City Developments’ Share Price is Hovering Near its 52-Week Low: Can the Property Developer See a Rebound?

The Smart Investor12-02

[ Share Facebook Twitter LinkedIn Email WhatsApp The Straits Times Index (SGX: ^STI) has been on a tear this year. The bellwether blue-chip stock index has chalked up a stunning 19.1% ...

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Let’s find out.\nHealthy Singapore property development sales\nCDL released its third quarter of 2024 (3Q 2024) business update, and it was an encouraging one.\nFirst off, for its Singapore property development division, the group and its joint venture (JV) associates sold 321 units with a total sales value of S$611.1 million.\nThis performance was significantly better than the previous corresponding period when 183 units worth S$325 million were sold.\nIn the first nine months of this year (9M 2024), sales amounted to 905 units valued at S$1.8 billion, an improvement from the 691 units worth S$1.4 billion in 9M 2023.\nCDL attributed the higher sales to improved sentiment arising from interest rate moderations.\nIts Tembusu Grand in Katong sold 91% of its units while its Bukit Timah development, The Myst, moved 73% of its units.\nRecent launches have also done well.\nNorwood Grand, which was launched in October and is located in Woodlands, managed to sell 84% of its units at an average selling price (ASP) of S$2,067 per square foot (psf).\nNovember saw the launch of the 366-unit Union Square Residences, a luxury development with an ASP of S$3,200 psf.\nDespite the higher price, CDL sold 26% of the units within this development.\nThe healthy sales momentum bodes well for CDL and the group plans to launch JV project The Orie in 1Q 2025.\nIt will be the first private residential launch in the vicinity of Lorong 1 Toa Payoh in over eight years, implying that high demand should be expected for this project.\nChina’s long-term potential\nIn China, construction for CDL’s new mixed-use development acquired in Suzhou is progressing well and the sales launch for the residential component should commence in late 2025.\nManagement demonstrated confidence in the Middle Kingdom’s long-term prospects with the group’s recent acquisition of a rare mixed-use development site in downtown Shanghai.\nThis site was purchased for RMB 8.9 billion with CDL’s equity interest being 51% (RMB 4.6 billion).\nIts partner is Lianfa Group which will own the remaining 49%.\nCDL sees this acquisition as a great opportunity to develop a project with low-density villas, luxury high-rise residential apartments, a boutique hotel, and ancillary retail spaces.\nThe purchase also reflects management’s confidence in China’s prospects despite the current weak consumer sentiment.\nHealthy investment property portfolio\nMeanwhile, CDL investment properties are also doing well.\nThe group’s Singapore office portfolio saw a high committed occupancy of 97.4%, surpassing the island’s office occupancy rate of 89%.\nThe better performance was attributed to an increase in occupancy at South Beach.\nIts three other office assets – namely Republic Plaza, City House and King’s Centre, saw healthy positive rental reversion.\nOver in retail, CDL’s portfolio enjoyed a 98.5% committed occupancy rate as of 30 September 2024, which was also higher than Singapore’s retail occupancy of 93.5%.\nRobust leasing demand sustained the group’s retail portfolio performance for 9M 2024 with healthy operating metrics, increased shopper traffic, and improved retail sales.\nStable performance for hotel operations\nElsewhere, CDL’s Hotel division also put up a respectable performance.\nFor 9M 2024, room occupancy inched up 1.5 percentage points (ppt) to 73.8%. Average room rate also improved by 0.5% year on year to S$226.7.\nAs a result, revenue per available room (RevPAR) increased by 2.7% year on year to S$167.4.\nThe gross operating profit margin stayed constant at 33.9% for 9M 2024 against 33.5% in 9M 2023.\nRefurbishments and an AEI\nCDL is also hard at work on several refurbishments at several of its hotels along with an asset enhancement initiative (AEI) at City Square.\nThe Copthorne Orchid Hotel Penang is undergoing a S$29 million refurbishment to rebrand itself as M Social Resort Penang.\nOver in the US, Millennium Downtown New York commenced a US$46 million renovation in 3Q 2024 which will be completed in 2Q 2025.\nThe UK’s Millennium Hotel London Knightsbridge will undergo a major renovation costing S$29 million with work set to begin in 1H 2025 and complete by 4Q 2025.\nFor City Square Mall, the second phase of its AEI should be completed by 1H 2025 with a pre-commitment rate higher than 70% for areas affected by the AEI.\nGet Smart: Better days ahead\nThis business update shows that CDL is doing well on several fronts.\nIts Singapore property launches are seeing brisk sales while its investment properties also enjoy high occupancy and positive rental reversions.\nHotel operations remain resilient with metrics such as RevPAR seeing year-on-year increases.\nThe property giant is also confident about the long-term prospects of China and has put its money where its mouth is.\nWith interest rates poised to head lower in the coming quarters, CDL could see further improvement in all its divisions.\nInvestors will need to have patience, but it appears that better days may be ahead for this blue-chip property company.\nOur FREE report, ‘7 Singapore Blue-Chip Stocks That Can Pay You for Life,’ reveals stable, dividend-paying stocks with a history of strong returns—even in uncertain markets. Get insights on Singapore’s most dependable blue-chips and see how they can offer you steady income. Download it today to start building your portfolio with confidence.\nFollow us on Facebook and Telegram for the latest investing news and analyses!\nDisclosure: Royston Yang does not own shares in any of the companies mentioned.\n\n\n\nYahoo\n]","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2488630139"}