Singapore’s offices are fully occupied, and CDL also notes a resurgence in the retail and hotel portfolios

In a quarterly update on business, City Developments (CDL) states that the company along and its joint venture partners have sold 95 units for $281 million in the third quarter of 2022. The pace of sales was slower in this quarter due to the fact that CDL has a smaller number of units that are not sold.

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In the period from September 30th, 2022 CDL had sold 802 units worth $1.9 billion this was less in comparison to the 1,382 units worth $2.5 billion in the same period one year earlier. This is due to the fact that most of the new projects that it launched are sold out and sold out, and with Sengkang Grand Residences selling out in the third quarter of 2018.

Following the 3Q2022 period, CDL launched Copen Grand Executive Condominium (in October). It is currently sold out. So, from September 30 through Nov 30 The company has sold 1 417 units, valued at $28. billion. However, sales have increased to 1,417 units, with an estimated amount of $2.8 billion.

The company restocked its landbanks with a winning offer in the amount of $336.07 million to purchase a 178,936 sq . ft EC site located at Bukit Batok West Avenue 5. This EC project will consist of 10 blocks of 12-13 levels with 500 units.

Then, in Australia, CDL recently completed The Marker in Melbourne, which has there are 84% out of the 198 units were sold as of today. The the first Private Rented Sector (PRS) development site located in the Melbourne’s Southbank has been completed the month of November 2022. The construction of the project is expected to start in 2Q2023 which will result in approximately 250 units.

CDL’s office portfolio has a committed occupancy of 94.3% as at Sept 30; Republic Plaza, the principal Grade A office of the Group building has 96.1% committed with a positive rental reversion rate of 5.9%.

The property group’s retail portfolio had a confirmed utilization rate in the range of 95.3% as at Sept 30. City Square Mall and Palais Renaissance had committed occupancy in the range of 98.2% and 100% respectively. The daily average of footfall risen up to 70% of pre-Cpvid levels by 3Q2022, and the average monthly sales of tenants have already surpassed levels pre-Covid.

The CDL statement stated that its two office buildings The 125 Old Broad Street and Aldgate House were able to benefit from the steady London’s commercial leasing sector. The leasing for The Junction, a 665-unit PRS development located in Leeds has started and is expected to be completed during the current quarter.

The company’s PRS portfolio of Osaka in Japan and Yokohama boasts an occupancy of more than 95%.

The hotel portfolio of CDL has seen a rebound in the last quarter, with Revenue Per Room (RevPAR) growing by 88.9% y-o-y to $161.9. In the nine months prior to September 30, RevPAR of the entire portfolio increased by 108.3% to $127.7, with London and New York improving their RevPAR by 291.2% and 113.3% respectively.

The rate hike cycle has led CDL to delay its IPO of their UK commercial REIT. “The massive rate hikes of 2022 have had a major impact on that IPO of REITs in Singapore as well as a host of scheduled IPOs as well as secondary fund-raising initiatives of REITs cancelled. With this market in turmoil and the uncertainty of the market, the Group is putting the suspension of its IPO plans regarding the company’s UK commercial properties until the market is stabilized,” the statement read.