City Developments (CDL)

[Tiggerbee]

"hopeful that some of the cooling measures could be tweaked in due course, particularly in the area of foreign investment.”

The international players are really "damaging", in the view of the local developer, to the extent of crying for help...

City Developments quarterly profit falls 11% on property curbs

City Developments, Singapore’s second-largest developer, posted an 11% fall in fourth- quarter profit on lower sales and said it faces continued challenges in its home market.

Net income declined to $221 million in the three months ended Dec. 31, from S$249.3 million a year earlier, as sales fell 13% to $774 million, the developer said in a statement to the Singapore exchange today. The lower sales was in part due to the absence of a similar gain from the disposal of industrial land parcels in the fourth- quarter of 2012, it said.



City Developments, which hired Grant Kelley from Leon Black’s Apollo Global Management LLC as chief executive officer, is seeking to expand overseas as it faces the lowest total homes sales in the city-state in four-years following the government’s tougher housing curbs to cool record residential prices.

“Macro headwinds are expected to continue to weigh on the domestic property market,” the company said in the statement. It reiterated that it is “hopeful that some of the cooling measures could be tweaked in due course, particularly in the area of foreign investment.”
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http://www.theedgesingapore.com/the-dail...urbs-.html

Do the Chinese developers ask the government to tweak the rules when the foreign developers encroached on their territory? The Chinese have fought back by establishing a new battle front outside China. Haha..

All the developers are fighting ferociously in London, Sydney and Melbourne.