Singapore-based property developer City Developments Limited (CDL) revealed a strong set of financial results of Q2 2016, going against the existing trend of numerous peers who have falling revenues and profits due to depressing macroeconomic challenges of Singapore and overseas.
For yearly basis, CDL net profit climbed by 0.2% to $133.8 million for the second quarter, while revenue jumped by 32.4% to $1.1 billion from the same period last year.
The company attributed the better-than-expected results to profit and revenue recognition form Lush Acres EC, a fully-sold 99-year Leasehold executive condominium (EC), with TOP issuance in second quarter.
During 1H 2016, CDL sold 324 Singapore residential units with sales value amounting of $385.7 million, rise by 82% from 178 units sold in 1H 2015.
CDL's latest residential project, the Gramercy Park condominium at Grange Road, was soft launched last end of May. Currently, 31 of the 40 units for sale have been sold at median price of $2,600 psf.
Meanwhile, developer has also been working out investing in international real estate development, with good take-up saw at its residential projects in UK, Australia and China.