City Dev: Generally in-line results. 2Q rev at $979.4m -0.2% yoy +26.6% qoq with net profit at $220.9m +17.0% yoy -27.8% qoq. 1H Revenue was from core operations 46% from property dev and 43% from hotel operations with gains recognized on sale of the Corporate Office and the Corporate Building as well the sale and lease back of Studio M to CDLH Trust. In 1H2011, City Dev and its associates sold a total of 809 units approx $793.9m in sales value.
Co still has plans (subject to mkt conditions) for approx 500 resi units for 2H11, Nouvel 18, Lucky Tower, an EC in Choa Chu Kang and a project in Pasir Ris. Market for the office tower in South Beach project is also expected to begin shortly. Co acquired a prime site in Suzhou for Rmb886m where a future mixed dev with 750 residential apts and balance for office, retail and hotel space. Interim dividend of 5.0c per share declared. City Dev now trades at P/B of approx 1.4x
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