Singapore’s real estate giant City Developments Limited (CDL) has reported a remarkable surge in its property development revenue, signaling strong market demand despite global economic headwinds. The company’s latest financial update reveals S$1.9 billion in Q1 2025 sales from Singapore projects alone, with flagship developments like The Orie in Toa Payoh leading the charge alongside consistent performers Lumina Grand and The Myst.
Beyond local success, CDL continues expanding its international footprint with major approvals secured for a £1.1 billion mixed-use development in London and steady sales in China totaling 179.5 million yuan. The group’s diversified strategy appears to be paying off, with its Singapore office portfolio maintaining near-full occupancy at 97.2%, while actively addressing challenges in its Chinese office holdings, where occupancy currently stands at 52.7%.
The hospitality division presented mixed results, with Singapore hotels experiencing a 16.7% RevPAR decline attributed to the absence of major 2024 events like Taylor Swift’s concerts. However, other Asian markets showed resilience, with Taipei leading a 7.9% regional RevPAR increase, supported by stronger performances in Manila and Jakarta. European and Australasian properties also posted positive growth, underscoring the benefits of CDL’s geographical diversification.
Financially, CDL maintains a stable position with S$2 billion in cash reserves and S$3.8 billion in available liquidity, despite a net gearing ratio of 72%. The company expressed cautious optimism about navigating macroeconomic uncertainties, banking on its balanced portfolio across property sectors and global markets. Shares closed slightly lower at S$4.73 ahead of the earnings announcement, reflecting investor sentiment in a complex economic landscape.