CityDev's growth outlook hampered by 'harsh' restrictions in Singapore market

Also threatened by limited land bank.

According to Maybank Kim Eng, City Development's management believes that the effects from the various rounds of cooling measures are filtering through, with developers more willing to lower profit margin expectations. 

Management also stated that the harsh Qualifying Certificate (QC) restrictions make it difficult for listed developers to secure land from the private market and face immense competition for limited land bank in Singapore.

While hoping that the government will review the cooling measures and make timely adjustments when required, the Group remains cautious in bidding for land in Singapore and will instead focus on building up its overseas growth engines.