CityDev’s net profit slips by 16% to $106.4m

Property development gains failed to deliver.

Property development is the name of City Development’s game, and when the segment crumbles, the firm essentially falls down with it.

According to analysts from OCBC, not even stable contributions from its hotel and investment properties could off dipping property development revenues.

Consequently, revenues dipped by 39% to $809.3m, headlined by a property development crash to $228.0 from $522.4m

Meanwhile, there’s still some upside left for CityDev as it executes well at its mega South Beach mixed use project, with 96% of office space leased for the property, while the hotel component has begun operations.

“We understand that the 190-unit South Beach Residences will be completed in 2Q16 and the group will launch sales when market conditions are deemed to be more favorable,” OCBC said.