City Development Turns More Aggressive in Land Auction; Adds Funds Management Business
Against strong residential sales booked in 2016, City Developments', or CDL's, fourth-quarter result was weaker with net profit at SGD 186.7 million. This compares with SGD 243.8 million the same period last year. Similarly, full-year net profit was also lower at SGD 538.2 million against 653.2 million in fiscal 2016. Our fair value is increased to SGD 12.70 from SGD 12, due to the time value of money.There were two points of interest from the result, but they do not alter our view on the devel...
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