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Business Times
4 days ago
- Business
- Business Times
CDL H1 profit up 3.9% at S$91.2 million on robust condo sales; declares higher special dividend of S$0.03 per share
[SINGAPORE] Property developer City Developments Ltd (CDL) posted a 3.9 per cent year-on-year rise in first-half net profit to S$91.2 million on Wednesday (Aug 13). This was up from S$87.8 million in the first half of 2024. It translates to a basic earnings per share (EPS) of S$0.097 against an EPS of S$0.092 in the year-ago period. H1 revenue was up 8 per cent at S$1.69 billion, driven by CDL's fully sold joint venture executive condominium project, Copen Grand, which was completed in April 2025, and other contributing projects. The board declared a special interim dividend of S$0.03 per share, a slight increase from S$0.02 per share a year prior. The group paid a dividend of S$0.0193 per preference share in June, calculated at the dividend rate of 3.9 per cent per annum for the period from Dec 31, 2024, to Jun 29, 2025. The dividend was paid on Jun 30, 2025. This was marginally down from 2024's first half preference dividend of S$0.0194 at the same rate. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The group said it continues to have a key focus on capital recycling, with over S$1.5 billion in divestments achieved in the year to date. It anticipates a further gain of S$465 million from the sale of its 50.1 per cent stake in the South Beach mixed-use development in Q3 2025. A net foreign exchange gain of S$51.3 million last year reversed to a loss of S$63.1 million in the first half of this year, as the depreciation of the US dollar (USD) significantly affected the group. This was primarily due to USD-denominated intercompany loans extended to fund previous US hotel acquisitions and working capital requirements. Combined with weaker performance from the hotel operations segment in Singapore and the US, as well as inflationary cost pressures, it meant that the segment reported a pre-tax loss of S$84.4 million for H1. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump, driven by Singapore projects such as The Myst, the divestment of the Ransome's Wharf site in London and the sale of the office component of Suzhou Hong Leong City Center in China. It added that the July increase in seller's stamp duty holding period from three to four years in Singapore, and a 4 per cent rate increase for each tier of the holding period is not expected to significantly affect the residential property market. It said that this was because most purchasers were citizens or permanent residents, buying for their own stay or long-term investment. CDL's counter closed flat at S$6.35 Tuesday. In July, long-time member Philip Yeo stepped down from the CDL board, having notably backed executive chairman Kwek Leng Beng's bitter boardroom battle against his son, CEO Sherman Kwek , in early 2025. In a statement on Wednesday, the elder Kwek said that CDL's executives have 'put past issues behind us' and that the 'board and management are aligned and focused on effective execution and value creation'. He had announced his goal of trebling the group's hotel numbers to 500 earlier this month. CDL currently has over 160 hotels in its portfolio. The younger Kwek, concurring with his father's sentiments, said: 'Despite some instability in the earlier part of the year due to internal issues, the ensuing period has been marked by stabilisation, renewed alignment and disciplined execution.' He added: 'While the operating environment remains fluid, the potential easing of interest rates offers further upside as we continue to pursue our capital recycling and fund management initiatives.' Office portfolio For its Singapore office portfolio, the group achieved a committed occupancy rate of 97 per cent, driven by high occupancy rates in Republic Plaza, City House and South Beach. It said the group had 'healthy' rental reversions for its wholly owned office assets. The office portfolio in China registered a committed occupancy of 58.5 per cent, which the group said was due to 'continued market softness'. Hotel operations In H1, Singapore hotels experienced a 13.6 per cent year-on-year decline in revenue per available room, or RevPar, to S$148, due to fewer large-scale events compared with 2024, such as the Taylor Swift concert. The Singapore hotels were also exposed to the shipping industry which caused a decline in occupancy due to challenges for the sector amidst global turmoil, said the group. In contrast, the rest of Asia saw a 1 per cent increase in RevPar in H1 compared with a year earlier to S$104.3, driven by M Social Phuket's significant growth in both average room rate and occupancy, as well as improvements at hotels in Jakarta and Manila. In its other markets, Australasia hotels saw its RevPar rise 11.1 per cent in H1, while Europe hotels saw a 5.4 per cent increase in RevPar over the same period. For its Singapore retail portfolio, the group registered a committed occupancy of 97 per cent for H1. Debt profile The group said it had a net gearing ratio of 70 per cent, with average borrowing costs falling to 4 per cent from 4.4 per cent in the year-ago period, after interest rate cuts across multiple jurisdictions the group operates in. The group maintains 'robust' capital position with cash reserves of S$1.8 billion and S$3.5 billion in cash and available undrawn committed bank facilities. 'The group will continue to focus on optimising its portfolio and unlocking capital for more productive use, such as selective acquisitions, debt reduction, paying dividends and facilitating share buybacks,' CDL added.
