Posted by Kaeden Ong
on 18th November 2016
Singapore developers posted mixed results in the third quarter of 2016, with City Developments Limited (CDL) reporting a profit increase and UOL Group registering a decline.
CDL saw its net profit for Q3 soar 60.1 percent to $170.3 million, from $106.4 million over the same period last year.
The group attributed the increase to robust sales in the property development segment, as well as gains from the divestment of its entire 52.52 percent stake in Hong Kong-listed City e-Solutions Limited.
Revenue climbed 14 percent to $922.8 million, driven by the property development segment, including maiden contributions from the Gramercy Park project in Singapore and Hanover House in the UK, as well as contributions from Coco Palms, D’Nest and The Venue Residences and Shoppes projects in Singapore.
As at 30 September 2016, CDL’s net gearing stood at 27 percent, excluding any fair value surpluses on investment properties, with $3 billion of cash and cash equivalents.
To enhance shareholder returns, CDL Executive Chairman Kwek Leng Beng revealed that the company is reviewing its asset portfolio and business model.
“We are accelerating our diversification initiatives and will continue to focus on improving the group’s performance wherever possible, across all segments – property development, hotel operations, investment properties and funds management,” he said.
“We have an exceptionally robust balance sheet and are building our war chest to capture attractive opportunities during this period of market dislocation.”
Meanwhile, UOL posted a 14 percent drop in net attributable profit to $87.1 million in Q3, due mainly to lower gross profit margin and contributions from joint venture companies.
The share of profit from associated and joint venture companies declined 35 percent to $29.1 million on the back of lower contribution from Archipelago and Thomson Three, which were completed in September 2015 and May 2016, respectively.
Group revenue, however, rose 11 percent to $393.4 million with the property development segment witnessing an increase of 19 percent to $206.6 million due to higher progressive revenue recognition from Botanique at Bartley, Principal Garden and Riverbank@Fernvale.
“Although new loans were secured to fund the group’s acquisition of 110 High Holborn in London and for advances to a joint venture company to fund The Clement Canopy at Clementi Avenue 1, these were largely offset by repayments with funds from operations,” the company said in an SGX filing.
Forest Woods, a condominium project by City Developments Limited (CDL), Hong Leong Holdings and TID, received a strong response during its launch over the weekend, with 337 of the 519 units (65 percent) sold as at 5pm on Sunday, 9 October.
CDL Group General Manager Chia Ngiang Hong attributed the keen interest to several factors, including its strategic location and competitive pricing.
All unit types saw a good take-up rate, with units sold achieving an average price of $1,400 psf. In fact, all the two-bedroom and one-bedroom with study units were snapped up, while one of the three penthouses was sold at $2.85 million.
Singaporeans accounted for 88 percent of buyers, while the remaining 12 percent comprised permanent residents and foreigners from Indonesia, China, Switzerland, Malaysia, Vietnam and Taiwan.
Unit prices start from $688,000 for a one-bedroom unit to $1.65 million for a four-bedder.
The project in District 19 comprises a range of facilities including a three-level clubhouse, a 75-metre pool and a 150-metre adventure zone.
Located at the junction of Upper Paya Lebar Road and Upper Serangoon Road, Forest Woods is near the Serangoon MRT station and bus interchange, as well as Nex shopping mall.
“Many units bought were for owner-occupation as they like the location and the project’s strong attributes and offerings. Due to the limited supply of new projects in this prime location, investors also bought Forest Woods in anticipation of good rental demand,” added Chia.
Step inside these condominiums that offer luxurious interiors and quality finishings, and are close to good amenities, all at reasonable prices.
Singaporeans work hard to afford the things they desire, but they also need their money to work hard for them. Luckily for aspiring homeowners, there has never been a better time than now to own a luxurious home at a great price.
City Developments Limited (CDL), the established developer behind some of Singapore’s most iconic landmarks, has launched three condominiums that offer unparalleled value for money.
Coco Palms and Jewel @ Buangkok offer luxury at attractive prices, while The Venue Residences and Shoppes provides a premium experience that’s a cut above the rest.
Being pampered at a tropical island resort is an everyday experience at Coco Palms. The development is inspired by some of the world’s best and most exclusive resorts, and contains six retail shops on the ground floor. Situated in Pasir Ris Grove, it is just a five-minute walk from Pasir Ris MRT station.
