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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Here’s the thorn in the side of underperforming CityDev

It’s one of the STI’s worst performers.

Despite having a diverse portfolio, City Developments had been one of the disappointments among the STI component stocks, with a YTD decline of 25%.

According to RHB Research, this is on account of CityDev’s exposure to Singapore’s lackluster residential market.

“CDL has a diverse portfolio, with a solid stream of recurring earnings stemming from its commercial properties and global chain of hotels under the Millennium and Copthorne Group,” RHB Research said.

Meanwhile, RHB said CityDev’s recent efforts to recycle capital via securitization deals such as the Profit Participating Securities for the Quayside Collection and its commercial properties (Manulife Centre, 7&9 Tampines Grande and Central Mall) have also unlocked capital for the group to grow its global hotel footprints.

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