Tag Archives: Singapore Property Market

Property scene not too frothy: CDL

Posted on 14 Aug 2009 | Comments Off on Property scene not too frothy: CDL

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 →

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Posted in Developers, Property Market / Real Estate

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CDL expects to start South Beach in Q3 ‘10

Posted on 14 Aug 2009 | Comments Off on CDL expects to start South Beach in Q3 ‘10

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

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