Sun-lovers will love the gorgeous landscaping featuring five pools (each with its own theme) and the three-storey clubhouse.
The invigorating Grand Lagoon glistens in the afternoon sun and brings to mind blissful tropical beach vacations. It forms the centrepiece of the condominium’s grounds, and selected units enjoy tranquil views of the crystal clear waters. A Cascading Waterlace, Lagoon Jets, Sunken Lounges and the beach-inspired Palm Island are just some of the features of the magnificent pool.
In the Zen-like Onsen Garden, residents can soak their cares away in the Salt Water Pool and Onsen-style Hot Bath, before attaining inner piece on the Meditation Deck or enjoying a brew at the Tea Pavilion.
A relaxing Hydrotherapy Pool awaits in the Hydro Garden, where residents can enjoy hydro foot and neck massages.
Sporty residents will appreciate the 50m Lap Pool and Aqua Gym in the Fitness Garden, which is also equipped with tennis courts, fitness and play stations and a jogging track.
The Sun Play Garden, which promises to be a hit with families and kids, features a Play Pool for the little ones to splash around in.
The development’s unrivalled proximity to Pasir MRT station connects you to the city on the East-West Line. The future Cross Island line will also provide connectivity from Changi to Jurong. Amenities like Downtown East, IKEA, Giant and Courts are a short drive away, as are Changi Business Park, Singapore EXPO and Changi International Airport. The White Sands shopping mall is located just a five-minute walk away.
While units have seen brisk sales, there is still a choice of three-, four- and five-bedroom units available, as well as dual penthouse units with five-plus bedrooms. Three-bedroom units are priced from $960,660.
Lovingly designed interiors are equipped with a suite of premium appliances, including a kitchen hood, hob and oven by Teka and kitchen sink by Franke. Each kitchen is equipped with a built-in Hyflux Ultrafiltration System, which dispenses purified drinking water through a Hyflux tap.
The expected date of vacation possession for Coco Palms is June 2019.
Jewel @ Buangkok
Location is everything, and the residents of Jewel @ Buangkok know that better than anything.
The condominium is situated right opposite Buangkok MRT station, which is a three-minute walk away. Buangkok MRT station connects to the Circle Line via Serangoon MRT station, transporting residents to the city centre in just minutes. Access to other parts of the island is also quick and easy, thanks to the CTE, KPE and TPE.
Buangkok MRT station is home to a range of must-have amenities, including a 24-hour supermarket and medical centre. Compass One, Rivervale Mall and Hougang Mall are situated close by, as is Nex megamall, with its hundreds of premium shops and upmarket brands.
The surrounding area offers so much more than just convenience. Residents can take long walks at Punggol Park, enjoy the peace of Punggol Waterway, commune with nature at Sengkang Floating Wetland or dine by the waterfront at Punggol Waterway.
A healthy lifestyle is also not out of reach, with the nearby Sengkang Sports and Recreational Centre, with its various water sports facilities, as well as the upcoming Sports Hub at Buangkok Crescent. Punggol Ranch offers horse riding, while Punggol Point Park provides the perfect setting for picnics.
Jewel @ Buangkok’s connectivity is rivalled only by the quality of the design and finishings residents will enjoy.
Most of the condominium’s units are being built with a north-south orientation in order to reduce the glare of the sun’s rays. Certain units are also equipped with sun-shading screens in order to boost privacy and comfort.
The dual-level waterscape provides relaxation on Sun Decks surrounded by the sound of lapping water, while cabanas and palm alcoves provide an interlude in between a swim in the family pool, with its aqua gym and Jacuzzi.
What’s more, six thematic outdoor cabins allow residents to experience the great outdoors right at home.
The Spa Cabin with its hydrotherapy pool and rain spa enables residents to pamper themselves after a long day at work, and the Adventurers’ Cabin will enthrall children with its flying fox and rock climbing wall. Pet owners and their furry friends will adore the Pet-Lovers’ Cabin, which contains a grooming station and play area.
Units are equipped with the finest fittings and finishes, as well as deluxe appliances from Electroluxe. The plush bathrooms enjoy premium sanitary wares and fittings from Kohler and Crestial.
While the vast majority of units have been sold, there is a limited number of three- and four-bedroom units still available starting from $1,380,000. Penthouse units with five-plus bedrooms are also available.
