City Developments’ property sales plunged 57% in 2014

The group sold 1,378 units last year.

City Developments reported that it was able to sell 1,378 residential units in 2014, a decline of 57% from the 3,210 units that the group was able to sell in 2013.

Total sales value stood at $1.4b last year, down 57% from $3.3b in 2013.

According to OCBC, the group was still one of the top selling property developers in Singapore in spite of the big drop in sales.

“CDL will be launching 2 projects in 2015 – The 638 units at Canberra drive (mass market) and 174 units Gramercy Park along Grange Road, near Orchard Road. We note that the group has also provided for c.S$24m in allowances for forseeable losses which we understand is mainly due to unsold units at The Venue and UP@robertson quay; this is marginal as a % of total sales,” stated OCBC.