Straits Times
4 days ago
- Business
- Straits Times
CDL H1 profit rises 3.9% to S$91.2 million; declares 3 cent per share special dividend
Sign up now: Get ST's newsletters delivered to your inbox The property development segment was once again the largest revenue contributor with a 24.3 per cent jump. SINGAPORE - Property developer City Developments Ltd (CDL) posted a 3.9 per cent year-on-year rise in first-half net profit to $91.2 million on Aug 13. This was up from S$87.8 million in the first half of 2024. It translates to a basic earnings per share (EPS) of 9.7 cents against an EPS of 9.2 cents in the year-ago period. First-half revenue was up 8 per cent at $1.69 billion, driven by CDL's fully sold joint venture executive condominium project, Copen Grand, which was completed in April 2025, and other contributing projects. The board proposed a special interim dividend of 3 cents per share, a slight increase from 2 cents per share a year prior. The group said it continues to have a key focus on capital recycling, with over $1.5 billion in divestments achieved in the year to date. It anticipates a further gain of $465 million from the sale of its 50.1 per cent stake in the South Beach mixed-use development in the third quarter of 2025. A net foreign exchange gain of $51.3 million last year reversed to a loss of $63.1 million in the first half of this year, as the depreciation of the US dollar (USD) significantly affected the group. This was primarily due to USD-denominated intercompany loans extended to fund previous US hotel acquisitions and working capital requirements. Combined with weaker performance from the hotel operations segment in Singapore and the US, as well as inflationary cost pressures, it meant that the segment reported a pre-tax loss of S$84.4 million for the first half of the year. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump, driven by Singapore projects such as The Myst, the divestment of the Ransome's Wharf site in London and the sale of the office component of Suzhou Hong Leong City Center in China. The group said it had a net gearing ratio of 70 per cent, with average borrowing costs falling to 4 per cent from 4.4 per cent in the year-ago period. The counter closed flat at $6.35 on Aug 12.
Business Times
4 days ago
- Business
- Business Times
CDL H1 profit up 3.9% to S$91.2 million on robust condo sales; declares higher special dividend of S$0.03
[SINGAPORE] Property developer City Developments Ltd (CDL) posted a 3.9 per cent year-on-year rise in first-half net profit to S$91.2 million on Wednesday (Aug 13). This was up from S$87.8 million in the first half of 2024. It translates to a basic earnings per share (EPS) of S$0.097 against an EPS of S$0.092 in the year-ago period. H1 revenue was up 8 per cent at S$1.69 billion, driven by CDL's fully sold joint venture executive condominium project, Copen Grand, which was completed in April 2025, and other contributing projects. The board declared a special interim dividend of S$0.03 per share, a slight increase from S$0.02 per share a year prior. The group paid a dividend of S$0.0193 per preference share in June, calculated at the dividend rate of 3.9 per cent per annum for the period from 31 December 2024 to 29 June 2025. The dividend was paid on 30 June 2025. This was marginally down from 2024's first half preference dividend of S$0.0194 at the same rate. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The group said it continues to have a key focus on capital recycling, with over S$1.5 billion in divestments achieved in the year to date. It anticipates a further gain of S$465 million from the sale of its 50.1 per cent stake in the South Beach mixed-use development in Q3 2025. A net foreign exchange gain of S$51.3 million last year reversed to a loss of S$63.1 million in the first half of this year, as the depreciation of the US dollar (USD) significantly affected the group. This was primarily due to USD-denominated intercompany loans extended to fund previous US hotel acquisitions and working capital requirements. Combined with weaker performance from the hotel operations segment in Singapore and the US, as well as inflationary cost pressures, it meant that the segment reported a pre-tax loss of S$84.4 million for H1. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump, driven by Singapore projects such as The Myst, the divestment of the Ransome's Wharf site in London and the sale of the office component of Suzhou Hong Leong City Center in China. The group said net gearing ratio inched up by 1 percentage point to 70 per cent, with average borrowing costs falling to 4 per cent from 4.4 per cent in the year-ago period. The counter closed flat at S$6.35 Tuesday. In July, long-time member Philip Yeo stepped down from the CDL board, having notably backed executive chairman Kwek Leng Beng's bitter boardroom battle against his son, CEO Sherman Kwek , in early 2025. In a statement on Wednesday, the elder Kwek said that the CDL's executives have 'put past issues behind us' and that the 'board and management are aligned and focused on effective execution and value creation'. He had announced his goal of trebling the group's hotel numbers to 500 earlier this month. CDL currently has over 160 hotels in its portfolio. The younger Kwek concurred with his father's sentiments, saying: 'Despite some instability in the earlier part of the year due to internal issues, the ensuing period has been marked by stabilisation, renewed alignment and disciplined execution.' He added: 'While the operating environment remains fluid, the potential easing of interest rates offers further upside as we continue to pursue our capital recycling and fund management initiatives.'
