CDL profit up to $91.2m in H1

It was driven mainly by strong gains in the property development segment.

City Developments Limited (CDL) reported a net profit after tax and non-controlling interest (PATMI) of $91.2m for the first half of 2025, up from $87.8m in the same period last year.

The growth was primarily driven by the property development segment, which benefited from full profit recognition of the fully sold joint venture Executive Condominium project, Copen Grand, completed in April 2025.

Other key contributors included The Myst, Norwood Grand, and joint venture projects such as CanningHill Piers, Tembusu Grand, The Orie, and Kassia.

Capital recycling remains a strategic priority for CDL, with over $1.5b in contracted divestments recorded year-to-date.

CDL anticipates further gains from the expected completion of the sale of its 50.1% stake in the South Beach mixed-use development in Q3 2025, potentially adding approximately $465m to divestment gains.

However, the group faced significant foreign exchange losses of $63.1m due to a weaker US dollar, which impacted USD-denominated loans. Excluding these losses, PATMI would have surged 322.7% to $154.3m.

Hotel operations posted a pre-tax loss of $84.4m, affected by foreign exchange losses, inflation, and softer markets in Singapore and the US.

Revenue increased to $1.7b, supported by strong property development and stable investment property income.

The property development segment led revenue growth with a 24.3% increase, supported by Singapore projects such as The Myst, Norwood Grand, and Union Square Residences, as well as divestments of the Ransome’s Wharf site in London’s Battersea and the office component of Suzhou Hong Leong City Center in China.

Revenue from investment properties was also stable, rising slightly by 0.4%, driven by contributions from Republic Plaza, Jungceylon Shopping Center, City Square Mall, and residential projects in the UK and Japan, despite softer returns from the Group’s UK commercial properties.

CDL’s board declared a special interim dividend of 3.0 cents per share for 1H 2025.