorne (M&C) plans to grow its presence in the Middle East and North Africa from 30 properties now to 100 by 2015, says the group’s head in that region.

Reaching out: M&C already manages nine completed projects in the Middle East and North Africa, including the Millennium Airport Hotel Dubai

Ali H Lakhraim, president and CEO of M&C hotels & resorts for the Middle East and North Africa, said achieving the target will make the company one of the region’s largest hotel management players.

M&C is leaving no stone unturned in its quest for expansion. It recently signed contracts to manage three upcoming hotels in Iraq.

‘We are very happy with the growth we have seen over the past six to seven years,’ Mr Lakhraim said. M&C set up its Middle East and North Africa unit in 2002. ‘The hotels we manage will give us a boost to grow even faster as people become more familiar with our name,’ he said.

M&C now manages nine completed projects in the Middle East and North Africa in places such as Dubai and Abu Dhabi in the United Arab Emirates and Doha in Qatar. Occupancy rates for these hotels range from 60-80 per cent on average and room rates can go as high as US$320 a night in Abu Dhabi. Continue reading →

Comments Off on M&C to grow Mid-east, North Africa presence

Posted in Developers, Overseas Property

Tagged ,