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CDL warns of fire sales in high-end market

While the residential property market is on a downturn, group can ride on 'shining stars' of offices and hotels

Kalpana Rashiwala

Published Wed, Nov 12, 2014 · 09:50 PM

Singapore

CITY Developments Ltd (CDL) executive chairman Kwek Leng Beng has warned that the current subdued state of the Singapore housing market particularly in the high-end segment, if it continues, could ignite fire sales.

Mr Kwek made this point in CDL's third quarter results statement. CDL posted net earnings of S$127.21 million for the third quarter ended Sept 30, 2014, up 4.7 per cent from the same year-ago period. Revenue rose 58.3 per cent to S$1.32 billion.

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