CITY Developments Ltd (CDL) and its joint venture partners reported a rise in third-quarter sales, reaching S$325 million compared to S$281 million in the corresponding period last year. The number of units sold during this quarter also surged from 95 to 183, reflecting a significant uptick in performance.

CDL attributed this positive development to the successful launch of The Myst, a residential development featuring 408 units along Upper Bukit Timah Road. Since its introduction in July, the project has seen the sale of 169 units at an average price of S$2,065 per square foot (psf). Notably, 94% of buyers were Singapore citizens, while permanent residents and foreigners constituted the remaining 6%.

Additionally, CDL secured a 155,351 square foot residential Government Land Sales site at Champions Way for S$294.9 million, translating to S$904 psf per plot ratio.

Despite anticipating a more measured pace in private home sales due to a "temporary breather" in the market following numerous July launches, CDL is gearing up for the launch of its Lumina Grand executive condominium project, featuring 512 units at Bukit Batok West Avenue 5 in Q1 of the coming year.

The EC is close to the upcoming Tengah New Town and Jurong Lake District. It is also near three MRT stations along the Jurong Region Line and North-South Line and near the new Anglo-Chinese School (Primary), which is relocating to Tengah in 2030.

In the commercial sector, the group's Singapore office portfolio outperformed with an occupancy rate of 97.8%, surpassing the islandwide average of 90% according to Urban Redevelopment Authority statistics for Q3. Although Republic Plaza, its flagship Grade A office building, saw a positive rental reversion of 7.4% as of Sep 30, 2023, overall Grade A office rents experienced a marginal 0.1% dip in Q3, ending a streak of nine consecutive quarters of growth. CDL attributes this dip to occupiers becoming more cost-conscious amid higher capital costs and economic uncertainties.

Meanwhile, CDL's hotel operations demonstrated robust recovery momentum, achieving higher revenue per available room (RevPAR) globally. For the nine months ending September 2023, the Global RevPAR rose by an impressive 31.6% to S$163.60, up from S$124.30 during the same period the previous year.

As of Sep 30, 2023, CDL's net gearing ratio stood at 58%, following the completion of various acquisitions in 2023, including St Katharine Docks in the UK, two hotels, and multiple private rented sector assets. The group's interest cover remained strong at 3.2 times.