Property developer CDL sold private homes worth $2.5 billion during the first nine months of the year 2021, and it is much higher than the amount received during the year 2020. The property group and its famous JV associates sold approximately 414 units approaching the total sales volume of $784.4 million during the third quarter. The operational update reveals that the sales performance of the development ended up at $2.5 billion, with the sale of 1382 units during nine months.
The year-to-date performance shows that a rise of 30% in the units sold with an almost 76% rise in the total sales value in comparison to the states of the previous year. Note that in the year 2020, they were able to sell 1318 units with an estimated price of $1.8 billion.
Reports reveal that the 2021 performance for the property market is largely influenced by various luxury developments, including Irwell Hill Residences and Amber Park that are sold 74% and 84%, respectively. On the other side, Sengkang Grand Residences, the mid-market project, is 91% sold during this time.
Other than this, the company also stated that the widely popular 696 unit CanningHill Piers, the luxury residence unit, has also received the strongest attention from the buyer’s right since its launch in November 2020.
As the resources and manpower shortages are still continuing due to covid-19 led supply chain disruptions and border restrictions, they are likely to make a higher impact on various construction activities. The professionals at the CDL group are actively working with industry stakeholders and builders to handle ongoing challenges and to manage the construction timeline without any delays.
If we talk about the CDL investment properties, the famous real estate firm in Singapore, their office promises occupancy of 91.5%, which is considerably higher in comparison to the national average. Republic Plaza continues to show positive rental reversion even during the third quarter of the year, with an estimated occupancy of 94.7%. For this property, the demands are highly influenced by a family office, wealth management, fintech companies, and technology experts.
On the other side, the vaccination differentiated measures are likely to leave a considerable impact on footfall as well as tenant resale. However, even after these critical consequences, the Waterbrook Bowral in Australia has received a positive response from the market for its 135 unit luxury project in New South Wales, out of which 77 townhouses are sold till now. Furthermore, Brickworks Park, with its 215 townhouses and apartments in North Brisbane, has received a pre-sale value of 70% for its 151 release units. The CDL group has further increased inquiries for sales, especially for the London Properties, and it is expected to continue like this for a few more months with easing ongoing travel restrictions.
If we talk about China, although office leasing is almost stable in this area, the retail malls experienced the considerable impact of clampdowns from the government. The Singapore real estate market is still showing a positive outlook, and it is expected to grow further with the reduced threat of covid-19.
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