Urban Development sold 88 private residential units in the third quarter, with sales amounting to 313.2 million yuan | Lianhe Zaobao

Due to the lack of new residential projects launched in the third quarter, City Developments Limited (CDL) and its joint venture sold 88 units locally in the third quarter, with total sales amounting to SGD 313.2 million. In comparison, 321 units were sold in the same period last year, with total sales reaching SGD 611.1 million. The group noted in its quarterly business report released after the market closed on Monday (November 17) that the sales in the third quarter mainly came from existing projects. For the first nine months of this year, the group and its joint venture sold a total of 990 units, with total sales amounting to SGD 2.5 billion, higher than the 905 units and SGD 1.8 billion in the same period last year. The strong sales performance was primarily driven by the private residential project The Orie, launched in January this year at Toa Payoh. This project has 777 units, of which 730 or 94% have been sold. City Developments also pointed out that the joint development with Mitsui Fudosan, Zyon Grand, sold 84% or 590 units during the first weekend of its launch in October, with an average selling price of SGD 3,050 per square foot, including one penthouse unit that sold for over SGD 10 million. The group's real estate development subsidiary and joint venture in China sold 120 residential, office, and retail units in the first nine months of this year, with total sales amounting to RMB 263.8 million (approximately SGD 48 million). In terms of land reserves, the group secured the Lakeside Drive site in June and bid for two executive condominium (EC) sites in August, including the Woodlands 17 Drive and Xin Jia Lane sites. Further Reading Woodlands 17 Drive's second EC site tender expected to attract six groups of developers competing The group stated in its announcement: "ECs are an important part of the Singapore real estate market, and all EC projects previously launched by the group have been sold out. These two new EC sites are expected to provide over 700 units of reserve supply." In terms of real estate investment, as of the end of September this year, the occupancy rate of the group's office portfolio in Singapore reached 97.3%, exceeding the island-wide office occupancy rate of 88.8%. This is mainly attributed to the strong leasing performance of Republic Plaza and City House The group's high-end Grade A office building, Union Square Central, located in the Central District, is progressing smoothly and is expected to be completed in 2028. So far, the office building has achieved a committed occupancy rate of 52%, indicating a robust leasing momentum before completion. As for the committed occupancy rate of retail real estate in Singapore, it remains at 96.9%, higher than the island-wide average of 93.1%. On the other hand, in the first nine months of this year, the group's global hotel business's average revenue per available room (RevPAR) slightly decreased by 0.3% to HKD 165.8, down from HKD 166.3 in the same period last year, mainly due to weaker performance in the Asian region. City Developments' stock closed at HKD 7.31 on Monday, down 0.54%