CDL's Kwek sanguine about residential market; group's Q1 net down 19%

CDL embarks on S$30m spruce-up for ageing Le Grove Serviced Apartments; it delays some UK launches to after the election

Kalpana Rashiwala

Published Thu, May 11, 2017 · 09:50 PM

Singapore property

Singapore

PROPERTY and hotels group City Developments Ltd (CDL) posted an 18.9 per cent drop in first quarter net earnings but its executive chairman Kwek Leng Beng is upbeat about the Singapore residential property market following the government's tweaks to cooling measures in March.

The sector is starting to "show some signs of recovery", he noted.

"Property prices appear to be stabilising, especially in the high-end market, and there is increased investor confidence as Singapore remains a relatively safe haven in a highly volatile marketplace.

"We are confident that the Singapore Government will c…