Reading a developer’s sales figures before you buy

In Singapore new-launch research, developer sales figures come in several kinds: a launch-weekend count, a half-year revenue number, a sales value and a pipeline total each answer a different question. CDL’s results release of 13 August 2026 carries most of them: revenue of S$2.7 billion for the half year to 30 June 2026, profit after tax and minority interest (PATMI) of S$301.6 million, Singapore residential sales of 352 units worth S$892.2 million by the group and its joint-venture associates, and a pipeline of about 2,200 units. Those numbers describe the developer’s business. None of them is the price or availability of a unit you might buy.

This page sorts those figures by type, gives four questions to ask of any developer figure, and points to official data that no developer controls. It is general information from desk research, not financial or property advice.

All figures are from CDL’s release of 13 August 2026, for the half year to 30 June 2026 (1H 2026).

• Revenue: S$2.7 billion, against S$1.7 billion in 1H 2025.
• PATMI: S$301.6 million, against S$91.2 million in 1H 2025, which CDL describes as tripled.
• Property development revenue: up 166.8% year on year.
• Sales: in Singapore, the group and its joint-venture associates sold 352 units with a total sales value of S$892.2 million.
• Pipeline: approximately 2,200 units, after two Government Land Sales sites added about 900 units in 1H 2026.

Why can revenue jump in a half year?

Because revenue is counted when the accounts recognise it, not when a buyer books a unit. CDL’s release says Lumina Grand, a fully sold 512-unit executive condominium (EC) in Bukit Batok, obtained its Temporary Occupation Permit (TOP) in April 2026, “enabling revenue and profit to be recognised in its entirety under prevailing accounting policies for ECs”. It names Newport Residences, launched in January 2026, and other Singapore projects such as Norwood Grand and Union Square Residences as further contributors.

Our reading: revenue in one half year can come largely from homes sold in earlier periods, as Lumina Grand’s did, so a revenue jump is not evidence that sales rose in that half year. Group revenue also includes CDL’s hotel and other segments, so not all of it comes from homes. The S$2.7 billion and the S$892.2 million measure different things and should not be set against each other.

Which four questions should you ask of a developer figure?

These are our method, not a rule from any agency.

1. What kind of number is it? Sales (units or value booked), revenue (income recognised under the developer’s accounting policies), profit, or pipeline (units still to be built or launched). A pipeline is not a sales count, and revenue is not a price.
2. Which projects and owners does it cover? CDL’s sales figure covers the group “and its JV associates”, and its revenue names several projects, so neither is a count for one project.
3. What date or period is it? A launch-weekend count is a snapshot at a stated hour. A half-year result covers a period that ended on 30 June 2026 and was published on 13 August. Put figures in date order before comparing them.
4. Who is saying it? A developer’s statement is a claim about its own business. Check what matters to you against the sales office’s written position and official data.

How do you read a share sold?

Suppose a fictional project has 100 units and the developer reports that 40 were sold on the first day. The 40% describes the sold units at that moment and says nothing about the other 60: whether they are open for sale, held back or reserved, or what they cost. The figure answers one question only.

Launch-weekend counts work the same way. CDL’s 4 October 2026 release gave a units-sold count for Lucerne Grand as at 6pm that day. It is CDL’s figure for one day, and it does not show which units remain or what they cost. Our Lucerne Grand guide covers what to check at that project now that sales have begun.

What official figures can you check against?

URA publishes market-wide counts that no developer controls. Its data release calendar (last updated 4 September 2026) lists a monthly release of private residential units launched and sold by developers, with September’s figures due on 15 October 2026 and October’s on 16 November 2026, and the quarterly market update, with third-quarter figures due on 23 October 2026. These describe the whole market, not one project or one unit, so use them for context, as our Q3 2026 private home price guide does for the price index.

What can a buyer check next?

Our checklist:

• The sales office’s current unit position and price list, in writing and dated.
• The project’s own brochure, unit mix and expected completion date.
• URA’s market data for the trend, rather than a developer’s description of demand.
• Whether each figure you use is for one project or a group, and for which date.

Keep each figure with its date in your new launch research file. The questions beyond the showflat list gives the wider buying checks, the new launch pipeline lists projects with a dated status, and the research topic holds the other guides in this section.

Common questions