The demand for condos in Singapore remains at an all-time high due to a significant factor – the scarcity of land. As a small island nation with a continuously expanding population, Singapore is facing a challenge in finding enough space for development. This dilemma has resulted in strict land use regulations and a real estate market that is intensely competitive, driving property prices to soar. As a result, investing in real estate, with a focus on condos, has become an appealing opportunity for potential buyers seeking potential capital appreciation. At Singapore Projects, we understand the allure of this promising investment and offer a wide range of projects for interested parties to explore.
City Developments announced that it had successfully divested assets worth over $600 million in the previous year as part of its capital recycling efforts, with further divestments in the pipeline. However, this figure did not meet the company’s initial target of $1 billion, which had been set in early 2020 due to a slowdown in market activity.
Among the completed divestments were the Ransome’s Wharf site in London, the freehold Cideco Industrial Complex in Singapore, and various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza in Singapore.
Read also: CDL-Frasers Property-Sekisui House launch The Orie in Toa Payoh with prices starting from $1.28 million.
AdvertisementAdvertisement
Under contract and expected to be completed this quarter is the divestment of the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou.
“The asset divestments reflect our focus on accelerating our capital recycling initiatives. Although market conditions have made divesting challenging, we are pleased to have maintained good momentum and will continue to move forward with our divestment plans,” stated group CEO Sherman Kwek.
He added, “We aim to optimize our capital management while also strategically aligning our portfolio to achieve our goals and enhance shareholder value.”
City Developments’ shares closed at $5.05 on Jan 16, a decrease of 0.2% for the day and 20.97% over the past year.