Developers | Lush Dream Home

PROPERTY tycoon Kwek Leng Beng believes the Government may try to cool the property market – if it gets too frothy – by resuming its regular land sales programme as a way to boost supply.

However, the City Developments (CDL) chairman also said yesterday that the current buying momentum can be sustained and should not be seen as over-exuberant.

He was speaking at a press conference during which CDL unveiled its second-quarter results – another weak set of figures.

Mr Kwek said the recent resurgence in property sales should be put into context.

‘It should not be viewed as over-exuberant or extraordinary, bearing in mind that developers had put on hold many of their launches in 2008,’ he Continue reading →

City Developments’ Q2 profit falls 15.3% on-year to S$139.9m

Posted on 14 Aug 2009 | Comments Off

City Developments Limited (CDL) has become the latest property heavyweight to give a bullish outlook for the property sector. Executive chairman Kwek Leng Beng said on Thursday the recent strong home sales momentum is sustainable.

The comment came as CDL booked a 15 per cent drop on-year in second quarter earnings to S$139.9 million – its fifth straight quarter of decline. Revenue, meanwhile, rose by less than 1 per cent to S$787 million.

Mr Kwek said: “If you read our first half results, we made a statement saying the market was recovering. But even I myself who believed in that didn’t expect the market to recover so fast. But it did recover. So my view is that unless something drastic happens again, the market is moving and recovering.”

CDL believes that the strong residential sales momentum is sustainable and the outlook is promising. As a group, it sold about 500 units between Continue reading →