CDL sees 88% jump in residential sales for Q3 2024, but hotel performance declines

SINGAPORE: City Developments Limited (CDL) reported an increase in its total residential sales for the third quarter of 2024 (Q3 2024), with total sales reaching S$611.1 million.

This is an 88% rise compared to the same period last year, driven by the successful launch of Kassia, a 276-unit freehold development.

The project sold 65% of its units within the first few months of its launch in July.

CDL sold 321 residential units in Q3 2024, up from 183 units in Q3 2023, which amounted to S$325 million, as reported by Singapore Business Review.

The company’s commercial properties in Singapore also performed well. By September 2024, its office portfolio had a committed occupancy rate of 97.4%, mainly due to the strong demand at South Beach.

CDL’s retail properties also saw a committed occupancy rate of 98.5%.

However, CDL’s hotel business in Singapore saw a slight decline. Its Revenue per Available Room (RevPAR) for the first nine months of 2024 (9M 2024) dropped 2.1% compared to the same period last year.

The decrease was attributed to lower Average Room Rates (ARR) across its hotels despite high-profile events like the Taylor Swift concerts in the first quarter and the Formula 1 Singapore Grand Prix in the third quarter. /TISG

Read also: CDL Hospitality Trust to acquire Hotel Indigo Exeter for S$33.2M

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