Business Times
4 days ago
- Business
- Business Times
CDL H1 profit rises 3.9% to S$91.2 million; declares S$0.03 per share special dividend
[SINGAPORE] Property developer City Developments Ltd (CDL) posted a 3.9 per cent year-on-year rise in first-half net profit to S$91.2 million on Wednesday (Aug 13). This was up from S$87.8 million in the first half of 2024. It translates to a basic earnings per share (EPS) of S$0.097 against an EPS of S$0.092 in the year-ago period. H1 revenue was up 8 per cent at S$1.69 billion, driven by CDL's fully sold joint venture executive condominium project, Copen Grand, which was completed in April 2025, and other contributing projects. The board proposed a special interim dividend of S$0.03 per share, a slight increase from S$0.02 per share a year prior. The group said it continues to have a key focus on capital recycling, with over S$1.5 billion in divestments achieved in the year to date. It anticipates a further gain of S$465 million from the sale of its 50.1 per cent stake in the South Beach mixed-use development in Q3 2025. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up A net foreign exchange gain of S$51.3 million last year reversed to a loss of S$63.1 million in the first half of this year, as the depreciation of the US dollar (USD) significantly affected the group. This was primarily due to USD-denominated intercompany loans extended to fund previous US hotel acquisitions and working capital requirements. Combined with weaker performance from the hotel operations segment in Singapore and the US, as well as inflationary cost pressures, it meant that the segment reported a pre-tax loss of S$84.4 million for H1. The property development segment was once again the largest revenue contributor with a 24.3 per cent jump, driven by Singapore projects such as The Myst, the divestment of the Ransome's Wharf site in London and the sale of the office component of Suzhou Hong Leong City Center in China. The group said it had a net gearing ratio of 70 per cent, with average borrowing costs falling to 4 per cent from 4.4 per cent in the year-ago period. The counter closed flat at S$6.35 Tuesday. In July, long-time member Philip Yeo stepped down from the CDL board, having notably backed executive chairman Kwek Leng Beng's bitter boardroom battle against his son, chief executive officer Sherman Kwek , in early 2025.
Straits Times
20-05-2025
- Business
- Straits Times
CDL posts $1.9 billion in Q1 sales revenue in Singapore property development
Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value. ST PHOTO: LIM YAOHUI SINGAPORE - Property developer City Developments (CDL) posted sales revenue of $1.9 billion for its property development segment in the Singapore market in the first quarter of 2025, driven by the launch of its joint venture condominium project, The Orie, in Toa Payoh. Overall, the revenue translates to an increase of 85 per cent in volume and 155 per cent in sales value, said the group in its operational update on May 20 for the quarter ended March 31. The group said that its other projects continue to register good sales including Lumina Grand, its executive condominium project in Bukit Batok, and The Myst at Upper Bukit Timah Road. In the United Kingdom, the group has obtained approval for a £1.1 billion (S$1.9 billion) residential-led mixed-use scheme in south-west London. In China, the group's wholly owned subsidiary registered a total sales value of 179.5 million yuan (S$33.2 million) from its sale of 86 residential, office and retail units. Office portfolio For its Singapore office portfolio, the group achieved a committed occupancy rate of 97.2 per cent, driven by high occupancy rates in South Beach, City House and King's Centre. All three of the group's wholly owned office assets recorded positive rental reversions. The majority of the expiring office leases for the year have also been renewed and negotiations for expiring leases in 2026 have commenced. On other hand, the group's office portfolio in China registered a committed occupancy of 52.7 per cent. The group said this reflected challenges in the office market and that it is actively pursuing opportunities to optimise its portfolio and exploring alignment with government-supported sectors. Hotel operations In the first quarter, Singapore hotels experienced a 16.7 per cent year-on-year decline in revenue per available room, or RevPar, to $153.70, due to lower average room rate and occupancy. The softer performance was partly attributed to a high base effect from several major events last year, such as the Taylor Swift concert in March 2024, which boosted visitor arrivals. In contrast, the rest of Asia saw a 7.9 per cent increase of its RevPar in Q1 compared with a year ago to $114. The increase was led by Taipei's strong performance in average room rate and occupancy, and improved occupancy at other South-east Asia hotels such as Manila and Jakarta. In its other markets, Australasia hotels saw its RevPar go up 10.9 per cent in the first quarter compared with a year ago, while Europe hotels saw a 7.4 per cent increase in RevPar over the same period. For its Singapore retail portfolio, the group registered a committed occupancy of 96.2 per cent for the first quarter. The group attributed this to strong tenant retention and resilient assets. Debt profile The group said it had a healthy debt expiry profile as at March 31. Its net gearing ratio stands at 72 per cent, and its interest cover is at 1.4 times. The group maintains 'strong' cash reserves of $2 billion and a 'robust' liquidity position with $3.8 billion in cash and available undrawn committed bank facilities. It added that despite concerns over macroeconomic uncertainties such as inflation and trade tensions, it is cautiously optimistic about the resilience of the property sector, given its diversified portfolio across geographies and asset classes. The counter ended $0.02 or 0.4 per cent lower at $4.73 before the announcement on May 20. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