The T.O.P is expected very soon, making Jewel @ Buangkok one of the most hotly anticipated developments in the coming year.
The Venue Residences and Shoppes
Singapore has blossomed into one of the most glamorous cities in the world. At The Venue Residences and Shoppes, residents will get to truly experience what it means to live the good life.
This luxury development located at the junction of Upper Serangoon Road and Macpherson Road is highly exclusive, with only 266 residential units. Nearby schools include St. Andrews Junior and Secondary School, which is within walking distance.
Selected units enjoy panoramic views of the city or the surrounding landed estate, and purchasers can choose between a mix of low-rise and high-rise blocks.
It goes without saying that the interiors and finishes are of the highest quality, with ultra-luxe marble flooring in the living and dining areas. A suite of premium appliances in the kitchen, courtesy of Fisher & Paykel and Teka, makes preparing meals a pleasure, while fittings from Duravit and Hansgrohe lend a touch of class to the luxurious bathrooms.
No effort has been spared in the design of the facilities, which include origami-inspired poolside cabanas, a heated spa and a rain shower. A gym equipped with steam rooms and sky terraces on various levels of the residential blocks makes city living every bit as glamorous as it looks in the movies.
The development is just a three-minute walk away from Potong Pasir MRT station, and also enjoys easy access to the CTE, PIE, KPE and major roads.
What is more, it is also home to The Venue Shoppes, which offer a sophisticated curation of retail and dining options. Residents can stroll through lush walkways fronting the retail area before heading up to their homes.
At present, a good choice of two-, three- and four-bedroom units are available from $1,082,250, $1,506,750 and $1,741,500 respectively. Three-bedroom dual key units are available from $1,779,750, while penthouse units are from $2,475,000.
The T.O.P for The Venue Residences and Shoppes is expected in 2017, offering investors the promise of an immediate return on investment via rent, as well as immediate occupation.
Coco Palms, the new 944-unit development by City Developments (CDL), Hong Leong Holdings and Hong Realty (Private) Limited, saw brisk sales when it was launched last weekend.
490 out of the 600 units released were sold as of 3 pm on 18 May. The apartments were priced at an average of $980 per square foot (psf), as part of an early bird advantage.
Coco Palms is CDL’s fifth and final development in Pasir Ris Grove and is a five-minute walk from Pasir Ris MRT station.
Chia Ngiang Hong, Group General Manager of CDL, said, “Originally, we had planned to market this final premium plot at between $1,100 and $1,200 psf as it is the closest to the MRT station. However, as the Group had acquired this site at a historically low price and it has been part of our legacy landbank, this affords us the opportunity to price this launch attractively. The positive take-up rate reflects homebuyers’ demand for well-located homes that are sensitively priced.”
75 percent of the buyers are Singaporeans while Permanent Residents and foreigners from Malaysia, China, Hong Kong, Indonesia, Taiwan, India, Myanmar and the US made up the remaining 25 percent.
All one-bedroom units have been sold, and two-bedroom apartments enjoyed a good take-up rate as well.
Remaining available units start from $732,000 for a two-bedroom to $1.7 million for a three + study penthouse unit.
Following a successful showflat preview, Coco Palms will be launched soon on 17 May.
A joint venture by City Developments Limited (CDL), Hong Leong Holdings and Hong Realty, Coco Palms’ preview started on 3 May and more than 3,000 have visited the show flat in the first weekend alone.
Comprising 12 blocks, the 944-unit development offers one- to five-bedroom apartments, dual key units and penthouses. Unit sizes range from 463 sq ft for a one-bedder to 3,111 sq ft penthouses.
Chia Ngiang Hong, CDL Group General Manager, said, “Apartments at Coco Palms will be attractively priced from $498,000 for a one-bedroom unit. We look forward to welcoming more homebuyers at the show flat preview this weekend and expect a strong take-up when sales commence on 17 May.”
Coco Palms is CDL’s fifth and final development in the Pasir Ris Grove estate and is five-minute walk from Pasir Ris MRT station, bus interchange and White Sands shopping mall. It is also accessible via major expressways.
An array of local schools as well as the United World College of South East Asia (UWCSEA) are within close reach.
Coco Palms’ showflat is located along Pasir Ris Drive 8.