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
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