City Development's 1Q Result in Line; Strong Reception for Launched Residential Projects
City Development's, or CDL's, first-quarter result was in line with expectations. The result benefited from the divestment of two Australian hotels by its subsidiary. Our fair value of SGD 12.70 is unchanged and we see an improving residential property market in Singapore largely priced into current share price. The developer will continue to benefit from the recovery in residential property prices with four projects expected in 2018. Two projects were launched in the first quarter to strong rec...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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