City Developments grabbed 24% market share after selling over 1,300 units

But strong sales will only show in FY14.

According to Maybank Kim Eng, strong 1Q sales won’t show up yet. CDL was a dominant force in the new home sales market in 1Q13, garnering ~24% market share after it sold over 1,300 units, mainly from the projects D’Nest, Bartley Ridge and Echelon. 

Maybank Kim Eng also said that as these projects are still in the early stages of construction, they will contribute to earnings only from FY14. New launches may not match earlier projects.

"For 2H13, CDL is expected to launch the 616-unit Jewel@Buangkok (est. ASP: SGD1,100 psf) and the mixed development at Tai Thong Crescent (est. ASP: SGD1,500 psf for resi), but we believe that it will be more challenging to achieve the strong sell-through rates of its earlier launches as the full effects of January’s cooling measures filter through," Maybank Kim Eng said in a report.