News
COMMERCIAL PROPERTY | Staff Reporter, Singapore
view(s)

CDL's rental profits dip 11% in Q2

Income is dragged by asset sales.

City Developments' (CDL) rental profit before tax (PBT) dipped 11% YoY due to a loss of income after it sold Exchange Tower in Bangkok and closed Le Grove for renovation, CIMB reported.

CDL is planning another renovation worth $60m for Republic Plaza from 1Q18 to 1H19. It is targeting a 10% return.

Meanwhile, occupancy of its office and retail properties still enjoys rates of 96.4% and 98.1%, respectively.

Hotel operations benefited from one-offs, but operating conditions remain challenging, particularly in New York, due to high costs, and North Asia, from geopolitical tensions.
 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.