CDL sells 492 units in 1Q24, boosting Singapore revenue to $736.8m

The company attributed its improved sales to Lumina Grand.

City Developments Limited (CDL) sold 492 units in Singapore in 1Q24, boosting its property development revenue from $213.2m in 1Q23 to $736.8m.

In 1Q24, CDL sold 88 units in Singapore.

The company attributed its improved sales to Lumina Grand, which sold 74% or 381 of its 512 units.

CDL said its other projects, The Myst and Tembusu Grand, also had strong sales, selling 59% and 62% of their units, respectively.

In 2H24, the company plans to launch two residential projects: the 366-unit Union Square Residences and a 348-unit project at Champions Way in Woodlands.

CDL’s investment properties segment in Singapore did not perform as well, with committed occupancy softening to 91.1%.

The company attributed the decline to a tenant movement at South Beach.