Property group City Developments Limited (CDL) is expected to launch approximately 580 new housing units as well as 28 lots for retail units in the third quarter comprising the Lush Acres EC (pictured) and Tai Thong Crescent development, noted DBS.
As for its hospitality division, DBS said: “Hotel contributions are likely to be relatively subdued half-on-half as global economic recovery remains sluggish. The group would continue to refurbish its key hotel assets to reposition them and is looking at redevelopment opportunities at the Mayfair and Knightsbridge Hotels in London.”
The bank also believes that CDL is not planning to privatise hotel group Millennium & Copthorne (M&C) for now despite the move to raise its stake in M&C to 57.4 percent.
“It is also exploring other growth platforms such as property development in London as well as private equity opportunities, which we believe could bear fruit in the medium term,” added DBS.
Nikki De Guzman, Junior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com