Here's what propelled CDL's stellar Q3 results

It has sold 482 home units with $622.4m sales value.

It was indeed a good quarter for property developer City Developments Ltd. as it reported a 56.4% uptick in its earnings, closing the period with $203.4m compared to $130.1m last year.

According to OCBC Investment Research analyst Eli Lee, the group managed to obtain credible sales in Singapore despite challenging market conditions, with 482 units sold year-to-date at a total value of $622.4m.

CDL reported strong demand for the newly launched Forest Woods project, with over 70% of the 519-unit now already sold, while 38 units out of the 40 units launched at the 174-unit Gramercy Park has also been sold.

"The group also successfully executed its third
set of Profit Participation Securities (PPS) for the Nouvel 18 development in Oct 2016 for a valuation of S$2,750 psf and has by now cumulated over S$3.5b in funds under management in the PPS platform," the analyst noted.

Lee added, "CDL continues to enjoy a strong balance sheet with a net gearing ratio of 27% and S$3b of cash, which provides the group with a sizeable war-chest for potential acquisitions ahead."

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