CDL to reap benefits from Singapore's housing upturn

For the past six months, it sold 691 units.

After posting a 17.9% fall in profits for the past quarter, City Developments Limited is optimistic with the expected housing upturn in Singapore.

According to OCBC Investment Research, CDL managed to sell 691 units in the first half of the year, more than double that in the same period last year.

"Looking ahead, they look to launch New Futura and its new condominium projects in Tampines, Singapore and Teddington Riverside, UK over the next 12 months," analyst Eli Lee said.

Whilst the developer is waiting for the upturn in its hometown, it continues to see healthy demand in its China market.

Additionally, the group has also announced a A$35m investment into the luxury senior housing sector in Australia and will collaborate with Waterbrook Lifestyle Resorts to develop a luxury five-star retirement village in Bayview, Sydney.