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NEWS UPDATES 13 August 2010

Singapore developer enters China

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City Developments (CDL) a Singapore property developer has announced its expansion into the China market, earmarking $300 million as starting capital for its newly-minted unit, CDL China Limited.

CDL executive chairman Kwek Leng Beng said that the time may be ripe for the group to pick up sites or investment properties at attractive prices, given the tightening of the property market by the Chinese regulators.

Speaking as the newly-appointed chief executive of CDL China at the group's results briefing, Mr Sherman Kwek added that the group was targeting about 12 Tier 1 or Tier 2 cities.

The group will focus on the mid- to mid-high end residential property market, and will also look for commercial developments 'for medium to long term capital value and steady streams of income', said its CEO Mr Kwek, who is also the elder son of Mr. Kwek Leng Beng. But even as CDL seeks to expand its footprint overseas, the group will remain firmly in Singapore, said chairman Mr Kwek.

CDL will be launching the first phase of two new projects, the NV Residences at Pasir Ris and Copthorne Orchard at Bukit Timah, in the third quarter of the year, he said.

CDL on Thursday posted a 17.6 per cent rise in net profit to $164.6 million for the second quarter ended June 30 compared to the same period last year on the back of healthy sales of homes in the Singapore market. Revenue rose 19.6 per cent to $941.7 million for the second quarter compared to the previous,

while for the half year it rose 20 per cent to $1.7 billion. Net profit for the half year rose 36.2 per cent to $304 million compared to the same period last year. Earnings per share rose to 17.4 cents for the quarter ended June 30, up from 14.7 cents a year ago; while net asset value of the group rose to $6.78 as of June 30, up from $6.57 as at Dec 31.

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