Time for CDL to unlock value of Swiss Club Road GCB site
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AT CITY Developments (CDL)'s recent results briefing for the first half of FY2021, its group chief executive officer, Sherman Kwek, said the group will find ways to increase its exposure to Singapore's high-end residential market given the strength of this sector.
"We do see that luxury has so far remained strong," he added, citing the example of the Good Class Bungalow (GCB) market's performance. "Although we don't really play in that market, if you look at the GCB market it has gone from strength to strength over the last two years. Despite the pandemic, despite so-called 'no viewings', GCB transactions have gone up to record volumes and record prices."
An analysis of URA Realis caveats data, done by List Sotheby's International Realty, showed 66 transactions in GCB areas totalling S$1.98 billion since the start of this year (with the latest transaction dated Aug 11). This has surpassed the 46 deals totalling S$1.09 billion for the whole of last year.
