City Development's investment properties and hotel business offsets slower residential growth.
City Development posted a buoyant third-quarter result in line with our expectations. Profit after tax and minority interest of SGD 170.3 million benefited from the disposal of its 52% stake in City e-Solutions and favorable currency movements for the hotel business. The property development division posted a good quarter despite challenging conditions in the residential property market in Singapore, which saw an eleventh consecutive quarter of price decline. Similar decline in rentals is also c...City Developments is a property developer and owner and investment holding company. Co. and its subsidiaries have four reportable segments: Property Development, which develops and purchases properties for sale; Hotel Operations, which owns and manages hotels; Rental Properties, which develops and purchases investment properties for lease; as well as Others, which comprises club operator and owner, investment in shares, property management, project management and consultancy services and provider of information technology and procurement services. The property development, hotel operations and rental properties segments are managed on a worldwide basis.
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